AIRTHINGS ASA 4Q and full year report 2022
Airthings at a glance
A hardware-enabled software company solving real issues
- Global leader in indoor air quality solutions
• Serving consumers, businesses, and professionals
- Empowering the world to breathe better
Robust growth
Revenues (USDm) | ARR (USDm) | Supported by lasting factors & megatrends | ||||||||||||
+218% | ||||||||||||||
+69% | ||||||||||||||
33.7 | 35.4 | 2.9 | 3.6 | |||||||||||
Health tech | Smart home | |||||||||||||
21.0 | ||||||||||||||
1.1 | ||||||||||||||
2020 2021 2022 | 2020 | 2021 | 2022 | Sustainability | Energy | Regulations |
efficiency | ||||||
Delivering elegant products and actionable insights
International and expanding presence
Europe /
RoW
Americas
2022
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Airthings - 4Q and full year report 2022
Key highlights
1 | 2 | |||||||||
Growing end-customer demand with | Announced the launch of the | |||||||||
Energy Efficiency | ||||||||||
22% YoY growth | ||||||||||
in 4Q | Toolkit | |||||||||
for new device registrations for | a tool to significantly improve energy | |||||||||
connected smart devices in the | consumption of buildings | |||||||||
Consumer segment | ||||||||||
3 | 4 | |||||||||
Received | Channel partners | |||||||||
2022 Gold Medal from | Demonstrating caution | |||||||||
EcoVadis | and reducing orders | |||||||||
the worlds most trusted business sustainability | to reduce their own inventories and working | |||||||||
ratings organization | capital commitments | |||||||||
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4Q sales revenue of
USD 9.5m
down 10% year-on-year
6
4Q sales gross profit of
USD 5.6m
gross profit margin of 59%
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Total ARR reached
USD 3.6m
up 26% year-on-year
GROUP SALES REVENUE
(USDm)
10.6 | 9.1 | 10.1 | 9.5 |
6.9 |
4Q21 1Q22 2Q22 3Q22 4Q22
SALES GROSS PROFIT
(USDm)
7.0 57% 59% 61%* 60% 59%
6.0 | 6.1 | 6.1 | ||
5.0 | 5.3 | 5.6 | ||
4.0 | 4.2 | |||
3.0 |
2.0
1.0
0.0
4Q21 1Q22 2Q22 3Q22 4Q22
* excl. inventory impairment of Airtight.
ANNUAL RECURRING REVENUE
(USDm)
2.9 | 3.1 | 3.2 | 3.4 | 3.6 |
4Q21 1Q22 2Q22 3Q22 4Q22
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Airthings - 4Q and full year report 2022
Operational review
Revenue and margin development
Airthings recorded sales revenue of USD 9.5 million in 4Q22, down 10% year-on-year and 5% quarter-on-quarter. Revenue for the full year 2022 came in at USD 35.5 million, up 5% from 2021.
The decline in the quarter primarily reflects that the company's channel partners reduced inventory, as well as longer sales lead times for Airthings for Business as investment decisions are taking longer in the current market environment.
Consumer Device Registrations | ||||||
(Indexed - 1Q2020 = 100) | ||||||
400 | +22% | |||||
350 | 351 | |||||
287 | ||||||
300 | ||||||
250 | ||||||
200 |
- 100
50
0
1Q20 | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 |
End-customer demand remains relatively strong, with Consumer new device registrations from smart products increasing more than 20% year-on-year in the fourth quarter.
Gross Profit came in at USD 5.6 million in 4Q22 and USD 21.0 million for the full year 2022, corresponding to a gross profit margin (GPM) of 59% for both the quarter and the full year. This compares with 57% GPM in Q421, and 61% for the full year 2021. Margins should be expected to fluctuate on a quarterly basis depending on product and channel mix.
Annual recurring revenue (ARR)
Annual Recurring Revenue (ARR) came in at USD 3.6 million in 4Q22, representing 26% growth year-on-year. The increase is mainly reflective of the strong 43% growth achieved in in Airthings for Business throughout the year, which accounted for USD 2.5 million of ARR at the end of the 2022. Gross margin from ARR revenue was >80% in 4Q22.
+26%
4000
3500
3000
2500
2000
1500
1000
500
0
1Q20 | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | |||
AfB | Pro | |||||||||||||
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Airthings - 4Q and full year report 2022
Brand awareness
The awareness of the importance of indoor air quality (IAQ) is growing, and Airthings continues to strengthen its brand positioning as a leading company within IAQ. Powered by targeted marketing campaigns over the course of the year, the company attracted global PR attention from leading publications such as Forbes, Fortune, Good Housekeeping and Bob Vila.
Unique Web Visitors (1000)
1400
1200
1000
800
600
400
200
0
-30%
The www.airthings.com website reached 581k unique web visitors in the fourth quarter and 3,117k for the full year 2022. This represents a 30% year-on-year decline in 4Q22, and 48% year-on-year growth from 2021 to 2022.
Going into 2023, Airthings launched its new Airthings app at CES, a highly successful event drawing attention to the importance of indoor air quality and Airthings products such as the new Space CO2 Mini which was launched at the Expo Real in Munich in 4Q22. The launch
demonstrates our continued ability to enhance the value proposition of Airthings' products and
services for customers and end-users.
Proving our sustainability profile
In the fourth quarter, Airthings received a Gold Medal for 2022 from EcoVadis, the worlds most trusted business sustainability ratings organization, underscoring the company's commitment to continuous improvement in implementing sustainable practices. The accreditation places Airthings among the top 3% most sustainable companies globally.
Airthings is enabling businesses to reduce energy consumption using air quality data, saving thousands of tons of CO2 per year. In addition, the company is utilizing circular principles to ensure responsible manufacturing and usage of high-quality components and materials to ensure long-term shelf lives. Airthings also aligns with the Sustainable Development Goals (SDGs) using them as a framework for its ESG actions.
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Airthings ASA published this content on 10 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 February 2023 06:08:49 UTC.
