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    AIRX ME   NO0010895568

AIRTHINGS ASA

(AIRX ME)
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Airthings reports 41% year-on-year revenue growth in 1Q 2022

05/05/2022 | 01:01am EDT
(Oslo, Norway - May 5, 2022) Airthings (AIRX), the global leader in air quality
monitoring and energy-saving solutions, today announced its financial results
for the first quarter of 2022. Sales revenue increased 41% year-on-year to USD
9.1 million in the first quarter. 

"We achieved robust growth in the first quarter, with revenue from Airthings for
Business more than doubling from last year. We see strong momentum in this
segment with recent wins including the Microsoft headquarters in Paris through
facility manager Sodexo, and a promising entry into the school market in the
Netherlands", says Airthings CEO Øyvind Birkenes. 

Revenues from the consumer segment came in at USD 6.1 million in 1Q22, up 42%
year-on-year, while Airthings for Business reached revenues of USD 2.2 million
(+101%) and increased its share of business from 17% in 1Q21 to 25% in 1Q22.
Revenues in the Pro segment decreased by 29% to USD 0.7 million, in a difficult
US home inspection market in the quarter. 

Annual recurring revenue (ARR) increased by 87% to USD 3.1 million in 1Q22,
driven mainly by the strong growth in Airthings for Business. 

Gross profit ended at USD 5.3 million in 1Q22, up from USD 3.8 million in the
first quarter last year with gross profit margin (GPM) of 59%. 

For the second quarter 2022 the company estimates a revenue level of USD 8.0 -
9.0 million, with ARR of USD 3.3 - 3.7 million expected at the end of 2Q22. The
guidance reflects macroeconomic developments such as inflation and weaker
consumer sentiment, and increased uncertainties related to the war in Ukraine.  

"We have been affected by component shortages and supply challenges over the
past year and have used the first quarter of 2022 to build sufficient inventory
to meet demand for our top selling View series going forward. Although supply
risks and market uncertainties remain, we are continuously monitoring the
situation to ensure adequate stock going forward", continues Birkenes. 

IFRS conversion and transition to reporting in USD has been completed and the
transition to Oslo Stock Exchange main list in June continues according to plan.

Practical arrangements:
The 1Q 2022 will be presented by CEO Øyvind Birkenes and CFO Jeremy Gerst at
08:00(CET) at Airthings ASA headoffice, Wergelandsveien 7, Oslo, Norway. The
presentation is open to the public and can also be followed via the following
link: https://events.webcast.no/viewer-registration/AEgvj469/register

For questions or interview/meeting requests, please contact:
Øyvind Birkenes - CEO
T: +47 922 43 551
E: o.birkenes@airthings.com

Jeremy Gerst - CFO
T: +47 455 11 103
E: Jeremy.gerst@airthings.com

About Airthings
Airthings is a global technology company and producer of award-winning radon and
indoor air quality monitors for homeowners, businesses, and professionals.
Founded in 2008, Airthings is on a mission to ensure that people around the
world recognize the impact of indoor air quality and take control of their
health through simple, affordable, and accurate technology solutions while
optimizing energy consumption in buildings. Airthings' products have made radon
detection and indoor air quality monitoring easy to deploy, accurate, and user
friendly, and have received several accolades including the TIME's Best
Inventions of 2019 award and CES Innovation Award Honors in 2019 and 2021.
Headquartered in the heart of Oslo, Norway, and with offices in the US and
Sweden the company has over 140 employees from more than 30 nationalities-and
counting. To see the full range of Airthings indoor air quality monitors and
radon detectors or to learn more about the importance of continuous air quality
monitoring, please visit airthings.com

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

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Financials
Sales 2022 404 M 39,8 M 39,8 M
Net income 2022 -93,6 M -9,22 M -9,22 M
Net cash 2022 237 M 23,4 M 23,4 M
P/E ratio 2022 -6,49x
Yield 2022 -
Capitalization 608 M 60,0 M 60,0 M
EV / Sales 2022 0,92x
EV / Sales 2023 0,63x
Nbr of Employees 148
Free-Float 57,1%
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Number of Analysts 2
Last Close Price 3,52 NOK
Average target price 12,20 NOK
Spread / Average Target 247%
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Managers and Directors
ěyvind Birkenes Chief Executive Officer
Jeremy Gerst Chief Financial Officer
Aksel Lund Svindal Chairman
Audhild Andersen Randa Chief Operating Officer
Geir F°rre Director
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