Airthings Closes 1Q21 with Revenue of NOK57.5m

The Business Segment Drives the Growth, With a 516% Increase in Revenue Compared to 1Q20

Oslo, Norway (29 April 2021) – Airthings (AIRX) a global leader in air quality monitoring and energy-saving solutions, today announced its financial results for the first quarter of 2021, reporting a sales revenue of NOK57.5m, up 14% YoY. Airthings for Business was the main growth driver (up 516% to NOK9.5m) with a solid increase in both deal volume and size, as well as the Pro segment, (up 45% to NOK8.3m) driven by a strong housing market in the US. Sell-through at retail and e-commerce partners was strong at >150% YoY growth for Airthings smart products. Amazon’s reduced target for their inventory level pushed a planned order to the second quarter, contributing to the 8% YoY decline in the Consumer segment.

During the first quarter, Airthings continued to deliver high-quality products, features, and partnerships including the launch of View Plus, the worlds’ most advanced indoor air quality monitor, and My Pollen Levels, a new feature available via the Airthings app. In addition, the company partnered with Walmart, the world’s largest retailer, rolling out the Wave Mini in nearly 800 stores during the second quarter of 2021.

The Annual Recurring Revenue (ARR) continued its exponential growth, reaching NOK14.2m, up 126% YoY. The solid sell-in towards Airthings for Business partners suggests continued ARR growth going forward. Airthings reiterated its full-year revenue and ARR expectations and expects 2Q revenue and ARR midpoint of NOK65m and NOK18m respectively.

“More and more people suffer the effects of allergens, pollution, wildfire smoke, radon, and airborne viruses, but lack the means to detect these invisible enemies in the air,” said Oyvind Birkenes, CEO of Airthings. “With the launch of View Plus, we’re better positioned than ever to fill the increasing market’s need for monitoring and controlling air quality in schools, offices, homes, and other buildings—ensuring a safe and healthy indoor environment for all.”

Industry Recognition

Airthings kicked off 2021 with two products honored at the CES 2021 Innovation Awards: Wave Plus for Business with Virus Risk and Wave Mini with Mold Risk Indicator, followed by Frost & Sullivan’s 2020 Global Product Leadership Award, which recognizes companies offering products or solutions that deliver the best quality, reliability, and performance in the industry. Later in the quarter, Airthings was featured in the Financial Times annual list of Europe’s fastest-growing companies, one of the eight Norwegian companies on the list. 

Key Highlights for the first quarter of 2021

• 1Q sales revenue of NOK57.5m – Up 14% YoY 
• 1Q gross profit of NOK35.4m – Gross profit margin of 62%
• Total ARR reached NOK14.2m – Up 126% YoY
• Airthings for Business revenue up 516% YoY to 9.5m – Eight quarters with strong consecutive growth
• Successful launch of View Plus – The world's most advanced air quality monitor to date. View Plus will generate significant revenues starting from 3Q21
• Rolling out in nearly 800 Walmart stores in Q2
• Launched new feature for allergy season: My Pollen Levels available via the Airthings app

CEO Øyvind Birkenes and CFO Erik Lundby will give a live presentation of the first quarter results at 08.00 CET via this link. A recording of the presentation will be available on airthings.com/investors.

For any questions or interview requests, please contact:

About Airthings ASA

Airthings is a global leader within indoor air quality solutions for consumers, businesses and professionals. The company's highly innovative solutions resolve global issues related to air quality and air contaminants, while at the same time enabling a reduced CO2 footprint by optimizing energy consumption in buildings. Airthings is led by a team of experienced engineers and technology professionals that together share a common goal: to empower the world to breathe better.