Airthings reports 10% revenue growth to USD 10.1 million in 3Q 2022

(Oslo, Norway – October 27, 2022) Airthings (AIRX), the global leader in air quality monitoring and energy-saving solutions, today announced its financial results for the third quarter of 2022. Sales revenue came in at USD 10.1 million, up 10% year-on-year and in the high end of the revenue guidance range of USD 7.0-11.0 million issued in July.

Gross profit amounted to USD 6.1 million in the quarter (5.8), corresponding to 60% gross profit margin. EBITDA showed a loss of USD 0.2 million (-0.4), whereas profit before tax was USD 0.4 million (-0.6). This reflects positive net financial items in the quarter, supported by foreign exchange gains.

“We are glad to report a sharp rebound in revenues from the second to the third quarter. This both reflects continued strong growth in Airthings for Business but also good end-customer demand in the Consumer segment and a return to healthier inventory levels at key retailers,” says CEO Oyvind Birkenes in Airthings.

Revenues from Airthings for Business came in at USD 3.2 million in 3Q22, up 135% year-on-year including one major hardware contract of USD 1.7 million. Consumer revenue declined 13% year-on-year to USD 6.4 million, although new consumer device registrations continued its positive trend with 26% growth from the same quarter last year. The smaller PRO segment remained weak with stable revenues year-on-year at USD 0.4 million.

Annual recurring revenue (ARR) increased 66% year-on-year to USD 3.4 million, of which Airthings for Business accounted for USD 2.3 million.

As heightened market uncertainty remains, the company continues to provide a wider revenue guidance range of USD 9.0-13.0 million for 4Q22. ARR is expected to reach USD 3.5-4.0 by the end of the year.

Practical arrangements:
The 3Q 2022 will be presented by CEO Oyvind 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/airthings/presentations/3q-2022-presentation

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