Airthings reports revenue of USD 36.6 million in 2023

(Oslo, Norway - February 8, 2024) Airthings (AIRX), the global leader in air
quality monitoring and energy-saving solutions, today announced its financial
results for the fourth quarter of 2023. Sales revenue came in at USD 10.3
million in 4Q23, up 9% from 4Q22, and USD 36.6 million for the full year 2023,
up 3% compared to 2022. ARR ended at USD 4.2 million, up 16% year-on-year.

Gross profit amounted to USD 6.5 million in the quarter, and to USD 22.3 million
for the full year 2023. This corresponds to 63% gross profit margin (GPM) for
4Q23 and 61% for 2023, compared to 59% in both 4Q22 and the full year 2022.

Airthings has in 2023 implemented a more streamlined operating model focused on
strengthening gross margins and growing revenues more than operating costs.
Under the new operating model operating costs have been reduced by 10%
year-on-year in 4Q23 and by 11% from 2022 to 2023. Consequently, the EBITDA-loss
was reduced to USD 1.0 million in the fourth quarter from a loss of USD 2.8
million in 4Q22, and to a loss of USD 6.8 million in 2023 from a loss of USD
11.8 million in 2022.

"With Airthings 3.0 we are transitioning to become a lighter and more
cost-efficient company with a more disciplined go-to-market approach that
nevertheless holds great growth potential from increased direct sales from our
website, increased sell-through with retailers and partners, revenue streams
from new product launches, and more favorable price points. This strategic pivot
is already bearing fruit and has placed the company on a path to profitability,"
says CEO Øyvind Birkenes.

Consumer revenue came in at USD 7.0 million in 4Q23 (+14%), and USD 24.8 million
in 2023 (+8%). The segment saw underlying growth across all markets and the
topline was supported by +100% year-on-year sales growth on airthings.com,
promotional activities, and performance with key distribution and retail
partners. Gross profit came in at USD 4.3 million in the quarter (GPM 61% vs 57%
in 4Q22), and USD 14.0 million in 2023 (GPM 57% in line with 2022).

Revenues from Airthings for Business (AfB) came in at USD 2.9 million in the
quarter (+1%), and USD 9.7 million in 2023 (-6%). AfB revenue remains heavily
impacted by large deals with individual customers that cause revenue
fluctuations. Airthings is actively collaborating with several global enterprise
customers and won a contract with another top Fortune-500 enterprise customer in
4Q23. Gross profit in AfB came in at USD 1.9 million in the quarter, with a
gross profit margin of 66% compared to 60% in 4Q22. Gross profit for 2023
amounted to USD 6.4 million, with a gross margin of 66% up from 59% in 2022. The
margin expansion was driven by increased prices, higher share of software
revenues and increasing share of direct sales.

"Airthings has navigated through difficult market conditions through 2022 and
2023 and has responded with a strategy reducing cash burn and shortening the
time to profitability. We have seen the early effects of inventory reductions on
our cash position, and further reductions will be a source of capital going
forward. Given continued execution of our revamped strategy, the company's
current business plan is expected to be fully funded through to break-even,"
says Chairman of the Board Geir Førre.

The company is guiding for revenue within the range of USD 9.0 - 11.0 million
for the first quarter 2024, with ARR of USD 4.2 - 4.5 million expected at the
end of 1Q24.

Emma Tryti takes over as CEO on March 4th, 2024.

Practical arrangements:
The 4Q 2023 will be presented by CEO Øyvind Birkenes and interim CFO Magnus
Bekkelund 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/grKeDWqefblRS70TO3al

For questions or interview/meeting requests, please contact:

Øyvind Birkenes - CEO
T: [phone]
E: [e-mail]

Magnus Bekkelund - CFO
T: [phone]
E: [e-mail]

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 award and CES Innovation Award Honors. Headquartered in the heart of
Oslo, Norway, and with offices in the US and Sweden the company has over 130
employees from more than 35 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