(Oslo, Norway - May 15, 2024) - Airthings (AIRX), a global leader in air quality
monitoring and energy-saving solutions, reported revenues of USD 9.5 million in
the first quarter of 2024, up 9 percent from the same period last year. Growth
was driven by increased sales in the Consumer segment, showing a year-on-year
revenue increase of 22 percent to USD 7.8 million in the quarter. ARR stood at
USD 4.2 million at the end of the first quarter.

Gross profit amounted to USD 5.8 million in the quarter, corresponding to a 61
percent gross profit margin (GPM). This compared to USD 4.9 million and a GPM of
56 percent in the first quarter of 2023. EBITDA showed a loss of USD 1.8 million
in the first quarter of 2024, compared to a loss of USD 3.2 million in the same
quarter last year. Operating cash flow was positive at USD 0.1 million,
supported by a continued reduction of net working
capital.

"The first quarter was marked by strong growth in the consumer segment and the
launch of our Renew smart air purifier. Revenues for the consumer segment were
at an all-time high in the quarter," says CEO Emma Tryti, who joined the company
on March 1, 2024.

"In the business segment, we had a decline in revenues compared to last year due
to the lack of large contracts during the quarter. The business segment is
volatile, and heavily dependent on the timing of new and larger deals with
individual customers, causing quarterly revenue fluctuations. We are pursuing a
solid pipeline of deals, particularly in the US school district where we already
have an ongoing pilot project," adds Tryti.

In line with its updated strategy, Airthings implemented a more streamlined
operating model last year to maintain revenue growth, strengthen gross margins,
and reduce the cost ratio. This has generated positive results. Measured on a
rolling last 12-month basis, revenue in the quarter increased 6 percent from the
same period last year, with 4 percentage points higher GPM and lower operating
costs. EBITDA losses were more than halved from USD 11.6 million in the last 12
months to the first quarter of 2023 to USD 5.5 million in the last 12 months to
the first quarter of this year.

"We see continued progress on our path to profitability, as we are developing a
scalable operating model and driving down costs," adds Tryti.

For the second quarter of 2024, Airthings guides for revenues within the range
of USD 8.0 - 10.0 million, with ARR of USD 4.3 - 4.5 million expected at the end
of the quarter. 

Practical arrangements:
The results for Q1 2024 will be presented by CEO Emma Tryti and interim CFO
Magnus Bekkelund at 08:00 (CET) at Airthings ASA headquarters, 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/bgHnafKc0d9uGqde2uNf

For additional information or media requests, please contact:

Emma Tryti - CEO
T: +47 473 76 431
E: emma.tryti @airthings.com

Magnus Bekkelund - Interim CFO
T: +47 480 78 845
E: magnus.bekkelund@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 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 125
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