Airthings records 178% YoY ARR growth, announces Carrier strategic agreement and CVS roll out
Oslo, Norway (29 July 2021) – Airthings (AIRX) the global leader in air quality monitoring and energy-saving solutions, announced today its financial results for the second quarter 2021, reporting sales revenue of NOK68.0M, representing a YoY growth of 80%. The 2Q21 sales revenue growth was strong from all the segments. Consumer revenue is up 69% YoY to NOK49.8m, Airthings for Business is up 284% YoY to NOK9.7m, and PRO is up 45% YoY to NOK8.5M. Gross Profit Margin is strong and ended at 67.1% for the quarter. The outlook for 3Q21 is also strong with a midpoint of guiding range corresponding to >100% YoY growth. The 3Q21 revenue window is NOK80-90M.
The solid footprint in the US continues with the geographic revenue split for the second quarter of 74% and 26% in the Americas and EMEA regions respectively.
During the second quarter, Airthings’ dedication to delivering outstanding products and features included the View Plus shipping to customers and rolling out in more than 3,000 CVS stores, the largest pharmaceutical retail chain in the US. What’s more, thanks to a signed contract with Carrier, the Airthings for Business solution will be commercialized through more than 500 Edwards (a Carrier brand) affiliates and will power the new Carrier smart building platform, Abound.
Annual Recurring Revenue (ARR) came in at NOK16.5M at the end of the second quarter, representing a growth of 178% YoY. This growth is primarily driven by the Airthings for Business segment, which is up >300% YoY.
“Without a doubt, an unprecedented increase in awareness and concern about indoor air quality and how it impacts our health is evident,” says Oyvind Birkenes, CEO of Airthings. “Thanks to our commercial roll out to CVS stores and our strategic agreement with Carrier, Airthings has never been in a better position to help the world breathe better and make air quality monitoring an essential element of every building.”
Key Highlights for the second quarter of 2021
- 2Q sales revenue of NOK68.0M - Up 80% YoY
- 2Q sales gross profit of NOK45.6M - Gross profit margin of 67.1%
- Total ARR reached NOK16.5M by end of 2Q - Up 178% YoY
- Rolling out in more than 3,000 CVS stores - Raising total store count to more than 5,500
- Contract signed with Carrier Corporation - Significantly increasing the footprint of Airthings for Business
- Airthings for Business sales revenue up 284% YoY to NOK9.7M - 75% of sales through the partner network
- View Plus began shipping to customers and backlog is increasing rapidly
A live presentation of the second quarter results will be given by CEO Øyvind Birkenes and CFO Erik Lundby at 08.00 CET via this link.
A recording of the presentation will also be made available on airthings.com/investors.
For any questions or interview requests, please contact:
- Oyvind Birkenes - CEO
T: +47 922 43 551
- Erik Lundby - CFO & Head of Investor Relations
T: +47 924 00 396
- Nora Perez - Press Contact
T: +47 980 92 075
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.