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Airthings 4Q21: Airthings reports 45% revenue increase for 2021

Airthings

Airthings

February 10, 2022

Oslo, Norway - (February 10, 2022) – Airthings (AIRX), the global leader in air quality monitoring and energy-saving solutions, today announced its financial results for the fourth quarter and full year 2021. Sales revenue was NOK 97.1 million in the fourth quarter and NOK 311.1 million for the full year. This was an increase of 16% for the quarter and 45% for the full year. Annual recurring revenue (ARR) increased to NOK 24.6 million, which was an increase of 132% year-on-year.

“2021 was a very eventful year with the commercial breakthrough for Airthings for Business, strong demand for Consumer, and continued positive trends in the Pro segment;” says CEO Øyvind Birkenes in Airthings.

Demand has been even stronger than the revenue figures indicate, as delivery capacity has been held back by component shortage. The company has earlier indicated lost or postponed revenue of NOK 10 million in 3Q21 and NOK 20 million in 4Q21. In addition, logistical challenges over Christmas meant that the company ended 2021 with an undelivered backlog of NOK 10 million.

Revenue in Airthings for Business increased 442% to NOK 28.5 million in the fourth quarter and 349% to NOK 59.7 million for the full year, reflecting a large contract the company signed with the Quebec government in the third quarter. Given the persisting component shortage the company prioritized deliveries under this contract in the fourth quarter.

Consumer revenue declined by 16% to NOK 62.0 million in the fourth quarter, although revenue for the full year increased by 25% to 224.0 million. Revenue in the smaller Airthings for Pro segment increased by 44% to NOK 6.7 million in the fourth quarter and by 32% to NOK 27.2 million for the full year.

Gross margin was 60% in the fourth quarter and 64% for the full year, generating an EBITDA-loss of NOK 32.3 million in the quarter and NOK 80.2 million for 2021.

Airthings expects higher production volumes going forward, although uncertainties remain with regards to the availability of components. For the first quarter 2022 the company estimates a revenue level of NOK 80-90 million, with ARR of NOK 27-32 million expected at the end of the first quarter.

Sustainability remains at the core of Airthings’ strategy, and the company was awarded silver status in in the 2022 Ecovadis sustainability rating. Airthings has a goal of reducing CO2 emissions through its solutions by more than 1 million tons by 2026.

Practical arrangements:

The 4Q 2021 will be presented by CEO Øyvind Birkenes and CFO Magnus Bekkelund at 08:00 (CET) at the Felix Conference Center, Aker Brygge, Oslo, Norway. The presentation is open to the public and can also be followed via the following link: https://events.webcast.no/viewer-registration/G0NaS3ty/register

For any questions or interview requests, please contact:

Øyvind Birkenes - CEO
T: +47 922 43 551
E: o.birkenes@airthings.com

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

Download press release


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 of 2019 award and CES Innovation Award Honors in 2019 and 2021. Headquartered in the heart of Oslo, Norway, and with offices in the US and Sweden the company has over 140 employees from more than 30 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