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Airthings reports revenue of USD 6.9 million in 2Q 2022

Airthings

Airthings

July 14, 2022

(Oslo, Norway – July 14, 2022) Airthings (AIRX), the global leader in air quality monitoring and energy-saving solutions, today announced its financial results for the second quarter of 2022. Sales revenue came in at USD 6.9 million (down 10% year-on-year) in the middle of the guided range indicated in June.

“Revenue came in lower than initially expected in the second quarter of 2022, following inventory adjustments at retailers and online channels in the Consumer segment. We expect this shortfall to be temporary as channel reports indicate healthy growth in sell-through to end-users, and the company also continues to see good momentum in Airthings for Business” says CEO Øyvind

“However, we recognize that there exists a great deal of uncertainty in the market, and we are taking actions to preserve capital to accelerate our path to profitability” adds Birkenes.

Revenues from Airthings for Business came in at USD 2.0 million in 2Q22, up 72% year-on-year and the Consumer segment reached revenues of USD 4.4 million, a decline of 19% year-on-year. Revenues in the Pro segment decreased by 52% to USD 0.5 million. Annual recurring revenue (ARR) increased by 64% year-on-year to USD 3.2 million in 1Q22, whereof USD 2.0 million came from Airthings for Business and the remainder from the Pro segment.

Gross profit amounted to USD 4.2 million in 2Q22, representing a 61% gross profit margin (GPM). This is exclusive a one-time USD 0.2 million inventory impairment of Airtight. Including the Airtight impairment, GPM came in at 58%.

For the third quarter 2022 the company issues a wider than normal revenue estimate of USD 7.0 – 11.0 million, with ARR of USD 3.3 – 3.7 million expected at the end of 3Q22.

The wider than normal revenue guidance reflects increased market uncertainty and reduced visibility for consumer spending, as well as uncertainties surrounding timing of potential sizeable orders in the coming quarters.

Airthings remains confident in the underlying market, the value provided by its products and solutions, and in realizing Airthings’s long-term ambitions for profitable growth.  

Practical arrangements:

The 2Q 2022 will be presented by CEO Øyvind 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/viewer-registration/8xJAJ3ex/register

For any questions or interview requests, please contact:

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

Jeremy Gerst - CFO
T: +47 480 78 845
E: jeremy.gerst@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 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 140 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