(Oslo, Norway - October 28, 2021) Airthings (AIRX), the global leader in air
quality monitoring and energy-saving solutions, today announced its financial
results for the third quarter 2021. Sales revenue increased by 110% year-on-year
to NOK 88.5 million, with demand capped by supply.  
 
     "Revenue in our Consumer segment more than doubled and Airthings for
Business more than tripled in the third quarter. We reached important milestones
with both new product launches, sales channel expansions and significant new
customer wins in the third quarter, and we are on track to reach our revenue
target of more than NOK 1 billion by 2024", says Airthings CEO Oyvind Birkenes. 
 
Revenue in the consumer segment increased by 115% from the third quarter last
year, whereas Airthings for Business saw exceptional growth of 207%
year-on-year. Growth in the smaller Pro segment decreased by 16%.  Annual
Recurring Revenue (ARR) stood at NOK 17.7 million at the end of the third
quarter, representing growth of 141% year-on-year. This is primarily driven by
the strong growth in Airthings for Business. 
 
Gross Profit Margin was strong at 67.6% for the quarter. EBITDA ended at NOK 0.8
million. The outlook for 4Q21 is also strong, with revenue expected in the range
of NOK 100-115 million. 3Q21 revenue was capped due to component availability,
and we also foresee this limiting the 4Q21 revenue. 
 
During the third quarter, Airthings for Business secured a 10-year contract to
supply air quality monitoring solutions to all private schools across one of
Canada's largest provinces