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UNLAWFUL 

Oslo, Norway, 8 September 2025 - With reference to Airthings ASA's ("Airthings"
or the "Company", OSE: AIRX) Q2 2025 release on 27 August 2025, the Board of
Directors of the Company has today resolved to propose a capital injection of
NOK 105 million through a private placement of new shares followed by a
subsequent repair offering (together the "Equity Offering"), each at a
subscription price of NOK 0.10 per share and on the further terms described
herein. The intention of the Equity Offering is to ultimately allow all
shareholders to maintain their relative ownership of Airthings.

The Equity Offering has been fully underwritten by a consortium of 11 existing
shareholders, including Firda AS, an investment firm controlled by Geir Førre,
Chair of the Company's board. The net proceeds from the Equity Offering will be
used for working capital and general corporate purposes.

DNB Carnegie, a part of DNB Bank ASA, has been appointed as manager for the
Equity Offering (the "Manager"). 

Business update

Airthings continues to see growth in sell-through at its key partners in
eCommerce and retail in North America and has seen successful reception of its
latest digital radon detector, Corentium Home 2. In the Business segment, repeat
purchases from Fortune 500 companies is a testament to Airthings' easy to use
and reliable solutions. 

Since the Q2 2025 report release, Airthings has successfully negotiated
significant reductions in cost of build with strategic suppliers with effect on
deliveries taken already from Q4 2025. This, combined with a more restrictive
approach to campaigning and discounts is expected to drive improved unit
economics in the coming years, although increased tariffs on sales to the U.S.
continues to be a challenge for Airthings.  

The Company has executed on a strategic rightsizing initiative designed to align
its organizational structure with current market conditions and future growth
objectives. The reorganization secures an optimized cost structure while
preserving critical capabilities and market position, with strengthened focus on
core competencies and high-value activities. The annualized cost savings are
expected to be in the range of USD 4.0-4.5 million compared to 2024. 

Airthings is undertaking a comprehensive review and optimization of its product
portfolio, focusing resources on highest-value opportunities within its
Consumer, Business and Pro segments. A new and rationalized product line will
allow Airthings to focus on core, high-margin offerings within radon and indoor
air quality. This will also drive enhanced R&D efficiency through strategic
resource allocation towards improving the software experience by bringing
actionable insight through AI, built on the vast volume of hard-to-obtain data
for both Consumer and Business users. 

The Company's financial position and liquidity continue to be challenging and
Airthings is dependent of raising capital to continue as a going concern. Per
July 2025, revenues were declining 5% compared to the same period 2024 while
inventories had increased to USD 14 million. The cash position per end of July
2025 was USD -0.3 million while Airthings per 5 September 2025 had drawn USD 2.8
million on its credit facility with Danske Bank. Airthings has entered
discussions with Danske Bank regarding a new credit line and with Innovation
Norway regarding potential instalment free periods. Discussions are so far
constructive and supportive, contingent on Airthings securing additional equity.


While the actions taken and the initiatives identified will have significant
impact on the cost base and profitability, 2026 is still expected to be a
turnaround year for Airthings, creating the foundation for profitable growth. 

While the Company will continue with Consumer, Business and Pro Segments, the
plan is to gradually make the segments become more independent. The business
segments will likely end up in separate entities owned by a joint parent
company. Going forward this is expected to increase the focus on each segment,
while facilitating potential strategic transactions.    

Based on the strategic review announced by Airthings on 29 April 2005, the
Company has attracted some level of interest in the Company and its business
segments. This interest has, however, not materialized into anything concrete at
this time. Given the Company's cash situation and funding need, the Board has
therefore determined that the equity raise is a necessary and prudent way
forward.


Details about the Equity Offering

The Equity Offering will be directed at the Company's shareholders as of 8
September 2025 (as recorded in Euronext Securities Oslo (the "VPS") on 10
September 2025) (the "Record Date"), who are not resident in a jurisdiction
where such offering would be unlawful or would, for jurisdictions other than
Norway, require any prospectus, filing, registration or similar action (the
"Eligible Shareholders") and will be conducted in two parts by way of a private
placement (the "Private Placement") followed by a subsequent repair offering
(the "Subsequent Offering"), each as described below. 

The Company's intention is for the Private Placement and the Subsequent Offering
to secure funding for the Company's operations, while combined allowing all
existing shareholders to participate in the Equity Offering and thereby maintain
their current relative shareholdings pro rata and thus avoid dilution.

Completion of the Equity Offering will be subject to approval by an
extraordinary general meeting of the Company to issue the new shares and to seek
a de-listing of the Company from the Oslo Stock Exchange (the "EGM").
Shareholders participating in the Private Placement will as part thereof
undertake to vote in favour of such resolution. The EGM will also consider a new
board composition based on a recommendation from the Company's nomination
committee. A notice for the EGM will be published separately, with the aim for
the EGM to be held on or about 30 September 2025.


The Company has secured underwriting commitments for the full amount of the
Equity Offering from a consortium of 11 existing shareholders (the
"Underwriters"), which includes Firda AS. The Underwriters have agreed to
subscribe in the Private Placement for their pro rata part of the Equity
Offering, and have further agreed to subscribe for, and will be allocated, any
shares not subscribed for by Eligible Shareholders in the Private Placement and
the Subsequent Offering. The Underwriters will not receive any fee for their
underwriting commitments, or preferred allocation in the Equity Offering (other
than being allocated shares not allocated to other Eligible Shareholders based
on their pro rata holdings). 

The Private Placement:

The Private Placement will be directed towards Eligible Shareholders who as of
the Record Date, hold 375,000 or more shares in the Company (approximately 50
shareholders). The Private Placement will not be subject to any minimum
subscription or allocation amounts. 

The subscription price per new share in the Private Placement will be NOK 0.10.
The total gross proceeds of the Private Placement is expected to be around NOK
80 million.

The bookbuilding period for the Private Placement will commence on 9 September
2025 at 09:00 hours (CEST) and close on 11 September 2025 at 16:30 hours (CEST).
The bookbuilding period may, at the sole discretion of the Company, in
consultation with the Manager, be shortened or extended and may be cancelled at
any time. If the bookbuilding period is extended or shortened, the other dates
referred to herein might be changed accordingly. 

Allocation will be determined after the bookbuilding period and conditional
allocation will be made at the Board's sole discretion in consultation with the
Manager, however so that the Board will strive to ensure that all subscribers
receive pro rata allocation in line with their existing shareholding in the
Company. Any unsubscribed shares above such pro rata allocation will be
allocated to the Underwriters.

Notification of conditional allocation is expected to be issued by the Manager
to the applicants on or about 12 September 2025. Completion of the Private
Placement will remain subject to all necessary corporate resolutions being
validly made by the Company, including the approval of the Private Placement and
the conditional allocation by the Board and approval by the EGM of the issuance
of the new shares and the filing of a de-listing application as described below.
Further, completion of the Private Placement is subject to registration of the
share capital increase pertaining to the Private Placement with the Norwegian
Register of Business Enterprises and the new shares being validly issued and
registered with the VPS.

Subject to fulfilment of these conditions, the Private Placement is expected to
be settled shortly after the EGM. The new shares allocated to applicants in the
Private Placement will be registered on a separate ISIN pending a prospectus
(the "Prospectus") for the listing of such shares, and for the Subsequent
Offering, being approved by the Norwegian Financial Supervisory Authority and
published by the Company, and will pending such approval and publication not be
tradable on the Oslo Stock Exchange.

The Subsequent Offering:

The Private Placement will require that the shareholders' preferential rights to
subscribe for and be allocated the new shares are set aside. The Private
Placement will however enable the Company to timely secure necessary funding and
liquidity for the Company's operations, and is therefore considered by the Board
to be both necessary and in the Company and its shareholders and other
stakeholders' best interest. To ensure that all shareholders are afforded the
same opportunity to subscribe for new shares and maintain their relative
shareholding in the Company after completion of the Equity Offering, the Company
will, subject to approval by the EGM, carry out a Subsequent Offering of new
shares directed at those Eligible Shareholders who were not eligible to
participate in the Private Placement. 

The subscription price in this Subsequent Offering will be the same as the
subscription price in the Private Placement, i.e. NOK 0.10 per share. The total
gross proceeds of the Subsequent Offering is expected to be around NOK 25
million.

Allocation in the Subsequent Offering will be determined at the Board's sole
discretion in consultation with the Manager, however so that the Board will
strive to ensure that all subscribers in the subsequent offering receive pro
rata allocation in line with their existing shareholding in the Company as
recorded in VPS on the Record Date. Any unsubscribed shares above such pro rata
allocation will be allocated to the Underwriters.

The Subsequent Offering will be conducted after the EGM and the potential
mandatory offer described below, and after and subject to approval and
publication of the Prospectus. Issuance of shares allocated in the Subsequent
Offering is expected to be resolved by the board on the basis of a board
authorization expected to be granted by the EGM. Further information on the
contemplated Subsequent Offering will be given in a separate stock exchange
release when available, and the complete terms will be set out in the
Prospectus. 

Employee stock option program

In order to attract, retain and incentivize key employees, the Board has
resolved to implement a stock option program for employees. The program will
comprise up to 15% of the company's outstanding shares following completion of
the Equity Offering. The option program is intended to align employees with
shareholders and support long-term value creation. 

Proposed approval of such stock option program will be included on the agenda
for the EGM.

De-listing

As first announced on 27 August 2025, as part of and as a condition for the
Equity Offering, a proposal will be made for the EGM to approve a de-listing of
the Company from the Oslo Stock Exchange. If approved, the Company will file an
application for such delisting with the exchange shortly thereafter.

The Board and main shareholders is of the view that a de-listing of the Company
will enable the shortest path to profitability and future growth, while at the
same time maximize exit opportunities in the years to come.  

Mandatory offer

Firda AS, the Company's largest shareholder and currently holding 28.7% of the
Company's shares may, depending on the number of subscriptions from other
shareholders, as a result of the Private Placement and/or the Subsequent
Offering and its underwriting commitments surpass 1/3 ownership of the Company.
Should this occur, Firda AS will trigger a mandatory offer obligation, and thus
be required to make a mandatory offer for the remaining shares at NOK 0.10 per
share (the highest price paid by it the last six months) or reduce its holding
below the threshold. Any offer, if required and made, will be made after
completion of the Private Placement. 

While Firda AS has agreed to be an Underwriter, it does currently not have any
intention to increase its overall shareholding beyond any shares allocated to it
as Underwriter. The Underwriters have therefore all undertaken not to accept
such mandatory offer, if made, for any shares held by them (both currently held
shares and any shares acquired through the Private Placement or otherwise), and
any further subscribers in the Private Placement will be required to undertake
the same, as part of the terms thereof. With respect to the shares to be issued
in the Subsequent Offering, it is expected that these will be issued after
completion of any such mandatory offer, and thus not be eligible for acceptance
thereof. 


For additional information or media requests, please contact: 

Helge Øien, interim CEO 
ir@airthings.com 


About Airthings 

Airthings is a leading global technology company specializing in award-winning
radon detectors and indoor air quality (IAQ) monitors for homes, workplaces, and
schools. With a mission to empower people worldwide to understand and improve
the air they breathe, Airthings offers accessible, accurate, and user-friendly
solutions designed to enhance health and well-being through simple and
affordable technology. 

Airthings has sold over 1 million devices worldwide. The company and its
products have received the TIME Best Inventions Award and CES Innovation Award
Honor. Headquartered in Oslo, Norway, with additional offices in the United
States, Airthings continues to innovate and educate on the importance of
continuous indoor air quality monitoring. 

For more information on Airthings' comprehensive range of IAQ solutions and the
benefits of healthy indoor air, please visit airthings.com.

Important notices:

This announcement is not and does not form a part of any offer to sell, or a
solicitation of an offer to purchase, any securities of the Company. The
distribution of this announcement and other information may be restricted by law
in certain jurisdictions. Copies of this announcement are not being made and may
not be distributed or sent into any jurisdiction in which such distribution
would be unlawful or would require registration or other measures. Persons into
whose possession this announcement or such other information should come are
required to inform themselves about and to observe any such restrictions. 

The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and accordingly may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act and in accordance with applicable U.S. state securities laws.
The Company does not intend to register any part of the offering or their
securities in the United States or to conduct a public offering of securities in
the United States. Any sale in the United States of the securities mentioned in
this announcement will be made solely to "qualified institutional buyers" as
defined in Rule 144A under the Securities Act. 

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
Prospectus Regulation, i.e., only to investors who can receive the offer without
an approved prospectus in such EEA Member State. The expression "Prospectus
Regulation" means Regulation 2017/1129 as amended together with any applicable
implementing measures in any Member State. 

This communication is only being distributed to and is only directed at persons
in the United Kingdom that are (i) investment professionals falling within
Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities,
and other persons to whom this announcement may lawfully be communicated,
falling within Article 49(2)(a) to (d) of the Order (all such persons together
being referred to as "relevant persons"). This communication must not be acted
on or relied on by persons who are not relevant persons. Any investment or
investment activity to which this communication relates is available only for
relevant persons and will be engaged in only with relevant persons. Persons
distributing this communication must satisfy themselves that it is lawful to do
so.
 
Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "expect", "anticipate",
"strategy", "intends", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies and other important
factors which are difficult or impossible to predict and are beyond its control.
 
Actual events may differ significantly from any anticipated development due to a
number of factors, including without limitation, changes in investment levels
and need for the Company's services, changes in the general economic, political
and market conditions in the markets in which the Company operate, the Company's
ability to attract, retain and motivate qualified personnel, changes in the
Company's ability to engage in commercially acceptable acquisitions and
strategic investments, and changes in laws and regulation and the potential
impact of legal proceedings and actions. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The Company does not provide any guarantees that the
assumptions underlying the forward-looking statements in this announcement are
free from errors nor does it accept any responsibility for the future accuracy
of the opinions expressed in this announcement or any obligation to update or
revise the statements in this announcement to reflect subsequent events. You
should not place undue reliance on the forward-looking statements in this
announcement. The information, opinions and forward-looking statements contained
in this announcement speak only as at its date, and are subject to change
without notice. The Company does not undertake any obligation to review, update,
confirm, or to release publicly any revisions to any forward-looking statements
to reflect events that occur or circumstances that arise in relation to the
content of this announcement. 

Neither the Manager nor any of its affiliates makes any representation as to the
accuracy or completeness of this announcement and none of them accepts any
responsibility for the contents of this announcement or any matters referred to
herein. This announcement is for information purposes only and is not to be
relied upon in substitution for the exercise of independent judgment. It is not
intended as investment advice and under no circumstances is it to be used or
considered as an offer to sell, or a solicitation of an offer to buy any
securities or a recommendation to buy or sell any securities in the Company. 

Neither the Manager nor any of its respective affiliates accepts any liability
arising from the use of this announcement.