Oslo, Norway, 18 November 2020 - Airthings (AIRX-ME) today announced strong
results for the third quarter 2020, reporting a 50% increase in revenue compared
to the same quarter last year and a 62% sales gross margin. In the company's
first quarterly report after its listing on Merkur Market on 30th of  October,
Airthings reported strong growth in annual recurring revenue (ARR), with an
increase of 153% YoY, improved customer product ratings and new feature
launches.

"The third quarter has typically been a low season for us, but we have
experienced significant growth and demand for both our consumer and commercial
products throughout 2020," says Øyvind Birkenes, CEO of Airthings. "Increased
global focus on health, productivity and sustainability are all contributing to
putting air quality among the top global topics. We are now well-positioned to
meet this global demand, and continue our strong growth going forward." 

Key highlights for the third quarter 2020
- Sales revenues of NOK42.2m - up 50% YoY
- Sales gross profit of NOK26.3m - margin of 62%
- ARR reached NOK7.3m by end of quarter - up 153% YoY

- Successful acquisition of proptech company Airtight, increasing focus on
energy efficiency in Airthings for Business.
- Opening of Airthings sales office in Stockholm, Sweden, with an experienced
team from Yanzi Networks.
- Launch of Wave Mini with Mold Risk Indicator for consumer and business
segments, with Amazon rating on Wave Mini passing the 4-star hurdle.
-IPO process launched in September

Subsequent events
- Private placement, raising NOK500m with the subsequent listing on Merkur
Market on 30 October.
- Agreement with Schneider Electric signed on 17 November.
- Launch of Virus Risk Indicator, Airthings' second virtual sensor.

Financial results
Group total revenue reached NOK44m during the third quarter, representing a
growth of 50% YoY. Gross profit margin was NOK28m implying a margin of 64%.
Group EBIT for the quarter came in at -NOK10.7m. Major cost drivers include
performance marketing costs, campaign costs and salary cost growth, all in
accordance with planned expansion.

A live presentation of the third quarter results will be given by CEO Øyvind
Birkenes and CFO Erik Lundby at 08.00 CET via the following link:
https://events.webcast.no/airthings/presentations/WhBebIziRlstSdbR7MbE
 
A recording of the presentation will also be made available on
airthings.com/investors.

For more information, please contact:

Øyvind Birkenes, CEO 
+47 922 43 551, o.birkenes@airthings.com

Erik Lundby, CFO & Head of Investor Relations 
+47 924 00 396, erik.lundby@airthings.com


About Airthings
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.