(Oslo, Norway - August 21, 2024) - Airthings (AIRX), a global leader in air
quality monitoring and energy-saving solutions, reported revenues of USD 8.7
million in the second quarter of 2024, up 17 percent from the same period last
year. Growth was driven by increased sales in the Consumer segment, which grew
37 percent year-on-year to USD 6.8 million in the quarter. ARR was USD 4.3
million at the end of the second quarter, up from USD 4.0 million in the same
period last year.

"The Consumer and Business segments had opposite developments in the quarter: In
the Consumer segment we achieved continued strong growth and increased customer
loyalty, while sales in the Business segment lagged due to challenging market
conditions and order postponements," says CEO Emma Tryti.
 
Gross profit amounted to USD 5.4 million in the quarter, corresponding to a 62
percent gross profit margin (GPM), about the same level as the same quarter last
year, despite a significantly higher share of revenues from the Consumer
segment.

Performance and insights gained during the first half of 2024 triggered a review
and update of the company's strategy to make sure Airthings capitalizes on
market trends and ensures the best possible return on investment in the short to
medium term. Climate change and general health awareness contribute to increased
focus on indoor air quality, and Airthings is well positioned to capture
business in a rapidly growing market for health-tech devices and services.

"Since the Airthings 3.0 strategy, announced at the Capital Market Day last
year, we have continued our progress towards profitability. To accelerate the
process, we will simplify our organization and operations and focus on one,
shared and customer-centric value proposition across segments. Airthings will
empower people to breathe better at home, at school and at work," says Tryti.

Going forward, building control will be developed and distributed through
partners, and not as part of Airthings' core offering. Proactive direct sales to
non-scalable business customer segments will be halted. As part of establishing
a leaner and more focused organization, the workforce will be reduced by 20
percent during the second half of 2024.

In addition to updating its strategy, the company has set a new target for
profitability: Airthings aim to be EBITDA positive for the second half of 2025,
and for the full year 2026, and expect that the current operating plans remain
fully funded to break even.
 
"Our products and solutions meet the needs of individuals, families, businesses
and authorities, all increasingly aware of the importance of health-driven
indoor air quality. Our insights confirm that people in many parts of the world
now consider indoor air quality as a "must have", rather than a "nice to have".
We expect this trend to grow. And we will be there to capture market share,
capitalizing on our position to ensure profitable growth," said Tryti.

For the third quarter of 2024, Airthings guides for revenues within the range of
USD 9.5 - 11.5 million, with ARR of USD 4.3 - 4.5 million expected at the end of
the quarter.

The interim report and presentation are attached to this release and available
on www.airthings.com/investors.

Practical arrangements:
The results for Q2 2024 and a strategy update presentation will be presented by
CEO Emma Tryti and interim CFO Magnus Bekkelund at 10:00 (CET) at Danske Bank's
offices, Aker Brygge, Oslo. The presentation is open to the public and can also
be followed via the following link:

https://events.webcast.no/airthings/presentations/uidPqvaRnp4HSdSapIVg

For additional information or media requests, please contact:

Emma Tryti, CEO
+47 473 76 431
emma.tryti@airthings.com

Magnus Bekkelund, interim CFO
+47 480 78 845
magnus.bekkelund@airthings.com

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 125
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.