(Oslo, Norway - March 30, 2022) Airthings (AIRX), the global leader in air
quality monitoring and energy-saving solutions, today releases the attached
Annual Report for 2021, with financial statements reported in USD and prepared
under IFRS. 

Total revenue and other operating income increased by 60% to USD 33.7 million in
2021, with a loss before depreciation and amortization (EBITDA) of USD 8.0
million and an operating loss of USD 9.4 million. Loss before tax was USD 9.3
million, whereas net loss for the year amounted to USD 7.3 million.

The effects of the transition from NGAAP to IFRS on equity and financial
position, cash flows, and the consolidated statement of profit and loss are
explained in detail in the notes in Section 8 -Changes in accounting policies.

The main effect on the profit and loss account for 2021 was a reduction in
revenue of USD 2.5 million and a reduction in operating expenses of USD 3.8
million. As a result, the EBITDA-loss was USD 1.3 million lower under IFRS than
under NGAAP. Loss before tax was USD 1.0 million lower under IFRS, whereas the
net loss was USD 0.9 million lower under IFRS than under NGAAP.

The lower revenue and operating costs mainly reflect that marketing support to
the company's channel partners is accounted for as a reduction of revenue under
IFRS, whereas it was recognized as an operating expense under NGAAP. Other
changes mainly reflect different treatment of operating leases, amortization of
goodwill and depreciation of right-of-use assets recognized under IFRS 16, and
interest expense on the IFRS 16 lease liability.

To facilitate analysts and investors, the company has prepared the attached
workbook with quarterly and annual figures for profit and loss, balance sheet
and cash flow, as well as the segment contribution. This is also available on
the company's website on www.airthings.com/investors.
 
For more information, please contact:
Magnus Bekkelund - Acting CFO
T: +47 480 78 845
E: magnus.bekkelund@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.