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IP - Airthings ASA: Second quarter and half- year 2025 report, process to raise capital initiated - Attachment: Airthings ASA Q225 Presentation.pdf

Company: Airthings Date: 2025-08-27 Language: English Register to download
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# **Airthings Q2 2025 results**

**27 Aug 2025**

## **Q2 key financials**

![](_page_1_Figure_2.jpeg)

#### **Q2 revenues of**

**USD 7.7m**

declining 11 percent versus Q2 24 mainly driven by the Consumer segment.

#### **Group revenues (USD M) Gross profit (USD M) Annual recurring revenues (USD M)**

![](_page_1_Figure_8.jpeg)

Gross profit margin Sales gross profit

#### **Q2 gross profit USD 4.4m**

down 19 percent from USD 5.4 million in Q2 24, with gross profit margin declining 5 percentage points YoY.

![](_page_1_Figure_12.jpeg)

### **Q2 total ARR USD 4.5M**

up 6 percent from USD 4.3 million in Q2 24, mainly driven by the Business segment.

![](_page_1_Picture_16.jpeg)

### **Getting Airthings products into the hands of our customers**

#### 288 292 0 50 100 150 200 250 300 350 400 450 **New consumer device registrations** (Indexed – Q1 20 = 100) Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 **+1%**

#### **Devices in the field (Business segment)**

1,951 2,283 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 (Indexed – Q1 20 = 100) Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 **+17%**

3

#### **Continuously rolling out our next generation radon experience … revolutionizing how users understand their radon risk**

**Continuously rolling out our next generation radon experience … revolutionizing how users understand their radon risk**

![](_page_3_Picture_2.jpeg)

![](_page_3_Picture_3.jpeg)

*I'm not very knowledgeable or experienced with radon and the information offered through the app is very useful*

*Peace of mind - The insights provided help you understand the monitor's readings and what to be on the lookout for*

*Very helpful! - The monitoring chart and values are super helpful*

*The Airthings Corentium Home 2 is amazing for home radon detection!* 

![](_page_3_Picture_8.jpeg)

![](_page_4_Picture_0.jpeg)

![](_page_4_Picture_1.jpeg)

### **Consumer update**

- The revenue in the Consumer segment declined 15% in Q2 25 compared to the equivalent period last year
- The number of Consumer devices shipped increased around 6 per cent in Q2 25 compared to the same quarter last year as sell-through volumes at key partners were higher
- The revenue development was driven by a continued high demand for Corentium Home, which has a lower average sales price, and revenue reductions related to upcoming sales events in the US

#### **Consumer revenues and gross margin**  (USD M)

![](_page_5_Figure_5.jpeg)

![](_page_5_Picture_6.jpeg)

### **Business update**

- The Business segment delivered revenues of USD 1.3 million, a decline of seven percent year-on-year
- Repeat purchases from large customers within finance, healthcare and retail contributed to most of the hardware sales

### **Business revenues and gross margin** (USD M)

![](_page_6_Figure_4.jpeg)

Business revenues Sales Gross Margin

![](_page_6_Picture_6.jpeg)

### **Annual recurring revenue**

- Annual recurring revenue (ARR) at USD 4.5 million in Q2 25, corresponding to a growth of six percent year-on-year, with both Pro and Business growing
- Supported by large installations at major enterprise customer

#### **Annual recurring revenue**  (USD M)

![](_page_7_Figure_4.jpeg)

8

### **Inventory update**

![](_page_8_Figure_1.jpeg)

Business/Pro Components Consumer

24 Q4 25 Q1

![](_page_8_Picture_3.jpeg)

### **Consolidated statement of profit or loss**

|                                                                                                       |         |         | Unaudited |         |         | Audited |
|-------------------------------------------------------------------------------------------------------|---------|---------|-----------|---------|---------|---------|
| Amounts in USD 1,000                                                                                  | Notes   | Q2 2025 | Q2 2024   | H1 2025 | H1 2024 | 2024    |
| Revenues                                                                                              | 4,<br>5 | 7,739   | 8,733     | 16,949  | 18,244  | 38,496  |
| Total Revenues                                                                                        |         | 7,739   | 8,733     | 16,949  | 18,244  | 38,496  |
| Cost<br>of<br>goods<br>sold                                                                           | 7       | 3,320   | 3,287     | 6,924   | 7,042   | 16,842  |
| Employee<br>benefit<br>expenses                                                                       | 6       | 3,355   | 3,823     | 6,682   | 7,466   | 14,681  |
| Other<br>operating<br>expenses                                                                        | 6       | 4,015   | 3,285     | 8,370   | 7,241   | 16,035  |
| Operating<br>profit<br>or<br>loss<br>before<br>depreciation & amortization (EBITDA)                   |         | -2,951  | -1,663    | -5,025  | -3,506  | -9,062  |
| Depreciation,<br>amortization and<br>impairment                                                       | 7       | 467     | 577       | 935     | 954     | 4,656   |
| Operating<br>profit<br>or<br>loss<br>(EBIT)                                                           |         | -3,418  | -2,241    | -5,960  | -4,460  | -13,718 |
| Net financial items                                                                                   |         | -329    | -280      | -1,178  | 919     | 1,695   |
| Profit<br>(loss)<br>before<br>tax                                                                     |         | -3,747  | -2,521    | -7,138  | -3,541  | -12,023 |
| Income tax expense                                                                                    | 8       | 2,840   | -461      | 2,847   | -683    | 5,668   |
| Profit (loss)<br>for<br>the<br>period                                                                 |         | -6,586  | -2,060    | -9,986  | -2,858  | -17,690 |
| Profit<br>(loss) for the year attributable<br>to:<br>Equity<br>holders<br>of<br>the<br>parent company |         | -6,586  | -2,060    | -9,986  | -2,858  | -17,690 |
| Earnings per share:                                                                                   |         |         |           |         |         |         |
| Basic<br>earnings<br>per share                                                                        | 12      | -0.03   | -0.01     | -0.05   | -0.01   | -0.09   |
| Diluted<br>earnings<br>per share                                                                      | 12      | -0.03   | -0.01     | -0.05   | -0.01   | -0.09   |

### **Consolidated statement of financial position**

|                                        |            | Unaudited  |            |  |
|----------------------------------------|------------|------------|------------|--|
| Amounts in USD 1,000                   | 30.06.2025 | 30.06.2024 | 31.12.2024 |  |
| ASSETS                                 |            |            |            |  |
| Non-current<br>assets                  |            |            |            |  |
| Goodwill                               | 0          | 2,659      | 0          |  |
| Intangible assets                      | 3,772      | 3,739      | 3,383      |  |
| Deferred<br>tax<br>assets              | 35         | 9,233      | 2,690      |  |
| Property,<br>plant<br>and<br>equipment | 381        | 511        | 411        |  |
| Right-of-use assets                    | 1,073      | 2,022      | 1,569      |  |
| Other<br>non-current<br>assets         | 13         | 95         | 53         |  |
| Total non-current<br>assets            | 5,274      | 18,259     | 8,104      |  |
|                                        |            |            |            |  |
| Current<br>assets                      |            |            |            |  |
| Inventories                            | 13,164     | 14,048     | 10,481     |  |
| Trade<br>receivables                   | 11,960     | 9,015      | 10,766     |  |
| Other receivables                      | 3,909      | 5,763      | 4,702      |  |
| Cash<br>and<br>cash<br>equivalents     | 1,617      | 11,212     | 8,834      |  |
| Total current<br>assets                | 30,649     | 40,039     | 34,783     |  |
|                                        |            |            |            |  |
| TOTAL<br>ASSETS                        | 35,924     | 58,297     | 42,888     |  |
|                                        |            |            |            |  |

|                                             | Unaudited  | Audited    |            |
|---------------------------------------------|------------|------------|------------|
| Amounts in USD 1,000                        | 30.06.2025 | 30.06.2024 | 31.12.2024 |
| EQUITY<br>AND<br>LIABILITIES                |            |            |            |
| Equity                                      |            |            |            |
| Share<br>capital                            | 217        | 215        | 215        |
| Share<br>premium                            | 86,458     | 86,383     | 86,383     |
| Other<br>capital reserves                   | 2,580      | 2,442      | 2,532      |
| Other equity                                | -67,696    | -43,795    | -60,687    |
| Total equity                                | 24,533     | 45,245     | 28,443     |
| Non-current<br>interest-bearing liabilities | 1,248      | 1,315      | 1,171      |
| Non-current<br>lease<br>liabilities         | 561        | 1,437      | 1,003      |
| Other non-current<br>liabilities            | 8          | 99         | 48         |
| Total non-current<br>liabilities            | 1,817      | 2,851      | 2,223      |
| Current<br>interest-bearing liabilities     | 139        | 0          | 62         |
| Current<br>lease<br>liabilities             | 671        | 821        | 770        |
| Trade<br>and other payables                 | 8,625      | 5,946      | 8,044      |
| Contract<br>liabilities                     | 1,937      | 1,731      | 1,546      |
| Income tax payable                          | 0          | 6          | 0          |
| Other current<br>liabilities                | 1,176      | 1,698      | 1,801      |
| Total current<br>liabilities                | 12,548     | 10,201     | 12,221     |
|                                             |            |            |            |
| Total liabilities                           | 14,365     | 13,052     | 14,444     |
| TOTAL<br>EQUITY<br>AND LIABILITIES          | 35,924     | 58,297     | 42,888     |

### **Cost reductions implemented and process to raise capital initiated**

Challenging quarter with profitability impacted by softer Consumer segment and US tariffs

Challenging liquidity situation

Downsizing finalized with estimated yearly effect of USD 4 m and comprehensive plan to improve profitability developed

- Contemplating private placement and subsequent offering
- Airthings has initiated a dialog with a consortium led by Firda, an investment firm controlled by Geir Førre, Chair of the Board of Airthings
- The aim is to establish a guarantee consortium for a capital injection of about NOK 100 million structured as a private placement followed by a subsequent offering with pro rata participation rights for existing shareholders
- Expect to seek a delisting of the company's shares from the Oslo Stock Exchange
- Aim to complete discussions with Firda and other shareholders in time for a potential transaction to be initiated medio September 2025

### **Disclaimer**

The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated ("relevant persons"). Any person who is not a relevant person should not act or rely on this presentation or any of its contents.

This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in Airthings ASA (The Company). The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions.

This presentation includes and is based, inter alia, on forward-looking information and contains statements regarding the future in connection with The Company's growth initiatives, profit figures, outlook, strategies and objectives. All forward-looking information and statements in this presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for The Company. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions.

Important factors may lead to actual profits, results and developments deviating substantially from what has been expressed or implied in such statements. Although The Company believes that its expectations and the presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the presentation.

The Company is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the presentation, and neither The Company nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.

This presentation was prepared in connection with the Q2 results released on 27 August 2025. Information contained herein will not be updated.

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