Airthings — Earnings Release 2022

Jun 8, 2022

Airthings revises the revenue forecast for 2Q 2022

Airthings revises the revenue forecast for 2Q 2022

(Oslo, Norway – June 8, 2022) Airthings (AIRX), the global leader in air quality monitoring and energy-saving solutions, revises its revenue forecast for the second quarter 2022 to USD 6.4-7.4 million from the previously indicated range of USD 8.0-9.0 million. The downward revision reflects significant inventory adjustments at retailers and online channels.

“We have underestimated inventory changes as supply chains normalize and therefore see that retailers and channel partners are more hesitant to place orders. The top-down message in their organizations is to reduce inventory levels and cut inventory days for consumer electronics products by up to 30-50% in some instances” says CEO Øyvind Birkenes.

Despite the weakened sell-in to retail partners, channel reports indicate that Airthing’s end-user consumer sell-through is holding up better and more in line with original expectations. The company believes the inventory correction is temporary. However, to be prudent the company is taking steps to optimize its cost base and working capital to accelerate the path to profitability and to be prepared if demand is further affected through 2022 on the back of general consumer spending weakness.

While temporary factors are putting downward pressure on topline revenues, the company’s management and Board remain confident in the company’s ability to retain its leadership position in a rapidly growing market in the long-term. As such, the company reaffirms its revenue goal of more than USD 100 million in annual revenues by 2024.

For questions, please contact:

Øyvind Birkenes - CEO

T: +47 922 43 551

E: o.birkenes@airthings.com

Jeremy Gerst - CFO

T: +47 455 11 103

E: jeremy.gerst@airthings.com

Geir Førre – Chairman of the Board

T: +47 915 97 580

E: geir@firda.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 140 employees from more than 30 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