Airthings — Interim / Quarterly Report 2021

Mar 30, 2022

Airthings - IFRS Databook

IFRS Databook

1

Disclaimer

This work product (the "Work Product") has been produced by Airthings ASA (the "Company") with the assistance from an external financial advisor solely for the purpose of producing this Work Product in connection with the Company's IFRS transition.

No representation, warranty, or undertaking, express or implied, is made to, and no reliance should be placed on any information contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, the Company does not accept any liability whatsoever arising directly or indirectly from the use of this Work Product, or its contents or otherwise arising in connection therewith. All information in this Work Product is subject to verification, correction, completion and change without notice.

This Work Product is dated as of 30 March 2022. The Company does not intend, and does not assume any obligation, to update or correct any information included in this Work Product.

P&L - 2020 & 2021 (IFRS)

Consolidated income statement (USD 1,000)	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	2020	2021	Δ
Revenues	5,057	3,621	4,440	7,775	6,407	7,603	9,106	10,555	20,893	33,671	61%
Other operating income	37	25	192	-130	0	28	0	0	123	28	-77%
Total revenue	5,093	3,646	4,632	7,645	6,407	7,631	9,106	10,555	21,016	33,699	60%
Cost of goods sold	1,587	1 289	1,744	2,956	2,596	2,674	3,284	4,487	7,576	13,041	72%
Gross profit	3,506	2,357	2,888	4,690	3,811	4,957	5,822	6,068	13,440	20,658	54%
Sales Gross Margin	69%	65%	62%	61%	59%	65%	64%	57%	64%	61%
Employee benefit expenses	2,027	2 065	1,954	3,049	3,330	3,723	3,369	4,705	9,094	15,127	66%
Other operating expenses	1,558	1 313	1,873	4,389	3,126	3,092	2,847	4,501	9,132	13,566	49%
EBITDA	-79	-1,021	-938	-2,748	-2,645	-1,857	-395	-3,139	-4,786	-8,035	68%
EBITDA margin	-2%	-28%	-20%	-36%	-41%	-24%	-4%	-30%	-23%	-24%
Depreciation and amortisation	145	128	208	255	291	332	335	377	736	1,335	81%
Operating profit / EBIT	-224	-1,149	-1,146	-3,003	-2,935	-2,189	-730	-3,515	-5,522	-9,371	n.a.
EBIT margin	-4%	-32%	-25%	-39%	-46%	-29%	-8%	-33%	-26%	-28%
Net financial items	302	-56	-34	-864	-170	108	117	0	-653	55	-60%
Profit (loss) before tax	78	-1,205	-1,180	-3,867	-3,105	-2,082	-613	-3,516	-6,175	-9,315	n.a.
Income tax expense	209	-22	8	-2 239	194	45	-153	-2,141	-2,044	-2,055	n.a.
Net profit (loss)	-131	-1,183	-1,189	-1,629	-3,299	-2,127	-461	-1,374	-4,131	-7,261	n.a.
Net profit (loss) margin	-3%	-32%	-26%	-21%	-51%	-28%	-5%	-13%	-20%	-22%

Consolidated statement of financial position - 2020 & 2021 (IFRS)

Amounts in USD 1,000	31.03.2020	30.06.2020	30.09.2020	31.12.2020	31.03.2021	30.06.2021	30.09.2021	31.12.2021	31.12.2020	31.12.2021
ASSETS
Non-current assets
Intangible assets	395	486	2,085	2,332	2,296	2,260	2,171	2,495	2,332	2,495
Goodwill	0	0	2,985	3,317	3,320	3,307	3,224	3,210	3,317	3,210
Property, plant and equipment	399	355	428	595	712	758	755	809	595	809
Right-of-use assets	2,081	2,210	3,332	3,578	3,487	4,499	4,189	4,241	3,578	4,241
Deferred tax assets	429	479	461	2,953	2,723	2,661	2,731	4,509	2,953	4,509
Other non-current assets	32	43	83	1,524	1,227	897	1,095	1,075	1,524	1,075
Total non-current assets	3,335	3,573	9,375	14,298	13,765	14,383	14,165	16,339	14,298	16,339
Current assets
Inventories	2,965	3,036	3,215	4,694	5,706	6,618	9,040	11,429	4,694	11,429
Trade receivables	3,495	2,940	4,333	7,000	4,741	7,229	12,131	11,850	7,000	11,850
Other receivables	1,566	2,083	2,484	2,041	2,547	2,414	2,661	1,889	2,041	1,889
Contract assets	0	0	32	0	0	0	0	0	0	0
Cash and cash equivalents	4,173	9,888	10,022	62,943	58,413	54,003	44,987	42,174	62,943	42,174
Total current assets	12,199	17,947	20,086	76,678	71,407	70,264	68,819	67,342	76,678	67,342
TOTAL ASSETS	15,534	21,521	29,461	90,976	85,172	84,647	82,984	83,680	90,976	83,680

Amounts in USD 1,000	31.03.2020	30.06.2020	30.09.2020	31.12.2020	31.03.2021	30.06.2021	30.09.2021	31.12.2021	31.12.2020	31.12.2021
EQUITY AND LIABILITIES
Equity
Share capital	54	64	70	200	201	200	195	195	200	195
Share premium	8,726	15,559	22,314	83,382	83,517	83,199	81,150	80,861	83,382	80,861
Treasury shares	0	0	0	0	0	0	0	0	0	0
Other capital reserves	626	793	946	1,162	1,301	1,433	1,575	1,717	1,162	1,717
Other equity	-587	-1,961	-3,122	-8,095	-11,426	-13,447	-13,637	-14,931	-8,095	-14,931
Total equity	8,819	14,454	20,208	76,648	73,593	71,385	69,284	67,842	76,648	67,842
Non-current liabilities
Non-current interest-bearing liabilities	1,178	1,270	1,305	0	0	0	0	0	0	0
Non-current lease liabilities	1,922	2,031	3,039	3,243	3,176	4,067	3,786	3,803	3,243	3,803
Deferred tax liabilities	0	0	316	343	334	324	307	0	343	0
Non-current provisions	0	0	0	1,442	1,153	822	1,030	1,090	1,442	1,090
Total non-current liabilities	3,099	3,301	4,660	5,028	4,663	5,214	5,123	4,892	5,028	4,892

Amounts in USD 1,000	31.03.2020	30.06.2020	30.09.2020	31.12.2020	31.03.2021	30.06.2021	30.09.2021	31.12.2021	31.12.2020	31.12.2021
Current liabilities
Interest-bearing liabilities	446	481	494	1,901	0	0	0	0	1,901	0
Lease liabilities	171	250	389	473	475	618	609	670	473	670
Trade and other payables	2,256	1,998	2,687	4,139	4,004	4,806	5,209	7,027	4,139	7,027
Government grants	0	0	0	0	62	79	114	0	0	0
Contract liabilities	119	165	364	422	947	1,005	781	894	422	894
Income tax payable	3	1	33	10	4	17	3	27	10	27
Provisions	622	870	625	2,355	1,424	1,524	1,862	2,328	2,355	2,328
Total current liabilities	3,616	3,765	4,593	9,300	6,916	8,048	8,577	10,946	9,300	10,946
Total liabilities	6,715	7,066	9,253	14,327	11,579	13,262	13,700	15,838	14,327	15,838
TOTAL EQUITY AND LIABILITIES	15,534	21,521	29,461	90,976	85,172	84,647	82,984	83,680	90,976	83,680

Consolidated statement of cash flows - 2020 & 2021 (IFRS)

Amounts in USD 1,000	2020	2021
Cash flows from operating activities
Profit (loss) before tax	-6,175	-9,315
Adjustments to reconcile profit before tax to net cash flows:
Net financial items	653	-55
Depreciation and amortization	736	1,335
Share-based payment expense	460	608
Working capital adjustments:
Changes in inventories	-1,387	-6,736
Changes in trade & other receivables	-2,783	-4,697
Changes in trade & other payables and contract liabilities	2,188	3,360
Changes in provisions	1,900	-380
Other items:
Tax paid	-4	1
Net cash flows from operating activities	-4,412	-15,879

Amounts in USD 1,000	2020	2021
Cash flows from investing activities
Development expenditures	-269	-574
Purchase of property, plant and equipment	-404	-495
Purchase of shares in subsidiaries, net of cash acquired	-1,255	0
Interest received	14	102
Net cash flow from investing activities	-1,914	-968
Cash flow from financing activities
Proceeds from issuance of equity	69,162	198
Proceeds from sales of own shares	184	0
Transaction costs on issue of shares	-3,641	0
Repayment of borrowings	-177	-1,901
Payments for the principal portion of the lease liability	-302	-636
Payments for the interest portion of the lease liability	-149	-217
Interest paid	-106	-4
Net cash flows from financing activities	64,971	-2,560
Net increase/(decrease) in cash & cash equivalents	58,644	-19,407
Cash and cash equivalents at 1 January	5,589	62,943
Net foreign exchange difference	-1,290	-1,362
Cash and cash equivalents at 31 December	62,943	42,174

P&L - Segment contribution 2020 & 2021 (IFRS)

Consolidated income statement (USD 1,000)	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	2020	2021	Δ
Airthings for Consumer
Total revenue contribution	4,293	2,783	3,521	6,677	4,320	5,430	7,302	6,525	17,274	23,577	36%
Cost of goods sold	1,361	974	1,480	2,596	1,888	1,988	2,696	3,029	6,412	9,601	50%
Gross profit contribution	2,932	1,809	2,041	4,081	2,432	3,442	4,606	3,496	10,863	13,975	29%
Sales Gross Margin	68%	65%	58%	61%	56%	63%	63%	54%	63%	59%
Airthings for Business
Total revenue contribution	162	253	430	582	1,116	1,158	1,376	3,262	1,427	6,911	384%
Cost of goods sold	81	99	172	256	483	429	511	1,268	608	2,692	342%
Gross profit contribution	81	153	258	326	632	728	864	1,994	819	4,219	415%
Sales Gross Margin	50%	61%	60%	56%	57%	63%	63%	61%	57%	61%
Airthings for Professionals
Total revenue contribution	601	585	488	516	971	1,015	429	769	2,191	3,184	45%
Cost of goods sold	145	216	92	104	225	256	76	191	557	748	34%
Gross profit contribution	456	370	396	412	746	760	352	578	1,634	2,436	49%
Sales Gross Margin	76%	63%	81%	80%	77%	75%	82%	75%	75%	77%
Group functions
Other operating income	37	25	192	-130	0	28	0	0	123	28	-77%
Total revenue	5,093	3,646	4,632	7,646	6,407	7,631	9,106	10,555	21,016	33,700	60%
Gross profit	3,506	2,357	2,887	4,690	3,811	4,958	5,822	6,068	13,439	20,659	54%
ARR (USD 1,000)	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	2020	2021	Δ
ARR	632	616	735	1,132	1,679	1,954	2,067	2,866	1,132	2,866	253%

Airthings - IFRS Databook

Breathe better. Live better.

9