May 5, 2022

Oyvind Birkenes, CEO Jeremy Gerst, CFO

1Q22 Presentation

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 1Q results released on May 5th, 2022. Information contained herein will not be updated. The following slides should also be read and considered in connection with the information given orally during the presentation.

Empower the world to breathe better

High-growth and expanding business

Strong revenue growth YoY and resupplied inventory

Sales revenue of USD 9.1M, up 41% YoY
Gross profit margin of 59%, same as 1Q21. Impacted by component cost inflation, and product mix
Resupplied inventory with View series, offsetting some production and supply risks
2Q22 revenue guidance of USD 8 – 9M

1Q Highlights

1Q22 up 41% YoY to USD 9.1M in revenues, 59% GPM, and ARR of USD 3.1M

Strong brand exposure driven by Airthings Masters, CES and AHR

Discontinuing Airtight as a standalone product following a thorough pilot process, bringing with us key learnings and innovations on how to save energy in buildings. This does not change our 2024 financial goals.

First project with Sodexo for Microsoft office in Paris

Airthings for Business Now in Japan

The PRO market for US home inspections continued to be challenging in 1Q22 as the hot housing market has forced buyers to forgo home inspections.

Update by Segment

Consumer

For everyone with a home

Business

For commercial & public buildings

Pro

For home inspectors & radon professionals

Consumer Segment 1Q Update

Revenue of USD 6.1M, up 42% YoY
Gross Profit Margin was 55.0% in 1Q, one percentage point down from 1Q21
Product- and channel mix combined with higher component prices affects the margin
Further expansion with Home Depot and Canadian Tire
In-store rollout with Officeworks in Australia
Exertis signed as new distributor for the Nordics
Global uncertainties affecting market visibility

Business Segment 1Q Update

Sales revenue of USD 2.2M, with 101% YoY growth
60.4% Gross Profit Margin
Increasing share of business
- From ~17% in 1Q21 to ~25% in 1Q22
~4000 units shipped to schools in the Netherlands following new IAQ regulation
Strong underlying growth from a broad range of partners
Restructuring the AfB commercial team in the US

Strong momentum in Airthings for Business

Strong momentum with recent wins in the AfB segment
Rolling out Airthings for Business at Microsoft HQ through partnership with facility manager Sodexo
First devices shipped
Promising opportunity going forward

Rapidly rolling out devices in the field

Recent wins adding to AfB portfolio
Over 35 thousand devices currently active in the field
More than tripled since 1Q21

Pro Segment 1Q Update

Sales revenue of USD 0.7M, representing decline of 29% YoY
Challenging home inspector market, leading to slow sales in the segment
87.7% Gross Profit Margin up from 76.8% in Q121

Annual Recurring Revenue (ARR)

ARR of USD 3.1M, up 87% YoY
>80% gross profits from ARR
2Q22 ARR guidance of USD 3.3 – 3.7M, mainly driven by continued new sales in Airthings for Business

Note: Note: ARR equals annualized sales from all active subscriptions, licenses and service contracts within AfB and Pro. (i.e. subscription service revenues booked in December multiplied by 12)

Brand awareness

Airthings Masters kicked off in February 2022
Over 9 billion media impressions globally with news in over 10 languages
Record breaking media coverage from leading news institutions worldwide
1.2 million Unique Web Visitors in 1Q22, up 127% year-on-year

Breathe Better Report Airthings Sustainability Journey 2021

Financials Jeremy Gerst, CFO

Income Statement

Sales revenue of USD 9.1M, up 41% YoY

Sales gross margin at 59% for 1Q

• Component cost inflation, product mix and channel mix

EBITDA of USD -3.4M

• Personnel expenses in accordance with growth plan

EBIT of USD -3.8M

• Depreciation of right -of-use assets for leases recognized under IFRS 16

(USD'000)	1Q22	1Q21
Total revenue	9 062	6 407
Cost of sales	3 735	2 596
Gross profit	5 327	3 811
Sales Gross Margin	59%	59%
Payroll expenses	4 432	3 330
Other operating expenses	4 329	3 126
EBITDA	-3 434	-2 645
Depreciation and amortization	375	291
Operating profit / EBIT	-3 809	-2 935
Financial income / (expenses)	-288	-170
Profit (loss) before tax	-4 097	-3 105
Income tax	-966	194
Net profit (loss)	-3 131	-3 299

|--|

Basic earnings per share	-0.02	-0.02
Diluted earnings per share	-0.02	-0.02

Balance Sheet

Change in assets

Deferred tax asset
Inventory increase due to resupply of inventory and component price increase
Receivables increase due to prepayments to secure critical components

Change in liabilities

Long-term liabilities
Accounts payable up due to company growth
Other current liabilities change mainly due to accrued subscription revenues and accrued expenses

(USD'000)	31.03.2022	31.03.2021
Assets
Intangible assets	2 884	2 296
Goodwill	3 236	3 320
Property, plant and equipment	893	712
Right -of-use assets	4 160	3 487
Deferred tax assets	5 523	2 723
Other non -current assets	682	1 227
Total non -current assets	17 377	13 765
Inventories	12 947	5 706
Trade receivables	10 321	4 741
Other receivables	4 004	2 547
Cash and cash equivalents	35 607	58 413
Total current assets	62 879	71 407
Total assets	80 256	85 172
Total equity	65 465	73 593
Non -current lease liabilities	3 636	3 176
Deferred tax liabilities	-	334
Non -current provisions	682	1 153
Total non -current liabilities	4 317	4 663
Lease liabilities	779	475
Trade and other payables	7 173	4 004
Government grants	-	62
Contract liabilities	963	947
Income tax payable	10	4
Provisions	1 550	1 424
Total current liabilities	10 473	6 916
Total equity and liabilities	80 256	85 172

Cash Flow Statement

Cash flow from operating activities USD -6.4M

Operating loss
Net working capital
- Increased inventory, receivables and provisions

Cash flow from investment activities of USD -0.6M

• Internally generated intangible assets, purchase of software, production tooling and office equipment

Cash flow from financing activities of USD 0.5M

• Equity issuance and payments for lease liabilities

Summary and outlook

Summary

Revenue of USD 9.1M, up 41% year-on-year
Resupplied inventory to reduce risk from global component shortages and logistical challenges
Gross Profit Margin of 59% reflecting product and channel mix in Consumer, and component cost inflation
Strong momentum for Airthings for Business with promising wins and 101% YoY growth in the quarter
Expected ramp-up of distribution in the consumer segment with strengthened strategic partnerships
ARR growth of 87% year-on-year

2Q22 Outlook

2Q22 revenue estimated at USD 8.0 9.0M
ARR expected to grow to USD 3.3 3.7M during the second quarter
Transition to Oslo Stock Exchange's main list on schedule for June 2022

Guidance 2Q22

Revenue and ARR guidance (USD M)	2Q22
Revenue	8.0 – 9.0
Annual Recurring Revenue	3.3 – 3.7

Exciting long-term outlook

Global leader in indoor air quality for homes and businesses

Consumer Segment

Increasing market demand, spearheaded by the new View Series
Continuous channel expansion, market penetration and scaling

>USD 60M revenue by 2024

Business Segment

Building on record sales levels achieved in 2021
Improve margins by growing ARR
Continue proven partnership model

>USD 40M revenue by 2024 >USD 20M ARR by 2024 2024 Goal

Revenue of USD 100M+*

* IFRS

ARR of USD 20M+

Long-term EBITDA margin target >25%

Breathe better. Live better.

Q&A