4Q21 Presentation

February 10, 2022

Oyvind Birkenes, CEO Magnus Bekkelund, CFO

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 4Q results released on February 10th, 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.

PURPOSE

Empower the world to breathe better

High-growth international business

Record revenue despite delivery challenges

Sales revenue of NOK 97.1m, up 16% YoY, with orders of NOK 10m slipping into Q1 2022 due to supply and logistics challenges
Shipments to customers of Airthings for Business were prioritized the last weeks of 2021
Gross profit margin of 60%, impacted by component cost inflation, product mix, and campaigns
1Q22 revenue guidance of NOK 80m – 90m

4Q Highlights

Undelivered backlog of around NOK 10 million

at year-end due to delayed component deliveries and thirdparty logistics issues over Christmas. This comes in addition to the NOK 30m revenue impact reported for 2H

Lower than expected EBITDA due to the constraints affecting revenue

Update by Segment

with a home

Consumer

For commercial & public buildings

Business

For home inspectors & radon professionals

Pro

Business Segment 4Q Update

Sales revenue of NOK 28.5m, with 442% YoY growth
Total revenue share increase from ~6% in 2020 to ~20% in 2021
Quebec deliveries of ~NOK 15m in the quarter
Strong underlying growth from a broad range of partners
61.1% Gross Profit Margin

Strong Momentum in Airthings for Business

Devices in the field ('000)

New project with Landsec – >600 devices in 19 buildings covering 1,880,000 Sq ft.

'With Airthings we can encourage and ensure the safe return of employees back to the office. Not only that, but it will enable us to pursue our WELL Portfolio Program which showcases our commitment to wellness and sustainability' - Landsec

Consumer Segment 4Q Update

Revenue of NOK 62.0m, down 16% YoY
Full year revenue of NOK 224m, +25% increase from 2020
Gross Profit Margin was 57.7% in 4Q
Changes in product/channel mix from 3Q
Component cost inflation
Campaigns on Black Friday, and Amazon 'Deal of the Day'
Customer demand for View Plus was much higher than supply in 2H21

Pro Segment 4Q Update

Sales revenue of NOK 6.7m, and 44% YoY growth
75.2% Gross Profit Margin
Higher activity supporting the ARR development

	MEASUREMENT SUMMARY		9:00 $m \approx 1$ Device-A ¢. Device 1 - 123734-1 ۰F	Temperature (TF)
			5 Firmware 2.2.0 UPDATE AVAILABLE
	SP RADON LEVEL
			LATEST MEASUREMENT 6 min ago
$0.0$ pCi/L	$0.3$ pCi/L	1.0 p	$\frac{50}{20}$ $15$ Ba/m ³ Radon
MAGNESSE	AVERAGE	MAXIN		12:00 10. Sep 12.00
	HUMIDITY v.		$22^{\circ}$ € 39% (2) 101.58 Ear D %rH	Humiday (Net
			LATEST DATASETS (2)
49.5 %rH seneneuse	52.714 %rH AVERAGE	59%	Initial
		MAXI	O Test-new-hampshire 2
	TEMPERATURE		Customer: B.Starship
			Submit Convents	12:00 10. Sep 12.00
70.88 °F MENDED RE	72.871 年 AVERAGE	74.84 MAXIN
			B kPa Me Unnamed 1	Atmospheric Fressure (kPa)
	(2) ATMOSPHERIC PRESSURE
83,448 kPa	83.777 kPa	84.034	Submit Comments
NENERGIA	AVERAGE	MAXIN
			Sep	12:00 10. Sep 52.00
	Tampering events occurred as followed		START TEST

Annual Recurring Revenue (ARR)

ARR of NOK 24.6m, up 132% YoY
>80% gross profits from ARR
1Q22 ARR guidance of NOK 27m – 32m, driven by both new sales in Airthings for Business and higher activity in Pro

12 10.6 24.6 0 5 10 15 20 25 30 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Annual Recurring Revenue (NOKm) +132% 12

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)

Enabling the green shift

Documented CO2 savings from selected group of customers already exceeds total Airthings CO2 emissions

3) Emissions for 2021 will be disclosed in Q2'22.

Ambitious Sustainability Program at the Core of Airthings Strategy

"Data driven solutions for GHG mitigation" is now defined as classification in EU Taxonomy
Airthings awarded Ecovadis Silver status
Goal to reduce CO2 emissions in buildings with >1 million tons by 2026

Ecovadis, "The World's Most Trusted Business Sustainability Ratings"

Financials

Magnus Bekkelund, CFO

Income Statement

Sales revenue of NOK 97.1m, up 16% YoY

All-time high revenue but below expectations
Allocating volumes to safeguard deliveries in AfB

Sales gross margin at 60% for 4Q and 64% for 2021

• Component cost inflation, product mix and campaigns

EBITDA of NOK -32.3m

Personnel expenses in accordance with growth plan
Campaigns
Marketing
Office leases

EBIT of NOK -35.2m

• Amortization of goodwill as a result of the acquisition of Airtight

(NOKm)	4Q21	4Q20	2021	2020
Sales	97.1	83.9	311.1	214.5
Other revenue	0.0	0.1	0.2	1.2
Total revenue	97.1	84.0	311.3	215.7
Cost of sales	39.0	26.8	112.1	71.1
Gross profit	58.2	57.2	199.2	144.5
Sales Gross Margin	60%	68%	64%	67%
Payroll expenses	40.9	27.9	130.1	85.6
Other operating expenses	49.6	45.9	149.3	108.2
EBITDA	-32.3	-16.6	-80.2	-49.3
Depreciation and amortization	2.9	2.4	10.8	4.8
Operating profit / EBIT	-35.2	-19.0	-91.0	-54.0
Financial income / (expenses)	0.5	-7.7	2.3	-4.7
Profit (loss) before tax	-34.7	-26.7	-88.7	-58.8
Income tax	-18.1	-18.9	-18.3	-19.0
Net profit (loss)	-16.6	-7.8	-70.4	-39.8

Earnings per share (NOK)
Basic earnings per share	-0.10	-0.05	-0.41	-0.30
Diluted earnings per share	-0.10	-0.05	-0.41	-0.30

Balance Sheet

Change in assets

Deferred tax asset
Inventory increase due to component price increase and higher volumes to secure supply
Accounts receivables increase due to large share of closed deals in December

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

(NOKm)	31.12.2021	31.12.2020
Assets
Research & development	14.5	14.7
Software and systems	7.0	5.2
Deferred tax asset	38.4	22.9
Goodwill	20.8	26.4
Tangible assets	7.1	5.1
Long-term receivables	9.9	13.0
Total non-current assets	97.8	87.3
Inventory	100.8	40.1
Accounts receivables	104.5	59.7
Other current receivables	16.7	17.4
Cash and cash equivalents	372.0	537.0
Total current assets	593.9	655.3
Total assets	691.7	741.6
Total equity	596.8	660.1
Other provisions	9.6	12.3
Deferred tax liability		2.9
Total non-current liabilities	9.6	15.2
Accounts payable	42.1	23.8
Public duties payable, Tax payable	8.8	7.6
Interest bearing debt		16.2
Other current liabilities	34.3	18.6
Total current liabilities	85.3	66.2
Total equity and liabilities	691.7	741.6

Cash Flow Statement

Cash flow from operating activities NOK -19.3m

Operating loss
Net working capital
Increased deferred revenue (subscriptions), accrued expenses and public duty taxes

Cash flow from investment activities of NOK -4.5m

• Purchase of software, production tooling and office equipment

Cash flow from financing activities of NOK +0.7m

• Change in equity related to exercising of options related to employee option program

IFRS and Uplisting

Annual report 2021 in accordance with IFRS – To be released March 30, 2022

• Airthings is in the process of transitioning to IFRS and intends to present audited statements according to IFRS in the Annual Report for 2021.

Uplisting to Oslo Stock Exchange's main list is scheduled to 2Q 2022

Summary and Outlook

Summary 4Q21

Record sales revenue of NOK 97.1m despite sales being limited by component supply and logistics issues – around NOK 10m of backlog slipped into 1Q22
Gross Profit Margin of 60% reflecting product and channel mix in Consumer, component cost inflation and campaigns
Very strong momentum for Airthings for Business with 442% YoY growth
Significant growth in ARR
Successfully launched View Radon and View Pollution at CES in Las Vegas in January

Key Highlights 2021

CES and AHR, January 2022

Outlook

1Q22 revenue estimated at NOK 80-90m, corresponding to YoY growth of around 50%
ARR expected to grow to NOK 27-32m during the first quarter

Guidance Q1'22
Revenue and ARR guidance (NOKm)	1Q22
Revenue	80 - 90
Annual Recurring Revenue	27 - 32

Exciting long-term outlook

Global leader in indoor air quality for homes and businesses

Consumer	Airthings for Business	2024 Goal
• Strong backlog kick-starting 2022 • Increasing market demand, spearheaded by the new View	• Building on record sales levels achieved in 2021 • Improve margins by growing ARR	Revenue of NOK 1 000m+
Series • Continuous channel expansion and scaling	• Continue proven partnership model	ARR of NOK 200m+
>NOK 600m revenue by 2024	>NOK 400m >NOK 200m revenue by 2024 ARR by 2024	Long-term EBITDA margin target >25%

Q & A