Airthings — Annual Report 2023
1
Annual Report
2023
Airthings — Annual Report 2023
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2023 total revenue
USD 36.6 million,
with gross pro t margin of 61%
and reduced EBITDA-loss to
USD 6.8 million
Several new launches including the
Airthings Renew
smart air puri er,
marking the entry into IAQ mitigation
and enabling new revenue streams
Further expansion of
Airthings for
Business
with top global enterprise customers
and school districts
Execution of Airthings 3.0
strategy shortening the
path to pro tability,
improved gross pro t margin and lower
operating cost
Improved GTM
model for Consumer is driving
+100% revenue
growth from Airthings.com
with improved unit economics
Advanced SW
analytics features
like Space Occupancy, Ventilation
Rate, and Energy Toolkit are reinforcing
software-centric product focus
GROUP TOTAL REVENUE
(USD million)
2022 2023
+3%
YoY
35.4
36.6
TOTAL GROSS PROFIT*
MARGIN
2022 2023
+2pp
YoY
61%
59%
ANNUAL RECURRING REVENUE*
(USD million)
2022 2023
+16%
YoY
3.6
4.2
Key
highlights
1
2
3
4
5
6
*Alternative performance measures, see page 84-85
Airthings — Annual Report 2023
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Leaders in the invisible
Rooted in our beginnings as an innovator in the realm of radon monitoring,
Airthings provides a suite of elegant indoor air quality (IAQ) monitors complemented
with powerful software solutions. For both consumers and businesses.
We enable people to be aware of the air they are bringing into their
bodies, the impact it has, and to take action to improve it. The clarity
of information we provide is pushing the industry forward.
Airthings
Revenue 2023
36.6 MUSD
CAGR, 2015 — 2023
43%
ARR 2023
4.2 MUSD
Airthings — Annual Report 2023
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1 2
1. Health 2. Energy
Airthings is addressing
two critical issues
The air we breathe has significant
impact on our health,
but we don`t know what is in it
Top of the line products monitoring
and controlling Indoor Air Quality
Massive amounts of energy
are consumed regulating indoor climate,
but it is largely done in the blind
Actionable insights to optimize and
automate IAQ and energy consumption
1
2
Respiratory
Problems
Radon
Induces Cancer
Sub-optional
Energy
Consumption
Building Health
The solution — Actionable insights and indoor air quality control
The problem
Airthings — Annual Report 2023
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Uniquely positioned
to capture global market
Supported by lasting factors and megatrends
376M
residential homes in EU and North America
Airthings for consumers
130M
offi ces in EU and North America
Airthings for Business
9M
classrooms in EU and North America
Airthings for Business
Sustainability Health tech Energy
e ciency
Smart home Regulations
Airthings — Annual Report 2023
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Airthings 3.0
Updated strategy focused around three key pillars…
…to drive scalable growth and profit over time
1
2
3
• Own the customer relationship and move towards
a digital-first GTM model
• Improve scalability and unit economics
• Narrow geographic focus and go deeper
rather than broader
Go-to-
market
strategy
Product
focus
Operating
model
• Become a hardware-enabled software Company,
with a software-first mentality
• Create awesome customer experiences
and sell more to existing customers
• Transition to a more automated way of operating
that properly enables growth
• Focus on continuously reducing both variable
and fixed costs
Growth in revenues
Expansion of gross prot margins
OPEX growing less than 1-to-1 with revenue
Positive and expanding EBIT/EBITDA margins
Airthings — Annual Report 2023
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The year in brief
Despite a continued challenging market with macro headwinds, Airthings delivered 3% revenue growth to
USD 36.6 million in 2023, and 16% growth in annual recurring revenue (ARR) to 4.2 million. Gross profit grew
6% to USD 22.3 million with gross margin improvement from 59% to 61%, and the loss before tax, declined
to USD 8.0 million from a loss of USD 13.7 million in 2022.
The Company has seen an increase in promising results after introducing a revised strategy, Airthings 3.0.
Introduced in the second quarter of 2023, this strategy has a two-fold goal, first to drive revenue growth
while improving gross profit margins and secondly, to lower the percentage share of operating costs.
For the last three quarters of 2023, Airthings reported 6% revenue growth, 3 percentage points higher gross
margin, and 12% lower operating costs. As a result, the EBITDA loss for the last three quarters was reduced
by USD 4.7 million to USD 3.6 million compared to the same three quarters in 2022.
The continued execution of Airthings 3.0 strategy will shorten the time to profitability, combined with efforts
to reduce working capital, the new strategy means the Company is likely fully funded to break even.
Airthings reinforced its brand as a leading indoor air quality company
with the launch of a new consumer website at the CES conference in Las
Vegas, and the new Airthings Energy Efficiency Toolkit was promoted
at the world’s largest HVAC event at AHR in Atlanta. Airthings was listed
in Fortune 25 Top Healthy and Wellness Products for 2023.
Sales on Airthings.com increased by 100%+ year-on-year, in line with the new strategy. The expansion
of the Airthings for Business portfolio continued, with a new partnership with Lindab broadened
from ventilation to HVAC, and new partnerships with Planon, Rentokil Initial, and DMI Companies.
1Q
3Q
Quarterly highlights
2Q
4Q
Airthings entered the California school market with 5,000 devices sold under the
CalSHAPE program, with significant potential for expansion. On the product side,
Airthings launched Wave Plus Black for consumers on Airthings.com and Amazon.
Airthings for Business saw the launch of ‘Space Utilization’, the first-ever IAQ monitoring
tool with occupancy detection, and a new mobile app for facility management.
With launches including Space Nano and Ventilation Rate for Airthings for Business, the portfolio of
B2B solutions available continues to grow. Additionally, the Company unveiled Wave Enhance, the
newest monitor from the consumer portfolio, as well as Airthings Renew, the Company’s first smart
air purifier, in the first week of 2024. This product allows Airthings to enter the direct IAQ mitigation
space, and enable additional revenue streams from altogether new use cases. Airthings.com continued
showing 100%+ year-on-year growth, increasing its share of Consumer revenue as planned.
Airthings — Annual Report 2023
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This is Airthings ASA
Airthings is a leading global technology company offering a suite of award-winning air quality
monitors, air purifiers, and powerful software solutions for homeowners, businesses, and
professionals. Founded in 2008, Airthings is on a mission to empower the world to breathe better,
ensure that people and businesses 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 has made indoor air quality monitoring
easy to deploy, accurate, user-friendly, and
affordable with a broad suite of innovative
products and solutions. Our technology has
received prestigious accolades including the
TIME’s Best Inventions award and CES Innovation
Award Honors. Frost & Sullivan has positioned
Airthings as an industry leader in their Global
Indoor Air Quality Systems reports, and
EcoVadis has awarded Airthings a Gold Medal
Sustainability Rating. Headquartered in Oslo,
Norway, and with offices in the US and Sweden,
the Company currently employs over 130
professionals from more than 35 nationalities.
Our story
With roots stemming from innovation focused
on radon monitoring, Airthings has grown to
incorporate monitoring of other critical air
contaminants, standing at the forefront of
the industry as “Leaders in the Invisible.” We
offer sophisticated monitors, cutting-edge
software, and cloud analytics to households,
schools, and businesses. With the data gathered
through our sensors, we empower people to
breathe better, increase productivity, and live
healthier while reducing energy consumption.
On average, we each breathe 28,000 times every
day, and we spend 90% of our time indoors,
where the air quality can be up to five times worse
than that of the outdoors. Our products provide
actionable insights to improve indoor air quality,
leading to better focus, sleep and overall health.
With the launch of Renew, Airthings’ first smart
air purifier, we can now solve air quality and
health issues in our users’ homes, reinforcing our
mission to empower the world to breathe better.
Aligned with our mission, we understand that
businesses must focus on indoor air quality
without compromising energy efficiency.
Commercial buildings account for 40% of global
energy consumption, and optimizing indoor air
climate could save more than 20% of that energy
usage. With the Airthings for Business solution,
we help our customers make informed decisions
by providing them with actionable insights,
resulting in healthier, more energy-efficient
buildings. The solution carries IAQ monitors
that are RESET accredited and contribute to
compliance with the WELL Building Standard.
Technology leadership
Our technology and solutions are developed
in-house, from industrial design, hardware, and
radio protocols to app development, software,
and firmware. A majority of our products are
smart products with corresponding apps, online
dashboards, and APIs. The heart of our system
is in the cloud where we turn air quality statistics
into advanced analytics, converting raw data into
usable information. By leveraging this anonymized
data from Airthings’ sensors in homes and
buildings worldwide, we can provide valuable
insights to our customers and help them improve
the air quality while reducing energy usage.
Airthings — Annual Report 2023
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We are continuously adding new features and
solutions to a platform that has earned us our
reputation for true leadership in the industry.
Our technology is consistently improving, with
both hardware advancements and new software
solutions developed, which allow us to lead the
way, and set the standard in the industry.
Addressing a strong advantage
Airthings is an early mover and thought
leader pursuing a massive market opportunity
supported by positive megatrends in health
tech, smart homes, sustainability, and energy
efficiency, as well as air quality and pollution
regulations expansion. There are 376 million
residential homes between North America
and the EU, 130 million offices, and 9 million
classrooms, and we have only just begun
developing this largely untapped market.
North America currently accounts for a little more
than three-quarters of total sales and the EMEA
for just less than one-quarter of total sales.
The company has established broad consumer
distribution through Amazon, large retail
chains such as Home Depot in the US, and
several regional retail chains in other markets.
As part of its revised strategy, titled ‘Airthings
3.0’ Airthings is strengthening its direct-to-
consumer channel through airthings.com.
In the B2B market, Airthings sells directly to
enterprise customers and facility management
companies, and through partners within Heating,
Ventilation, and Air Conditioning (HVAC).
Airthings — Annual Report 2023
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Management team
Emma Tryti, CEO
Emma Tryti is the Chief Executive Officer of Airthings. Emma is a widely respected leader
in the Norwegian financial industry, with experience as the former Chief Commercial
Officer eCommerce and Invoice at Vipps and as Chief Executive Officer of Kron.
Among other things, Emma has experience in private equity transactions from Danske
Bank Loan Capital Markets. Emma has a proven track record of delivering results by
combining creativity, solution orientation and execution power. She is an open-minded
leader who leads by example, builds strong teams and gets energized by creating
new solutions that make everyday life easier. Emma holds an MSc in Economics,
with a specialization in mathematics, from the University of Western Australia.
Magnus Navdal Bekkelund, Interim
CFO
Magnus Navdal Bekkelund is Interim CFO of Airthings. He joined
the Company in June 2021 to serve as Interim CFO and later held
the role of VP of Finance. Prior to Airthings, he was Director Group
Accounting at TGS ASA and an auditor at EY. Bekkelund is a Certified
Public Accountant from BI Norwegian School of Management.
Millie Paakkola, CMO
Millie Paakkola, CMO of Airthings is a seasoned marketeer who joined Airthings
in 2021. Her background is in the Consumer Electronics and Sporting Goods
industries and she has worked at the biggest industry names like Google,
Samsung and Amer Sports. Previously at Airthings she has been the Global
Marketing Director for Consumer products and will now lead both business-
to-business and business-to-consumer marketing teams for Airthings.
Anders Follerås, SVP, Airthings for Consumer
Anders Follerås is the Senior Vice President for Airthings for Consumer, where he
drives business growth and oversees the global consumer operations. Prior to
this position, he held the role of Vice President of Sales for EU & Asia for 5 years at
Airthings where he expanded market presence and achieved revenue growth. With
a career spanning almost 20 years, Anders has held key commercial roles in various
global organizations, driving geographic expansion, growth and profitability.
Anita Øverbekk, Director of HR
Anita Øverbekk is Director of HR and believes that people are our key asset and diverse
teams create magic together. Anita has over 20 years of HR experience in international
corporations, like Oracle, CA Technologies, and Samsung as well as Norwegian Tech
companies. She was the Nordic Senior HR Manager in Thomson Reuters before she joined
Pexip in 2018. Her consultant experience in different tech companies during the past 5
years has given her extensive insight in how to develop companies and their people.
Audhild Andersen Randa, COO
Audhild Randa is COO at Airthings and leads R&D and Operations teams. Prior to
joining Airthings, she was VP Technology Europe at Circle K leading a team of 230 IT
professionals across 10 countries. Prior to joining Circle K, she worked as a management
consultant at McKinsey & Company, with a focus on Marketing & Sales in Media,
Telecom and Retail. Audhild is a Board member of Entur AS, a state-owned company
that creates digital infrastructure for the public transport sector in Norway. She holds
an M.Sc in Engineering Mathematics from the Norwegian University of Science &
Technology (NTNU) and a B.A. in Russian Area Studies from the University of Oslo (UiO).
Airthings — Annual Report 2023
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Board members
Geir Førre, Chairman
Geir Førre is Managing Partner in Firda, the largest shareholder in Airthings. Firda
invest in ambitious Norwegian technology companies with global ambitions. Geir
holds a M.Sc in Electrical Engineering. He started his career as a research scientist
at SINTEF before becoming a serial entrepreneur who founded and led Chipcon
and Energy Micro, two successful Norwegian semiconductor companies, from
inception to exit. He was also the founding investor and Chair of Prox Dynamics, who
pioneered a whole new industry within Nano UAV helicopters. Besides being the
Chair of Airthings since 2015, Geir is the Chair of Disruptive Technologies and Zivid.
Aksel L. Svindal, Board Member
Aksel Lund Svindal is a Norwegian former World Cup alpine ski racer. He’s a
two-time overall World Cup champion, an Olympic gold medalist in super-G,
and a five-time World Champion in downhill, giant slalom, and super
combined. Experienced in building performance culture after competing at
the highest level in sports for 15 years, Svindal has been a seed investor for
more than five years and joined Airthings Board of Directors in 2019.
Niklas Norin, Board Employee
representative to the board
Niklas Norin has over 10 years of experience in developing wireless
embedded software within the IoT space. He currently holds the position
of Embedded Software Manager at Airthings. Before joining Airthings, he
worked for Texas Instruments and Disruptive Technologies. He holds a
master’s degree in Electrical Engineering from Linköping University.
Chloe Waller, Board Employee
representative to the board
Chloe Waller has 15 years of experience in the high tech industry in sales leadership,
strategic partnerships development and P&L management roles. She worked
in the semiconductor, payment and biometric security industry prior to joining
Airthings. Chloe is currently VP of Sales for North America. She holds a Masters of
Science in Engineering from IP Paris (Telecom SudParis) and lives in Austin, TX.
Liv Dyrnes, Board Member
Liv Dyrnes is CFO and Deputy CEO of Klaveness Combination Carriers ASA.
Dyrnes has +17 years experience in the shipping and finance industries
and is currently a board member of Utkilen AS. Dyrnes holds a Master of
Science in Finance from the Norwegian School of Economics (NHH).
Karin Berg, Board Member
Karin Berg is an experienced commercial leader with deep knowledge from
consumer oriented businesses. Karin is currently chief growth officer in the
technology and logistics start-up Wanda.space. Prior to this she was managing
director B2C in Komplett Group, and marketing director in Carlsberg. She has
more than 6 years of management consulting experience from McKinsey and
Bearingpoint, and has co-founded the online retail brand Berg & Berg. Karin
holds a MSc in Economics from the Norwegian School of Economics (NHH).
Airthings — Annual Report 2023
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Business overview
2023 revenue and gross profit margin (USD 1,000)
Airthings is uniquely positioned to be a global leader with a strong foundation in both the
North American and European markets. Airthings derives 78% of its revenue from the USA and
Canada and 22% from the EMEA region. Airthings sells to a trifold of the consumer market,
the commercial business market, and radon professionals, representing the three business
segments: Airthings for Consumer, Airthings for Business, and Airthings for Professionals.
Airthings for
Consumer
Airthings for Consumer
combines a range of top-of-the-
line air quality monitors and
a newly launched air purifier
with software solutions to
enable consumers to create
and maintain a healthy home
environment. In 2023, revenue
in this segment came in at
USD 24.8 million, an increase
of 8% from 2022. The number
of new device registrations for
connected products increased
by 22% in 2023. In line with
Airthings’ 3.0 strategy, the
Company is strengthening its
direct-to-consumer sales channel
while continuing to fortify its
relationships with key retailers
and partners worldwide.
Airthings for
Business
The B2B segment offers indoor
air quality solutions for schools,
office buildings, and other public
and commercial real estate.
Revenue in this segment came in
at USD 9.7 million, and the decline
of 6% from 2022 reflects that
the business segment remains
heavily affected by large deals with
individual customers. The number
of devices in the field increased by
36% yearly, and annual recurring
revenue (ARR) in AfB increased
by 24% to USD 3.1 million.
Airthings for
Professionals
Airthings for Professionals is the
smallest of the three business
segments, offering an easy-
to-use NRPP/NRSB certified
radon measurement device
with a dashboard solution
tailored for home inspectors
and radon professionals.
In addition to device sales,
Airthings offers calibration
services, leasing, and an Affiliate
Program for its users. Revenue
in this segment amounted to
USD 2.1 million in 2023, an
increase of 3% from 2022.
57%
2022
23,037
59%
2022
10,313
84%
2022
2,075
2023
57%
24,773
2023
66%
9,673
2023
85%
2,145
Airthings — Annual Report 2023
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Dear Airthings Community,
Airthings is on a mission to empower the
world to breathe better. Designed in Norway
and trusted by the world, we’ve sold over one
million air quality monitors worldwide. I am
truly impressed by our dedicated team, which
has built a global leader in the indoor air quality
industry, and am honored to have the trust
to lead this Company through the next phase,
creating profitable growth. More people are now
realizing the importance of good air quality in
our homes, work, and schools. We’re now at the
point where it’s time to change the perception of
our products from “nice to have” to “must have.”
From the early days, pushing the industry
forward with innovative ways of measuring
radon, Airthings has developed into a dynamic
hardware-enabled software company with
a broad range of smart and connected
products. Today, our products continue to
lead the market in radon measurement while
monitoring other critical air contaminants and
boosting energy efficiency in buildings.
With the announcement of Airthings Renew,
our first smart air purifier, we step into a new
market where we can now directly solve air
quality and health issues in our customers’
homes, delivering potential life-changing value
to our users, and reaffirming our mission
to empower the world to breathe better.
Our market-leading products, supported by the
strong brand we’ve built and a robust global sales
network, have enabled Airthings to double its
revenue from 2019 to 2021. In 2022, we entered
a more challenging phase with supply chain
disruptions, succeeded by a cyclical downturn
through 2023 and changes in purchasing
patterns amongst our partners. Despite these
challenges, our revenue has still increased slightly
in the past few years, and we have revised our
strategy to account for these challenges.
We will build stronger direct customer
relationships by engaging our customers
(both consumers and businesses) with world-
class user experiences. By strengthening our
software-first mentality, we will deliver greater
value to our users, providing them with added
features, while making our products more
engaging and improving our users’ lives.
The early effects of implementing our updated
strategy, Airthings 3.0, show promising results,
with year-on-year revenue growth of 6% and
three percentage-points higher gross profit
margin. We delivered this with 12% lower
operating costs, all of which accelerate our path
to profitability. Our website also saw 100% growth
in sales YoY, supporting the strategy further.
Sustainability continues to be at the heart of what
we do and, as CEO, I fully support our commitment
to the UN Sustainable Development Goals.
Despite Airthings’ growth, our total CO
2
estimated
emissions decreased by 23% from 2022 due to
reductions in the products’ carbon footprint,
logistics, and marketing spend. We remain
committed to our goals and will continue to make a
difference for people, the planet, and businesses.
Progressing in these areas will help us capitalize
on the positive megatrends like health tech,
smart homes, sustainability, and energy
efficiency. These will generate tailwinds for
Letter from the CEO
Airthings — Annual Report 2023
14
Airthings for many years to come. Our long-term
growth potential and value drivers remain
intact as we work our way further into what is
a growing market opportunity worldwide.
Finally, thank you, Øyvind Birkenes, for
all your help and, more importantly, for
growing the company from a start-up into
a global industry leader. Your expertise and
dedication to Airthings have truly made a
difference in people's everyday lives.
I look forward to continuing this journey
with all of you and trust that we will
achieve long-term success in empowering
the world to breathe better.
All the best,
Emma Tryti
CEO, Airthings
Airthings — Annual Report 2023
15
Airthings is a global tech company headquartered in
Norway and led by a team of experienced scientists,
engineers, developers, and visionaries. The mission
of Airthings is to educate on and solve air quality
and energy conservation issues for consumers,
businesses, schools, public institutions, and more.
This is done through the creation of patented
technology and software that accurately informs
and educates users about what’s in the air they
breathe, purifies their air, and empowers them with
the data-driven insights necessary to make smarter
decisions for their health and their businesses.
The Company’s key revenue generators are
individual consumers, businesses, public
institutions, and air quality and radon professionals,
and correspondingly reports across the three
business areas Airthings for Consumer (Consumer),
Airthings for Business (AfB), and Airthings for
Professionals (Pro).
Airthings is increasingly focused on direct channel
sales through airthings.com but also works
closely with e-commerce partners, premium
retailers, influential commercial B2B partners,
home inspectors, real estate agents, and radon
professionals. These sales channels collectively
contribute to the Company’s three business units
previously outlined. The key markets in North
America and Europe represented 78% and 22%,
respectively, of revenue in 2023.
Headquartered in Oslo, Norway, Airthings ASA has
two wholly owned subsidiaries, Airthings America
Inc. in the US, and Airthings AB in Sweden. Airthings
ASA – the parent company of the Airthings Group
– was admitted to trading on Euronext Growth in
Oslo in October 2020 and conducted a transition to
the main Oslo Stock Exchange in June 2022.
Key developments and future focus
Having shown healthy growth over many years,
Airthings faced strong macro headwinds through
2022 and 2023. Higher inflation and rising
interest rates have caused a weaker consumer
sentiment and a guarded investment environment
where distributors and retailers have reduced
inventories.
In response, Airthings has adapted its strategy
and approach to enable both scalability and
profitability. The new strategy, called Airthings
3.0, builds on a more selective and disciplined
go-to-market approach, a sharper focus on unit
economics and customer lifetime value, and
continued improvements of the software offering
to further enhance the value proposition.
The aim of the new strategy is to drive scalable
growth to improve- gross margins and revenue
growth above operating cost development,
and position the Company on a clearer path
to profitability. The strategic changes were
implemented during the first half of 2023, and the
Company saw gradually stronger effects over the
three last quarters of the year.
The Board and management of Airthings remain
confident in the large global market opportunity
and the long-term potential of the business, which
is supported by strong and lasting tailwinds from
megatrends in health tech, smart homes, energy
efficiency, and sustainability and regulations.
Events after the reporting period
RCF — In 1Q 2023 Airthings secured a USD 8
million revolving credit facility (RCF) for a 1-year
period with an annual renewal with Danske Bank.
In January 2024, Airthings received credit approval
for renewal of the RCF subject to documentation
and closing procedures which is expected to be
completed within March 2024. The size of the new
facility will be reduced from USD 8 to 6 million,
see note 6.2.
New CEO — Emma Tryti has taken over as CEO as
of 4 March 2024. She has been granted 1,500,000
options with a strike price of 2.70.
Board of Directors Report
Airthings — Annual Report 2023
16
Financial summary
The consolidated financial statements of the
Airthings Group (“the Group”) are presented under
the IFRS® Accounting Standards as adopted by
the EU. The presentation currency of the Group’s
IFRS figures is USD. The functional currency of the
parent company is NOK.
All financial statements in this report are
presented on a going concern basis in accordance
with the Norwegian Accounting Act section 3-3a,
and the Board of Directors confirms that the
prerequisites for a going concern assumption are
indeed present.
Airthings grew revenue and gross profit and
reduced the EBITDA loss during 2023, despite
a macroeconomic environment that remained
challenging and restrained top line growth.
Growth in Airthings for Consumer offset the
softness in the Airthings for Business and Pro
segments.
Income statement
Revenues amounted to USD 36.6 million in 2023,
up 3% compared with USD 35.4 million in 2022.
The modest revenue growth was primarily driven
by increased sales in Airthings for Consumer.
Gross profit ended at USD 22.3 million in 2023,
up 6% from USD 21.0 million in the previous
year. The gross margin for the full year 2023 was
61%, up 2%-points from 2022. The gross margin
improvement mainly reflects margin expansion
in Airthings for Business, driven by increased
prices, higher share of software revenues, and an
increasing share of direct sales.
The EBITDA-loss decreased from USD 11.8
million in 2022 to a loss of USD 6.8 million in
2023. The improvement reflected roll-out of
the strategic pivot Airthings 3.0, under which
several cost-reducing initiatives were successfully
implemented.
Depreciation remained relatively flat at USD 1.5
million in 2023, and the Company incurred no
impairments. This compares to depreciation
of USD 1.4 million in the prior year, when the
Company also incurred an impairment of USD 1.4
related to the acquisition of Airtight in 2020.
The operating loss (EBIT) hence decreased
from USD 14.7 million in 2022 to a loss of USD
8.3million in 2023.
Net financial items contributed a positive USD 0.3
million in 2023, compared with a positive USD 1.0
million in 2022. This mainly reflected exchange
rate fluctuations between USD and NOK and
interest payments on outstanding debt. Interest
bearing debt amounted to USD 1.4 million at
the end of 2023, whereas the Company had no
outstanding debt at the end of 2022.
Net loss before taxes was hence USD 8.0 million
in 2023, compared to a net loss before taxes of
USD 13.7 million in 2022. Tax income amounted
to USD 1.8 million compared to USD 3.1 million in
2022. This generated a net loss of USD 6.3 million
in 2023, which compares to a net loss of USD 10.6
million in 2022.
Balance sheet
Airthings Group had total assets of USD 64.7 million
at the end of 2023, up from USD 63.7 million at the
end of 2022. Current assets amounted to USD 46.1
million (47.2), including cash and cash equivalents of
USD 14.6 million (13.3) and inventories of USD 15.3
million (18.7). Non-current assets amounted to USD
18.5 million (16.5), which mainly comprises deferred
tax assets, intangible assets, right of use assets, and
remaining goodwill related to the Airtight acquisition
in 2020.
Airthings Group had total liabilities of USD 14.4
million per December 31, 2023, up from USD 12.8
million at the end of 2022. Total liabilities consisted
primarily of lease liabilities, trade payables, contract
liabilities, interest bearing debt, and other provisions.
In 2023, Airthings Group increased its share capital
by NOK 237 661.00 to NOK 1 977 584.46, allocated
across 197 758 446 shares with a nominal value
of NOK 0.01 each. The increase reflects a private
placement of 23 437 500 shares which generated
gross proceeds of NOK 75 000 000, and a smaller
share issuance in connection with the employee
option program.
Airthings — Annual Report 2023
17
Total equity amounted to USD 50.3 million at the end
of 2023, corresponding to an equity ratio of 78%.
This compares to total equity of USD 50.9 million and
an equity ratio of 80% at the end of 2022.
Cash flow statement
Airthings Group’s cash flow from operating activities
was USD -3.4 million in 2023, marking a significant
improvement from USD -22.2 million in 2022. The
operating cash flow was mainly driven by losses
before tax of USD 8.0 million (-13.7), partly offset
by positive net working capital adjustments of USD
3.1 million (-10.7). Inventories declined by USD 3.4
million during 2023, compared to an increase of
USD 7.3 million in 2022, and reflect the strategic
focus on reducing days of inventory and the overall
working capital exposure.
Total cash flow from investments was USD -1.4
million in 2023, compared to USD -2.2 million in
2022, mainly driven by capitalized development
expenditures of USD 1.7 million.
Cash flow from financing was USD 7.5 million in
2023 (-0.6), primarily composed of proceeds from
equity issuances of USD 7.1 million and proceeds
from debt of USD 1.3 million, partly offset by
payments on lease liabilities. Net foreign exchange
differences resulted in a cash flow of USD -1.5
million over 2023 (-3.9). Cash and cash equivalents
hence increased to USD 14.6 million at year-end
2023, up from USD 13.3 million at the end of 2022.
Allocation of net profit
The consolidated accounting loss for 2023 was
USD 6.3 million, with the proposed allocation of
the net profit for the year shown in the Annual
Financial Statement.
PARENT COMPANY ACCOUNTS
(Figures for 2022 in brackets)
The annual accounts for the parent company
Airthings ASA have been prepared according
to Norwegian Generally Accepted Accounting
Principles (NGAAP). The functional currency of the
parent company is NOK.
Airthings ASA’s revenue from sales amounted to
NOK 358.0 million (319.7). Gross profit was NOK
208.8 million in 2023 (177.5). Operating expenses
amounted to NOK 300.1 million (306.9), and
loss before tax was NOK 104.4 million (141.8-).
Tax income was NOK 21.0 million in 2023 (30.3),
generating a net loss of NOK 77.9 million (-111.5).
Total assets amounted to NOK 604.8 million at
year-end 2023 (585.4), whereof current assets
represented NOK 416.7 million (404.1). Total
equity was NOK 499.5 million per December 31,
2023 (502.0).
Current liabilities was NOK 90.2 million per
year-end 2023 (82.2), whereas the parent
company had long term liabilities of NOK 15.1
million (1.2) mainly related a growth loan from
Innovation Norway.
Net cash flow from operating activities was
negative NOK 52.4 million (-225.5), and net cash
flow from investing activities negative NOK 18.7
million (-20.9). Net cash flow from financing
activities was positive NOK 85.8 million (3.0)
mainly due to the private placement of NOK 72.4
million in 1Q 2023 and the growth loan from
Innovation Norway. Cash and cash equivalents in
the parent company hence declined to NOK 131.3
million per December 31, 2023 (116.5).
RISKS AND RISK MANAGEMENT
The Group is exposed to a range of risks affecting
its financial performance, including but not
limited to liquidity risk, credit risk, and market
risks relating to changes in interest rates and
foreign currency exposure. The Group seeks to
minimize the potential adverse effects of such
risks through sound business practices, prudent
risk management, and hedging.
Risk management is a continuous process and
an integrated part of the Group’s business. When
operating across multiple markets, Airthings is
exposed to a range of risks that may affect its
business. The key risk areas are discussed below.
Liquidity
Liquidity risk represents the risk that the Group
may potentially encounter difficulties in meeting
obligations associated with financial liabilities
Airthings — Annual Report 2023
18
that are settled by provision of cash or another
financial asset. The Group supervises its risk by
monitoring its cash balances and working capital
exposure, as well as production commitments
to main contract manufacturers. The Group
has intensified its focus on optimizing business
operations, reducing current and incoming
inventories and collecting overdue receivables.
The Group raised NOK 75.0 million in gross
proceeds through a private placement of
23,437,500 shares in February 2023. In addition,
the Group secured funding from Innovation
Norway in the form of a NOK 17.0 million grant
and a loan of NOK 24.0 million. NOK 5.1 million of
the grant and NOK 14.0 million of the loan were
paid out to the Group in 2Q 2023.
The Group’s cash position was USD 14.6 million
on 31 December 2023. The Company also has
access to liquidity through a revolving credit
facility (RCF) with Danske Bank. This was initially
entered for USD 8 million in 1Q 23 and renewed
for USD 6 million in 1Q 24. The reduction reflects
the overall improved working capital situation
(see note 6.2).
It is the Board of Directors assessment that the
Company’s operational plans are expected to
be fully funded through to break-even, and the
liquidity risk is considered to be at a reasonable
level.
Credit
Credit risk represents the possibility of a
counterparty not meeting its obligations under a
financial instrument or customer contract, leading
to a financial loss. The Group is mainly exposed to
credit risk from its operating activities.
The credit risk is generally low in the Consumer
segment, where the vast majority of sales are
made to well-established and creditworthy third
parties or sold directly with immediate payment.
Although somewhat higher, the credit risk is still
deemed to be generally low also in the Airthings
for Business segment, for the same reasons. The
Group has close and ongoing relationships with
its business customers and receivable balances
are monitored on a continuous basis.
It is Group policy that all customers wishing
to trade on credit terms are subject to credit
verification procedures, including an assessment
of credit rating, short-term liquidity, and financial
position. Exceptions to the Group’s standard
credit terms must be approved by the Airthings
finance department.
The Group’s exposure to losses has historically
been low. However, increased activity outside
the US and home markets may expose Airthings
to different credit risk environments. The Board
of Directors deems the credit risk to be at an
acceptable level given the current scope of
operations and outlook of the Group.
Foreign currency
Foreign currency risk is the risk that the fair value
or future cash flows of an exposure will fluctuate
because of changes in foreign exchange rates.
The Group is exposed to currency fluctuations
due to the international nature of its operations.
The Group’s exposure to the risk of fluctuations
in foreign exchange rates relates primarily to
the Group’s operating activities (revenue and
expenses denominated in a foreign currency)
and the Group’s net investments in foreign
subsidiaries.
A significant part of revenues is denominated in
USD, with a smaller portion incurred in EUR, NOK,
CAD and GBP. Most of its operating expenses are
incurred in NOK. Further, the Group could also
potentially be negatively affected by fluctuations
in other currencies in the future. The Group does
not currently hedge currency exposure with the
use of financial instruments but does employ
natural hedges, e.g. retaining revenues in USD
to make payments to suppliers with USD as the
contract currency, to the extent possible and
monitors the net exposure over time.
Interest rate
Interest rate risk is the risk that the fair value of
future cash flows of a financial instrument will
fluctuate because of changes in market interest
rates. The Group’s borrowings have historically been
exposed to interest rate fluctuations. The Group had
Airthings — Annual Report 2023
19
USD 1.4 million in interest bearing debt at the end
2023, and the Board of Directors considers the risk
associated with interest rate fluctuations to be low.
Customer concentration
Customer concentration risk is the risk that a
significant portion of the company's revenue is
derived from a small number of customers or
partners, which can pose risk to the stability and
growth of the business. The Group has some
major customers accounting for a significant
share of the income. As a mitigating action, the
Group has worked to build out its direct channel
in the Consumer segment, as well as working
more direct with end customers in the Business
segment.
Other risks
Geopolitical risks —
the ongoing war in the Ukraine
does not impact the Group directly, as it has
no operating presence in either Russia, Belarus
or Ukraine. However, indirect effects such as
general economic market conditions, financial
market volatility, sanctions-related knock-on
effects or other future responses of international
governments, might have an impact on the
Group’s financial results and financial position.
Similarly, the ongoing war in Israel/Gaza is not
currently impacting the Group, although the
Group has a very limited exposure through a
contract manufacturer near Tel Aviv in Israel.
The Group’s management continuously monitors
these situations and assesses the potential impact
on the Group’s financial results and financial
position.
Climate risk —
the Group has considered the
impact of climate risks when preparing the
consolidated financial statements for the year
ended 31 December 2023. We have especially
considered how our current valuation of assets
and liabilities may be impacted by risks related to
climate and weather change, waste management,
manufacturing, material and sourcing risk and
water consumption and innovation for a circular
economy, as well as our plans to mitigate those
risk factors. Especially, the Group's climate change
risk analysis has identified the following:
• Higher energy price fluctuations might affect
the Group's manufacturing costs in the short
run
• More extreme weather might affect
infrastructure, manufacturing/operations,
logistics and component scarcity both in the
shorter and longer run
• Potential future regulation related to
improved battery usage and waste
management might lead to changes in
product development and manufacturing,
potentially increasing manufacturing expenses
in the long run
We do not believe that there is a material
impact on the financial reporting judgments and
estimates arising from our considerations. The
valuations of our assets or liabilities have not
been significantly impacted by these risks as at 31
December 2023.
CORPORATE GOVERNANCE
Airthings strives to adhere to the Code of Practice
for Corporate Governance published by the
Norwegian Corporate Governance Board (NUES)
on 14 October 2021. A separate section of this
annual report provides details on Airthings’
compliance to each of the corporate governance
principles as outlined in the Code.
SUSTAINABILITY AND CORPORATE SOCIAL
RESPONSIBILITY
Airthings is deeply dedicated to sustainability,
working continuously to improve environmental,
Airthings — Annual Report 2023
20
social, and governance practices. With a
new strategy and management in place, the
sustainability KPIs presented in previous reports
will be updated during 2024.
For planet
In 2023, Airthings for Business’ online devices
in the field increased by 36% from 2022. In
combination with energy consumption reduction
services provided through the corresponding
software solution, this contributed to estimated
saving >13.5k tCO2e for our customers. During
2023, Airthings’ energy efficiency toolkit was
expanded to include space occupancy/presence
and ventilation rate. These features help facility
managers determine the optimal settings of the
ventilation system, ensuring a balance between
energy savings and a healthy environment for
occupants. In May 2023, Airthings received a grant
and a loan from Innovation Norway to further
develop this energy efficiency toolkit. The project
will further accelerate the work on providing
insights into energy usage in buildings and how to
reduce energy consumption.
Despite growth in revenue, total CO2e emissions
(scope 1, 2 and 3) decreased significantly from
a total of 8.071 tCO2e in 2022 to 6.238 tCO2e
in 2023. The main reasons for the reduction
were cost reductions, specifically in use of
consultants and in marketing costs, as well as
more streamlined and efficient downstream
transportation. Over 99% of Airthings' emissions
fell under scope 3 in 2023. Notably, Airthings
boasts zero direct scope-1 emissions, and has
scope-2 emissions of 14.7 tCO2e in 2023 (14.5
tCO2e in 2022). The minor increase was due to a
0.15% increase in total energy consumption (Fort
Worth, Stockholm and Oslo).
All Airthings’ contract manufacturers comply
with ISO14001 for Environmental Management
Systems. During 2023, Airthings added one
additional manufacturer, and before finalizing
the agreement, a thorough ESG analysis was
conducted. In 2024, the goal is to establish waste
and water consumption targets with Airthings’
main manufacturer.
For people
By the end of 2023, Airthings has reached >4.5
million people through its educational resources.
Our goal is to raise awareness about radon, clean
air at home, and ways to improve the quality of
living by enhancing indoor air quality.
Airthings — Annual Report 2023
21
Airthings prioritizes employee well-being and
community welfare, demonstrated by the
establishment of a Human Rights: Equality,
Diversity, and Inclusion Code of Conduct and
a public grievance mechanism. The goal is to
maintain high labor practice standards and
foster diversity and inclusion. There was 1 issue
reported during 2023 relating to diversity and
inclusion. This issue was handled and closed in
early 2024.
At the end of 2023, Airthings employed 129
employees from over 35 nationalities, with
females accounting for 30% of FTEs. Airthings
is actively working towards achieving balanced
gender representation. Our goal is to achieve a
gender ratio of >40% women across all levels and
departments, ensuring equal career opportunities
for everyone. Our leadership team currently
maintains a 50-50 gender balance, and women
hold 45% of our managerial positions. There is
currently a 10% salary gap between female and
male managers, which the company is working
to address. More information and equality
statements can be found at www.airthings.com.
Absence due to sickness amounted to 2.6%
in 2023, compared to 1.4% in 2022. In 2023,
employees reported lower levels of satisfaction
with the working environment, with an average
employee Net Promoter Score (eNPS) of 5 in
2023 compared to 40 in 2022. A corrective action
plan will be implemented in 2024. There was 1
HSE incident reported during 2023, the same
number as in 2022. The incident did not lead to
any permanent injuries. During 2023, special
attention was given to improving HSE guidelines
for the R&D lab and better equipping it with
fire extinguishers for specific fire hazards like
electrical and lithium battery fires.
The Board of Directors, consists of 2 men, 2
women, and 2 employee representatives (1 man
and 1 woman). Airthings ASA and subsidiaries
are covered by Directors and Officers liability
insurance. The insurance indemnifies directors
and officers for defense costs and potential legal
liability arising out of claims made against them
while serving on a board of directors and or as
an officer. The insurance policy is issued by a
reputable, specialized insurer with appropriate
rating.
During 2023, Airthings has done a thorough
evaluation of potential risks to human rights and
decent working conditions, as outlined by the
Transparency Act report published in June 2023.
Suppliers were classified as high, medium or
low risk using factors such as the Civil Liberties
Index, Human Rights Watch Report, OHCHR
Report, Environmental Performance Index (EPI),
and corruption country level. High-risk suppliers
and main manufacturers undergo a rigorous due
diligence process. Currently, 68% of High-risk
important suppliers have signed Airthings Code
of Conduct. Additionally, discussions are ongoing
with Airthings’ contract manufacturer in Israel,
to assess the situation in their factory. Further
details on supplier assessments can be found
in our upcoming Transparency Act Report 2023,
which will be published on https://www.airthings.
com/sustainability in Q2 2024.
Our business governance
The Company is committed to transparent and
ethical business practices, supported by policies
and procedures against bribery and corruption.
In 2023, specific focus was given to the
implementation of and compliance with Airthings’
procurement policies. No instances of unethical
practices were reported in 2023.
Airthings did not experience any data breaches
or successful cyber-attacks in 2023, nor any
significant disturbances in operations.
In January 2023, Airthings’ ISMS (Information
Security Information System) was audited
according to ISO27001, and in December 2023
the Company passed the first surveillance audit
without any negative observations. Airthings
trains its employees in a range of ESG topics such
as human rights, anti-bribery and anti-corruption
practises and security awareness. All trainings
have >95% completion rate among full-time
employees.
Airthings — Annual Report 2023
22
Airthings is strongly committed to community
engagement. In collaboration with One Tree
Planted, we planted 256 trees in a dedicated
campaign in response to British Columbia
wildfires. Our involvement extends to chess,
where we have sponsored tournaments on
chess.com, promoting both the game and indoor
air quality awareness. We proudly support the
American Lung Association, contributing to
their impactful work. Additionally, we actively
participate in community development through
laptop donations to Hånd i hånd Uganda, making
a positive impact on education and technology
access.
To learn more, please refer to the 2023
Sustainability Report which will be published on
https://www.airthings.com/sustainability in Q2
2024.
OUTLOOK
Airthings remains resolute in its mission to
empower people to breathe better and to address
the negative health effects from poor indoor air
quality and the cost and environmental effects
of inefficient energy consumption in buildings.
The Company is recognized as a global category
leader in indoor air quality and the clarity provided
from Airthings’ solutions is pushing the industry
forward. The market opportunity is significant and
supported by lasting tailwinds from megatrends
in health tech, smart homes, energy efficiency,
and sustainability and regulations. Airthings is
uniquely positioned to capture this market and
apply its leadership to drive awareness and deliver
actionable insights to households and businesses.
Airthings is increasingly seeing results of its
strategic pivot to a selective go-to-market strategy,
a holistic product focus, and an improved
operating model. The Company reported both
revenue growth, improved gross margins, reduced
operating costs, and reduced inventories in 2023,
and the key focus for 2024 is to continue growing
with improved profitability and lower working
capital exposure.
Further reductions of inventory levels will be a
source of capital going forward, and with a lower
cash burn the Company’s operational plans are
expected to be fully funded through to break-even.
Revenue growth is expected to be supported
by new product launches in both Airthings for
Business and the Consumer segment, as well as by
increased prices for both hardware and software
services. Combined with the sharpened cost and
margin focus this ensures that Airthings is on a
clearer and faster path to profitability.
The Board and management remain confident
in the large global market opportunity and the
long-term potential for Airthings.
This report contains certain forward-looking statements that involve
risks and uncertainties and that reflect current views about future
events and are, by their nature, subject to significant risks and
uncertainties. There are a number of factors that could cause actual
results and developments to differ materially from those expressed
or implied by these forward-looking statements. Although we believe
that the expectations reflected in the forward-looking statements
are reasonable, we cannot assure you that our future results, level of
activity, performance or achievements will meet these expectations.
You should therefore not place undue reliance on forward looking
statements.
Oslo, March 19, 2024
Liv Dyrnes
Board member
Karin Berg
Board member
Aksel Lund Svindal
Board member
Niklas Copley Norin
Board member
Emma Tryti
CEO
Karin Berg
Geir Førre
Chairman of the Board
Chloe Emma Waller
Board Member
Airthings — Annual Report 2023
23
Airthings considers sound corporate governance
to be a prerequisite for value creation,
trustworthiness, and access to capital. To secure
strong and sustainable corporate governance, it
is important that Airthings ensures appropriate
and healthy business practices, reliable financial
reporting, and an environment of compliance with
legislation and regulations across Airthings Group.
Airthings ASA is incorporated in Norway in
accordance with the Norwegian Public Limited
Liability Companies Act of 13 June 1997 no. 45
(the “NPLCA”) and is subject to Norwegian law.
The shares of Airthings are listed on Oslo Børs.
As a Norwegian public limited liability company
listed on Oslo Børs, Airthings complies with the
Norwegian Securities Trading Act, the Continuing
obligations for companies listed on Oslo Børs, the
Norwegian Public Limited Liability Companies Act
and all other applicable laws and regulations.
The Company endorses the Norwegian Code
of Practice for Corporate Governance issued
by the Norwegian Corporate Governance
Board on 14 October 2021, as amended
from time to time (the “NUES Code”).
The applicable governance principles in
Airthings are articulated in a set of corporate
governance principles which are approved by
the board of directors. These apply to all of
Airthings’ subsidiaries as well as Airthings ASA.
The below description follows the
same structure as the Code of Practice
and covers all sections thereof.
1. Main objectives for the Company’s
corporate governance
The Board shall ensure that the Company
has good corporate governance to support
the achievement of the Company’s core
objectives on behalf of its shareholders and
to create a strong, sustainable company.
The Board believes that good corporate
governance requires openness and cooperation
between the shareholders, the Board and the
Management, employees, customers, suppliers,
public authorities and society in general.
The CG Policy is based on the
following main objectives:
• Open, reliable and relevant communication
with the outside world regarding the
Company’s business and matters
related to corporate governance;
• Equal treatment of the
Company’s shareholders;
• Independence between the Board, the
Management and the shareholders in
order to avoid conflicts of interests;
• A clear division of work between the Board
and the Management and the shareholders;
• Good control and corporate
governance mechanisms in order
to achieve predictability; and
• Reducing the level of risk for
shareholders and stakeholders.
No deviatioNs from the Code of PraCtiCe.
2. The business of the Company
According to the Company’s articles of
association, its purpose is the development
of products and services related to air quality
and energy optimization of buildings, as
well as international marketing and sale
of these, investing in other companies or
development of other businesses, and all
that is related to the aforementioned.
Corporate
Governance Report
Airthings — Annual Report 2023
24
The principal objectives and strategies of
the Company are presented in the annual
report, and on the Company’s web site
and are subject to annual assessments.
No deviatioNs from the Code of PraCtiCe.
3. Equity and dividends
The Board is committed to maintaining
a satisfactory equity ratio in the Company
according to the Company’s goals, strategy
and risk profile, thereby ensuring that there
is an appropriate balance between equity
and other sources of financing. The Board
will continuously monitor and assess the
Company’s capital requirements related to
the Company’s strategy and risk profile.
When deciding on dividends, the Company
will consider the Company’s financial position,
investment plans as well as the needed
financial flexibility for strategic growth.
The Board’s general authorisations to
increase the share capital and to buy own
shares will not ordinarily be proposed to be
granted for periods longer than until the next
Annual General Meeting of the Company.
Any proposed authorizations to the Board to
increase the Company’s share capital shall
be restricted to defined purposes and shall
be dealt with as separate agenda items at
the general meeting. Board authorizations
shall generally be limited in time to the date
of the next annual general meeting, and in
any event to 30 June the same year. This also
applies to any authorization to the Board
for the Company to purchase own shares.
No deviatioNs from the Code of PraCtiCe.
4. Equal treatment of shareholders and
transactions with close
The shares of Airthings ASA are listed on
Oslo Børs. All issued shares carry equal
shareholder rights in all respects, including
the right to participate and vote in General
Meetings, and there are no restrictions on
transfer of shares. The articles of association
place no restrictions on voting rights.
No deviatioNs from the Code of PraCtiCe.
5. Shares and negotiability
Airthings ASA shares are freely tradable
and there are no restrictions on the sale
and purchase of the Company’s shares
beyond those pursuant to Norwegian
law. Each share carries one vote.
No deviatioNs from the Code of PraCtiCe.
6. General meeting
The Board shall ensure that the Company’s
shareholders can participate at general
meetings. Notice of the meeting shall be
sent to the shareholders no later than 21
days prior to the meeting. The notices for
such meetings shall include documents
providing the shareholders with sufficient
detail for the shareholders to assess all
the cases to be considered as well as all
relevant information regarding procedures
of attendance and voting, including: (i) the
procedure for representation at the meeting
through a proxy, including a form to appoint
a proxy, and (ii) the right for shareholders
to propose resolutions in respect of matters
to be dealt with by the General Meeting.
The cut-off for confirmation of attendance shall
be set as short as practically possible and the
Board will arrange matters so that shareholders
who are unable to attend in person, will be able
to vote by proxy. The Chair of the Board and the
CEO are present at the Annual General Meeting,
and the Chair of the Nomination Committee
and the auditor are normally present as well.
An independent person has historically been
elected to chair the Annual General Meeting.
No deviatioNs from the Code of PraCtiCe.
7. Board composition and independency
The Board shall be composed in a way that
it can attend to the common interests of all
Airthings — Annual Report 2023
25
shareholders and meet the Company’s need
for expertise, capacity and diversity and act
independently of special interests. The majority
of the shareholder-elected Board members
shall be independent of the Management and
significant business contacts. At least two of
the members of the Board shall be independent
of the Company’s major shareholder(s).
The Chair of the Board is elected by the general
meeting. The term of office for members
of the Board shall not be longer than two
years at a time. Members of the Board may
be re-elected for one or more new terms.
The Board of Directors currently
consists of the following 6 members
Geir Førre Chairman
Aksel Lund Svindal
Board member
(independent)
Liv Dyrnes
Board member
(independent)
Karin Berg
Board member
(independent)
Niklas Norin Board member —
Employee representative
Chloe Emma Waller Board member —
Employee representative
An introduction to the members of the
Board of Directors and their experience
can be found on www.Airthings.com
No deviatioNs from the Code of PraCtiCe.
8. The work of the board
The Board will seek to prepare annual plans
for its work with special emphasis on goals,
strategy and implementation. The Board’s
primary responsibility shall be participating
in the development and approval of the
Company’s strategy, performing necessary
monitoring functions and acting as an
advisory body for the executive management
team. Its duties are not static, and the focus
will depend on the Company’s ongoing needs.
The Board is also responsible for ensuring that
the operation of the Company is compliant with
the Company’s values and ethical guidelines.
The chair of the Board is responsible for
ensuring that the Board’s work is performed
in an effective and correct manner.
The Board is regularly briefed on the
Company’s financial situation.
The Board of Directors has established an Audit
Committee consisting of Liv Dyrnes and Karin
Berg. The function of the Audit Committee
is to prepare matters to be considered by
the Board and to support the Board in the
exercise of its management and supervisory
responsibilities relating to financial reporting,
statutory audit and internal control.
No deviatioNs from the Code of PraCtiCe.
9. Risk management and internal control
The Board shall ensure that the Company
has sound internal control and systems
for risk management that are appropriate
in relation to the extent and nature of
the Group’s business activities.
The Board shall carry out regular assessments
of risk exposure, as well as an annual review of
the Group’s most important areas of exposure
to risk and its internal control measures.
No deviatioNs from the Code of PraCtiCe.
10. Board remuneration
The remuneration to the members of the Board
shall be determined by the annual general
meeting each year. The Board’s remuneration
shall reflect the Board’s responsibility,
expertise, use of time and the complexity of the
Company’s business activities. Remuneration
shall not be dependent on or linked to the
Company’s performance, and no options shall
be issued to the members of the Board.
Airthings AS issued options to Board member
Aksel Lund Svindal 1.April 2019 This was prior
to the Company becoming a listed company
and before this policy was incorporated.
Airthings — Annual Report 2023
26
Aksel Lund Svindal currently holds 100 000
options at a strike price of 3.36. No options
have been issued to the members of the
Board after Airthings ASA became a listed
company and this policy was approved.
No deviatioNs from the Code of PraCtiCe.
11. Management remuneration
The Board of Directors has established a
Remuneration Committee (RemCom) consisting
of Geir Førre and Aksel Lund Svindal. The
Board members, who are all independent of
the Company’s executive management, decide
the CEO’s salary and other compensation, after
recommendation from the RemCom. The CEO’s
salary and bonus shall be determined on the
basis of an evaluation by selected members
of the Board, with emphasis on the CEO’s and
the Company’s overall performance. Any fringe
benefits shall be in line with market practice
and should normally not be substantial in
relation to the CEO’s basic salary. The Board
shall annually carry out an assessment of the
salary and other remuneration to the CEO.
No deviatioNs from the Code of PraCtiCe.
12. Information and communications
The Company shall at all times provide its
shareholders, Oslo Børs and the financial
market in general with timely and precise
information. Such information will be given in
the form of annual reports, quarterly reports,
press releases, stock exchange announcements
and investor presentations. The Company’s
report on corporate social responsibility
shall be integrated in the annual report.
No deviatioNs from the Code of PraCtiCe.
13. Take overs
In the event of a take-over process, the Board
has a duty to ensure that the Company’s
shareholders are treated equally and that the
Company’s activities are not unnecessarily
interrupted. The Board will also ensure that
the shareholders have sufficient information
and time to assess the offer. In the event of
a take-over bid, the Board will, in addition
to complying with relevant legislation
and regulations, seek to comply with the
recommendations in the Norwegian Code
of Practice for Corporate Governance.
No deviatioNs from the Code of PraCtiCe.
14. Auditor
Each year, the auditor shall present to the
Board a plan for the implementation of the
audit work and a written confirmation that
the auditor satisfies established requirements
as to independence and objectivity. The
auditor shall participate in Board meetings
dealing with the annual accounts.
At the annual general meeting and/or in
the annual financial statements, the Board
shall present a review of the auditor’s
compensation as paid for auditory work
required by law and remuneration associated
with other concrete assignments.
No deviatioNs from the Code of PraCtiCe.
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Responsibility Statement
The Chief Executive Officer and the Board of
Directors confirm, to the best of our knowledge,
that the financial statements for 2023 have
been prepared in accordance with IFRS®
Accounting Standards as adopted by the EU.
with additional information as required by the
Accounting Act, and give a true and fair view of
the Group’s Consolidated financial statements
and the Group’s assets, liabilities, financial
position, and results of the operations.
We also confirm that the report by the Board of
Directors provides a fair overview of the parent
company and the Group and its development,
financial results, and position, and describes
the Group’s key risks and uncertainties.
Statement of the Board
of Directors and CEO
Oslo, March 19, 2024
Liv Dyrnes
Board member
Karin Berg
Board member
Aksel Lund Svindal
Board member
Niklas Copley Norin
Board member
Emma Tryti
CEO
Karin Berg
Geir Førre
Chairman of the Board
Chloe Emma Waller
Board Member
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Airthings’ objective is to provide strong value
creation and positive long-term returns to the
Company’s shareholders. The Company plans
to achieve this by delivering on an ambitious
business plan, and through precise, timely and
relevant communication that enable investors
to evaluate the Company’s current status,
the prospects for profitable growth, and the
inherent operational and financial risks.
Investor relations
Clear and accurate communication with investors
and analysts, both in Norway and internationally,
is a high priority for Airthings. A key objective
for the Company is to ensure that investors,
potential investors, other stakeholders, and the
market in general have simultaneous access
to accurate, clear, relevant, and up-to-date
information about Airthings. To facilitate this,
the Group will hold quarterly presentations
of its quarterly results, with attendance from
senior management. These presentations will
be open to the investor community, media,
and the public at large, and will also be made
available online. All investor relation activities
are conducted in compliance with applicable
rules, regulations, and recommended practices.
Devoted to good Corporate Governance
Airthings considers sound corporate
governance to be a prerequisite for sustainable
value creation and trustworthiness, and for
access to capital at a fair cost of capital.
Airthings’ stakeholders should demand
that the Company follows healthy business
practices and ethical business conduct,
operates in compliance with all relevant
legislation and regulations across the Group,
and presents reliable financial reporting.
Airthings Board-approved governance
regime maintains governance documents
describing the principles for its business
conduct, which applies to all of Airthings’
subsidiaries as well as Airthings itself.
Employee Share Program
Airthings believes its employees should be
given the opportunity to participate in the value
creation and has established a share-based
payment program in which all employees are
granted share options upon employment.
For further details, please see note 6.8.
Share capital
On December 31, 2023, the share capital in
the Company amounted to NOK 1 977 584.46,
distributed across 197 758 446 shares with
a nominal value of NOK 0.01 per share.
Airthings has one class of shares, with each
share carrying one vote. Firda AS was the
largest shareholder with 57 213 289, or 28.9%,
of the share capital at the end of 2023.
Shareholders’ Authorization to the Board
to Increase Share Capital in the Group
On May 25, 2023 the Annual General Meeting
(AGM) gave the board of directors three
separate authorizations to increase share
capital; up to NOK 394 860 in connection with
investments general purposes and transactions
(NOK 394 860 remains), up to NOK 138 201
in connection with a new incentive program
and current granted options (NOK 138 915
remains), and up to an aggregate nominal value
of NOK 197 430 to acquire treasury shares (NOK
197 430 remains). All above authorizations
are valid until the Airthings AGM in 2024,
however, no longer than until June 30, 2024.
Shareholder information
Airthings — Annual Report 2023
29
Shareholder
Shares Ownership
Firda AS 57,213,289 28.9%
Victoria India Fund AS 5,901,881 3.0%
Rabakken Invest AS 5,800,364 2.9%
Atlas Invest AS 5,637,468 2.9%
Wøien, Halvor 4,894,522 2.5%
Bolle, Erlend Peter Johnsen 4,819,722 2.4%
Verdipapirfondet KLP Aksjenorge 4,462,222 2.3%
Holmen Spesialfond 4,228,559 2.1%
Koki Yoshioka 4,166,650 2.1%
Brownske Bevegelser AS 3,000,000 1.8%
Other 97,133,769 49.1%
Total shares 197,758,446 100.0%
Analyst coverage
DNB Christoer Wang Bjørnsen +47 24 16 91 43
Arctic Securities Kristian Spetalen +47 22 93 72 28
ABG Øystein Lodgaard +47 22 01 60 26
SEB Markus Heiberg +47 22 82 66 61
Carnegie Eirik Rafdal +47 22 00 93 78
Ownership structure —
Number of shares held
Number of
shareholders
Number
of shares
Proportion
of share capital
1—1,000 1,263 485,046 0.2%
1,001—10,000 1,141 4,606,054 2.3%
10 001—100,000 501 15,763,808 8.0%
100,001—500,000 105 21,959,955 11.1%
500,001— 500,001+ 44 154,943,583 78.4%
Total 3,054 197,758,446 100.0%
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30
Airthings
Financials
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31
Consolidated financial statements
Consolidated statement of profit or loss
Consolidated statement of comprehensive income
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Section 1 - General information
and accounting policies
1.1 Corporate information
1.2 Basis of preparation
1.3 General accounting policies
1.4 Significant accounting judgments, estimates
and assumptions
Section 2 - Operating segments
and profit or loss items
2.1 Operating segments
2.2 Revenue
2.3 Employee benefit expenses
2.4 Other operating expenses
2.5 Government grants
2.6 Depreciation and amortization
2.7 Finance income and costs
2.8 Income tax
Section 3 — Other operating activities
3.1 Inventories
3.2 Trade and other receivables
3.3 Contract liabilities
3.4 Trade and other payables
3.5 Other liabilities
Section 4 — Group structure
4.1 Overview of Group companies
Section 5 - Non-current assets
5.1 Intangible assets
5.2 Goodwill and impairment considerations
5.3 Property, plant and equipment
5.4 Right-of-use assets and lease liabilities
Section 6 — Financial instruments and equity
6.1 Overview of financial instruments
6.2 Interest-bearing debt
6.3 Ageing analysis
6.4 Financial risk management
6.5 Fair value measurement
6.6 Cash and cash equivalents
6.7 Share capital and shareholders
information
6.8 Share-based payments
6.9 Earnings per share
6.10
Changes in liabilities arising from
financing activities
Section 7 — Other disclosures
7.1 Remuneration to Management and Board
7.2 Related party transactions
7.3 Events after the reporting period
Table of Contents
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Consolidated statement
of profit or loss
For the years ended 31 December
Amounts in USD 1,000 Notes 2023 2022
Revenues 2.1, 2.2 36,592 35,424
Total revenues 36,592 35,424
Cost of goods sold 14,302 14,465
Employee benefit expenses 2.3, 2.5 15,090 16,654
Other operating expenses 2.4, 2.5 14,033 16,090
Operating prot or loss before
depreciation and amortization (EBITDA)
-6,832 -11,785
Depreciation and amortization 2.6 1,517 1,433
Impairment 5.1 0 1,444
Operating prot or loss (EBIT)
-8,349 -14,662
Finance income 2.7 660 1,173
Finance costs 2.7 341 208
Net nancial items 320 965
Prot (loss) before tax -8,030 -13,697
Income tax expense 2.8 -1,772 -3,131
Prot (loss) for the year -6,258 -10,566
Prot (loss) for the year attributable to:
Equity holders of the parent company -6,258 -10,566
Earnings per share:
Basic earnings per share 6.9 -0.03 -0.06
Diluted earnings per share 6.9 -0.03 -0.06
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Consolidated statement
of comprehensive income
For the years ended 31 December
Amounts in USD 1,000 2023 2022
Prot (loss) for the year -6,258 -10,566
Other comprehensive income:
Items that subsequently will not be reclassied to prot or loss:
Exchange differences on translation of parent company -1,838 -7,025
Total items that may be reclassified to profit or loss -1,838 -7,025
Items that subsequently may be reclassified to profit or loss:
Exchange dierences on translation of foreign operations -3 0
Total items that may be reclassified to profit or loss -3 0
Other comprehensive prot (loss) for the year -1,841 -7,025
Total comprehensive prot (loss) for the year -8,099 -17,590
Total comprehensive prot (loss) attributable to:
Equity holders of the parent company -8,099 -17,590
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Consolidated statement
of financial position
Amounts in USD 1,000 Notes
31.12.2023 31.12.2022
ASSETS
Non-current assets
Intangible assets 5.1 3,610 2,459
Goodwill 5.1, 5.2 2,783 2,872
Property, plant and equipment 5.3 639 830
Right-of-use assets 5.4 2,520 3,140
Deferred tax assets
2.8 8,849 7,108
Other non-current assets 111 132
Total non-current assets 18,510 16,541
Current assets
Inventories 3.1 15,320 18,713
Trade receivables 3.2 11,175 11,099
Other receivables 2.5, 3.2 5,096 4,115
Cash and cash equivalents 6.6 14,553 13,274
Total current assets 46,143 47,202
TOTAL ASSETS 64,653 63,743
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Consolidated statement
of financial position
Oslo, March 19, 2024
Liv Hege Dyrnes
Board member
Karin Margareta Berg
Board member
Aksel Lund Svindal
Board member
Niklas Copley Norin
Board member
Emma Carina Tryti
CEO
Karin Margareta Berg
Geir Førre
Chairman of the Board
Chloe Emma Waller
Board Member
EQUITY AND LIABILITIES
Equity
Share capital 6.7 215 192
Share premium 86,383 78,979
Other capital reserves 2,359 2,068
Other equity -38,694 -30,311
Total equity 50,264 50,928
Non-current liabilities
Non-current interest-bearing liabilities 6.2, 6.10 1,376 0
Non-current lease liabilities 5.4 1,903 2,554
Other non-current liabilities 3.5 108 125
Total non-current liabilities 3,388 2,679
Current liabilities
Current lease liabilities 5.4 885 850
Trade and other payables 3.4 6,526 6,177
Contract liabilities 3.3 1,368 1,111
Income tax payable 2.8 73 60
Other current liabilities 3.5 2,150 1,938
Total current liabilities 11,001 10,137
Total liabilities 14,389 12,816
TOTAL EQUITY AND LIABILITIES 64,653 63,743
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Consolidated statement
of cash flows
For the years ended 31 December
Amounts in USD 1,000 Notes 2023 2022
Cash flows from operating activities
Prot (loss) before tax -8,030 -13,697
Adjustments to reconcile prot before tax to net cash ows:
Net nancial items 2.7 -320 -965
Depreciation, amortization and impairment 2.6 1,517 2,877
Share-based payment expense 6.8 292 364
Working capital adjustments:
Changes in inventories 3.1 3,394 -7,284
Changes in trade and other receivables 3.2 -1,057 -1,476
Changes in trade and other payables and contract liabilities 3.3, 3.4 606 -633
Changes in other liabilities 3.5 194 -1,354
Net cash ows from operating activities -3,403 -22,169
Cash ows from investing activities
Development expenditures 5.1 -1,678 -2,145
Purchase of property, plant and equipment 5.3 -92 -341
Interest received 2.7 395 258
Net cash ow from investing activities -1,375 -2,228
Cash ow from nancing activities
Proceeds from issuance of equity 6.7 7,143 312
Proceeds of interest-bearing liabilities 6.10 1,300 0
Payments for the principal portion of the lease liability 5.4 -724 -698
Payments for the interest portion of the lease liability 5.4 -159 -201
Interest paid 2.7 -52 0
Net cash ows from nancing activities 7,508 -586
Net increase/(decrease) in cash and cash equivalents 2,730 -24,983
Cash and cash equivalents at 1 January 13,274 42,174
Net foreign exchange dierence -1,452 -3,917
Cash and cash equivalents at 31 December 14,553 13,274
Airthings — Annual Report 2023
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Consolidated statement
of changes in equity
Other Equity
Amounts in USD 1,000 Share
capital
Share
premium
Other
capital
reserves*
Cumulative
translation
dierences
Retained
earnings
Total
equity
Equity at as 1 January 2022 190 78,669 1,704 1,962 -14,683 67,842
Prot (loss) for the year -10,566 -10,566
Other comprehensive prot (loss) -7,025 -7,025
Total comprehensive prot
(loss)
Capital increase 2 310 312
Transaction costs -
Share-based payments (Note 6.8) 364 364
Equity as at 31 December 2022 192 78,979 2,068 -5,062 -25,248 50,928
Prot (loss) for the year -6,258 -6,258
Other comprehensive prot (loss) -1,841 -1,841
Total comprehensive prot
(loss)
Capital increase (Note 6.7) 23 7,404 7,428
Transaction costs -285 -285
Share-based payments (Note 6.8) 292 292
Equity as at 31 December 2023 215 86,383 2,359 -6,903 -31,791 50,264
*The cost of equity-settled share based payments is recognized as an employee benefits expense, with a corresponding increase in other
capital reserves, over the vesting period (see note 6.8).
Airthings — Annual Report 2023
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1.1 Corporate information
company on Oslo Stock Exchange, with the ticker
symbol AIRX. Airthings ASA is incorporated and
domiciled in Norway
at Wergelandsveien 7, 0167 Oslo, Norway.
Section 1 — General information
and accounting policies
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Section 2 — Operating segments
and profit or loss items
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Section 3 — Other
operating activities
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11,175
11,099
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Section 4 — Group structure
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Section 5 - Non-current assets
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Section 6 — Financial
instruments and equity
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Section 7 — Other disclosures
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This section includes information about alternative performance measures (APMs) applied by the Group.
These alternative performance measures are presented to improve the ability
of stakeholders to evaluate the Group's operating performance.
The Group applies the following APMs:
Annual recurring revenue (ARR)
ARR is the value of annualized sales from all active subscriptions, licenses and service
contracts within the Airthings for Business and Professional segments. The calculation is
based on monthly subscription fees as at 31 December (MRR), multiplied by 12 in order to
represent an annualized figure. The numbers presented in the table below are translated
from NOK to USD applying the average NOK/USD exchange rate for 2023 and 2022
respectively. ARR is considered an important supplemental measure for stakeholders to get
an overall understanding of revenue generation within the Group's operating activities.
EBITDA
The Group's earnings before interest, tax, depreciation and amortization (EBITDA) is used
to provide consistent information on Airthings' operating performance relative to other
companies, and is frequently used by analysts, investors and other stakeholders when
evaluating the financial performance of the Group. EBITDA, as defined by Airthings, includes
total operating revenue and excludes depreciation, amortization and impairment loss.
For a reconciliation of EBITDA, refer to the consolidated statement of profit or loss.
(USD 1,000) 2023 2022
MRR December 348 300
ARR 4,175 3,602
EBITDA (USD 1,000) 2023 2022
Revenue 36,592 35,424
EBITDA -6,832 -11,785
EBITDA margin -19% -33%
Alternative performance
measures
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Gross profit margin
Gross profit margin is defined as revenue less cost of goods sold as a percentage of total
revenue. Management believes that this measure is important for the users of the financial
statements to determine the profitability and the financial performance of the Group.
Gross prot margin (USD 1,000) 2023 2022
Revenue 36,592 35,424
Cost of goods sold 14,302 14,465
Gross prot 22,290 20,959
Gross prot margin 61% 59%
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Airthings
— Annual Report 2023
86
Airthings ASA
Airthings ASA
Parent Company
Financials
Airthings — Annual Report 2023
87
Financial statements
Income statement
Statement of financial position
Statement of cash flows
Statement of changes in equity
Notes to the parent company
financial statements
Section 1 — General information and
accounting policies
Section 2 — Profit or loss items
2.1 Revenue
2.2 Employee benefit expenses
2.3 Other operating expenses
2.4 Government grants
2.5 Finance income and costs
2.6 Income tax
Section 3 — Balance sheet items
3.1 Inventories
3.2 Receivables, interest-bearing liabilities,
pledged assets and guarantees etc.
3.3 Other payables and other current liabilities
Section 4 — Related parties
4.1 Subsidiaries
4.2 Related parties
Section 5 — Fixed assets
5.1 Intangible assets
5.2 Property, plant and equipment
Section 6 — Financial instruments and equity
6.1 Cash and cash equivalents
6.2 Financial risk management
6.3 Share capital and shareholders
information
Section 7 — Other disclosures
7.1 Events after the reporting period
Table of Contents
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Income statement
For the years ended 31 December
Amounts in NOK 1,000 Notes 2023 2022
Revenues 2.1, 4.2 358,046 319,699
Total revenues 358,046 319,699
Cost of goods sold 149,295 142,174
Employee benefit expenses 2.2, 2.4 131,997 144,415
Other operating expenses 2.3, 2.4, 4.2 168,126 162,459
Operating prot or loss before
depreciation and amortisation (EBITDA)
-91,372 -129,349
Depreciation and amortization 5.1, 5.2 13,066 25,274
Operating prot (loss) / EBIT -104,438 -154,623
Finance income 2.5 7,441 12,890
Finance costs 2.5 1,887 69
Net nancial items 5,554 12,821
Prot (loss) before tax -98,884 -141,802
Tax expense 2.6 -20,953 -30,277
Prot (loss) for the year -77,931 -111,525
Prot (loss) for the year is proposed allocated as follows:
To (from) other equity -77,931 -111,525
Total allocated -77,931 -111,525
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Statement of
financial position
Amounts in NOK 1,000 Notes 31.12.2023 31.12.2022
ASSETS
Non-current assets
Goodwill 5.1 9,435 15,096
Intangible assets 5.1 36,717 23,989
Deferred tax asset 2.6 88,168 67,215
Property, plant and equipment 5.2 3,735 5,191
Investments in subsidiaries 4.1 1,669 1,367
Receivables group companies 4.2 47,323 67,215
Other non-current assets 3.2 1,026 1,232
Total non-current assets 188,074 181,305
Current assets
Inventories 3.1 147,371 174,124
Trade receivables 3.2 85,506 72,926
Other receivables 52,544 40,515
Cash and cash equivalents 6.1 131,277 116,528
Total current assets 416,699 404,093
TOTAL ASSETS 604,772 585,398
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Amounts in NOK 1,000 Notes 31.12.2023 31.12.2022
EQUITY AND LIABILITIES
Equity
Share capital 6.3 1,978 1,740
Treasury shares 0 0
Share premium 791,132 716,129
Other capital reserves 21,717 18,636
Other equity -315,327 -234,514
Total equity 499,499 501,991
Non-current liabilities
Non-current interest-bearing liabilities 3.2 14,000 0
Other non-current liabilities 3.2 1,098 1,232
Total non-current liabilities 15,098 1,232
Current liabilities
Trade payables 34,842 33,555
Income tax payable 0 0
Other payables 3.3 9,579 10,187
Provisions 3.3 45,754 38,434
Total current liabilities 90,175 82,176
Total liabilities 105,273 83,407
TOTAL EQUITY AND LIABILITIES 604,772 585,398
Oslo, March 19, 2024
Liv Dyrnes
Board member
Aksel Lund Svindal
Board member
Niklas Copley Norin
Board member
Emma Tryti
CEO
Karin Berg
Board member
Karin Berg
Geir Førre
Chairman of the Board
Chloe Emma Waller
Board member
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Statement of cash flows
For the years ended 31 December
Amounts in NOK 1,000 Notes 2023 2022
Cash ows from operating activities
Prot (loss) before tax -98,884 -141,802
Depreciation and amortization 5.1, 5.2 13,066 25,274
Share-based payment expense 3,081 3,499
Working capital adjustments:
Changes in inventories 3.1 26,753 -79,454
Changes in trade receivables -12,580 10,224
Changes in trade payable 1,287 -6,732
Changes in other liabilities and receivables 14,901 -36,509
Other items
Tax paid
Net cash ows from operating activities -52,377 -225,500
Cash ows from investing activities
Purchase of intangible assets and development expenditures 5.1 -17,691 -19,952
Purchase of property, plant and equipment 5.2 -987 -995
Net cash ow from investing activities -18,678 -20,946
Cash ow from nancing activities
Proceeds from issuance of equity 6.3 72,358 3,006
Proceeds from sales of own shares 14,000 0
Repayment of borrowings -554 0
Net cash ows from nancing activities 85,804 3,006
Net increase/(decrease) in cash and cash equivalents 14,750 -243,440
Cash and cash equivalents at 1 January 116,528 359,968
Cash and cash equivalents at 31 December 131,277 116,528
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Statement of changes
in equity
Amounts in NOK 1,000 Share
capital
Treasury
shares
Share
premium
Other
capital
reserves
Other
Equity
Total
Equity 1 January 2022 1,718 0 713,145 15,137 -122,989 607,012
Capital increase February 6 1,013 1,018
Capital increase May 5 511 515
Capital increase July 2 188 190
Capital increase October 10 1,273 1,282
Share based payment 3,499 3,499
Result for the year -111,525 -111,525
Equity 31 December 2022 1,740 0 716,129 18,636 -234,514 501,991
Equity 1 January 2023 1,740 0 716,129 18,636 -234,514 501,991
Capital increase February 234 74,766 75,000
Capital increase November 3 237 240
Transaction cost share issues -2,882 -2,882
Share based payment 3,081 3,081
Result for the year -77,931 -77,931
Equity 31 December 2023 1,978 0 791,132 21,717 -315,327 499,499
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1.1 Corporate information
Airthings ASA (‘the Company’) is a publicly
listed company on Oslo Stock Exchange,
with the ticker symbol AIRX. Airthings ASA is
incorporated and domiciled in Norway.
The Company’s principal offices are located at
Wergelandsveien 7, 0167 Oslo, Norway. The
Company´s financial statements for the year
ended 31 December 2023 were authorized
for issue in accordance with a resolution of
the Board of Directors on 19 March 2024.
Airthings has been granted exemption from
the Norwegian Tax Authority to publish
its Annual Report in English only.
The Company, as used in these financial
statements, is the Parent Company under
the Consolidated Financial Statements
also included in this Annual Report.
1.2 Basis of preparation
Airthings financial statements have been prepared
in accordance with Norwegian Accounting Act and
generally accepted accounting principles (NGAAP).
The functional and presentation currency of the
parent company is Norwegian krone (“NOK”).
Going Concern
The annual accounts have been prepared
based on the going concern assumption in
accordance with section 3-3a of the Norwegian
Accounting Act. This is based on the Group’s
plans, budgets and level of activity going forward.
1.3 General accounting principles
Airthings has selected a presentation in which
the description of accounting policies as well
as estimates, assumptions and judgmental
considerations are disclosed in the notes to which
the policies relate. A summary of the Company’s
general accounting are presented below:
Current versus non-current classification
The Group presents assets and liabilities in
the statement of financial position based
on current/ non-current classification.
An asset is current when it is:
• Expected to be realized or intended to be sold
or consumed in the normal operating cycle,
• Held primarily for the purpose of trading,
• Expected to be realised within twelve
months after the reporting period, or
• Cash or cash equivalent unless restricted
from being exchanged or used to settle
a liability for at least twelve months
after the reporting period. All other
assets are classified as non-current.
A liability is current when:
• It is expected to be settled in the
normal operating cycle,
• It is held primarily for the purpose of trading,
• It is due to be settled within twelve
months after the reporting period, or
• There is no unconditional right to defer
the settlement of the liability for at
least twelve months after the reporting
period. The Company classifies all other
liabilities as non-current. Deferred tax
assets and liabilities are classified as
non-current assets and liabilities.
Section 1 — General information
and accounting policies
Airthings — Annual Report 2023
94
Statement of cash flows
The consolidated statement of cash flows
is prepared using the indirect method.
1.4 Significant accounting judgments,
estimates and assumptions
The preparation of accounts in accordance
with the Accounting Act requires the use of
estimates. It also requires Group management
to exercise judgment in applying the Group’s
accounting policies. The areas where significant
judgments and estimates have been made
in preparing the financial statements and
their effect are disclosed in the notes.
1.5 Revenue
Income from sale of goods and services are
recognized at fair value, net after deduction
of VAT, returns, discounts and reductions.
Revenue from sale of goods
Revenue from sale of goods are recognized
in the income statement when both risk and
control have passed on to the buyer. The risk
being the asset’s profit and loss potential, whilst
control is defined as having both the decision-
making rights as well as the jurisdiction. Normally
this will be when the goods are delivered to
the customer. Historical data is applied to
estimate and make provisions for quantity
discount and returns at the date of sales.
Revenue from sale of software
as a service (SaaS)
The Company also has revenue from license
fees, which are SaaS contracts consisting of
a software licensing model where software is
licensed on a subscription basis and centralized
on Airthings platform. Revenue from SaaS
arrangements, where the customer cannot take
possession of the software license and where the
software license cannot be separated from its
related hosting services are considered as “right
to access” licenses and revenue is recognized
over time (i.e. the subscription period).
1.6 Share-based payments
Airthings has a share-based payment program
where all employees are granted share options
when they commence in their position.
Equity-settled transactions
The cost of equity-settled transactions is
determined by the fair value at the date when
the grant is made using an appropriate valuation
model (the Black-Scholes-Merton Model).
That cost is recognized in employee benefits
expense, together with a corresponding increase
in equity (other capital reserves), over the period
in which the service and, where applicable, the
performance conditions are fulfilled (the vesting
period). The cumulative expense recognized for
equity-settled transactions at each reporting date
until the vesting date reflects the extent to which
the vesting period has expired and the Company’s
best estimate of the number of equity instruments
that will ultimately vest. The expense or credit in the
statement of profit or loss for a period represents
the movement in cumulative expense recognized
as at the beginning and end of that period.
Service and non-market performance conditions
are not taken into account when determining
the grant date fair value of awards, but the
likelihood of the conditions being met is
assessed as part of the Company’s best estimate
of the number of equity instruments that will
ultimately vest. Market performance conditions
are reflected within the grant date fair value.
Any other conditions attached to an award,
but without an associated service requirement,
are considered to be non-vesting conditions.
Non-vesting conditions are reflected in the fair
value of an award and lead to an immediate
expensing of an award unless there are also
service and/or performance conditions.
No expense is recognized for awards that
do not ultimately vest because non-market
performance and/or service conditions have
not been met. Where awards include a market
or non-vesting condition, the transactions are
treated as vested irrespective of whether the
Airthings — Annual Report 2023
95
market or non-vesting condition is satisfied,
provided that all other performance and/
or service conditions are satisfied.
1.7 Pensions
The Company has a defined contribution
pension plan for its employees which satisfies
the statutory requirements in the Norwegian
law on required occupational pension (“lov
om obligatorisk tjenestepensjon”).
The scheme is a defined contribution plan.
Contributions are paid to pension insurance
plans and charged to the income statement
in the period to which the contributions
relate. Once the contributions have been paid,
there are no further payment obligations.
1.8 Goodwill
Recognized goodwill in the Company is derived
from the merger with Airtight in 2021. Goodwill is
depreciated over five years. In addition, goodwill
is reviewed for impairment, annually or more
frequently if events or changes in circumstances
indicate that the carrying value may be impaired.
1.9 Intangible assets
Expenditure on own Research and Development
are expensed as and when they incur. Expenses
for other intangible assets are reflected in the
balance sheet providing a future financial benefit
relating to the development of an identifiable
intangible asset can be identified and the cost
can be measured reliably. Otherwise, such
expenditure is expensed as and when incurred.
Capitalised development costs are amortized
linearly over the asset’s expected useful life.
1.10 Fixed assets
Property, plant and equipment (“PP&E”) are
capitalised and depreciated linearly down to the
residual value over the expected useful economic
life of the assets. When the depreciation plan
is changed, the effect is distributed over the
remaining depreciation period. Maintenance of
operating equipment is expensed on an ongoing
basis. Upgrades or improvements are added to
the acquisition cost of the asset and depreciated
in line with the asset. The difference between
maintenance and upgrade / improvement is
assessed based on the condition of the asset when
purchased. Plots and land are not depreciated.
Costs related to leases of fixed assets are expensed
over the lease period. Prepayments are reflected
in the balance sheet as a prepaid expense,
and are distributed over the rental period.
1.11 Impairment of intangible
and fixed assets
Impairment tests are carried out if there is
indication that the carrying amount of an asset
exceeds the estimated recoverable amount. The
test is performed on the lowest level of fixed assets
at which independent ingoing cashflows can be
identified. If the carrying amount is higher than
both the fair value less cost to sell and the value in
use (net present value of future use/ ownership),
the asset is written down to the highest of fair
value less cost to sell and the value in use.
Previous impairment charges, except
write-down of goodwill, are reversed in
later periods if the conditions causing the
write-down are no longer present.
1.12 Inventories
Inventories are valued at the lower of cost
and net realizable value. Costs incurred in
bringing each product to its present location
and condition are accounted for, as follows:
• Sensors and components: Sensors
and other critical items that are
utilized in production. Purchase cost
on a first-in/ first-out basis (FIFO)
• Finished goods: Stock keeping units. Cost of
direct materials, direct wages, packaging and
a proportion of manufacturing overheads
based on the normal operating capacity
Net realizable value is the estimated selling
price in the ordinary course of business,
less estimated costs of completion and the
estimated costs necessary to make the sale.
Airthings — Annual Report 2023
96
1.13 Investments in Subsidiaries
Investments in subsidiaries are valued at cost
in the Company’s financial statements. The
investment is valued as cost of the shares in
the subsidiary, less any impairment losses. An
impairment loss is recognized if the impairment
is not considered temporary, in accordance with
the generally accepted accounting principles.
Impairment losses are reversed if the reason for
the impairment loss disappears in a later period.
1.14 Receivables
Trade receivables and other receivables
are recorded in the balance sheet at face
value after deduction of provisions for
expected loss. Provisions for losses are
made on the basis of individual assessments
of the individual receivables. Additionally,
for accounts receivables, an unspecified
provision is made to cover expected losses.
1.15 Income taxes
Current income tax
Current income tax assets and liabilities for
the current and prior periods are measured
at the amount expected to be recovered
from or paid to the taxation authorities.
The tax rates and tax laws used to compute
the amount are those that are enacted or
substantively enacted at the reporting date.
Deferred Tax
Deferred tax is provided using the liability
method on temporary differences at the
balance sheet date between the tax bases
of assets and liabilities and their carrying
amounts for financial reporting purposes.
Deferred tax liabilities have been recognized
for all taxable temporary differences.
Deferred tax assets are recognized for all
deductible temporary differences, the carry-
forward of unused tax losses, to the extent
that it is probable that taxable profit will
be available against which the deductible
temporary differences, and the carry-forward
of unused tax losses can be utilized.
Deferred tax assets and deferred tax liabilities
are offset, if a legally enforceable right exists
to set off current tax assets against current
income tax liabilities and the deferred taxes
relate to the same taxable company and the
same taxation authority. Deferred tax assets and
liabilities are measured at the tax rates that are
expected to apply to the year when the asset is
realized, or the liability is settled, based on tax
rates (and tax laws) that have been enacted or
substantively enacted at the balance sheet date.
1.16 Provisions
Provision for warranties and service work for
completed projects /sales is recorded at the
expected cost of such work. The estimate is
based on historical figures for service and
warranty repairs. The amount is recorded
under other current liabilities and is recognized
in the income statement on a straight-line
basis over the warranty and service period.
1.17 Foreign currencies
Transactions in foreign currency are translated
at the rate applicable on the transaction date.
Monetary assets, receivables and liabilities
are translated at the exchange rate on the
balance sheet date. Changes to exchange
rates are recognized in the income statement
as they occur during the accounting period.
Foreign currency gains or losses are reported
as foreign exchange gain or foreign exchange
loss in finance income or finance costs.
Airthings — Annual Report 2023
97
Section 2 — Profit or loss items
2.1 Revenue
Revenue (NOK 1,000) 2023 2022
Revenues from sale of goods (hardware) 332,705 302,537
Revenues from services performed (software) 25,342 17,162
Total 358,046 319,699
Geographical distribution (NOK 1,000) 2023 2022
EMEA 86,480 99,107
North America (USA and Canada) 271,566 220,593
Total 358,046 319,699
2.2 Employee benefit expenses, remuneration to Corporate Management,
Board of Directors and Auditors
Salaries and personnel expenses (NOK 1,000) 2023 2022
Salaries/wages 113,700 127,727
Non-cash share based payment 2,782 3,280
Social security fees 18,068 16,967
Pension expenses 5,782 5,665
Other benets 3,189 2,840
Skattefunn and Innovation Norway -1,558 -2,375
Capitalized personnel cost -9,965 -9,687
Total 131,997 144,415
Average numbers of full-time equivalents 115 107
Pension obligations
Airthings ASA has a pension scheme that
meets the requirements set out in the
Obligatory occupational pension Act.
At 31 December 2023, Airthings ASA’s
pension scheme had 121 members
Airthings — Annual Report 2023
98
(2022: 117 members). The cost of pension is specified in the above table.
Share-based payment
For information about share-based payment plans, see note 6.8 to the consolidation financial statements.
Remuneration of Corporate Management
and Board of Directors
Information about remuneration of the Board of Directors and the executive management
is included in Note 7.1 to the consolidation financial statements. For information about
share-based payment plans, see Note 6.8 to the consolidation financial statements.
Remuneration of auditors (NOK 1,000) 2023
202 2022
Statutory audit 1,520 1,127
Tax advisory and other services 96 580
Total remuneration to auditors 1,617 1,707
2.3 Other operating expenses
Lease
Lease object (NOK 1,000) Expiration of agreement Annual lease
Oce space in Oslo 31.05.2027 8,354
Oce space in Bergen 30.06.2026 216
Lease of oce equipment 31.11.2022 8
Total 8,578
2.4 Government grants
Grant from Innovation Norway
In 2023, Airthings ASA received funds from
Innovation Norway related to a R&D project with
final reporting 31 March 2025. A maximum grant
of 17 MNOK and a growth loan of maximum
24 MNOK were awarded to the Company. The
Company received 5.1 MNOK of the grant
and 14 MNOK of the growth loan in a first
instalment of the funding. The grant related
to expenses is presented on an net basis as a
cost reduction. The grants related to an asset
recognised as a reduction of the asset.
SkatteFUNN
In 2023, Airthings ASA received a three-year
SkatteFUNN grant from the Norwegian Research
Council (a Norwegian government R&D tax
incentive program designed to stimulate R&D
in Norwegian trade and industry). SkatteFUNN
related to expenses is presented on a net basis
as a cost reduction. The grants related to an
asset recognised as a reduction of the asset.
Airthings — Annual Report 2023
99
2.5 Finance income and cost
Finance income (NOK 1,000) Notes 2023 2022
Interest income from group entities 3.2, 4.2 0 1,978
Other interest income 4,146 2,513
Foreign exchange gain 3,295 8,399
Total nance income 7,441 12,890
Finance costs (NOK 1,000) 2023 2022
Other interest expenses 12 69
Other nancial expenses 1,321 1
Interest on loan from Innovation Norway 3.2 554 0
Total nance costs 1,887 69
Foreign exchange (NOK 1,000) 2023 2022
Foreign exchange gain 35,512 35,616
Foreign exchange loss 32,217 27,216
Net foreign exchange gain (loss) 3,295 8,399
Government grants in the income statement:
Grants (NOK 1,000) Line item 2023 2022
Grant from Innovation Norway Other operating expenses 1,262 0
Grant from SkatteFUNN Employee benet expenses 1,558 2,375
Grant from SkatteFUNN Other operating expenses 554 2,375
Total government grants recognized 3,374 4,750
Government grants in the statement of financial position:
Grants (NOK 1,000) Line item 2023 2022
Grant from Innovation Norway Other current liabilities -2,877 0
Grant from SkatteFUNN Other receivables 4,750 4,750
Airthings — Annual Report 2023
100
2.6 Income tax
This year’s tax expense (NOK 1,000) 2023 2022
Entered tax on ordinary prot/loss:
Payable tax 0 0
Prior period adjustment 0 0
Change in deferred tax assets -20,953 -30,277
Tax expense on ordinary prot/loss -20,953 -30,277
Taxable income (NOK 1,000) 2023 2022
Ordinary result before tax -98,884 -141,802
Permanent dierences -2,019 -1,480
Change in temporary dierences 16,329 19,618
Taxable income -84,574 -123,664
Payable tax in the balance (NOK 1,000) 2023 2022
Payable tax on this years' result 0 0
Tax on reversed losses 0 0
Total payable tax in the balance 0 0
The tax effect of temporary differences and loss carried forward that has formed the basis
for deferred tax and deferred tax assets, specified on types of temporary differences
Temporary dierences (NOK 1,000) 2023 2022 Dierence
Tangible assets 8,086 14,631 6,546
Inventory -312 0 312
Receivables -4,434 -2,658 1,776
Provisions -7,696 0 7,696
Total -4,356 11,974 16,329
Accumulated loss to be carried forward -386,973 -302,399 84,574
Tax eects as part of merger 9 435 15,096 5,661
Basis for deferred tax assets -400,764 -305,522 95,242
Deferred tax assets (22%) -88,168 -67,215 20,953
Airthings — Annual Report 2023
101
Section 3 — Balance sheet items
3.1 Inventories
Inventory (NOK 1,000) 2023 2022
Finished goods 80,410 119,057
Sensors and components 66,961 55,067
Acquisition cost 31 December 147,371 174,124
Inventories valued at purchase cost 147,683 119,057
Inventories valued at net realisable value 147,371 119,057
Write-down for obsolescence 312 0
3.2 Receivables, interest-bearing liabilities, pledged assets and guarantees etc.
Receivables which fall due later than one year
after the expiry of the nancial year (NOK 1,000)
2023 2022
Inter company receivables 47,323 67,215
Employers provisions related to share based compensation 1,098 1,232
Other receivables to employees 13
Total 48,421 68,460
Long-term interest-bearing liabilities
and debt secured by collateral (NOK 1,000)
2022 2022
Long- term interest-bearing liabilities secured
by collateral- maturity 1-5 years
9,100 0
Long- term interest-bearing liabilities secured
by collateral- maturity more than 5 years
4,900 0
Total 14,000 0
In 2023, it was booked an allowance for obsolete
inventory of finished goods of NOK 312 thousands.
In 2022, there was a write down of finished
goods of NOK 2,144 thousands related to the
derecognition of the Airtight technology.
There were no write down of
components in 2023 and 2022.
Airthings — Annual Report 2023
102
Covenants
For information about covenants, see note 6.2 to the consolidation financial statements.
3.3 Other payables and other current liabilities
Other payables (NOK 1,000) 2023 2022
Public duty payable 9,579 10,187
Total 9,579 10,187
Other current liabilities (NOK 1,000) 2023 2022
Wages and holiday pay (included tax) 17,534 17,425
Other provisions 13,443 11,804
Accrued revenue 14,776 9,204
Total 45,754 38,434
Total other payables and other current liabilities 55,333 48,620
Book value of pledged assets (NOK 1,000) 2023 2022
Property, plant and equipment 3,735 5,191
Inventories 147,371 174,124
Trade receivables 85,506 72,926
Total 236,613 252,241
Pledged amount (NOK 1,000) 2023 2022
Pledge on inventories 124,000 10,000
Pledge on operating assets 124,000 10,000
Pledge on trade receivables 124,000 10,000
Total 372,000 30,000
Airthings — Annual Report 2023
103
Section 4 — Related parties
4.1 Subsidiaries
Investments in subsidiaries are booked according to the cost method.
Company Location Ownership/
voting rights
Currency Equity
per 1.1.
Annual net
prot/loss
Equity
per 31.12.
Airthings America INC USA 100% USD -337,546 172,725 -164,821
Airthings AB Sweden 100% SEK 1,507,016 1,095,832 2,602,848
Book value of investment in
balance sheet of Airthings ASA
Amount (NOK 1,000)
Airthings America INC 1,372
Airthings AB 297
Total 1,669
4.2 Related parties
Receivables on subsidiary Airthings America INC (NOK 1,000) 2023 2022
Receivables on Airthings America INC 36,623 61,060
Receivables on Airthings AB 10,700 6,155
Total 47,323 67,215
Transactions with subsidiary Airthings America INC (NOK 1,000) 2023 2022
Sale of goods to Airthings America INC 93,232 77,464
Sale of goods to Airthings AB 18,471 8,661
Purchase of services and cost allocation from Arthings America INC
7,273 13,021
Purchase of services and cost allocation from Arthings AB 4,278 5,831
Interest Arthings America INC 0 1,900
Interest Arthings AB 0 77
Transactions with shareholders (NOK 1,000) 2023 2022
Rent of premises from Energy Control AS 233 216
Other fees invoiced from Energy Control AS 0 22
Sale of goods to Energy Control AS 3,517 2,516
Fees invoiced from Firda AS 848 208
Airthings — Annual Report 2023
104
Section 5 — Fixed assets
5.1 Intangible assets
Amounts in NOK 1,000 Goodwill Internally
generated
intangible
assets
Software
and
systems
Technology Total
Acquisition cost
as at 1 January 2023
26,419 11,316
11,317 23,487 72,540
Additions
- 16,681 984 25 17,691
Transfer of nished develop-
ment
projects
- -2,789 - 2,789 -
Disposals - - - - -
Acquisition cost
as at 31 December 2023
26,419 25,209 12,302 26,301 90,230
Accumulated depreciations
as at 31 December 2023
16,984 - 8,561 18,534 44,078
Net book value
as at 31 December 2023
9,435 25,209 3,741 7,767 46,153
Depreciation in the year 5,661 - 3,104 1,878 10,643
Write-down in the year - - - - -
Depreciation rate (%) 20% 20% 33%-20%
Depreciation plan Linear Linear Linear
Economic useful life 5 Years 5 Years 3-5 Years
Airthings — Annual Report 2023
105
5.2 Property plant and equipment
Amounts in NOK 1,000 Property, plant
and equipment
Total
Acquisition cost as at 1 January 2023 11,367 11,367
Additions 968 968
Disposals
Acquisition cost as at 31 December 2023 12,335 12,335
Accumulated depreciations as at 31 December 2023 8,600 8,600
Net book value as at 31 December 2023 3,735 3,735
Depreciation in the year 2,424 2,424
Depreciation rate (%) 33% — 20%
Depreciation plan Linear
Economic useful life 3 — 5 years
Airthings — Annual Report 2023
106
Section 6 — Financial
instruments and equity
6.1 Cash and cash equivalents
Restricted cash (NOK 1,000)
2023 2022
Restricted tax deductions 4,648 5,670
Restricted cash 5,688 5,667
Other restricted funds 0 1,400
Other restricted funds in 2022 was a guarantee related to a credit agreement with DNB Mastercard.
6.2 Financial risk management
Overview
The parent company is exposed to a range
of risks affecting its financial performance,
including market risk, credit risk and liquidity
risk. The Company seeks to minimize potential
adverse effects of such risks through sound
business practice and risk management.
Market risk
Financial instruments affected by market
risk include interest-bearing debt, cash
and cash equivalents, trade receivables
and trade and other payables.
Interest rate risk
The Company’s exposure to the risk of
changes in interest rates relates primarily
to the growth loan from Innovation Norway.
The Company has no other interest-
bearing debt, and management therefore
considers the interest rate risk to be low.
Foreign currency risk
The Company’s exposure to the risk of
fluctuations in foreign exchange rates
relates primarily to it’s operating activities
(trade receivables, cash and trade payables
denominated in a foreign currency). A significant
part of revenues is denominated in USD,
with a small portion incurred in NOK, EUR,
CAD and GBP. Most of its operating expenses
are incurred in NOK. The Company does
not currently hedge currency exposure
with the use of financial instruments but
monitors the net exposure over time.
Geopolitical risks
War in Ukraine — the ongoing war does not
currently impact the Company directly, as it
has no operating presence in either Russia,
Belarus or Ukraine. Indirect effects however,
such as financial market volatility, sanctions
related knock-on effects, general economic
market conditions and other future responses
of international governments, might have an
impact on the Group’s financial results and
financial position. The Company’s management
continues to monitor the situation and has an
ongoing assessment of potential impact on the
Company’s financial results and financial position.
War in Israel/Gaza – the ongoing war in Israel/
Gaza is not currently impacting the Company,
despite the Company having limited production
in Israel. The Company’s contract manufacturer
for one product is located near Tel Aviv and
Airthings — Annual Report 2023
107
therefore not in direct proximity to the ongoing
armed conflict. The Company’s exposure is very
limited, but management continues to monitor
the situation and has an ongoing assessment
of potential impact on the Company’s
financial results and financial position.
Credit risk
The Company is mainly exposed to credit risk
from its operating activities. The risk is minimized
through close connection with the Company’s
largest customers and monitoring of receivable
balances on an ongoing basis. The Company’s
losses have historically been low. However, the
increased operations of the Company’s outside
the US and home market exposes the Company
to different credit risk environments. The
Board of Directors deems credit risk to be at an
acceptable level given the current operational
circumstances and outlook of the Company.
Liquidity risk
The Company may potentially encounter
difficulties in meeting obligations associated with
financial liabilities that are settled by provision
of cash or another financial asset. The Company
supervises its risk by monitoring its working
capital, and overdue trade receivables. The
Company’s cash position has weakened since
2021. To improve the cash situation the Company
has intensified its focus on optimizing business
operations and reducing inventories. This effort
includes promotional activities to increase
sales and along with cost-saving initiatives.
To further improve its liquidity position, the
Company entered into a USD 8 million revolving
credit facility with Danske Bank in 1Q 2023.
In January 2024, the Company received credit
approval for renewal of the RCF subject to
documentation and closing procedures which
is expected to be within March 2024. The
size of the new facility will be reduced from
USD 8 to 6 million. The Company also raised
NOK 75 million in gross proceeds through
a private placement of 23,437,500 shares in
1Q 2023. In addition, the Company secured
funding from Innovation Norway in the form
of a grant NOK 17 million and a loan of NOK
24 million. NOK 5.1 million of the grant and
NOK 14 million of the loan were paid out to
the Company in 2Q 2023. The liquidity risk is
hence considered to be at a reasonable level.
6.3 Share capital and shareholders
information
The share capital of Airthings ASA as of
31December 2023 was NOK 1,977,584.46
consisting of 197,758,446 ordinary shares at NOK
0.1 per share. The Company’s shares have equal
voting rights. For information of shareholder see
Note 6.7 the consolidated financial statements.
Airthings — Annual Report 2023
108
Section 7 — Other disclosures
7.1 Events after the reporting period
Adjusting events
There have been no significant adjusting events subsequent to the reporting date.
Non-adjusting events
RCF
In 1Q 2023 Airthings secured a USD 8 million revolving credit facility (RCF) for a 1-year period with an
annual renewal with Danske Bank. In January 2024, Airthings received credit approval for renewal of
the RCF subject to documentation and closing procedures which is expected to be within March 2024.
The size of the new facility will be reduced from USD 8 to 6 million.
New CEO
Emma Tryti has taken over as CEO as of 4 March 2024. She has been granted 1,500,000 options with a
strike price of 2.70.
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Børre Skisland
State Authorized Public Accountant
On behalf of: BDO AS
Serial number: UN:NO-9578-5998-4-872903
IP: 188.95.xxx.xxx
2024-03-19 16:04:01 UTC
Penneo document key: VJEJU-EZ2EU-TXEWQ-G738V-MEPIU-F5EYS
Airthings — Annual Report 2023
114
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