Airthings — Annual Report 2024

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Annual Report

2024

Airthings — Annual Report 2024

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Dear Airthings Community,

2024 was a year of significant transformation for Airthings. We took decisive steps to adapt our strategy, optimize our organization, and strengthen our position in a rapidly evolving market. Awareness of indoor air quality (IAQ) increased faster than ever, driven by growing health concerns, the impact of wildfires, and stricter regulations. More and more people now see air quality monitoring as a "must-have" rather than a "nice-to-have." 

This shift fueled strong demand for our products, particularly in the Consumer segment, where we achieved 22 percent underlying revenue growth, selling over 320,000 devices, up 40 percent from 2023. At times, demand even outpaced our ability to deliver, reinforcing the need to continuously optimize our supply chain and inventory management. The Business segment faced challenges, but after a slow start to 2024, we saw steady improvement, with positive revenue trends throughout the year. 

In 2024, we reduced our workforce by 20 percent to establish a leaner organization and a lower cost base. At the same time, we refined our go-to-market strategy, prioritizing high-potential segments and adjusting our retail channel mix to better align with consumer behavior. A key milestone was our new distribution agreement with Target Corp., which from 2025 will strengthen our US retail presence through the sale of Airthings products in select stores and online. We have particularly high expectations of Corentium Home 2, our next-generation radon detector, which was launched in January 2025.  

Throughout the year, we also focused on improving supply chain and pricing strategies to ensure a healthy balance between volume growth and profitability. Despite strong demand, gross margins declined from last year, impacted by channel mix effects, promotional activities, and pre-planned high-velocity sales events.

Strengthening margins remains a priority as we work toward sustainable and profitable growth. 

With a sharper focus, a leaner organization, and a growing market opportunity, Airthings is well positioned for the future. We remain committed to driving profitable growth, with a target of positive EBITDA in the second half of 2025 and for the full year 2026. The Consumer segment will continue to be a key growth driver, supported by increasing awareness, a strong product portfolio, and an expanding distribution network. At the same time, we will continue to optimize our business model to ensure a solid balance between growth, profitability, and operational efficiency. 

I want to thank our dedicated employees for their hard work, our partners and customers for their trust, and our shareholders for their continued support. Airthings remains committed to empowering people to breathe better, at home, at school, and at work. 

Letter from the CEO

All the best,

Emma Tryti

CEO, Airthings

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This is Airthings ASA

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Airthings at a glance

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Addressing a critical issue

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The year in brief

Airthings kicked off the year with the launch of two new products, including Airthings Renew, the Company’s first-ever smart air purifier and Wave Enhance, both designed to improve air, comfort, sleep quality and productivity in the home. In March, Emma Tryti joined the Company as the new CEO and the Company announced all-time high consumer sales in Q1.

Performance and insights gained during the first half of 2024 triggered a review and update of the Company’s strategy to make sure Airthings capitalizes on market trends. Under One Airthings, a new simplified organization focusing on one, shared and customer- centric value proposition across segments was developed. Airthings announced its target to be EBITDA positive for the second half of 2025, and for the full year 2026.

Quarterly highlights

Airthings announced continued strong growth in the Consumer segment with revenues increasing 37% YoY. The Company announced the appointment of a new management team to drive growth and profitability.

Strong growth in the Consumer segment secured another all-time-high quarter for Consumer with revenues growing 22% underlying. Increased awareness of indoor air quality continued to drive strong underlying demand and Airthings shipped more than 100,000 devices in the fourth quarter 2024, a growth of 60 percent compared to the same quarter in 2023.

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Business overview

2024 revenue and gross profit margin (USD 1,000)

The Consumer segment

The Consumer segment combines a range of top-of-the line air quality monitors and air purifiers with software solutions to enable consumers to create and maintain a healthy home environment. In 2024, revenue in this segment came in at USD 30.2 million, an increase of 22% from 2023 and growing 25% adjusted for a buyback of inventory. The number of new device registrations for connected products increased by 12% in 2024 as a significant part of the units sold were offline radon measurement devices.

The Business segment

The Business segment offers indoor air quality solutions for schools and public buildings and large enterprises. Airthings focus on selected geographies through direct sales and via strategic partners to increase distribution. Revenue in this segment came in at USD 6.3 million, and the decline of 35% from 2023 reflecting a challenging macro-economic situation for Businesses and large deals with single customers in 2022 and 2023. The number of devices in the field increased by 22% last year, and annual recurring revenue (ARR) in the Business segment increased by 6% to USD 3.3 million.

The Professional segment

Airthings for Professionals is the smallest of the three business segments, offering an easy touse 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 2.0 million in 2024, a decrease of 7% from 2023.

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Management team

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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).

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.

Elisabeth Barrie , Board Member

Elisabeth Barrie is a member of the Group Management Team at Volvo Cars, serving as Head of Commercial Digital. She is also a board member of the Volvo Cars Tech Fund and Chair of Volvo Car Retail Solutions AB. Previously, Elisabeth was the Chief Product Officer at Vipps and VP of Growth for Established Markets at Schibsted Media Group.

Laoise Ballance , Employee representative to the board

Laoise Ballance has over 6 years of experience in the global tech industry. She currently holds the position of Product Manager, and previously served as Head of Customer Success at Airthings. Prior to working at Airthings, she gained diverse experience within Operations management, Banking, and Finance at international companies such as Gelato AS, Intesa Sanpaolo, and CNP Santander. She holds a B.A. in International Modern Languages from University College Dublin.

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.

Karin Berg , Board Member

Karin Berg is a commercial leader with extensive experience in consumer-oriented businesses. She has held various management positions at Wanda, Komplett Group, Carlsberg, McKinsey, and BearingPoint. She holds an MSc in Economics from the Norwegian School of Economics (NHH).

Tore Sæstad , Employee representative to the board

Tore Sæstad has over 10 years of experience as a software developer. He currently holds the position of Head of Software Platform at Airthings. Before joining Airthings in 2019, he worked for Appear. He holds a master's degree in Electronics from the Norwegian University of Science and Tech- nology (NTNU).

Board members

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Airthings is a global tech company headquartered in Norway and led by a cross functional team consisting of experienced leaders, scientists, product- and technology developers, sales- and marketing experts. The mission of Airthings is to empower people to breathe better. This happens through easy-to-use and reliable indoor air quality (IAQ) products and services provided to people at home, at work and at school. Airthings creates 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.

The Company’s key revenue generators are individual consumers, businesses, schools, and air quality and radon professionals. Airthings reports across the three segments: Consumer, Business and Professionals.

Airthings distributes its consumer products through its own website airthings.com, e-commerce partners and premium retailers. The distribution model to the Business segment is driven by direct sales or sales through B2B partners. North America is the main market and represented 81% of revenues in 2024, the majority of the remaining revenues are from Europe.

Airthings ASA has two fully 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

Since its establishment in 2008, Airthings has shown strong revenue growth. However, in recent years, the overall growth has slowed. In 2024, the Consumer segment showed solid growth, the Pro segment was stable, and the Business segment

declined due longer lead times and macro- economic pressure.

Performance and insights gained during the first half of 2024 triggered a review and update of the Company’s strategy. A more focused strategy was implemented in the third quarter to capitalize on strong market trends in personal health and to ensure the best possible return on investment in the short to medium term. To accelerate the process, the organization and operations were simplified and streamlined to focus on one shared, customer-centric value proposition across segments. This included a narrower focus on people’s health, while the previous focus on energy efficiency in buildings will now be done only through value-added partners, The Innovation Norway project on energy efficiency was consequently terminated early.

The aim of the updated strategy is to drive scalable growth and reach profitability with a target of positive EBITDA in the second half of 2025 and for the full year 2026.

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 and regulations.

Events after the reporting period

RCF - On 5 February 2025, Airthings received credit approval for renewal of the revolving credit facility (RCF). The size of the new facility is reduced to USD 5.0 million. The RCF has a tenor of 11 months and falls due 31 December 2025, see note 6.2.

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

Board of Directors' Report

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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 across segments by 5% while gross profit declined 29% negatively impacted by a significantly larger share of sales being generated from the Consumer segments where margins are lower, margin pressure in some channels and certain one-time items. The 35% decline in the Business segment was more than offset by a 22% growth in the Consumer segment. Adjusted for buyback of inventory related to a battery issue and impairment of inventory, total revenues grew by 8%, driven by revenues growth of 25% in the Consumer segment, and gross profit increased by 3%. The EBITDA loss increased compared to the year before, explained by the above-mentioned one-time items, restructuring costs and impairment of goodwill. Cash flow from operating activities improved from USD -3.4 million in 2023 to USD -2.0 million in 2024, supported by working capital improvements.

Income statement

Revenues amounted to USD 38.5 million in 2024, up 5% compared to USD 36.6 million in 2023. The revenue growth was driven by strong volume growth in the Consumer segment more than offsetting the decline in revenues in the Business segment. The Consumer segment, accounting for 78% of total revenues, shipped 40% more devices in 2024 compared to 2023, driving revenue growth of 22%.

In the Q4 2024 report, Airthings disclosed that buyback of inventory due to defective batteries in a product batch from a 2022 delivery negatively impacted Consumer revenues by USD 0.9 million. Adjusting for this, the growth in the Consumer segment was 25% in 2024. In addition, the cost of goods sold was impacted by inventory impairment

of USD 0.3 million.

Gross profit ended at USD 21.7 million in 2024, down 3% from USD 22.3 million in the previous year, explained by a significantly larger share of total revenues being generated from the Consumer segment, where margins are lower, the above-mentioned negative one-time items, product- and channel mix with higher promotional activity. The gross margin for the full year 2024 was 56%, down 5 percentage points from 2023.

EBITDA-loss increased from USD 6.8 million in 2023 to a loss of USD 9.1 million in 2024. The EBITDA loss was negatively impacted by USD 0.9 million related to the inventory buyback, inventory impairment of USD 0.3 million and USD 2.6 million related to goodwill impairment in the Business segment.

Depreciation increased from USD 1.5 million in 2023 to USD 2.0 million in 2024, mainly due to depreciation of internally generated intangible assets and right-of-use of asses for lease. The operating loss (EBIT) hence increased from USD 8.3 million in 2023 to USD 13.7 million in 2024.

Net financial items were positive at USD 1.7 million in 2024, up from USD 0.3 million in 2023. This mainly reflected exchange rate fluctuations between USD and NOK and interest payments on outstanding debt. Interest bearing debt amounted to USD 1.2 million at the end of 2023, compared to USD 1.4 million at the end of 2023.

Net loss before taxes was hence USD 12.0 million in 2024, compared to USD 8.0 million in 2023. Tax expense amounted to USD 5.9 million in 2024 compared to a tax income of USD 1.8 million in 2023. The tax expense included a USD 6.6 million effect from a reevaluation of deferred tax assets. The Group is recognizing deferred tax assets arising from tax losses it expects that will be utilized within the coming 4 years. As part of the updated strategy of the Company management expects that it will take a couple of more years before the historical tax losses will be fully utilized. In total, this generated a net loss for Airthings of USD 17.9 million in 2024, while the net loss in 2023 was USD 6.3 million.

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Balance sheet

Airthings Group had total assets of USD 42.7 million at the end of 2024, down from 64.7 million at the end of 2023. Current assets amounted to USD 34.8 million (46.1), including cash and cash equivalents of USD 8.8 million (14.6) and inventories of USD 10.5 million (15.3). Non-current assets amounted to USD 7.9 million (18.5), with the largest changes driven by the revaluation of deferred tax asset and goodwill impairment.

Airthings Group had total liabilities of USD 14.4 million per 31 December 2024, stable versus end of 2023. Total liabilities consisted primarily of lease liabilities, trade payables, contract liabilities, interest bearing debt, and other provisions.

There were no changes to Airthings Group share capital during 2024.

Total equity amounted to USD 28.2 million at the end of 2024, corresponding to an equity ratio of 66%. This compares to total equity of USD 50.3 million and an equity ratio of 78% at the end of 2023.

Cash flow statement

Airthings Group’s cash flow from operating activities Airthings Group’s cash flow from operating activities was USD -2.0 million in 2024 compared to USD -3.4 million in 2023. The operating cash flow was mainly driven by losses before tax of USD 12. million (-8.0), partly offset by positive net working capital adjustments of USD 4.8 million (3.4). Inventories declined by USD 4.8 million during 2024, compared to a decrease of USD 3.4 million in 2023. Airthings has implemented a strategic focus to reduce days of inventory. At the end of 2024, the Company reached its goal of <250 days of inventory, compared to 386 days at the end of 2023.

Total cash flow from investments was USD -0.8 million in 2024, compared to USD -1.4 million in 2023, mainly driven by capitalized development expenditures of USD 1.1 million.

Cash flow from financing was USD -0.9 million in 2024, mainly related to lease payments, versus USD 7.5 million in 2023 when Airthings had proceeds

from equity issuance of USD 7.1 million. Net foreign exchange differences resulted in a cash flow of USD -2.0 million over 2024, compared to USD -1.5 million in 2023. As a result, cash and cash equivalents decreased to USD 8.8 million at year-end 2024, down from USD 14.6 million at the end of 2023.

Allocation of net profit

The consolidated accounting loss for 2024 was USD 17.9 million, with the proposed allocation of the net profit for the year shown in the Annual Financial Statement.

PARENT COMPANY ACCOUNTS

(Figures for 2023 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 427.5 million (358.0). Gross profit was NOK 245.3 million in 2023 (208.8). Operating expenses amounted to NOK 348.6 million (300.1), and loss before tax was NOK 126.4 million (104.4). Tax expense was NOK 60.3 million in 2024 (-21.0), generating a net loss of NOK 167.6 million (-77.9).

Total assets amounted to NOK 462.4 million at year-end 2024 (604.8), whereof current assets represented NOK 390.5 million (416.7). Total equity was NOK 333.8 million per 31 December 2024 (499.5).

Current liabilities were NOK 114.1 million per year-end 2024 (90.2), whereas the parent company had long term liabilities of NOK 14.5 million (15.1) mainly related a growth loan from Innovation Norway.

Net cash flow from operating activities was negative NOK 29.4 million (-52.4), and net cash flow from investing activities negative NOK 14.5 million (-18.7). Net cash flow from financing activities was negative NOK 1.1 million (85.8). The change from 2023 is mainly due to the private placement of NOK 72.4 million in 1Q 2023 and the

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growth loan from Innovation Norway. Cash and cash equivalents in the parent company hence declined to NOK 86.3 million per 31 December 2024 (131.3).

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, increased tariffs, 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

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’s liquidity position weakened during 2024. Over the last year, Airthings has strengthened its focus on optimizing business operations, reducing current and incoming inventories and collecting overdue receivables.

The Group’s cash position was USD 8.8 million on 31 December 2024. 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 Q1 23, lowered to USD 6 million in Q1 24 with a further reduction to USD 5 million from February 2025. The reduction reflects the overall improved working capital situation (see note 6.2).

The Board of Directors and Management continuously monitors the Group's liquidity position through detailed cash flow forecasts covering both short-term operational needs and longer-term strategic initiatives.

The current operational plans, with Airthings targeting positive EBITDA in H2 2025 and entire 2026, are expected to be covered by the current funding. It is the Board of Directors' assessment that the liquidity risk is considered to be at a reasonable level, however, negative deviations to the current plans could give a distressed liquidity situation and the development will be monitored carefully.

Credit

The Group is mainly exposed to credit risk from its operating activities.

Airthings has a relatively high customer concentration with the two largest customers accounting for 56% of revenues. Due to this credit risk is also concentrated. However, the credit risk is considered generally low in the Consumer segment, where most sales are made to well- established and creditworthy third parties or sold directly with immediate payment. In the Business segment, the credit risk is considered to be slightly higher. The Group has strong relationships with its business customers and receivable balances are monitored on a continuous basis.

It is the Group’s 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 business 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

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

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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 and cost of goods sold are 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 potentially be negatively impacted 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

The Group’s borrowings have historically been exposed to interest rate fluctuations. The Group had USD 1.2 million in interest bearing debt at the end of 2024, and the Board of Directors considers the risk associated with interest rate fluctuations to be low.

Customer concentration

The Group has some major customers accounting for a significant share of the income. As a mitigating action, the Group has expanded its direct channel in the Consumer segment, onboarded new retailers, and strengthened the relationships with large Enterprises in the Business segment.

Other risks

Implementation of new tariffs

The potential implementation of additional trade tariffs by the United States could negatively impact Airthings ASA's cost structure and profit margins on products exported to the U.S. market, which represents a significant portion of the Group’s revenues. Airthings has outsourced production of its products to partners in Israel, Tunisia, Malaysia and China. Timing and levels of potential tariffs are uncertain, and management is working on mitigating activities.

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 conflict 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 2024. 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

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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 of 31 December 2024.

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 with 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, social, and governance practices. We work actively to reduce our environmental impact, foster an inclusive work environment, and uphold ethical business standards.

For planet

Despite significant growth in number of devices shipped, total CO2e emissions (scope 1, 2 and 3) only increased from a total of 6.238 tCO 2 e in 2023

to 6.542 tCO 2 e in 2024 (+5%). We do Lifecycle Analysis (LCAs) of our products to ensure good quality emissions data, and the emissions related to consumer products alone increased by 16%. Finished goods emissions account for more than 1/3 of total emissions. Related cost of sales and marketing also increased, while we saw the largest emission reductions related to use of external services such as consultants, conferences and entertainment. Over 99% of Airthings' emissions fell under scope 3 in 2024. Airthings has zero direct scope-1 emissions, and scope-2 emissions of 9.82 tCO 2 e in 2024 (14.7 tCO 2 e in 2023). The decrease in scope 2 emissions was related to closing down the office in Fort Worth and moving employees into a shared working space.

All Airthings’ contract manufacturers comply with ISO14001 for Environmental Management Systems.

For people

Airthings has an ambition to educate millions of people about the importance of indoor air quality, and to raise awareness about its health consequences.

Airthings prioritizes employee well-being and

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community welfare, as demonstrated by our 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 were no issues reported related to equality, diversity and inclusion during 2024.

At the end of 2024, Airthings employed 106 employees from over 30 nationalities, with females accounting for 37% 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 consists of 2/3 rd women, and 1/3rd men, and women hold 43% of our managerial positions across the entire company. There is currently a 5% 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 1.8% in 2024, compared to 2.6% in 2023. During 2024, the Company updated its strategy, with a corresponding adjustment of the organisation resulting in a 20% reduction of the workforce. Following this, a series of employee pulse surveys were conducted to assess the impact in the organization, showing a high degree of engagement and trust amongst employees. There was one HSE incident reported during 2024, the same number as in 2023. The incident did not lead to any permanent injuries. During 2024, and as a result of the incident review, special attention was given to the general HSE risks in the office environment, and making sure adequate equipment is provided in case of emergency, and readily accessible with proper signage and instructions.

The Board of Directors consists of 2 men, 3 women, and 2 employee representatives (1 man and 1 woman). Airthings ASA and subsidiaries are covered by Directors and Officers liability insurance. This 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.

In 2024, Airthings has continued the work of evaluating potential risks to human rights and decent working conditions, as outlined by the Transparency Act report published in June 2024. 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. Further details on supplier assessments can be found in our upcoming Transparency Act Report 2024, which will be published on https://www.airthings.com/sustainability in Q2 2025.

Our business governance

The Company is committed to transparent and ethical business practices, supported by policies and procedures against bribery and corruption. In 2024, we maintained our efforts to ensure compliance with Airthings’ procurement policies, particularly in light of the introduction of new management and the restructuring of the organization. No instances of unethical practices were reported in 2024.

Airthings did not experience any data breaches or successful cyber-attacks in 2024, nor any significant disturbances in operations. There was one serious fraud attempt by a 3rd party during 2024, which was stopped by rigorous processes related to payments. Additional mechanisms have been put in place to further prevent such incidents. Airthings’ Information Security Information System (ISMS) is ISO27001 certified, and the next surveillance audit will take place in March 2025. Airthings trains its employees in a range of ESG topics such as human rights, anti- bribery and anti-corruption practices and security awareness. All trainings have >95% completion rate among full-time employees.

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To learn more, please refer to the 2024 Sustainability Report which will be published on https://www.airthings.com/sustainability in Q2 2025.

OUTLOOK

Airthings remains committed to deliver on its mission to empower people to breathe better and to address the negative health effects from poor indoor air quality. The Company is recognized as a global leader within indoor air quality category, with more than one million devices shipped. The Company believes the opportunities for growth are significant as the market is still in an early stage and Airthings has proven products and solutions both related to safety (radon) and wellness. In addition to launching new products, Airthings will also invest in more engaging and informative user experiences through improved software experiences.