Airthings ASA: Annual Report 2021

Annual Report 2021

Key highlights

2021 revenues of

USD 33.7 million

up 60% YoY

2021 whole gross profit of

USD 20.6 million

up 55% YoY, with a gross profit margin of 61%

Complete ARR reached

USD 2.9 million

on the finish of 2021 up 153% YoY

The 12 months briefly

Airthings ASA reported a powerful 2021 with revenues rising 60% to USD 33.7 million. Development was stable throughout all three enterprise segments. Demand has been even stronger than the income figures point out, as manufacturing capability has been held again by part scarcity.

Annual Recurring Income (ARR) got here in at USD 2.9 million on the finish of 2021, representing development of 153% from 2020. The expansion primarily reflects the sturdy progress within the Airthings for Enterprise phase – a phase which made a step change from USD 1.4 million in revenues in 2020 to USD 6.9 million in 2021.

Gross profit margin was 61% for the complete 12 months, which was a decline from 2020 primarily on account of modifications in the product and channel combine within the Shopper phase and better part costs. This was partly offset by a better share of recurring income from the Software program-as-a-Service providing in Airthings for Enterprise. Recurring revenues on this space generate gross profits of over 80%.

Regardless of the worldwide provide chain challenges, Airthings can look again at a number of significant highlights all through 2021: the releases of View Plus and View CO2 for Enterprise, two materials Airthings for Enterprise partnerships with Provider Company and Quebec Authorities, the rolling-out in hundreds of latest shops throughout the US in Walmart, CVS and House Depot, the launch of My Pollen Ranges within the Airthings App, and the acknowledgement as an business chief within the Frost & Sullivan Indoor Air High quality Techniques Report. We see significant development potential for 2022 after increase product inventory and look ahead to delivering into a powerful market momentum going ahead.

Quarterly highlights


Airthings efficiently launched its most superior air high quality monitor View Plus at CES, in addition to a brand new in-app function, My Pollen Ranges. The corporate additionally signed a cope with Walmart to roll out in almost 800 shops within the shopper phase.


Airthings for Enterprise signed a key partnership with Provider Company. In Shopper, the merchandise had been rolled out in additional than 3,000 CVS shops within the US, elevating the whole retailer depend to over 5,500. View Plus started transport to clients, accelerating market traction and advertising and marketing actions.


Airthings for Enterprise was awarded a 10-yearcontract with the Quebec Authorities to produce air high quality monitoring in all non-public faculties. View CO2 for Enterprise was launched, a brand new providing enabling additional gross sales alternatives in Airthings for Enterprise and throughout the Quebec contract. In Shopper, we grew our retail footprint and we at the moment are obtainable in additional than 1,300 House Depot areas.


The fourth quarter included the profitablelaunch of the View collection merchandise View Air pollution and View Radon, in addition to a record-breaking quarter for Airthings for Enterprise when it comes to income. Frost & Sullivan chosen Airthings as business leaders in their Indoor Air High quality Techniques Report, highlighting our development and innovation.

That is Airthings ASA

Airthings is a number one international know-how firm of award-winning radon and indoor air high quality options for owners, companies, and professionals. Based in 2008, Airthings is on a mission to make sure that folks and companies all over the world acknowledge the significance and impression of indoor air high quality and take management of each well being points and vitality consumption by means of easy, inexpensive, and correct know-how options.

Airthings’ merchandise have made radon detection and indoor air high quality monitoring simple to deploy, correct, and person pleasant. Our know-how has obtained a number of accolades together with the TIME’s Finest Innovations award and CES Innovation Award Honors. Frost & Sullivan positions Airthings as business chief in international indoor air high quality market in their 2021 World Indoor Air High quality Techniques report.

Headquartered within the coronary heart of Oslo, Norway, and with offices within the US and Sweden, the corporate is rising from a present base of over 140 staff from greater than 35 nationalities.

Our story

Each concept begins with an issue, and radon testing for owners had not improved in nearly 30 years. Involved customers solely had two choices – to name knowledgeable to check their radon ranges, or to buy a single-use charcoal take a look at which was then despatched to a lab for evaluation. A number of particle physicists working collectively at CERN (European Group for Nuclear Analysis) noticed a possibility to enhance theradon market, and assist customers and busi-nesses take management of their indoor air high quality. This was the inspiration for the institution of Airthings in 2008.

We have now since branched out from a pure radon focus, into monitoring and controlling of a variety of air high quality points for houses, busi-nesses, and professionals. On prime of this, our merchandise additionally allow significant vitality financial savings in buildings and contribute to lowered emissions and a lighter environmental footprint.

Worldwide growth & recognition

Airthings have taken a worldwide distribution strategy, combining a powerful presence in main on-line shops with availability in almost 800 Walmart shops, 3,000 CVS shops, and 1,300 House Depot shops within the US, and a variety of regional and nationwide retail chains in a number of different international locations.

Airthings can also be constructing sturdy relations with main B2B companions and final 12 months energy-ened the place within the enterprise market with

the signing of a significant strategic settlement with Provider Company, a pacesetter within the heating and air con market. The corporate additionally received a big tender with the Quebec authorities in Canada to produce air high quality monitoring in all non-public faculties over the subsequent 10 years.

Our know-how

Because the begin in 2008, Airthings has launched a gentle stream of revolutionary options for customers, companies, and professionals to sort out indoor air points akin to radon, particle air pollution (particulate matter, PM 2.5), carbon dioxide (CO2), mildew danger, airborne chemical compounds (VOCs) and virus danger. Airthings for Enterprise Indoor Air High quality (IAQ) screens can be utilized to fulfill air necessities for the WELL Constructing Customary, and the merchandise are RESET accredited, demonstrating our excessive requirements within the IAQ market.

The center of our system is within the cloud the place we flip information into superior analytics. Airthings is gathering super quantities of anonymized information from sensors in houses and buildings all over the world, that are getting used so as to add actual insights for our clients.

From industrial design and radio protocol to app creation, software program and firmware, our know-how and options are developed in-house. Most of our merchandise are sensible merchandise with corre-sponding apps, on-line dashboards, superior cloud analytics, and APIs. Airthings now gives digital radon detectors in addition to sensible indoor air high quality screens and options for professionals, houses, faculties, offices, and different commer-cial buildings, and is repeatedly including new options. That is incomes us our popularity of true management within the business.

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Airthings ASA: Annual Report 2021

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