(Oslo, Norway – March 29, 2023) Airthings (AIRX), the global leader in air quality monitoring and energy-saving solutions, today publishes its 2022 annual and sustainability reports. The annual report contains no changes from the preliminary annual accounts released on 10 February 2023.
Airthings reported revenue of USD 35.5 million for 2022, up 5% from 2021, with a gross profit margin of 59%. ARR ended at USD 3.6 million at the end of the year, an increase of 26% since 2021. The year-on-year growth was primarily driven by Airthings for Business, with a slight decrease in the Consumer and Pro segments. End-user demand in the Consumer segment remained positive throughout the year, with the revenue decline reflecting channel partners in the Consumer segment reducing inventories and pushing orders out time in response to an uncertain market outlook.
Airthings is adapting to the slowdown in revenue growth and heightened market uncertainties by intensifying its focus on optimizing business operations, reducing inventories, and improving the cash position. In 2023, Airthings for Business will be focused on sharpening the strategic direction and enhancing its value proposition, with strengthening of the energy optimization offering as a key component.
The annual report can be found attached and is also available on www.airthings.com/investors/reports. Airthings has also published its 2022 sustainability report which can be found attached and at airthings.com/sustainability/reports.