Hi, and welcome to the Airthings Fourth Quarter 2020 Presentation. I'm Øyvind Birkenes, the CEO of Airthings. I also have here with me, Erik Lundby, the CFO, and also Pål Berntsen, who leads the Airthings for Business unit, and he will go a little bit more in detail into that today. The purpose of Airthings, I just want to remind everybody of that, is to empower the world to breathe better. What we do at Airthings is good for people, it's good for the planet, and it's good for business. Our vision is to be the global benchmark of air quality monitoring and control, and setting the agenda on how air impacts our life and how to act on it. The business is growing rapidly. We ended 2020 at NOK 217 million, which is 50% up from previous year. We are now guiding this year with a midpoint of NOK 330 million for 2021, which gives us a CAGR growth of 64% since 2015. The revenue is split still dominantly from the Americas with 77%, mainly from the U.S. and Canada, and around in Europe and other regions with 23%. We are now having about 112 employees, growing fast also with the very kind of global footprint of our employees, with now 27 nations and adding more or less every week. If you look at the businesses we have on the consumer side, we are really targeting the big retailers around the world. We sell on Amazon, Best Buy, Home Depot, Clas Ohlson, Elkjøp, and these type of retailers. For Airthings for Business, we sell directly to customers, but also through partners such as Schneider, Atea, Infogrid, Spacewell, and many others. It's very important, and you'll see this throughout this presentation as well, we are building thought leadership. We are building a brand, a global brand, which is getting more and more attention. We also work with partners like American Lung Association, Astma- og Allergiforbundet here in Norway and the British Lung Foundation in U.K. and other thought leaders. In Airthings, we have three business units. These business units have dedicated commercial teams, and we also do segment reporting based on these three business units. We have the consumer business, which is basically for all the consumers, everybody with a home. We have Airthings for Business, which we started to build up in 2019, which is growing very rapidly as well, which is more targeting commercial space, facility management companies, system integrators, public sector, and HVAC service providers. We also have a professional segment that targets home inspectors, especially in North America, and radon professionals globally. If you look at these businesses and their growth, so 2019 - 2020, the consumer business grew by 46% year-over-year to NOK 180 million in 2020. Airthings for Business grew to NOK 13 million, so 340% year-over-year. The professional segment grew 56% to NOK 21 million. We are also getting a service-based revenue for Airthings for Business and also some for the professional business. The recurring revenue has been growing to NOK 10.6 million to the end of 2020, which is 267% year-over-year. If you look at these three businesses, this will continue to grow all three of them and execute very well moving forward. We still see a tremendous momentum around the consumer business, and we will continue to build with new product solutions and grow this business moving forward. For Airthings for Business, we just started this journey, and we're going to see a continued really solid growth quarter-over-quarter moving forward, the way we see things going. Also, the professional business is going very well, and we're going to see also solid growth on that also for this year. At Airthings, we are a hardware-enabled software company, and we are addressing really major global issues. 90% of the time we spend indoors where the air quality is typically much worse than outside. Air quality is a major issue. It causes cancer, asthma, allergies. It worsens the risk of transmissions of viruses and bacteria. It causes reduced productivity, poor sleep, academic performance, and overall wellbeing. There's a tremendous amount of energy consumption that is wasted through buildings around the world. That is part of what Airthings can address with our solution. We are really a leader in indoor air quality monitoring and control. We can control buildings in a much smarter way to save energy, and we can safeguard people's health in offices and homes around the world. Really easy to use cloud-connected solutions that everybody can understand, that are easy to install, easy to use, and provide actionable insights based on machine learning and smart algorithms that we build in our Airthings cloud. We can provide data for everything from air quality to comfort to mold risk indicators and Virus Risk Indicators and ventilation control and occupancy, et cetera. It's a tremendous amount of opportunities that we have with our solutions. The good thing is now also from 2020 or mid of 2020, we really started to track the amount of energy consumption that we are saving with our customers. 40% of the global energy consumption comes from buildings, a lot of this energy is wasted through the building, either because the pressure differences between indoor and outdoor is totally wrong, which is very normal and common in buildings, or that the HVAC system, the system that controls temperature and ventilation in buildings, is not controlled very smartly. We see that with Airthings, we can save more than 25% typically in buildings that we control. We just started to count this, we have airthings.com/sustainability, where we have a live tracker that's updated on a monthly basis on this. We have set very big targets that we're going to save a million ton or more of CO2 by 2026. Some of the highlights from the fourth quarter and 2020, we had the strongest quarter ever with revenues of NOK 24 million and gross profit margin of 68%. We had a really good launch of both the Virus Risk Indicator that we talked a bit about in the last update and also the CO2 alert that is giving a lot of attention in many areas of the world. We were also recognized by Frost & Sullivan for global leadership in indoor air quality solutions, which really reinforces our position as a leader in the market. We won a really good contract with a global real estate services company to roll out air quality monitoring solutions in almost 600 offices around in Europe. Our partnership with Schneider that we launched in Q4 is really starting to grow on us and generating increasing amount of orders. We also see that our smart product, we call it smart products, those that are cloud connected, the Wave family of products, is growing very fast. We had more than 100% growth for this in both fourth quarter and 2020. Also on Amazon, we saw more than 200% growth for these type of products. We had all digital CES now in January, and we won awards both for our mold risk indicator and also for the Virus Risk Indicator that we provide for Airthings for Business. If you look at some of the lowlights that we have, it's the annual recurring revenue came in a bit lower than the guided range. We guided it from NOK 11 million-NOK 13 million. We ended at NOK 10.6 million, as there were some contracts that were pushed for Airthings for Business from Q4 - Q1. We also see, in general, slower rollouts for our solutions in offices and office buildings as tenants are still waiting for people to come back to the office. There's also some slowness in rolling out in new retail stores, especially in Europe. Still, we will be able to grow fast also in this special COVID-19 environment. The fourth quarter at NOK 84 million, 40% year-over-year growth. Solid gross profit margin of 68% for the fourth quarter and 67% for the year. We have consumer growth of 38% for the fourth quarter to NOK 74 million. Airthings for Business growing to 314% to NOK 5.3 million in the fourth quarter, and Pro grew to NOK 4.7 million in the fourth quarter. Our annual recurring revenue, as we said, grew by 267% to NOK 10.6 million. For the consumer segment, we saw overall for the year a growth of 46%. We see that the Wave products are growing very fast, and we see a very strong sell-through from all our retail channels, which we see also triggering reorders, which made a strong fourth quarter. Also, Amazon is doing very well on us, and also our direct channel was growing more than 100%. We launched the mold risk indicator back in September last year, and this has caused a tremendous uptick on our Wave Mini product, with more than 200% year-over-year growth in fourth quarter. Airthings for Business, continuing quarter-over-quarter solid growth, and that's really the plan we have also moving forward. We had 340% growth all year 2020 to NOK 13.3 million. It's really driven through facility management customers, public sector, and system integrators. We see that Schneider Electric is a good partner of us, but in Airthings for Business, we are not driven by one single customer. It's a very broad customer base, all these customers and partners are really contributing with a long tail to all this growth. Through one of the largest commercial real estate services companies, we will be a part of a national rollout at one of the largest retail banks in the world, supporting nearly 600 end locations around in Europe. Also, we are investing a lot in Airthings for Business, and this is what we do. We are investing a lot in this business now because we see tremendous opportunities to grow in the future and moving forward, and it's a land-grabbing opportunity that we have. We have tripled the sales team in Airthings for Business by end of 2020, and we're going to continue to grow that team now in 2021 as we see really a good outlook. For the Pro segment, the sales revenue ended at NOK 4.7 million in the fourth quarter. We were hit by production capacity limitations both the third quarter and fourth quarter. We have built a strong backlog. We have solved these challenges. We are seeing good sales of Pro now in the first quarter. We also opened an Airthings Radon calibration lab in Massachusetts in the fourth quarter, which is now increasing our margin and revenue from the annual recurring revenue part from the professional segment. We also see that the press coverage, the brand building of Airthings is really going in the right direction. We had 150% year-over-year increase of unique web users. We also had the partnership with the Play Magnus Group, and we had the Airthings Masters, and we are continuing to invest in the chess championship as being a leader for air quality for chess, and also we're monitoring the air at the chess players while they're playing, which is giving us a lot of good momentum. We've also been covered in CNET, Wired, and we have lots of good PR about Airthings and our solutions on a daily or weekly basis around the world. We'll have Erik Lundby to say a little bit about the financials, and then I'll come back and say more about the outlook. Thank you, Øyvind. A little bit about the fourth quarter key figures. As Øyvind mentioned, there was a 40% growth in revenue year-over-year, and the growth is especially coming from the Consumer and Airthings for Business segments. Gross margin was 68% in the quarter. The margin was down 6 percentage points year-over-year, and that's driven by product mix, Airthings for Business product revenue making up a higher share of total revenue. While the ARR margins are significantly higher than the group average, it's minor as of now and only makes up a marginal effect on total margins for the group. As a result of the higher share of ARR for Airthings for Business, the Airthings for Business segment margin grew 18 percentage points year-over-year in the quarter. Further down, on the EBIT, it was down EUR 17.2 million in the quarter. Worth highlighting was IPO costs in connection with the private placement and listing on the Merkur M arket of about EUR 8.7 million, increased marketing expenses in conjunction with the shopping holiday, and planned personnel increase in accordance with the expansion plans of the business, and especially in the Airthings for Business segment, where the sales force have increased significantly. At the cash flow, we had negative cash from operating expenses in line with our plans. We had the IPO cost that I just mentioned. We also had some working capital increase due to seasonality effects and obviously the increased OpEx as a result of expansion plans. Further towards the cash from investment activities, that's marginal in the cash flow. That's because we expense all our R&D activities and recognize them as OpEx and not CapEx, mainly. We had some office equipment and purchase of Pro equipment for rental in the U.S. for that element. The cash flow for the quarter is obviously dominated by the private placement we had in the beginning of the quarter. We had net proceeds of about NOK 470 million of the NOK 500 million private placement. Moving over to the balance sheet. The change in non-current assets reflects the acquisition of Airtight that was completed in the third quarter. That's mainly seen in the goodwill element. IPO costs and negative operating results leads to the change in deferred tax, and long-term receivables increase as a result of employers' tax on the option program. Change in the current assets is, as I mentioned previously, dominated by the private placement that we had in the quarter. In addition to increased inventory and receivables, as we are growing as a company. The last element that I want to highlight is the change in liabilities. It includes provisions related to the employer's tax on options, accounts payable increase as a part of growing as a company, as we purchase more products. On the balance sheet there, we have two growth loans with Innovasjon Norge and DNB, but those are being repaid in the first quarter of 2021, so that element is shifted to short-term debt. Moving over to Øyvind again. Yeah. We'll talk a bit about what's happening now in the first quarter and how we see the outlook. We did win some awards at CES. Even though it's all digital, we had lots of interaction with customers and retailers and people from other companies. We won two innovation awards, both for Wave Mini with the mold risk indicator and also the Wave Plus for Business with the Virus Risk Indicator. We also launched a very interesting website, which is called airforkids.com, where we provide information for children about air and the importance of air and air quality, and also for teachers, and we also have quizzes and study materials available on that site. We see now actually a lot of schools and teachers are using this website, and we are getting really good feedback from the information we provide on this. We also had a campaign now in January with the American Lung Association about the importance of radon gas, which is the leading cause of lung cancer for those that don't smoke, which has given us a lot of good attention. The Champions Chess Tour, where we are a partner, and the air quality partner, has been really booming. We see chess is booming worldwide, after going as an esport, and certainly also Queen's Gambit on Netflix has helped this sport with a tremendous uptake in interest. Airthings got enormous amount of attention when we were starting to stream air quality from the chess players for Airthings Masters in December and January. We have seen more than 12 million views from Eurosport, YouTube, Twitch, NRK, and other channels. This is very good, and we see a nice tweet here from Magnus Carlsen where he says, "Every breath has" No, I can't even actually read it, but you can read it yourself. Very interesting momentum we're getting through this, and we're continuing this partnership throughout 2021. We just launched a CO2 alert, which is one of the easiest ways to ensure that the room has adequate ventilation. It gives a visual indication to teachers or people in offices or restaurants that now the air quality is not good enough, and you should air out the room. We see new regulations, we have talked about before in Netherlands and Germany, and we also now see in U.S., both for Washington and California, there are new regulations coming for schools and restaurants to monitor CO2. We see big opportunities for Airthings for Business in this segment for sure. I want to introduce Pål Berntsen, and he will talk a bit more about Airthings for Business and what we're doing here. My name is Pål Berntsen. I'm VP and GM, Airthings for Business. In Airthings for Business, we work with commercial buildings. That means that we go into every room, and we monitor and place sensors around the building. All of these sensors gather data, and we send that data to the cloud. There, we analyze the data, and we bring insights and actions back to the users, either through our dashboard or through the open API. As we have battery-operated multi-sensors, you can do an installation of a building in just a few hours. Why do we do this? In offices, meaning the people in an office, we want to improve the productivity and the overall health. If you look at the building as a whole, we want to improve the energy efficiency and the area utilization. If you go into a school, it's about improving the academic performance and the attendance. We focus on four growth pillars. Number one, which is maintain momentum and continue to deliver demand-driven features. As Øyvind mentioned, we launched a CO2 alert in December. That is a feature we have launched due to the fact that there's been legislation happening in the Netherlands and in Germany. Now also we see that other countries or regions are following and also launching or coming out with new legislation saying that you have to monitor CO2. Pillar number two, which is in regards of sales, where we need to expand market coverage with partners and local salespeople. We want to work with partners. Partners can give us an extended arm into new countries, and we can get additional feet on the street. In some places, we also want to have local salespeople that can build up the country with the partners. Within marketing, which is the third pillar, it's about brand awareness to build the pipeline. The more known we can make Airthings, the more leads we will get and the quicker we can scale. The fourth pillar, which is customer success, which is about continuously engage existing customers to make them successful. The closer we can be to a customer, the more we can learn from them, but also the more we can learn them about our solution, and we can make sure that they're happy and they will join us further on the journey. To give you some results within these growth pillars. As mentioned, we did launch the Virus Risk Indicator and the CO2 alert and the mold risk indicator. All of this based on feedback from the market, which there is a demand for. Within sales, we have a customer split end of Q4, where 50% is represented in Norway and 50% is represented worldwide. The worldwide part will grow going forward. Direct sales represents 60%. Partner sales represents 40%. The partner sales here will grow going forward as we will do more business with partners. 24% of all customers are wins in Q4. This shows the growth path that we're on. Within marketing, inbound leads grew with 147% quarter-over-quarter to a total of 243 leads. The conversion rate for inbound leads is 16% within the first three months. Within customer success, which I'm very glad to say, is that 35% of all existing customers has placed two or more orders with us. That shows that the closer we are to the customer, the more we can do together. Also give you a quick update on the segments that we operate in. 11% of our install base is within the offices. Here we talk about customers who are tenants in a building. 25% of the install base is within the buildings. This is the facility management companies, the building owners, who wants to use our solution within the building also to watch out for the tenants, also in regards of energy efficiency to make sure that everything is working and they can do savings. Within the public sector, we have 24% of our install base. In the public sector, we're talking about schools, daycare centers, and elderly care centers and the buildings in the municipalities that we work with a lot in this sector. 40% of our install base is through system integrators. The system integrators gives us additional value because they use our open API, lifts the data to their own platform, and presents it to the clients. They also give us the extended arm into new regions and countries as they might have footprint there already. I would like to give you a few examples of some customer cases that we have. These three customers, Frydenbø, Hemsedal Municipality, and Infogrid, are customers that's been with us more or less from the beginning. Frydenbø, which is a facility management or building owner company, are using Airthings in their buildings to make sure that everything is working. When they know what's going on with the indoor air quality, they can take action and improve. Hemsedal Municipality is also a municipality who has installed sensors in all of their buildings, and this is a little bit the same. They want to know what's going on, and from there they can make changes and they can make sure that the people in the municipalities are safe. Infogrid, which is a system integrator in U.K., are using Airthings for Business into their own platform and then present it to their clients. Some examples of some new customers that we have started to work with over the last four - six months. As mentioned before, Schneider Electric, which is one of the largest BMS companies in the world, they're using Airthings within their platform and present it to their clients. Saber Healthcare Group is a healthcare facility management company who have several buildings where they use Airthings to make sure that their clients are safe. Labots, which is a system integrator in the Netherlands, who are using Airthings for Business out towards schools so to meet the CO2 requirements, which is in the legislation there. Let me summarize. Great results. I have to emphasize the fact that we only did RTM, so ready to market, on our solution in September 2019. We've taken some huge steps. We work with many great customers and partners. When we ask these customers and partners what they think about what we do, they give us great scores. We're built for growth. We've grown our sales team, which has been mentioned before, and we're going to continue to grow our sales team. We have a unique offering which no one else can match. We have a partner structure which gives us the scalability. We have a huge opportunity. Every single commercial building should have Airthings for Business, and this is just the beginning, and we intend to take Airthings to the next step, and we are going to be the number one within indoor air quality monitoring and control. Thank you. Thank you, Pål. Very good update. Looking a bit forward into 2021, we have updated our guiding from NOK 300 million-NOK 340 million previous update, to now NOK 315 million-NOK 345 million. We see strong outlook for all our three business units. The annual recurring revenue we have taken up from the previous guiding of NOK 30 million to now NOK 32 million-NOK 40 million. We see strong outlook on the recurring part of both Airthings for Business and also the portion that's driven by the Pro segments. For the first quarter, we'll have revenue between NOK 57 million-NOK 65 million, and ARR of NOK 14 million-NOK 17 million. I think this year we'll see more sequential growth quarter-over-quarter than we saw in the special year we had last year. As a summary, I would say that we had a record revenue in fourth quarter by NOK 84 million, with also very solid gross profit margins. We have very good outlook for 2021 from all our businesses. We see really great execution throughout the organization when it comes to R&D and new features, solutions, new products that are coming. We have certainly a very great year coming for Airthings. We are really on our path to reach our 2024 goals, which is NOK 1 billion in revenues and NOK 200 million in ARR. With that, I'll open up for any questions. Question from Storebrand. Can you provide some more details on the 200% year-over-year growth at Amazon? Did more geographies come online during the year? Example, Amazon France, Germany, Italy, or U.K. contributing to the growth? Yes. We said at Amazon, we saw more than 200% growth for our smart products, our Wave family of products. This is dominantly the revenue coming from North America, but we also see very strong growth in Europe, which is certainly contributing also significantly into this number. Another question from Storebrand. Can you provide some more details on new or potential new regulations requiring more air quality monitoring in schools in Europe? Yes. We see these regulations, and we see things are being discussed and things are changing, but we see more and more interest, and we think that there's going to be more and more firm regulations around CO2 monitoring. We see a lot of interest around this area in Europe, but now also in U.S., as we see now with regulations in California and Washington as well. Another question. The balance sheet consists of 72.5% cash and cash equivalents. What's the plans for the cash use or investing in the coming years? The company is growing fast. We are really focusing on growing our top line, first of all, but of course, at the balanced EBIT margins. We certainly need in the growth, the fast growth we are in and the additional working capital we're taking on, we certainly will use this money wisely to continue long-term growth and profitability for Airthings. Question from Carnegie. What are the bottlenecks, if any, to continuing the strong growth? Is it lack of qualified sales personnel in Airthings for Business, container availability, and freight prices? I would say that we have very qualified salespeople, and that's not what keeps me awake at night. They are very good, and we are going to add more of them. If you have excellent talents out there, please come to Airthings. We don't see any big hurdles to grow. I think right now, the only hurdles we really see is that the COVID-19 has been delaying retail rollouts in Europe, especially. It's always difficult as well when you cannot travel and talk directly with some of those partners and retailers. There's some slowness in getting Airthings for Business into offices with tenants when they don't have people in the office. Some of those things are delayed, but we still see very solid growth despite that in Airthings for Business. Another question from Carnegie. You highlight good speed across multiple sales channels in consumer. Have you added on any new retailers or e-tailers that already this quarter made a significant contribution? If not, are you planning to launch with new retailers or e-tailers in the first half of 2021? We rolled out to Home Depot in third quarter last year and end of Q3, which has really helped us also in Q4. They're selling quite a lot at Home Depot. We are adding others as well. I cannot point out anybody that have really contributed really significantly to the fourth quarter revenue numbers right now. We are rolling out to new retailers now this year, and we will certainly notify the market when that happens. Third question from Carnegie. On Airthings for Business and the rollout on 600 retail bank location, how fast will you move ahead with this one? Is there upside potential to the initial 600 locations? Yes. We will hopefully now ship this out very soon, within the next weeks. We will work very closely with this customer and partners to grow more in each location and also to grow more around the world with these customers and other customers. Last question from Carnegie. On Airthings for Business again, would you be able to disclose what significant revenues means in relation with the Schneider contribution in the quarter, maybe a range of what the contribution was of the NOK 5.2 million in Q4? I cannot say exact revenue numbers, but the revenue of Airthings for Business is based on very many customers. It's not like the Schneider or any other customers literally take a huge portion of that revenue. We see that all the work we've done to get this agreement with Schneider is starting to pay off, and we see increasing amount of orders, revenue, and outlook from Schneider, which looks very good. Few questions from Arctic. Could you provide the split of the sales force across your segments? We have larger sales team in Airthings for Business than in the consumer segment because Airthings for Business, there is more hands-on work. While in the consumer segment, you can have a small sales team that cover huge retailers like Amazon worldwide and Elkjøp and others. You need more feet on the street in Airthings for Business, so that's a bigger investment for us, for sure. There's more sales and commercial resources on Airthings for Business to really build that up compared to what we see in consumer. We'll still also grow the consumer team as we see tremendous opportunities also there moving forward. Second question from Arctic. How many new hirings can be expected in 2021? We will always balance the number of hires with how the business goes, but we have a plan to add probably about 30 people at least. Let's see. We take this quarter -by -quarter, and we don't have a firm number for the year, but I assume we'll probably hire 30 people or more. Third question from Arctic. How big is your total addressable market in terms of both dollars and customers within the business segment? In the Airthings for Business the total available market is so big, it is hard to put numbers of it because we see almost every customer we talk to, every building owner we talk to sees a need for this and an interest for this. The market is just humongous because we are doing it so differently than traditional players. We are coming with something made for consumers almost, with a consumer look and feel, with the quality required for commercial buildings. It can roll out so fast, so easily into buildings around the world. We see this as a huge opportunity, and the TAM numbers and SAM numbers for this is so big that for us, it does not make sense to talk about it. We just need to utilize the position we are in to do the land grabbing opportunity and really grow as fast as we can. Last question from Arctic. Do you have any figures on lifetime value or customer acquisition costs from your ARR base? No. We don't have those numbers now. We see extremely low churns. We see that customers rather buy more of our products. We have a lot of contracts that spans from one year to five years, but we see more and more contracts are signed for longer periods of time. I don't have those exact numbers. No further questions from the online audience it appears. Okay. Thank you very much. I'm looking really forward to the next update.