Product, the View Plus. I just want to make sure we are all on the same page on what is the purpose of Airthings. It's really to empower the world to breathe better. What we do is good for people, good for planet, and good for business. We are growing fast. We have a CAGR growth of 64% from 2015- 2021. We see great outlooks over the coming years, and we have very high ambitions for this company. Our guiding range for 2021 remains with a midpoint of NOK 330 million in revenues. This quarter, we have added some countries in Asia, we see a little bit more colors on this world map. Also if you look at the revenue split between Europe and U.S. or North America, it's a bit more balanced, with 62% of the Americas and 38% of Europe and rest of the world. At Airthings, we are working in the consumer segment with the largest retailers around the world, with Amazon, The Home Depot, Best Buy, Elkjøp, and many others. In our Airthings for Business segment, where we sell to commercial customers, we sell direct, but we also have partnerships with Schneider Electric, with Atea, Spacewell, Infogrid, and many others. We're also building a global brand, and with this we also work with some ambassadors and awareness partners like American Lung Association, Astma- og Allergiforbundet, and several others. For our first quarter, it's in line with guidance and both for ARR and also for our revenue. We had 14% year-over-year growth for the first quarter. We always are looking for more than that, there were some particular happening in the first quarter. I'll come back to that, while the fundamentals of the business are really strong. The ARR was growing by 126% year-over-year, and we have a very strong outlook for the second quarter, where we're guiding to a midpoint of NOK 65 million in revenues, which would give us 72% year-over-year growth. The first half would then be in line with about 40% year-over-year growth. We have quarterly fluctuations in revenue and gross profits, and I want to explain a little bit about that. It's especially due to our consumer segment. In our consumer segment, the revenue really depends on the inventory levels at our channel partners. At Airthings, we recognize revenue when we sell into the channel, while we measure sell-through to the end consumer by looking at when new products are registered in our cloud, also report from our retail partners and channel partners. The end demand, for example, now for the first quarter, is very strong, while we have inventory levels at our partners and it was especially one event with Amazon where they have changed their targets of inventory levels and reduced it. They want us to ship more often and lower volumes per shipment, which causes a one-time adjustment of the inventory level. This pushed out order that we had planned for the first quarter into the second quarter. Our gross profits also depends on what retailer we are selling to and also very dependent on the product mix we're selling every quarter. These things will fluctuate from quarter- to- quarter, but it is very important to look at the performance and average it over time and not just look at single quarters there. I'll talk more about the fundamentals of the consumer business and the results there. Overall, for the main events of the first quarter, the business segment is growing very fast with 516% year-over-year growth and 81% consecutive growth from the fourth quarter. We have launched View Plus, which is really our next major product for Airthings that is going to drive a lot of business for us over the coming years. We expect this to be a significant revenue generator for us from the third quarter. We'll talk more about View Plus in this presentation. We are also now certified our products to sell in several countries in Asia. We are starting to work and roll out with channel partners in Asian countries. We also released My Pollen Levels, which is a really popular feature now among our users. This was an addition to the app for existing Airthings users and was just in time for the pollen season, which also helps us generate a lot of partnerships and co-marketing campaigns with our retailers. For the consumer segment, we have very strong fundamental growth of the sell-through, and we had more than 150% year-over-year sell-through from our smart products. The smart products are all the Wave products, all the cloud-connected products, where we gather all the information from these devices, from these customers, and we can also target these customers in a much more effective way. Some of the lowlights was this push out of the order with these inventory adjustments at Amazon for the first quarter. There is also a global shortage in the semiconductor market that you all have heard about. This affects our gross profits a bit in the second quarter with about 1% to 2 points. We are really prioritizing to secure supply, and that's always the main goal. In some cases, it means that we have to pay a bit more to secure some of the key components. The View Plus, we have spent years of R&D to make this product. It's the most advanced air quality monitor technology in the industry, and it's filling a big need in the market where there's more and more attention on air quality, on pollution, allergy, asthma, and also radon. We're going to see a huge market demand from this product. We had a really big launch campaign, and we opened up for pre-orders from end customers and partners. We have more than 4 million views of our View Plus videos during the launch. We see a lot of momentum, and even though this was launched now mid-March, it drove a lot of traffic for our March numbers when it comes to web sessions. We see this is also just continuing. We are bringing and getting more brand awareness with Airthings now. We see a strong demand in the market and we have thousands of pre-orders and bookings from end consumers and also from channel partners, both in B2C and B2B. We will see significant revenue from this starting in the third quarter. We start to ship to consumers in June, and then higher volumes will continue from June and outwards. We also have some good customer quotes here. One here from Schneider Electric where they say, View Plus is a game changer in the market, which is a comprehensive indoor air quality monitor that every commercial building owner should use to track their pollutants in the air. This is from a director of product management at Schneider Electric. Also similar from Elkjøp, which is the largest consumer electronics retail store in the Nordics, where they see a big increase in demand for products for climate and air quality, and that Airthings has a unique offering and that they will sell large amount of these products moving forward. It's really good to see. This is just examples of a couple of quotes, we certainly see a big demand from our partners. I'll provide an update by the segments. We have the consumer segment, which is basically for everyone with a home. We have the business segment, which is for commercial and public buildings. We have the professional segment, which is really targeting home inspectors and radon professionals. Starting with the consumer segment, we had the revenue of NOK 39.7 million, which is a bit down from the same quarter last year. We have very strong sell-through to our end customers, to retailers and distributors, and we see 150% growth on the smart products. We're seeing significant growth also several places in Europe and especially in the DACH region and great momentum following the View Plus launch. We're also now rolling out to Walmart, which is the largest retailer in the world. We are now starting with 789 stores with Wave Mini, where we have a very visual display in these stores and are part of Walmart's spring allergy season campaigns. We'll focus on air quality, mold, and pollen. This is really us building up a new category in really a mass merchant retailer. For Airthings for Business, we had really big growth numbers year-over-year and also consecutive from the fourth quarter with more than 81% from fourth quarter. We have very strong growth and outlook both for revenue and ARR. A lot of the shipments we've done in first quarter will also generate more ARR moving forward. We also see that our partners are performing better and better. Now in this quarter, 71% of the revenue comes from our partners. It's not a single or a few partners. We have some strong ones like Infogrid, Schneider, Maddock, and Evotech, but there is a long, long tail of partners and customers that we see are ordering more and more products on a monthly or quarterly basis. We see also that every deal we do, every sale we do, is bigger in size and more of them are also coming. We also see a very low churn rate, and we can hardly see any churn during the first quarter. Also for Airthings for Business, we see a great interest in View Plus, and we have building up a big backlog that will start to ship out in June. Some examples of success in Airthings for Business. We have a range of them, but I just want to put some examples. For example, here we're working with a big player, one of the world's largest commercial real estate companies, and that have started to roll out in 20 commercial buildings in downtown Chicago. They can then sit remotely and analyze these buildings. They can do much more effective facility management, and they integrate with their IWMS systems so that they can get the data into their back-end systems that they already use, but get much more insights of the buildings and the usage of the buildings that they have. This partner will roll out to many more buildings across the U.S., who are very happy about using Airthings for Business in these buildings. CBRE in Norway, we have been working with them for a while, and they're now having Airthings in 33 commercial buildings in Norway. We see them adding more sensors per building and adding more and more buildings. It's also a great use case for us to use with CBRE other places of the world. We have now also projects due to this with CBRE across in Europe and also in the U.S. We are building up also success stories in the public sector, and we see schools as a great market, and basically every classroom should have air quality sensors and systems like we provide. We see this going out to schools in Norway, U.K., U.S., in Netherlands and Germany. We have an example here from a school district in Indiana, where they deployed Airthings, really for health and well-being for the students and the faculty at the schools. What they found out was there was a lot of classrooms with huge issues with air quality. They found a lot of issues with the HVAC systems that was there. They could fix it instead of replacing the whole system, they fixed those problems, and they also saved a tremendous amount of energy consumption. They measured this to be over $23,000 in energy savings for just a single year. We also have installed in many schools in Rotterdam, where these schools are using the CO2 alert, which is also part of new legislations and regulations in Netherlands, where the teacher will get visual feedback if the air quality is poor, and they will have to air out or take the class outside if the air is not good. This affects heavily the students' ability to learn and to be awake and really follow class, their cognitive performance. It also has a big impact for spread of viruses and bacteria if the air quality is poor. What's very interesting is for all these buildings and public buildings, commercial buildings we're rolling out to, more or less all of them also give a lot of feedback about all the energy opportunities they see they can save by using Airthings in their buildings. For the professional segment, we had good growth with 45% year-over-year and ended at NOK 8.3 million. There's still a strong U.S. housing market, which means high demand for home inspections. We have a very differentiated product that offer really good user experiences and makes the home inspections more effective with really happy and a loyal customer base. We'll see continued growth from this segment, I'm sure, moving forward. We'll also now see that they expand the regulations of these radon-based home inspections from 38 states today to all 50 mainland states in the U.S. We also have the calibration lab running that provides very good customer experiences for all of our home inspectors. For ARR, this is driven really by Airthings for Business and from the professional segment. The main growth of the ARR comes from Airthings for Business, while Pro also grows, but not as exponential as we see from Airthings for Business. The strong sell-in for Airthings for Business in the first quarter will really drive ARR moving forward. We also see we have strong gross profits from the ARR. It's much more than 80% the gross profits from service revenues. We just released our full 2020 report to UN Global Compact yesterday. Very solid work by the whole team, and the employees and board are really committed to make the planet a better place, and utilizing Airthings as part of that. We have very big ambitions, especially in how much CO2 we can save by making buildings around the world more energy efficient. We're going to be a climate positive company by 2026, and we have really built some strong KPIs that we will hold ourself accountable towards. I'll send it over to the financials with Erik Lundby. Thank you, Øyvind. As you said, I will go through the main highlights of the financials right now. As Øyvind mentioned, we had the sales revenue of NOK 57.5 million in the quarter, which is up 14% year-over-year. As the Innovation Norway project is at its final stages, we do not have any other revenue in the quarter. Cost of sales came in at NOK 22.1 million in the quarter, which reflects a gross margin of 62%, down 8 percentage points year-over-year. The main reason for the decline is the pushed Amazon deal that we have mentioned before, and the general product mix in the consumer segment. In addition, Airthings for Business made up 17% of the total revenue of the quarter, up from only 3% in the same quarter last year. With a 57% gross margin in that segment, it's clearly that it has a negative contribution now, but going forward, we expect the margins to increase as the service revenue takes up a bigger portion of that revenue. EBIT came in at the NOK -33.4 million in the quarter, down about NOK 22 million year-over-year. Øyvind has previously talked a little bit about the fluctuations from quarter- to- quarter. For this quarter specifically, the slightly lower revenue and gross profit weighed on the EBIT. In addition, we had the elevated operational expenses related to the Amazon deal of the day and the View Plus launch in March. Furthermore, we continue to build on our organization for the future. We're investing especially in the Airthings for Business segments sales organization. This is all according to plan, and also one of the reasons for why we raised capital last year. Moving over to the cash flow. I will like to mention three elements of the cash flow, and that's the negative operating results that I explained going through the P&L. However, as we come out of the shopping season, a reduction in working capital has a NOK 13.5 million positive effect in the quarter. The last element I would like to highlight is the settlement of loans in the quarter, which had a NOK 16.2 million effect on the cash flow. Moving over to the balance sheet, I won't repeat all the elements that I went through previously, but I would like to highlight three things, and that's for non-current assets. We see a change in long-term receivables, and that's due to the market value of the share option program for our employees having an effect on the employer's tax. For current assets, I would like to highlight the other short-term receivables, and one of the drivers of the change is prepayment of components. Øyvind mentioned the pressed semiconductor market and, as a result of that, costs have come up some and having us making early payments to account for the cost increase. The last thing I want to highlight on the balance sheet is other short-term debt, where pre-orders on the View Plus and subscription revenue are contributing factors to the change. Then now over to something that's even more exciting than the financials, and that is the View Plus launch, presented by our Co-Founder and CPO, Erlend Bolle. Thanks a lot, Erik. Hello, everyone. My name is Erlend Bolle. I'm the Chief Product Officer here at Airthings. I'm invited here today to share a bit of insights with you around our latest product launch. Our talented engineers have worked day and night to take our air quality sensing solution to the next level, and that resulted in a product launch back in March, which we were extremely proud of. We are now shipping the first product to our customers in June. What I'm talking about here is, of course, a new flagship product, the View Plus, the most complete indoor air quality monitor on the market. View Plus is developed to be used both at home and at work. We truly believe that everyone deserves the same level of insight and precision into the air, the 21,000 breaths they take each and every day. that's why we didn't compromise on quality when selecting the sensors. We have used the most high-quality sensors, both for our consumer customers and also for our Airthings for Business users. In the process of developing View Plus, we gathered a lot of valuable insights, both from existing users and from potential new users. This is really for us to understand what we need to improve to take our solution to the next level. Based on those insights, I will present to you today some of the key innovations that we have chosen to build into the View Plus product. As you already heard from Øyvind, one of the bigger global challenges when it comes to air quality is particulate matter, or PM. We have designed in a high-quality laser-based particle sensor into the View Plus, being able to detect the smallest unhealthy particles in the air, and with the size down to 0.3 µm or 300 nm, the size of a bacteria. Based on that data, we present our users both PM1.0, which is particles smaller than 1 µm, and PM2.5, which is particles smaller than 2.5 µm. Airthings have not only developed a new product, we have also taken our patented radon sensing technology to the next level. View Plus is the first product where we now will design in our new patented radon sensor. This is really strengthening our position as the global leader in digital radon detection. In this product, we also introduced a display. It's also an E Ink display that is customizable. Through the app or through the web dashboard, we can basically tailor the display to show anything we would like and tailor it to any potential use case. This makes data really accessible and shareable both in homes and at workplaces. Wi-Fi has been one of the most asked for features by our customers, and today I can confirm that View Plus will support Wi-Fi. Through Wi-Fi, it will be able to stream live air quality data to cloud. View Plus will support this and much more, and still we are able to run for several years on batteries. We have a truly wireless product, not only sending data wirelessly to cloud, but also running battery operated, so no need for a power cord. For our business users, we would also support turning on and off sensors and adjust sampling times to further enhance battery lifetime. Of course, by having a battery-operated product, we are not limited in terms of placement to have the product placed close to a power outlet, which again, is ideal for upgrading at least existing commercial buildings to be able to both understand the air quality in the building but also to optimize the energy consumption. Talking about Wi-Fi, let's look at our connected experience, both for consumers and for Airthings for Business users. For consumers, the View Plus will now really be the heart in the ecosystem. The View Plus will connect directly to your Wi-Fi at home, then you can build out the systems with a Wave Mini, a Wave, or a Wave Plus with local sensors to then support other more specific use cases. For our business users, our cellular connected Hub is still the gateway to our cloud. Through the cellular connected Hub, we then can connect up other products like the View Plus and the Wave Plus and the Mini over SmartLink and have then data streamed live to cloud through cellular connectivity. In the cloud, we do advanced analytics on tens of thousands of data points sent from each our products every day. We can then present them in digital user interfaces like the dashboard or the app like we are shown here, but they can also be used to smart control our buildings to both save energy and optimize air quality at the same time. If you look at the View Plus, it's really a product that is relevant for any room where people spend their time every day and where you would like to have full control over the air you breathe, if it's healthy, if it's fresh, and also if it's clean. Some of the more specific use cases can be, for instance, a home where you typically would have a View Plus placed centrally in your living room or in the room where you spend most of your time to ensure that your family and your kids are not exposed to any indoor or outdoor pollutants while getting enough fresh and ventilated air. Or in your bedroom. It's a perfect bedroom device where you can ensure that you breathe healthy air at night, but also make sure that you have a well-ventilated space to maximize sleep quality. For our Airthings for Business solution, there are many good examples of workplaces or learning environments where the View Plus would be a natural fit. As an example, we believe that View Plus should really be installed in every classroom to have full control and improved learning environment for our kids. This will not only make the data available to the management of the school and allowing them to take actions to improve the air quality, but also through the display here, we can make data accessible to the students so they can understand more about the air they breathe and also take actions to improve it themselves, like opening a window, for instance. For workplaces, the View Plus would definitely be a perfect device to create a safe, comfortable workspace where you can ensure that you have increased productivity while saving cost. Saving cost, then I mean controlling the building to save cost. In the Airthings for Business domain, certification standards like the WELL and RESET, focusing on human health, has been growing fast lately. Only in the U.S., there is now more than 16,000 buildings that are WELL certified. View Plus would definitely be a good candidate for those buildings where they would like to have their air quality certified as part of the building certification framework. With the growth that WELL have seen over the last years, they have also managed to attract some pretty impressive ambassadors to back their mission on getting more focused on health and safety at the workplace. Airthings really have years of experience of developing award-winning products. The release of View Plus is further strengthening our position as the number one air quality producer in the world. With that, I would like to hand the word back over to Øyvind. Thank you, Erlend. We are super excited about what View Plus will bring us, not only as a device we'll get in the hands of consumers and commercial buildings and public buildings around the world. It also enables us really great data analytics and our data science engineers are running now and coming up with new, exciting features that we can provide because of all the data we're getting from these type of devices. I just want to provide a quick summary. The View Plus, the world's most advanced air quality monitor, is launched and will be starting to generate significant revenues from the third quarter. We're starting to ship it in June, and then higher volumes going from the third quarter. Airthings for Business is growing significantly, 516% year-over-year, 81% or 82% consecutively from the fourth quarter. This is going to be a really big and great business for Airthings. We are rolling now out in Walmart, very excited about that. We are really on our path to reach our 2024 goals of NOK 1 billion in revenues and NOK 200 million in annual recurring revenues. Our guidance for the second quarter is revenue from NOK 60 million-NOK 70 million and annual recurring revenues of NOK 16 million-NOK 20 million. Our guidance for the year stands as it has done the last couple of updates. We're really excited to come back with more news from Airthings. Thanks a lot. Now we'll open up for any questions. One question coming in from the online audience. In Q1 2021, what share of consumer revenues was from smart products? Yeah, we don't divide up revenue by product, but our smart products are the majority of what we're selling. No further questions from the online audience right now. Okay. Nothing more? All right. Thank you very much.
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