Hello and welcome to Airthings' third quarter presentation. I'm Øyvind, and with me today I have our CFO, Magnus. Please send your questions in the chat. For those that are not here in person, there is about a 20-second delay from when you send your questions until we get it in our system here. We have an exciting update today, but we'll keep it a bit brief as we are having a capital markets update later today. I'll come back with some details about that. Always important for us to tell this every time, we are still super focused on our overall purpose at Airthings, to empower the world to breathe better. This is something every day when we go to the office, we are focusing on. It's so easy for us to diverge in all kinds of directions, but we are really keeping our focus to be the world expert in what we do. We are continuing very strong growth. Since 2015 we have had a 63% CAGR growth, if you assume our fourth quarter results of NOK 322 million in revenue. We have narrowed our guidance window now for the fourth quarter. We see also that year to date we have a higher share of revenue from the Americas versus Europe and rest of the world. We are expanding with some of our key retailers. You'll see more of that in the presentation. We are expanding in more stores. We are expanding with more products per store, and we are expanding into to new retailers as well. In the Airthings for Business segment, we have a very long tail of partners. It's probably about 100 partners now soon, and we see a very kind of long, wide growth across all these partners that we have, which is very good to see, as we build this company. For the third quarter we had a record high revenue. This is the record revenue for Airthings with NOK 88 million and 110% year-over-year growth. Still this revenue was capped by supply of components. We could have done over calculations about NOK 10 million more in the third quarter and about NOK 20 million more as we go into the fourth quarter. This is a bit unfortunate, but we are doing and securing components, doing what we can to make sure this is not going to be a problem for the long- term. We also had strong growth from the annual recurring revenues of 141% year-over-year. We have very solid gross profit margin of 67.6%, and this is despite having higher component costs, but it was offset by product mix, channel mix. Of course, overall we see that our service revenues are taking a higher share of revenues and also contributing to the gross profit margins. Our guidance window for the fourth quarter is lowered as we are capped by supply. There is some risk on the fourth quarter because there is a bit of unpredictability on the component situation. Our guidance window is NOK 100 million-NOK 115 million, and that ARR between NOK 22 million-NOK 27 million. When it comes to this supply challenges, there is like some products where we are able to produce at full steam, while other products we are limited by components that suddenly don't come as planned. These are things we are working through every day and we foresee that this is a problem that's limited in time. Looking at some of the achievements from the third quarter, for sure that we had the all-time high revenue, and sequential growth every quarter this year, with delivering very strong gross profit margins. We are getting a lot of attention from the launch of View CO2 for Airthings for Business. We see a lot of attention for tenders and opportunities in schools and classrooms around in North America and Europe, and also a lot for reopening of offices. We are getting very good feedback for View Plus. We see the demand is very high, but here we have the main challenges of meeting that demand to produce enough units. There's a lot more units being produced now in the fourth quarter, but unfortunately we could have done so much more with View Plus this second half. We earlier launched and released this contract with Quebec, and we're starting now to deliver into the schools. It's more than 250 schools around in Quebec with this 10-year contract. Very interesting, gets lots of attention, and we see this is also an opportunity to show the strength of Airthings, and we're seeing that attention also helping us to win other cases. With Home Depot, we are having a very good partnership, and we're growing our retail footprint there into more stores and also adding more of our products into their stores. We're always reporting some of the lowlights because there's always lowlights running a business like ours. The lowlights we have from the third quarter is certainly the shortage in the semiconductor market. This affects our growth both in third quarter and fourth quarter. Despite us being able to have good growth, we could have done so much more. Also, we have delays in our ARR. What we see is that some of our partners keep inventory, and the way we do ARR is that we only bill ARR when units are activated in the field. There is a delay there from we sell in to our partners until those are activated. For the third quarter, we shipped a lot for Airthings for Business end of the quarter, and some of that has then not been billed. I'll do an update by the segments. We have the consumer segments, Airthings for Business, and then the Pro segment. For consumer, we had NOK 72.7 million of revenue and 115% growth year-over-year. Very strong and very strong gross profit margins of 67.6%. We are doing more with Walmart. We're doing more with Home Depot. We are expanding a lot with retailers around in Europe as well. The View Plus demand is very high in the consumer segment, but unfortunately we're not able to meet the demand so far this year. We are producing, shipping out, but we could have done so much more in this consumer segment. For Airthings for Business, we did NOK 12.1 million in revenues, so we're keeping sequential growth every quarter since the beginning of the history of Airthings for Business. We have also good gross profit margins here with 62.8%, knowing that the service revenues will take a higher percentage of the overall revenue in the future, and which will drive up the gross profit margins further. We launched the View CO2 with up to 10 years of battery lifetime. We still see that we have about 74% of our revenue through our partner networks. The major of the growth in Airthings for Business we see are coming from the Nordics, Netherlands, Germany, and U.K. and U.S. For the Pro segment, we only did NOK 3.8 million in the third quarter, which is a bit lower than what we did the same quarter last year. We had more than 80% gross profit margins. Third quarter is a low season for us, and there's a lot of activities we also decided to push to the fourth quarter, and we're going to see an uptake in the Pro segment in the fourth quarter. Our annual recurring revenue ended at NOK 7.7 million, which is up 141%, but it's slightly lower than our last guidance. The reason is that we shipped a lot at the end of the quarter in Q3. The way we do ARR is actually build MRR, so build revenues from subscriptions of units that are activated in the field. When our partners take inventory, we don't bill any subscription for those. There is a bit of delay there of two, three months that we have to take into account. If you look at our booked ARR, and that comes in addition to this, when we looked at this at the end of Q3, there's more than NOK 5 million of booked ARR that's not billed at the end of Q3. Most of this is certainly going to come in the fourth quarter. We still see very good gross profit margin from our annual recurring revenues. With that, I'll put it over to our CFO, Magnus. Thank you, Øyvind. Good morning. I will take you through the financials in more detail. We recognized all-time high sales revenues of NOK 88.5 million for the third quarter, corresponding to an increase of 110% compared to the same quarter last year. The Consumer segment contributed with NOK 72 million, while the Airthings for Business segment contributed with 12 million, and the Pro segment NOK 4 million of the total revenues. Cost of sales came in at NOK 28.7 million, corresponding to a gross profit margin of 67.6% in the quarter, which is higher than the guidance we gave in connection with the second quarter release, mainly due to the product mix in the Consumer segment. Operating expenses for the quarter increased 62% year-on-year, driven by increased personnel expenses as number of employees have increased from 97 to 131 compared to the same quarter last year. Other operation expenses is mainly driven by marketing and office leases. We reported a positive EBITDA of NOK 800,000 this quarter, mainly driven by a solid gross profit margin and a lower personnel expense due to holiday pay in July. We recognize NOK 2.6 million in depreciation and amortization for the quarter. NOK 1.4 million relates amortization of goodwill, recognized as in connection with the Airtight acquisition last year. Please note that the numbers is reported in accordance to Norwegian accounting principles, where goodwill are amortized over five years. This leaves us with a operational loss of NOK 1.9 million. Financial items came in at positive NOK 1.5 million and consist mainly of exchange rate movements between USD and NOK. This leaves us with a net loss for the quarter of NOK 300,000. Moving to the balance sheet, I will take you through the key takeaways. Total assets decreased mainly due to reduction in cash and cash equivalents. We have increased our inventory of products where we have the required components. In addition, we have a strategy to secure key components well in advance to secure supply in a pressed global semiconductor market. Further, we closed a significant number of deals in September, increasing the accounts receivables with 78% compared to year end. Reduction in total liabilities is driven by reduction in long-term provisions linked to the Social Security tax component in the employee share option program. The last item I would like to highlight on the balance sheet is other current liabilities, which mainly consists of personnel and accrued expenses, in addition to accrued revenues related to subscriptions being recognized over time. We ended the quarter with an equity ratio of 89%. We reported a cash balance of NOK 394.9 million at quarter end, down NOK 67.3 million compared to second quarter. This is mainly driven by the negative cash flow from operating activities due to the increase in inventory and accounts receivables. Cash flow from investing activities and as well as financing activities was marginal during the quarter, as we holds no interest-bearing debt and that we have limited CapEx requirements. With that, I leave the word back to you, Øyvind, for some closing remarks and summary. Thank you, Magnus. Quick summary. We did record sales in the third quarter. We had very strong gross profit margins. We do further expansions in the consumer market with top retailers like Home Depot, Walmart, and we added Currys. We see that Airthings for Business is continuous with very strong sequential quarter-over-quarter growth. We launched this View CO2, very quick turnaround from our R&D teams as we saw a big demand for this type of product, especially for school tenders and reopening of offices, around in the world. We reported positive EBITDA for the third quarter. This is on our path that we will improve EBITDA over the long- term moving forward. If you look at the outlook, over fourth quarter, revenue is limited by supply. The effect is more than NOK 20 million for the quarter according to our estimates, meaning that the second half of 2021, we have probably capped revenue about with about NOK 30 million, if you add the third quarter and fourth quarter together. The midpoint of our fourth quarter guiding range will mean that we'll do about 50% year-over-year growth. We are improving our EBITDA margin in percent in 2021 versus 2020, according to our plans. We really see that we are on schedule to reach our 2024 goals, which is more than NOK 1 billion in revenues and more than NOK 200 million in ARR. With that, I'll just want to mention that we'll have a capital markets update today at 2:00 P.M. here at the Felix Conference Center. You're welcome to come here. Aksel Lund Svindal, our Chairman, will start the show, and there will be some snacks after that show. It's also available on video, and the video link is available on our websites. With that, I want to open up for any questions. We have four questions from the online audience. Okay. Do we want to start online or maybe start with those on premise? If you could get the microphone. Thank you. [Eirik, Ira from Carnegie]. I'll save a couple of the questions for the capital markets update later today. More specifically on Q3, I think you mentioned that most of the booked-but-not-billed ARR will come through in Q4, and I was just wondering, the Quebec contract seems fairly sizable, and I assume if you put the booked-not-billed ARR on top of where you ended Q3, then you'd already be at the low end of your guidance range for Q4. Will Quebec come in now already in Q4, or is that a Q1 case? If so, we should be pretty comfortable on the Q4 ARR, I guess. Yeah. The plan is to do that, but there's always risks, and as there are a lot of schools, and all these devices have to be activated in order for us to build ARR. We cannot just take for granted that, with the two months left of this quarter, everything is going to be ready this year. We will push for that, but let's see how far we get. Okay. Perfect. Thanks. Also, in terms of the component shortage, which obviously is kind of holding back growth, are you getting any signs of this easing into next year in terms of delivery times, et cetera? Kinda how should we think about that going into next year? Yeah. We want to believe it's easing up, and it's a bit unpredictable because some of the stops we had in production now was that the way this works, we get ship dates from our component suppliers. But if the ship date suddenly change right before it's supposed to ship, then things stops up. So like 99% of the components we have full control, and then there's always one component that can stop it. We're doing everything we can to have alternative components we can use, and to secure us moving forward. We believe it's going to ease up, and some of the feedback we hear from some semiconductor companies is that it seems that this is easing up moving forward from the first quarter. It's very hard to know precisely. Perfect. Thanks. Just one final one from me. Quebec milestone for you, just any flavor on the similar tenders around, you know, either Canada or the U.S. or Europe? Anything exciting happening there? Yes. There are lots of exciting things happening. Airthings takes time. If you look at this tendering in Quebec, there's only, like, a bit more than 250 schools, and there's school districts around the world where there's thousands of schools. There's very big opportunities in this field for sure, but it also, there's certainly competitors also trying to take some of this market. The other benefit is really when they want a solid solution with remote monitoring and not just a simple CO2 sensor in the classroom because that you can get from many sources. I think as municipalities, school districts, facility managers learn more about Airthings and they see the value of the total solution, then that's where we really can win some of these really big cases. That's certainly things we are working on. Great. Thanks. Okay. We have eight questions from the online audience. Starting with two questions from Christoffer Bjørnsen in DNB. As far as we understand, Quebec will start taking a shipment in Q4. Can you say anything to help us understand what Airthings for Business should at least look like in terms of revenues momentum into Q4? We will show more about the revenue for Airthings for Business, what we expect for the rest of the year in the capital markets update later today. I think we should save that for that. Certainly it's going to be very strong sequential growth also in the fourth quarter for Airthings for Business. Question two. While you say you have more demand than you can deliver, you had quite a bit of inventory on the balance sheet. Is this primarily unfinished products and components, or how should we understand this? Airthings, we have a quite broad product portfolio in the space that we are operating in, within air quality and radon. Our strategy has been to build inventory, especially in this stressed semiconductor market. When you look at us delivering almost NOK 89 million in the third quarter, it's because we have built inventory. We're continuing to make sure we have good inventory levels for those products where we can. Then there's certain other products that suddenly we can't produce because we miss maybe one out of 200 components, which is very unfortunate and that's life in business these days. Yes, we are building inventories, and we wish we could have built more inventory. When it comes to unfinished goods, there are certain key components where we hold our own inventory, like the radon sensors and some of the other key components. For those, yeah, we keep inventory and that's not the challenge right now for supply. Next question from Oliver Kielland in SEB. EBIT margins improves a lot year-over-year, quarter-over-quarter. Can you please elaborate around profitability versus investing for the future growth? The strategy for Airthings is to grow the top-line revenue and keep good gross profit margins, but also leverage our operating model so that we grow our top line faster than we grow our operating expenses. Over time, that means EBITDA percent will improve. However, we see an extreme market opportunity for Airthings, both in the consumer segment and in Airthings for Business. There is a land grabbing opportunity, and so far, still with good growth, we're just scratching the surface of something that's going to be very big. We're going to build a fantastic technology company over the coming years, and we are going to invest a lot to make sure we can stay as the leader of this emerging market. That's the focus we have. Of course, as we grow top line faster than operating expenses, the EBITDA margin will also improve every year moving forward. We have four questions from Øystein Lodgaard in ABG. Why do you change your profitability guidance from EBIT to EBITDA? Does this change imply a higher guidance than previously? The main reason for that is that we learned throughout the year with the acquisition we did last year that suddenly we have a lot of goodwill we have between EBITDA and EBIT. For us it makes more sense to look at EBITDA margins, and that's what we're going to focus on moving forward. Of course, we don't capitalize any of our R&D. We don't capitalize any of what we're doing today. We are moving over to IFRS, then we most likely will have to capitalize some, but most of our expenses will be on OpEx moving forward as well. My expectations is that the difference between EBITDA percent and EBIT percent should be limited. But we'll s till we have more control of the EBITDA%, so that's what we're going to focus on. Did I answer all the questions there? Yes. Are the tenders you see in the market of a similar size as the Quebec contract, or mostly lower? We see tenders that are smaller and tenders that are bigger. Some are very much bigger, and some are very much smaller. Do you see additional school tenders in the market that could come over the coming quarters? Yes. The last question from ABG. What products are limited by component shortage? The main effect has been on the View Plus for consumer. We also have had some limitation on View Plus for business. There's been some other components also hindering some of our House Kit and some of the other products that we could have shipped a lot more. While other products we have more than enough supply so far. The final question from the online audience, how do you see the EBITDA development the coming quarters? The positive EBITDA that we saw in third quarter was a lot like a lot of things aligning. High gross profit margins, high revenue, then you had the third quarter effect of holiday pay, so all those things at the same time. EBITDA percent will be negative for many quarters to come, moving forward. Our focus is top-line growth, and then to improve EBITDA percent as OpEx is not going to grow as fast as revenue. Thank you. That's it. Thank you, and I hope to see you all at 2:00 P.M. later today. It's going to be very interesting, updates from business units at Airthings, and you'll see a lot more details there. Thank you.