Hello, welcome to the first quarter presentation of Airthings in 2022. I'm Øyvind, I'm the CEO, and with me today I have our new CFO, Jeremy Gerst. Jeremy? Yes. Hi. Jeremy. Just joined Airthings in the beginning of April. Before coming to Airthings, I worked for reMarkable for about five years as their CFO, and prior to that, I have experience from BCG and the Federal Reserve Bank of San Francisco within the Economic Research and Monetary Policy Division. Very excited to be joining the Airthings team. Thank you. We're gonna hear more from Jeremy during the financial update. Please send the questions in the chat. There is about 20 seconds delay, so if you send it and then we'll have it ready at the Q&A session. I wanna remind everybody about the purpose at Airthings to empower the world to breathe better. We are very focused on our purpose at Airthings. It's all about this. Airthings should be good for people, good for the planet, and good for business. The air we breathe has much bigger impact on our health and wellbeing than most people think. Also by making buildings smarter with our solutions, we can create healthier indoor environments while also saving energy consumptions of buildings. This is our focus at Airthings. We are continuing our strong growth journey. In 2021, we had a challenging year with the supply limitations. Now in the first quarter, we've been able to build up stock of our key products. As we reported in the annual report a few weeks back, we are now converted to IFRS, and also our numbers are now in U.S. dollars. Last year we grew our revenue with about 60% year-over-year. I'll come back to the first quarter results, but what we can say is that we have a higher share now of revenues coming from Europe and the rest of the world versus what we presented earlier. It's about 40%-60% split. We see strong momentum in Airthings for Business and also in our consumer segment. We are adding and growing with existing retailers for consumers, and we're also adding new partners for Airthings for Business, and also growing mostly with existing partners. One we added is, for example, Sodexo, and I'll come back to that later. We had also enormous amount of brand awareness during the first quarter and record high unique web sessions. We'll come back to some of the details on what happened there. Things are really moving in the right direction. We are continuing our strong growth, and we are really looking forward to the next quarters coming as well. 41% in the first quarter with sales revenues of $9.1 million. We had a gross profit margin of 59%, which is about the same as we had the same quarter last year. The gross profit margin, as we talked about before, it varies a bit quarter to quarter and is impacted by component costs and also the product and channel mix in the consumer segment. We have been able to resupply inventory of the View series, which we had big challenges with in last half of 2021. We are guiding in the second quarter between $8 to $9 million and there is still some risk for components moving forward as the market is a bit unpredictable. Then we also see some headwinds to the consumers' sentiment, and we're a bit cautious in the form of inflation and the war in Ukraine. It creates some uncertainty moving forward. Our guidance window is gonna be from $8 million to $9 million for the second quarter. Some of the first quarter highlights of our revenue continuing with strong growth, and also in ARR, where we grew by 87% to $3.1 million. Enormous amount of attention to Airthings as a brand. Started out with CES and AHR early this year, and then following up also with Airthings Masters that created a lot of followers for us. We continue to see very strong development in Airthings for Business, where we also have some cases like Sodexo and Microsoft that I'm gonna come back to. We also see a lot of attention with schools now in the Netherlands. We started now to ship 4,000 units in the first quarter, as there is now a lot of demand for air quality monitoring at schools in the Netherlands, and we have some really great partners working with us down there. We also certified our products for Airthings for Business in Japan. It's a very high bar to get certified in Japan, with very strict regulations. We are already now shipping products in the second quarter, and there is several partners that have very interesting projects going on there. On the other side, we have now decided to discontinue our AirThight as a separate product, a separate solution, and to sell it as a separate product to customers. We see that the technology of AirThight with differential pressure works better in the rest of our devices, and we'll bring it in as part of the Airthings solutions in other products in the future. It's been a disappointment for us for sure and the team and to see this, but we don't change any of our plans moving forward. The AirThight business has been very small of our Airthings for Business overall segment. We are moving forward. We'll bring in the technology and innovations from AirThight into the rest of the Airthings products in the future. The disappointment for the first quarter was really the Pro segment, which went down in revenue. We see a very challenging home inspector market still in the U.S., which is the main where we supply, where we have these Pro instruments. We'll talk a bit more about that, but it looks to improve moving forward, but we are a bit cautious still in this home inspector market as the housing market in the U.S. has been so hot that people don't do their home inspections. I'll do an update by the segment. Starting with the consumer segment, which is basically for everyone with a home, following up with Airthings for Business, which is for all commercial buildings and public buildings, and then our solutions for the professionals. Consumer delivered a strong quarter, $6.1 million in the first quarter with 42% year-over-year growth. Gross profit margin of 55%, 1% point down year-over-year. We are expanding further with our key retailers in North America, like with Home Depot and Canadian Tire, really expanding with more of our products in more stores. We are also now rolled out into Officeworks in Australia, both in store and online, which is a key DIY chain across Australia. We have signed on a new distributor for the Nordics with Exertis, very professional distributor, which is gonna help us moving forward. We see this some uncertainties affecting the consumer sentiment moving forward with inflation and the war and what's happening in that market. We are a bit cautious on what we're doing forward, but really strong belief certainly for consumer in the segment in the longer term. For Airthings for Business, it grew to $2.2 million with more than 100% year-over-year growth. Gross profit margins of 60.4%. We see now that Airthings for Business is taking a larger share of our overall revenues. We're now 25% for the first quarter. We ship now a lot in Netherlands, so that's a key milestone. We see still a very strong underlying growth for a range of broad partners and customers. If you'll see in the bar graph, we have kind of marked out what went to that Quebec project. If you take out the Quebec project, which is a special project, and we're gonna see for sure our plans is to see more projects like that moving forward. If you look at the more broad underlying growth underneath the Quebec project, you will see that we have still strong quarter-over-quarter growth every quarter. We have done some restructuring of the Airthings for Business commercial team in the U.S. So there are changes ongoing there, which is gonna set back a little bit the performance from Airthings for Business in the U.S. We have got a really strong team, building up a very strong team, got a really strong leader there. We have very high beliefs in what this team is gonna deliver over the coming quarters. As we mentioned, we signed on Sodexo as one of our new partners in France, and one of the projects there now is to roll out the Microsoft headquarters in Paris. It's a quite big project for us to monitor the air quality in their complete office in Paris. We have started to ship this project, and we see promising opportunities in the future with Sodexo for sure. This is just one example of a highlight I wanted to present now for the first quarter. There are now more than 35,000 active devices in the field that are with subscriptions for Airthings for Business. This has more than tripled over the last year. Looking at the Pro segment, it ended with a sales revenue of $0.7 million, which is actually 29% down year-over-year. This is really because the housing market in U.S. is very challenging, and there is even companies buying up the houses, and they don't do the home inspections. The data showing now for the second quarter looks more promising for us, but we're still cautious in this segment. Very strong gross profit margins with 87.7% for the professional market in the first quarter. That's really driven because we have lower product sales, and then we have higher share of calibrations and rentals that have higher gross profit margins. Annual recurring revenue grew to $3.1 million, so 87% up year-over-year. There's still very strong gross profit margins from ARR with more than 80%. We are guiding the second quarter to be between $3.3 million to $3.7 million and really driven by the growth in Airthings for Business. When it comes to the brand awareness, it's been very strong, and we have record high unique web sessions in the first quarter with 1.2 million. As always, first quarter is a strong quarter for us, and we will not see the same numbers in the second quarter. It's really amazing to see how much traffic we get. When we do brand measurements of Airthings, we see that we are really improving the brand awareness strongly in our key markets. Airthings Masters was a big project for us in the first quarter, and it's generating enormous amount of press and interest from around the world. I want to highlight that we're coming with our second sustainability report. It's gonna be released next week. That's the plan. We got the silver medal score from EcoVadis last year, which means we are scoring very high and actually higher than 78% of our peers. This sustainability report is a very solid, good report, made by the team. We have really made great progress in ESG and sustainability over the last year. We have done life cycle assessments of our products, and we have done several case studies with our customers to see how much energy consumption we can save by making existing buildings smarter with our solutions. That's gonna be interesting. You'll see more about that report in the coming days or next week. I'll send it over to Jeremy to talk about the financials. Thank you, Øyvind. Yes, starting with the income statement, as Øyvind mentioned, revenues for the first quarter came in at $9.1 million, up 41% year-over-year. Gross margins were 59%, which is exactly in line with last year and slightly up from the fourth quarter. As Øyvind mentioned, some fluctuations in the gross margin can be expected, quarter-to-quarter due to component cost inflation and product mix and channel mix. In terms of EBITDA, it came in at -$3.4 million, representing a margin of -38%. This is a slight improvement, from the same quarter last year. It was -41%, and this reflects a continued willingness in the company to invest in personnel to meet our long-term growth targets. Going down to EBIT, it was -$3.8 million, and this is mostly driven by depreciation of right of use assets in accordance with IFRS 16. Moving over to the balance sheet, in terms of change of assets, we've seen an increase in the deferred tax asset. This is due to losses over the period. Inventory increases reflect the successful efforts to secure supply, and an increase in receivables is mostly driven by one of our mitigating actions to secure supply of finished goods in future quarters, and that's in terms of prepayments on critical components. In terms of liabilities, we've seen a slight decrease in long-term liabilities, although it's mostly on par with the same quarter last year. Accounts payable has grown, and that's to be expected for a company in growth like Airthings. In terms of other current liabilities, the change is mostly driven by accrued subscription revenues and accrued expenses. Turning finally to the cash flow statement. The cash flow from operating activities was -$6.4 million, mostly driven by two factors. One is operating losses in the quarter, and the other is cash that's been moved into the net working capital. This is mostly a positive thing as it's reflected in the increase in inventories. Given the global component challenges, this is a positive and also, as mentioned, mitigating actions to secure supply of finished goods in future quarters. In terms of cash flow from investment activities, this came in at -$0.6 million. I just want to flag here that this, according to IFRS principles, we're now capitalizing R&D activities, and this is reflected as internally generated intangible assets. In addition, you have the purchase of software, production tooling, and diverse office equipment that goes into this post. Moving finally to the cash flow from financing activities, this was positive $0.5 million. On the downside, there was some equity issuance and payments for lease liabilities, and this was more than mitigated by positive FX effects in the quarter. With that, I will give it back to Øyvind. Yes. Thank you. We'll do a quick summary. Strong revenue growth in the first quarter. We have resupplied inventory, so we are ready for more business moving forward. Still keeping strong gross profit margins, and in the longer term, we'll see as the ARR is taking a bigger share of revenues. Gross profit margins will improve. Very strong momentum now in Airthings for Business. Even now in the first quarter, again, we had more than 100% growth. We see a lot of activities in new regions and in existing regions with the consumer segment, and also some new good strengthened strategic partnerships. ARR is continuing to grow fast and 87% up year-over-year. Outlook for second quarter is $8 million-$9 million and ARR of $3.3 million-$3.7 million. Then we are working on the transitioning to the main list of the Oslo Stock Exchange, and that's gonna happen, scheduled to happen now in June, this year. We still see a very exciting long-term outlook for the company. We still have our plans for 2024, and that's now transitioned over to U.S. dollars, so we are gonna do more than $100 million in 2024, with IFRS 16 and the IFRS transition, and also more than $20 million of annual recurring revenues. Our long-term EBITDA margins still stands that we're gonna do more than 25% in the long term. In the consumer segment, we see enormous opportunities. We have amazing products getting great product reviews, and we're gonna continue to expand in new and existing channels around the world. Airthings for Business, we have a proven track record now with the partnership model, and we have a broad range of partners. We have some really great partners that are doing exciting things with our solutions, and we are just seeing the beginning of what Airthings for Business can bring. We have the plan for consumer segment to do more than $60 million in 2024 and Airthings for Business to do more than $40 million in 2024, with $20 million in ARR. With that, I will open up for any questions. The first question that came in online, I believe you touched on this question came in before you touched on the topic, but maybe you want to expand. Can you please elaborate more around the short-term headwind to Airthings for Business following the restructuring of the sales team? When do you expect this to be in place? We already have a team there. It's a small team right now, and we are hiring more people to the team. The pipeline is a bit weak now, but we have some very big cases that we're working on. The biggest share of the Airthings for Business revenue comes from Europe and rest of the world, and we're rebuilding the pipeline for U.S. The long-term outlook is very strong. There's some uncertainty in the second quarter for Airthings for Business in the U.S. Great. The next question: Are there any particular sales channels in the consumer segment where you expect to see more headwinds going forward? If so, what indications have you received from these channel partners? Yeah. There's not any specific one. I mean, we saw in March that kind of sell through was a bit weaker, but then we saw it came back again in April. It's a bit difficult to say. What we hear from retailers is that they're cautious to take on inventories. They want to wait and see how this is going because I think most retailers saw like a setback in March and I think the whole market's a bit cautious now. Like, everybody wanted to secure inventory during the COVID crisis and component crisis, and then we got this new crisis, and then yeah, people are a bit more cautious. Great. The next question's two-part question. Two questions, two parts. I'll read the first one. Could you give some color on how much inventory there is in your channel partners? Could this be an issue in second quarter and beyond if customer sentiment doesn't improve? No, we don't report directly on the inventory we have. It's very kind of balanced inventory. I mean, we wanna ship products every quarter, so we don't inflate our partners or our retailers or e-commerce partners. I don't see any big change there, but we saw certainly that there was a bit weakness in the consumer market in March following the war in Ukraine and inflation. We saw it picked up again in April. People are buying from our channel partners and we have good growth year-over-year. But it's still a challenging or a bit uncertain market, I would say. It's very hard to predict. Great. The second part of the question: can you give some brief comments on what Airthings for Business outlook is for 2022? Any big opportunities in the pipeline? Yes. We have a strong pipeline in Airthings for Business. There are big projects that we're working on, but the timeline on those products are always uncertain. It's very important to have a wide pipeline with many projects because you never know what's being delayed, what's coming in the coming quarter, et cetera. But I can certainly say that there are very interesting partners we're working on and also very interesting projects. We have very strong belief in Airthings for Business. Another question on the topic of Airthings for Business. You said the pipeline is weak for Airthings for Business. Can you please clarify that this is only the case for the U.S.? While consumer is looking soft this year, are you still confident in Airthings for Business outlook for 2022 set out in conjunction with CMD? Yes. Nothing has changed from our CMD. The pipeline we see for Airthings for Business, the weakness there is in the U.S. as we've been restructuring the whole team and really gone through the whole pipeline and rebuilding it. Still very interesting cases we are working on in the U.S., but the pipeline is not as broad and deep as we have it in Europe and rest of the world. For Airthings for Business, we have a much stronger pipeline right now in Europe. What was that? Did I answer it all? I think you answered it all. Okay. Any from those in the audience? Yeah. Number of employees. How many people are you now? Now we are 145. Employees. [audio distortion] Employees. Are you gonna strengthen, you know, development or sales basically going forward? I mean, we are strengthening the team in many direction, but the biggest investments goes into the sales teams. The final one in terms of the figures. You're still losing money, but you have sufficient cash on the balance sheet it seems. When do you think you will turn profitable? As we've stated previously. You need to read it because people won't hear his question. Yeah, they won't hear the question. The question was that we have plenty of cash on the balance sheet, but we are losing money or we have losses right now. When do we expect to start being profitable? As we've stated, we expect towards the tail end of 2023 to start turning profitable on a quarterly basis. All right. Thank you, and looking forward to the next update.