Hello, welcome to our Q3 presentation. I'm Øyvind, I'm the CEO, and we have with us today our CFO, Jeremy. We'll also have a guest appearance by Billy McFarland. He is leading our consumer sales in North America, and has been doing that over many years. Please send your questions in the chat. There is a bit of a delay, and then we'll take a Q&A session at the end. I wanna just start by reminding everyone about the purpose of Airthings: to empower the world to breathe better. We are super focused on our purpose, and we use this to steer our strategy, and both in the consumer segment and also in Airthings for Business. Airthings should be good for people, good for planet, and good for business. The air we breathe has much bigger impact on the energy consumption and on our health and well-being than we think. Airthings have been growing fast over many years, and 2022 has been a challenging years, but what we see is that the fundamentals of our business is very strong. We still have most of our business from North America. If you look into our consumer segment, we are now really focusing on making our existing retail and e-commerce partners even more successful. In the Airthings for Business segment, we are nurturing existing partners, as well as adding new ones, both regional and global partners. We're building Airthings as a noticeable brand for our key markets, both for the consumer market and for the B2B segment. This is very important for our business moving forward. We are back to growth in the Q3 after a challenging Q2. We had sales revenues of $10.1 million, which is up 10% year-over-year. For the consumer segment, we had high inventories at our retail and e-commerce partners going into the Q2, and we see that this inventory is now being replenished. New orders is coming in on a regular basis. Now we also see that the growth in the Airthings for Business segment is more than offsetting the modest decline we had in the consumer segment. Gross profit margins is at 60%, and we are guiding our Q4 to be between $9 and 13 million of revenue. Some of the highlights from the Q3 are that we had 26% year-over-year growth in consumer device registrations, which says something about the demand and the growth in demand in consumer. We had 135% year-over-year growth in Airthings for Business. We did win a significant contract with a global enterprise customer. The value of the contract is $4.6 million, and this includes $1.4 million in service revenues over three years. We have now returned to healthier inventory levels at our retail and channel partners. We had a great event at EXPO REAL in Munich a few weeks ago, and we launched our new Space CO2 Mini. Space, by the way, is now the new product naming for Airthings for Business. All Airthings for Business products, hardware products moving forward, will have a prefix of Space. There is a growing focus on indoor air quality. We see this in so many areas. The White House of the United States had a four-hour summit on just this topic a few weeks ago. On the lowlights side, we still see that there's uncertainty in the market, and we are running the business a bit cautiously. We're optimizing our cost base and working capital to accelerate the path to profitability while still focused on growth. It's important for Airthings to build and become a recognized brand in both our consumer and business segments. We continue to get great coverage from leading publications around the world. Airthings is seen as a leader in the market by customers, by analysts, and by journalists. One of the measures we have for brand awareness is the web traffic to airthings.com. We had strong growth this year. Q3 was a bit less of growth, but that is also due to holiday season and limited marketing spend following the restructuring process we had in the Q2. At Airthings, we're really excited to see that the subject of indoor air quality is being raised even to the national stage in the US. This session that was on October 11th at the White House had some really interesting key messages, like that the indoor air quality is crucial to public health, that poor indoor air quality is the main cause of transmission of respiratory pathogens like virus and bacteria, that buildings consume 40% of the world's energy, and in some places up to 70%. Indoor air quality can be used for demand-based heating, cooling, and ventilation, and to make buildings around the world much more sustainable. "It all starts with indoor air quality," is what they said at this summit at the White House. It's especially important for schools and commercial buildings. A great quote by Professor Allen at Harvard University that attended this, and was one of the speaker, was that, "The person who manages your building has a bigger impact on your health than your doctor." This is what Airthings is all about. I'll dig into the business segments, and first of all, the consumer segment and Airthings for Business, and then a little bit on the Pro segment. We had revenues of $6.4 million in the Q3, which is down 13% year-over-year. Consumer revenue year to date is about the same as it was the same period last year. We had gross profit margins of 59%. We see that channel and retail partners are beginning to replenish inventories and more and more orders are coming in. Device registration shows that the end demand remains strong and is growing, and we see that especially for our flagship product, View Plus, but also for Wave Mini. We still have global uncertainties affecting the market visibility, but we really see that the fundamentals of our consumer business is growing, as we can see now on the next slide. This is an overview of consumer device registrations, and it's a leading indicator and a proxy for true end demand of our smart consumer products. As the inventories at our channel partners and retailers are going down, we start to see more and more revenue-generating orders, and we're seeing this happening in the Q3. We see certainly there are seasonal variations in device registrations, but we had 26% growth year-over-year for the Q3. Now, I will give the word to our VP of consumer sales for North America, Billy McFarland. Billy has been leading our consumer sales in North America over the last five years, and he was gonna give you some more insight into our Home Depot business that's been a very strong business for Airthings. Billy? Yes. Thank you, Øyvind, and it's great to be here. It's great to be back in Oslo after two years. I haven't been here since the start of the pandemic, but certainly great to be back. I wanted to say hello to all of our partners in the US, one and two, our team there. I know they're sleeping, but I wanted to make sure I give them a hello. I wanna give you guys perspective on the growth in Home Depot. As Øyvind alluded to, we have some ebbs and flows of our consumer business. One specifically that's a significant highlight that's been going on for the last four years, our partnership with Home Depot. Home Depot is for context the largest DIY classified as a home center in the US and globally. They have approximately 2,000 stores, and Airthings today is present in approximately 70% of those locations. As specified there on the slide, we're in 1,360 out of 1,900+ stores across 48 states. That means that our reach and the awareness for our products is growing. Our distribution footprint where products are available for consumers is there. It's in store also online, 'cause we transact a lot both digitally and in store. We have two products there that are actually doing exceptionally well. We have our digital radon detector device, which has been around for some time and continues to grow, and we have our first air quality device, which is our first non-radon device that's also in the store. With our Wave Mini air quality product, we're addressing the entire population because, as Øyvind points out about respiratory illnesses and air quality as a general statement, that is very relevant across all 50 states of the US Too, the radon detection device is approximately more relevant, as defined by the Environmental Protection Agency, as about 70% of the US locations, so roughly about 82 million households. We have still a tremendous amount of growth to happen. As you see from the slides on the revenue side, from going back to 2019, we have 65% compound annual growth through Q3 of this year, and we expect that the future to be bright there. I think the numbers and the performance speak for themselves, and we're certainly incredibly valued to our partnership with Home Depot and the opportunity they're giving us to reach a large consumer audience. Secondly, I wanna give some props to our marketing team, both here in Oslo globally and more specifically to our North American marketing team, because you know, there's two things that are driving the business. One is the sales performance of our product is doing well. What does that mean? That means that our store penetration increases. We started with Home Depot in 50 stores, we went to 500 stores, we went to 1,000 stores, and now we're in 1,400 stores. That's a validation point that our business and consumer awareness is growing, which is great. We also have a lot of different marketing activities, as specified here, for the first three quarters of the year. One is digitally, we're improving. We're converting better on a digital setting where our products are products that people research and wanna understand more. Secondly, we're doing a lot of point-of-sale, we call it merchandising activities in store, as you saw in the previous slide with points of purchase displays or displays. What does that do? That gets our products in front of more eyeballs, and as people come in and that traffic comes in on the weekend or during the week for shopping, people are seeing our product front and center, and eyeballs translate to awareness, and it translates to sales. The two graphs on the right that I think are important, or the charts, if you will, that are helping us drive the movement in the US are two. One is the Environmental Protection Agency, the EPA's radon map. So you have three there. You have three risk zones. One is the red is obviously high-risk areas, orange is moderate risk, and yellow is low risk. We're focusing our efforts in a lot of the geo data that we see is all of our demand is coming from those areas in the radon side. Across the US, we're seeing great demand for overall air quality in general. Last but not least, the radon legislation policy does move the needle. It's a credibility boost for us in a category that we're pioneering candidly. There's 37 states in the US that have radon legislation that are highlighted there. We think over time that that's gonna continue to develop as awareness grows and the concern for radon, you know, second leading cause of lung cancer in the US and globally, is something that needs to be heard. We're extremely grateful for the partnership at Home Depot, continue to be extremely optimistic about what's ahead. I really think we're in a very early stage of our growth cycle. Thank you. Thank you, Billy. Okay. Billy will also be available here to join the Q&A session. Going into the Airthings for Business segment, we had sales revenue of $3.2 million with 135% year-over-year growth. $1.7 million of this revenue comes from a large contract with a global enterprise customer. We have 60% gross profit margin, and we certainly see that Airthings for Business is taking an increasing share of the overall Airthings business. I'll dig a bit more into what happened with Airthings for Business. We see that the number of devices in the field, active devices in the field, is growing fast. We have seen 179% growth year-over-year of active devices in the field, and this is also a driver for underlying growth in our annual recurring revenues. We launched the Space CO2 Mini a few weeks ago in Munich at the EXPO REAL. It's a really innovative device, it's very accurate. It's a scalable CO2 monitoring monitor covering really the most essential indoor air quality aspects. It has more than 10 years battery lifetime, which is groundbreaking with this type of technology. This one really helps to achieve a balance between health and energy efficiency in all the rooms in a building. For Space CO2 Mini, we are at a price point and a scalability that makes it we can really have this in every room of commercial and public buildings, really to close the loop and to control the buildings in a much better way, to get a much better overview of the building. We're only selling Space CO2 Mini in bulk. It comes in four packs. It really enable us to increase the density of sensor per building. Also helps us to win large projects and large tenders that's going on around the world. Space CO2 Mini monitors everything from CO2, temperature, humidity, noise levels. It has a very accurate lux sensor for light, and you can monitor occupancy, virus risk, and air pressure. You will see a lot more, and we are already seeing a lot of attention of this new technology from Airthings. Another interesting happening that just happened just after the Q3 is our partnership announced at Norway's largest HVAC conference, the VVS-dagene. This is our partnership with Lindab. This is really boosting our ability to energy optimize buildings. The solution is targeting the retrofit market, which is basically most of the buildings in the market. It enables us in a fast, easy way to upgrade buildings to a demand-controlled ventilation system. We can now integrate directly into Lindab's dampers, and this saves energy, it saves costs, and it brings fresh air to where people are. It really enables us to close the loop in buildings. We already have seen several orders coming in from this partnership, and we see that Airthings is now really part of the property technology market by working with Lindab in cases like this. This is exciting, and you're all gonna hear more about it. The way the whole thing works is that the Airthings sensors is mounted in a room. It talks over Bluetooth to the dampers that controls the air rate in the room. You have local control of your air exchange rate in the room based on the data from the Airthings sensor. In addition, Airthings sensor talks to the cloud, which gives you a full overview of the air quality of the building. On the Pro segment, we had sales revenue of about half a million dollars, which represent a growth of 4% year-over-year. We still see a challenging home inspector market, leading to slower sales in this market. We had close to 80% gross profit margin. We are really putting much more emphasis on other areas of the business while still maintaining our pro segment. If you look at the annual recurring revenues, we ended at $3.4 million for the Q3, which is end of Q3, which is up 66% year-over-year. You see most of the growth is coming from Airthings for Business, while we had a modest decline in the pro segment. Still see very strong gross profit margins from our service revenues. With the growth we see in Airthings for Business, we're gonna see growth in ARR over the coming months and quarters. I'll set it over to our CFO, Jeremy. Yes. Thank you, Even. Starting with the income statement, as Even mentioned, earlier, revenues came in at $10.1 million, up around 10%. Gross margin for the Q3 was 60%, which is largely in line with prior quarters for this year. In terms of EBITDA, it came in at -$200,000. Looking versus the Q3 in 2021, payroll expenses are lower and a significant portion of that, around $350,000, is attributable to R&D activities which have been activated to the balance sheet. If we compare the payroll expenses to the Q2 of 2022, we also have to take into consideration the holiday pay dynamics in Norway. Payroll expenses versus the Q2 were down. Also the restructuring process we went through. In terms of other operating expenses, they were slightly higher than a year ago, but well below the Q2. This reflects reduced marketing activities and other operational improvements. Although we did see a strengthening of the US dollar in the quarter, and this is at around. You know, you can attribute around 5% to 10% of the reduction from the Q2 due to these currency changes. In terms of EBITDA or EBIT, it came in at -$500,000. Here we're seeing the depreciation and amortization is primarily the right-of-use assets for leases recognized under IFRS 16. Looking at the balance sheet, we've obviously, due to the losses, Airthings have had over the prior year, seen an increase in deferred tax asset. Versus last year, the inventory has increased due to the strategic decision to secure supply. You know, if we go back a year ago, there was a lot of talk about the global component shortage. Manufacturers were trying to secure supply. We do see a modest decline from the Q2, going down from around $16.5 to 15.5 million in this quarter. Trade receivables is down slightly from a year ago, and cash is obviously down, both due to profitability, also working capital, as I mentioned, the buildup in inventories, and also a significant portion of this due to exchange rates. We've seen a significant strengthening of the US dollar to the Norwegian krone over the last year. In terms of liabilities, again, here we see the effects of the exchange rate as our functional currency is Norwegian crowns, but our reporting currency is US dollar. We have a significant portion of the equity decline is due to these exchange rates. We've also seen a decline in long-term liabilities and a slight decline in trade and other payables. We also see lower provisions. This is due to the segment mix. A year ago, we had a higher portion of our sales in the consumer, and we needed to take provisions to account for revenue reductions in terms of promotional activities through retail partners. Whereas in this quarter, we had much more revenues that came through Airthings for Business. Looking at the cash flow statement, cash flow from operating activities was down -$2.5 million. In terms of operating profit, it was modest, around -$0.5 million, if you combine both profit before tax and net financial items. We did see the sort of change in the working capital led to a decrease of around $2.4 million. This is despite a decline in inventories from the prior quarter, attributable to an increase in trade receivables and a modest decline in trade payables. Cash flow from investment activities was -$0.5 million, and this is primarily driven by internally generated intangible assets in the form of R&D activities that are activated to the balance sheet. Cash flow from financing activities was a modest minus $0.2 million. Sort of the key things to highlight here is, again, getting back to that Norwegian kroner are our functional currency in our accounting, but our reporting currency is US dollars. There's also, because of the significant strengthening of the US dollar we saw over the course of the Q3, an unrealized foreign exchange difference of US dollars approximately -$3 million. I mentioned this earlier, but I want to touch on it a bit again as this is a key focus area for the company now and going forward, as we've seen a modest improvement in inventories, both in terms of the nominal level, a decline of around $1 million in inventories on the balance sheet, but also in terms of days of inventory, a key metric that we're following now. You know, there was a buildup, as I alluded to over the course of 2021 and sort of early into 2022 due to the global component shortage, and this led to a pretty large increase in the average days of inventory. Now in the Q3, we've seen a modest improvement in terms of bringing that down from 402 down to 370, with a more longer-term goal of bringing that down to a level of around 180. Reducing both days of inventory, but of course, also days of trade receivable, remains a key focus area as both of these significant components of working capital obviously impact our cash position. I just want to add that we have cross-functional teams that are working continuously, so both finance operations and the business segments, to identify and implement improvements, along these dimensions. With that, I will give it back to Øyvind Birkenes. Thank you. I'll give a summary and outlook. Yeah, we had a revenue of $10.1 million, up 10% year-over-year. We have strong gains in the Airthings for Business segment, which is up 135% year-over-year and taking a bigger and bigger part of our overall business. We're seeing promising signals in the consumer segment with retailers and channel partners being replenished in their inventories. We also see that device registrations is growing. We have stable gross profit margins around 60%, and we are growing revenues while optimizing our cost base and focus on working capital to accelerate the path to profitability. The outlook for the Q4 is revenues between $9 to 13 million, and the service revenues is expected to grow to somewhere between $3.5 to 4.0 million. We still have a very exciting long-term outlook. We have a $100 million revenue goal for 2024, and we have this goal for several years. With the lower top-line growth that we've seen in 2022, this goal is challenging. However, we keep this as a stretch goal, as we still see it can be possible to reach this $100 million revenue goal in 2024. The fundamentals of the Airthings business is very strong, and the potential for growth over the coming years is exceptional. That's our focus. Airthings is really supported by lasting factors and mega trends. Fresh, healthy air and energy optimization will still be very important for people over many years to come. With that, I'll open up for questions. We have a couple of questions from the online audience, starting with Christoffer Bjørnsen from DNB. We have potentially not seen the big macro headwinds in the results of companies reporting thus far. Can you help us understand a bit better your visibility for 2023 in both consumer and Airthings for Business? Within the consumer segment, of course, the overall sentiment and macroeconomic uncertainty, it's difficult for us to know exactly what is going to happen over the coming quarters. What is important for us is that we see that end demand is growing for our products. We are still a small fish in a very big pond, so even though macroeconomic challenges, we still have a lot of opportunity to grow. We're going to come with new products, new solutions, new software features, and we're going to get a lot of attention over the coming years as we have done in the past. We are very positive that we are still able to grow this business. In 2022, there has been inventory corrections because of the post-COVID, where everybody needed to kind of build up inventories and were afraid of not getting enough. That has been a switch in 2022, but we still see that our end demand is growing through our data. We are optimistic about the next year but still cautious. For Airthings for Business, this is a growing business and going to continue to grow the way we see it. Again, here the opportunities are so big, both to save energy, which is getting more and more a hot topic everywhere, also to digitize the way people manage their buildings, and of course, fresh, healthy air to ensure people are coming back to their offices and are happy to work from their office. Thank you, Even. We have a couple of more questions from Mr. Bjørnsen in DNB. Were there any headwinds from supply chain in the quarter forcing you to prioritize business over consumer? Or are all revenues developments just reflective of demand? Yeah. Winning such a large contract, as we've done in the US makes more, like, the teams focused on that. There, you get more attention on ensuring that goes successful than some winning some other cases in the quarter. Also, Q3 is a quarter where we in Europe has summer holidays, so it's a bit limited quarter for Airthings for Business in that way. We don't have inventory challenges there. We have enough products in inventory, so we are not limited by the number of products we have. Yeah. This wasn't a situation of prioritizing Airthings for Business over consumer. No. Correct. Thank you. Can you talk a bit more about the big enterprise agreement recognized in the Q3? Maybe more important, how many such opportunities are likely to be signed in the next couple of quarters? We cannot say anything about how many cases we're gonna close over the coming quarters. I mean, we are working with more and more projects, but there's few projects of that size. I mean, most project, it's more that there's many more projects of medium size than these very big, big size projects. There's always a balance. There are gonna be big project and medium project and smaller projects. We see that the tail of number of project is growing all the time, and those projects get bigger and bigger in average. That's kind of the fundamental, the great thing here. We cannot yet share so much details about this global enterprise customer, but we're really looking forward to share more about this later. Thank you. Two financial questions from Mr. Bjørnsen to Jeremy. Revenues may be difficult to forecast, but how should we think about cash OPEX, including capitalized R&D run rate development from now to end of 2023? Finally, is it fair to assume you will be cash break even from here on? Yeah. In terms of our OPEX run rate, I think in terms of payroll expenses, you can expect those to be somewhere between $4.5 to 5 million on a quarterly basis. Then, the other OPEX will obviously fluctuate somewhat in regards to demand as there we're seeing, you know, shipping costs and marketing activities. In terms of how much R&D we're gonna be activating, you can sort of look at historically what we've been doing, but somewhere in the order of $250,000 to 400,000 on a quarterly basis will be activated to the balance sheet as we continuously have projects. This depends a little bit on where our R&D projects are in their phase. Obviously, Space CO2 Mini that I even mentioned that was being capitalized and activated to the balance sheet. Now that we've launched it'll start to get depreciated and no more activation on that. Of course, you know, we're a tech company, we're continuing to develop new products and new services on a continual basis. In terms of the cash breakeven or sort of, I think, you know, I'll just sort of reiterate what I mentioned earlier in the presentation that we have a large focus on working capital. There's a lot of cash that's tied up in working capital. Achieving improvements there will, all else equal, improve our cash position as we free up that cash. That can sort of ameliorate the effects of negative profits until we achieve profitability. Thank you. Three questions from Øystein Elton Lodgaard in ABG. Costs were materially lower than the Q2. How much is driven by actual cost, and how much is due to FX? Yeah. I think I touched on that when I went through the presentation, that if you were to compare the Q2 to the Q3, sort of all else equal, then the FX would be attributable around to 5% to 10%. For more details on that, you can, of course, look in the data book and the exchange rate that applies for each of the quarters. If you compare the Q2 to the Q3, as I also mentioned, there's of course holiday pay dynamics in Norway. You know, we take a provision, and then we pay that out. You sort of in a sense get almost like a month of reduced personnel costs. The majority of our employees are here in Norway. In terms of the other OPEX, there, we're seeing some good savings in terms of concrete things, as I mentioned, like marketing activities that were reduced, as we prioritized and focused on revenue-generating activities. Thank you. In Airthings for Business, has the more uncertain macro environment begun to impact projects, or do you still see projects move forward at the same pace? Yeah. It's hard to see because there are so many projects going on. On one side, we see maybe more in Europe that there is a bit of slowness because of the macroeconomic effects. On the other hand, we see the demand for saving energy in buildings is growing a lot. There we see a lot of attention. A lot of customers are very interested in that and starting new projects with us on that side. I think on the energy side especially, it's gonna be very much stronger in Europe. In the US, there is certainly much more attention now. We talked about. Here, the White House had a four-hour summit just with a topic about indoor air quality. It's certainly getting higher up on the agenda in the US, and we are very optimistic about that market. Thank you. The final question from Mr. Lodgaard: The Lindab collaboration is exciting. From your press release, it seemed like a Norwegian partnership. Will this also be extended to other countries over time? That's the intention. We start in Norway, we show success, and then we work with the other areas of Lindab for to roll it out in other countries. Yes. Thank you. One question from Oda Lund in SEB. How do you work to keep the net working capital at a sustainable level? I can touch on that, without going too much into detail, but of course, there's, you know, there's the operational side of things where, a big component of that is, improving our, you could call it an S&OP or sales and operations planning process, the monthly cycle, where the inputs are taken in from the business segments based on projections for the units that are expected to be sold over the next 12, 18 months. That's brought in and discussed then with both operations and finance. We have all key stakeholders in the room, looking and matching demand with supply, going forward. In terms of the other areas for working capital improvements, there's obviously negotiations with customers and both. suppliers, because if we can push out net days payable to suppliers, that also will improve our working capital situation. On top of that, you know, a key area going forward will be growing airthings.com, our direct-to-consumer segment and its portion of revenues over 2023, 2024, as the cash conversion cycles there are much shorter than they are through distributors or retailers. Thank you, Jeremy. One final question from a private investor. Airthings is pushing the sustainability topic, but yet going many trade shows like CES that is very CO2 impactful. Are you thinking about no longer participating to those events in 2023 like many other global companies? The biggest impact we can have on the world is actually to run buildings much more sustainable. We are built up from being a small company. We are scaling it up. We're still not on everybody's minds around the world. We need to be out there. We need to be out in the market to get to be recognized, which means also to go to trade shows. Of course, we also have people locally in the US, so not everybody have to fly very far to get to, for example, CES in Las Vegas. For us, the biggest impact we can have on the planet is what we can do with our smart solutions to run buildings around the world much more sustainable than today. That's our focus, and that's why we have to be out there, meeting customers. Thank you. No more questions from the online audience. Thank you. Thank you very much. Looking forward to the next update.