Hello, and welcome to the First Quarter presentation of Airthings. I'm Øyvind, the CEO, and we also have our CFO, Jeremy, with us today. Please send in your questions in the chat, and there is about a 20- seconds delay, so we can get all those questions in. The purpose of Airthings is to empower the world to breathe better, and air has a much bigger impact on energy consumption, on our health and well-being than we think. This is our focus. Airthings, we have been growing fast over many years. 2022 was a more challenging year, with limited growth and some macroeconomic headwinds. We are aggressively selling down inventories, and we are converting it to cash. Some of the growth challenges also remain now in the first half of 2023. We see a stronger pipeline of projects, both for the consumer and Airthings for Business segments, and we see a pretty solid outlook for the second half of this year. We are pivoting on our strategy, and we have worked intensely on defining and executing on this new strategy. I'll come more back on that. For consumer, we are investing more in our direct channel, airthings.com, and we're reducing the number of retailers to only a few successful ones. In Airthings for Business, we are drastically reducing the number of partners, and we're spending more of our commercial efforts with end clients and with a few very key partners that we work closely with. We see that we had a strong revenue in the first quarter from North America, with the 78%, 79%, while the rest comes from mostly from Europe and some in Asia Pacific. For our first quarter, we ended at $8.8 million, which is flattish year-over-year, with a modest growth in the consumer segment, supported by promotional activities to sell down inventories. We had no large rollouts in the first quarter of this year in Airthings for Business, and we see some key projects are being pushed out in time. Overall gross profit margins came in of 56%, and we see year-over-year growth is coming in the second quarter, but modest, and we see a much stronger outlook for the second half of this year. We have a guidance window now for the second quarter of $7–$9 million. Some of the highlights from the first quarter, we had a very strong growth in consumer device registrations with 30% year-over-year, and this is really driven by promotional activities. We reduced our inventories by $1.6 million throughout the quarter, and we also launched a new consumer website with a much better webshop experience with improved conversion rates, as this is also now a more focus moving forward. We improved our balance sheets with a capital raise of NOK 75 million, but also with a significant grant and loan from Innovation Norway to develop our energy reduction products and solutions for both consumer and the Airthings for Business segments. About $17 million of this is a grant, while the rest is a loan from Innovation Norway. This comes in addition to the already reported $8 million revolver, the RCF, with the Danske Bank. We ended our annual recurring revenues at, in the first quarter of $4 million, this is really driven by Airthings for Business, which is up 43% year-over-year. A highlight is also the new Airthings strategy that we have defined now in the first quarter and we just started to execute on. I will present an overview later in the presentation. There is still a tough market out there. We see it both in the consumer segment and the Airthings for Business segment, we see some of our partners and customers are cautious and that some of the larger projects are still being pushed out in time. We're a bit cautious now for the second quarter outlook, but we see a very strong pipeline for the second half. The brand awareness of Airthings is continuing to increase. We have record sales on our direct channel during the Airthings Masters, we also now been listed as Fortune's top health and wellness products with a Review Plus. This helps us being the global leader within advanced air quality products and solutions. I'll do an update by the segment. Our core and key segment is the consumer segment and Airthings for Business, but we also have a professional segment that I will present an update of. In the consumer, we had a revenue of $6.4 million, which is up 4% year-over-year. This is really driven by promotional activities to reduce inventories, and we saw a hit on the gross profit margin due to this. We see also strong growth on our direct channel on airthings.com as this is a key focus for us moving forward. The consumer device registrations continues to grow year-over-year. It's, it was driven by a lot of the promotional activities during the first quarter, and this was up 30% year-over-year. Airthings for Business revenues came in at only $1.7 million for the first quarter. This is down 23% year-over-year as we also had some bigger rollouts in the first quarter of last year. What happened in the first quarter of this year is that we didn't have any big projects to be delivered, but we certainly see a strong outlook for the second half. We see also with some headwinds in the overall market that Airthings for Business deals are being pushed out in time as companies are more cautious in their investments. However, we still won some key projects during the first quarter that we started to roll out. We won a major Ivy League university in the U.S. Unfortunately, we're not able to talk about names with all those the bigger projects. We also started a large rollout with one of the global top-tier service and consultancy companies. Also, with the Norwegian municipalities, we see a lot of interest. I'll show a slide on that, and we are continuing to expand in this market. The devices in the field for Airthings for Business is up 86% year-over-year, and this is a factor for driving our underlying growth in our annual recurring revenues. Hamar Kommune or Hamar Municipality in Norway is a really great example on how Airthings is helping building managers and facility managers get an overview of how their buildings operate and how they also can do significant energy reduction utilizing Airthings data and advanced analytics. Hamar Municipality, they saved 2 million kWh of energy in one year after installing Airthings for Business. They see a positive return on investment in less than one year. As they say, without utilizing Airthings, it's like operating their buildings in the blind. What Airthings is actually doing here is to make the invisible visible. You really see how your buildings operate and what you can do in every building to ensure there's healthy environments, also to run the buildings in a very energy-efficient manner. We show customers, we help our clients to see where all the energy leaks, when you do heating, ventilation, air conditioning or cooling or in areas that has no people. We're seeing many more projects like this, we are very excited about the coming quarters to show more examples of these great rollouts with so much significant energy reduction. There's still a challenging home inspector market in the U.S., for our professional segment, our Radon Professional segment. We had a revenue of $0.6 million in the first quarter, but with a very high gross profit margin of 87%. We ended our annual recurring revenues at the end of first quarter at $4 million. Growth is really driven by the Airthings for Business segment, where we saw a 43% year-over-year growth. The reason you see higher growth in the annual recurring revenues for Airthings for Business than the product revenue is also because there has been inventory corrections in our channels also for Airthings for Business. When devices are installed in the field, that's when we really can see the recurring revenues coming. I'll hand it over to Jeremy for an update on the financials. Thank you, Øyvind. Starting first, as Øyvind mentioned, we've seen an overall decline in inventories of around $1.6 million over the course of the first quarter. This has also resulted in a modest decline in the average days of inventory going from 466– 422. These improvements reflect the active steps we've taken in terms of our promotional activities, especially in the consumer segment and the campaigns there, and also efforts to negotiate reductions in inbound inventories from our key suppliers. However, the continued elevated levels of inventories at $17.1 million warrants then further steps being taken over the course of the second quarter and potentially into the second half of the year in terms of promotional activities. When it comes to the income statement, as Øyvind mentioned, revenue for the quarter came in at $8.8 million, which is down 3% year-on-year. Gross margin came in at 56% in the first quarter, which is below what we've seen both the year prior and the previous quarter, and this really reflects the reduced margins in the consumer segment from those aforementioned promotional activities. EBITDA came in at - $3.2 million. We've seen both reductions in payroll expenses and other operating expenses compared to the first quarter last year. This is despite less capitalization of R&D activities. EBIT came in at - $3.6 million. Turning to the balance sheet, in terms of changes in assets, we've seen an increase versus the same quarter a year ago with the deferred tax asset. This is due to losses over the period. Inventories, as I mentioned, are still elevated and certainly around $4 million or $5 million above their levels a year ago. Other receivables have also increased slightly. This reflects in part some prepaid expenses and some prepayments to suppliers in terms of the negotiations I mentioned to reduce inbound inventories. Cash has declined year-over-year due to profitability, the working capital situation, and exchange rates. In terms of changes in liability, equity has declined. This in part reflects the losses and also because of the exchange rate between the Norwegian kroner and the U.S. dollar as our functional currency is Norwegian kroner, but our reporting currency is U.S. dollars. We've also seen a decline in long-term liabilities and a slight decline in trade and other payables, and this largely reflects the decline in inbound inventories. Turning to the cash flow statement, cash flow from operating activities was -$3.2 million. This is mainly driven by operating profit. Cash flow from investment activities was -$400,000, and this is mostly capitalization of internally generated intangible assets in correspondence with our R&D activities. Then cash flow from financing activities in this quarter, here you see the effects of the capital raise, and that raised our cash by $6.9 million. What's not reflected here is the RCF. As Øyvind mentioned, we have an $8 million RCF with DNB. As of the end of the first quarter, we hadn't utilized any of that facility. Otherwise, we have a net realized foreign exchange difference of - $1.2 million, and that's again because our functional currency is Norwegian kroner and our reporting currency is U.S. dollar. This hasn't been realized, but it is reflected in the cash flow. Turning it back to Øyvind. Thank you, Jeremy. I'll talk a little bit about high level on the new strategy. The background of this is that certainly we have been growing fast over many years, and then we got a heavy year in 2022 with the limited growth. Also we see that in the first quarter of 2023 that the usual growth rates are still not there. We are really analyzed our go-to-market model and worked on our strategy. Our approach has traditionally been to go very wide in many countries, and going in many channels at the same time. When we see the growth has flattened out for a little period, we see that this has created several challenges. We have channel conflicts, we have elevated inventory levels, this has deteriorated our cash position, we have had a lot of focus on top line growth versus unit economics, which has been driving down variable costs. We have had decisions that impacted by shorter term revenue focus over long-term profitability. We have really been focused on growth versus profitability, and this has now for sure been changed over the last few quarters. With what we see moving forward now is that we have to improve on this in a much higher level. Our new refined strategy focuses on three key pillars. It's on the go-to-market strategy, where we wanna own the customer relationship and move towards a digital first go-to-market model. This relates both for consumer and Airthings for Business. We're gonna improve the scalability of what we do and the unit economics of every device that we sell. We're gonna narrow our geographical focus and go deeper rather than broader. When it comes to the products, we're gonna really become a hardware-enabled software company with a software-first mentality. We're gonna focus much more on creating awesome customer experiences and sell more to existing customers than what we have done in the past. When it comes to the operating model, we have to transition to a much more automated way of operating to properly enable the growth and to improve also, unit economics and variable costs. We are gonna focus a lot on both fixed costs and variable costs moving forward and make the company much stronger as we get out of these macroeconomic headwinds, moving forward. It will take some time to see the direct results from this, but we are gonna be a much stronger company. We will share more details of our new strategy at the capital markets update that's coming up in October. A summary from today, we ended a revenue of $8.8 million in the first quarter, with annual recurring revenues of $4 million and a gross profit margin of 56%. We had a modest growth in the consumer segment, supported by promotional activities to reduce inventory levels. We had pretty low revenue from Airthings for Business in the first quarter, as some of the key projects have been pushed out in time, and we didn't have really big rollouts in the first quarter, as we had last year. We see a reduction of overall inventory levels has started. We see some improvements on that sense. We have updated our strategy to support Airthings' profitable long-term growth ambitions along three main pillars. It's a refined go-to-market strategy, it's becoming a true hardware-enabled software company, and it's about having more automated operating model to scale with better unit economics and make more money per device we sell. The outlook for the second quarter, we are guiding it to be between $7 million–$9 million, so a modest growth in the second quarter year-over-year. Our annual recurring revenues, we are guiding it to be between $4 million–$4.3 million. At the end, I just wanna say that Airthings is really supported by really lasting factors and megatrends. Fresh, healthy air and energy optimization will still be very important over many years to come. Only in the U.S., 25 million people have asthma, and there are 1.6 million emergency visits per year due to asthma just in the U.S. Millions of people die due to poor air quality every year. More than 41,000 people die of lung cancer due to radon only in the U.S. and Europe combined. Most people have their sleep affected significantly by poor air quality. Most buildings in the world are not smart. There are huge opportunities to save energy in buildings around the world with technology and solutions from Airthings, like the example you saw from Hamar Kommune today. With that, I'll open up for any questions. We have some questions from Eirik Rafdal in Carnegie. You call out some key projects have been delayed in Airthings for Business. Do you expect these to materialize in second quarter or later this year, or is it postponed indefinitely? We are working on many projects. There are new rollouts every quarter, but some of the really major ones, we see, have been pushed out. Some of them could happen in the second quarter, but what we see right now is that there are certainly bigger ones happening in the second half. Uh, and then- Also on that, we don't see that project have been canceled. From the same, on a year-on-year basis, you are guiding for return to growth in the second quarter. What will be the primary drivers of this? For the Growth in the second quarter. Growth in the second quarter, it's both in the consumer and Airthings for Business. That's our expectations, that we'll see growth in both those areas. On the refined strategy, how should we think about Amazon in all of this? It's digital, so it fits with the GTM, but how should we think about it versus owning the customer relationship? You can do that. I can take that one. I mean, Amazon has always historically been a very important channel for Airthings and where we've seen a lot of success, and it'll absolutely remain a key pillar in the go-to-market strategy within consumer and the digital approach there. It's much more about making Amazon and airthings.com work in tandem with each other, and a key piece to that will be the consumer app and utilizing that to not just give useful information to the customers, but also to personalize that experience and sort of nudge them into the purchase of additional devices, and that's directing them to airthings.com. You can see Amazon will be a very important acquisition channel for us, especially in the U.S., which is our largest market. A lot of consumers prefer to shop on Amazon, so it'll remain a very important acquisition channel, but it needs to work better than before in tandem with airthings.com. The last question also from Eirik Rafdal. Could you please be a bit more specific on what gives you confidence that the second half of 2023 will be materially better? Yeah. I mean, the pipeline of projects. We have a pretty good overview of pipeline of projects that is going to happen. Our expectations and our outlook looks strong for the second half, but we cannot really list any details or any specific projects that is happening. If you look in the consumer segment, of course, the second half is traditionally, seasonally much stronger period for us than the first half. We also see some good outlook for consumer for the second half based on what we see right now. There is no more questions. Okay. Okay. Thank you very much.