Airthings ASA
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Quick analysis of Airthings (30 sec.)

1. Valuation of Airthings (5 min.)

Live pricePrice per share (EOD)

kr2.47

Book Value per Share

kr2.96

2. Growth of Airthings (5 min.)

Is Airthings growing?

	Current year	Previous year	Grow	Grow %
How rich?	$52.9m	$338.6m	-$287.1m	-556.9%

How much money is Airthings making?

	Current year	Previous year	Grow	Grow %
Making money	-$2.3m	-$5.9m	$3.5m	?
Net Profit Margin	-30.1%	-19.0%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of Airthings (5 min.)

4. Comparing to competitors in the Electrical Equipment & Parts industry (5 min.)

Industry Rankings (Electrical Equipment & Parts)

Richest
#338 / 478

Most Revenue
#399 / 478

Most Profit
#402 / 478

Most Efficient
#423 / 478

Fundamentals of Airthings

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a huge loss.
Using its assets, the company is very inefficient in making profit.
Using its investors money, the company is very inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating very inefficient.
The company is inefficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is very able to pay all its short-term debts.
The company is very able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is very able to pay all its debts by selling its assets.
The company is very able to pay all its debts with equity.

1.1. Profitability of Airthings ASA.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Airthings earns for each kr1 of revenue.

Above 10% is considered healthy but always compare Airthings to the Electrical Equipment & Parts industry mean.
A Net Profit Margin of -23.8% means that kr-0.24 for each kr1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Airthings ASA:

The MRQ is -23.8%. The company is making a huge loss. -2
The TTM is -30.1%. The company is making a huge loss. -2

Trends

Current period		Compared to		+/-
MRQ	-23.8%	TTM	-30.1%	+6.3%
TTM	-30.1%	YOY	-19.0%	-11.2%
TTM	-30.1%	5Y	-19.4%	-10.7%
5Y	-19.4%	10Y	-13.6%	-5.8%

Compared to industry (Electrical Equipment & Parts)

Period	Company	Industry (mean)	+/-
MRQ	-23.8%	3.4%	-27.2%
TTM	-30.1%	3.4%	-33.5%
YOY	-19.0%	3.7%	-22.7%
5Y	-19.4%	3.2%	-22.6%
10Y	-13.6%	3.5%	-17.1%

Measures how much net profit Airthings earns for each kr1 of revenue.

Revenue is the amount of profit Airthings generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you kr3. The company does not earn kr3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is kr1.5.

The kr3 you pay for a cup of coffee is called revenue.
The kr1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Airthings earns for each kr1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Airthings to the Electrical Equipment & Parts industry mean.
Can be used to compare companies within the Electrical Equipment & Parts industry.

You typically want a high profit margin. This means that for each kr1 in sales, Airthings makes more profit. This shows the investor how efficiently Airthings is operating in general and compared to other companies in the same industry. Airthings operates in the Electrical Equipment & Parts industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Airthings. If profit margins remain low (compared to the Electrical Equipment & Parts industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Airthings is -0.24. This means that Airthings earned kr-0.24 for each kr1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Electrical Equipment & Parts industry is 3.4%.
What is the trend?
The trend is important because it shows you how Airthings is performing over time. The most recent quarter might be important if Airthings released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Airthings up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Airthings with other companies in the same industry (Electrical Equipment & Parts).
Net profit margin should rise over the years.
Can be influenced when Airthings sells assets (profit will increase while costs remain the same).
It won’t show what part of Airthings is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Airthings

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Airthings = -2,081
Total revenue MRQ Airthings = 8,752
kr-2,081 / kr8,752 = -0.24 or -23.8%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Airthings is using its assets to generate profit.

Above 5% is considered healthy but always compare Airthings to the Electrical Equipment & Parts industry mean.
-3.2% Return on Assets means that Airthings generated kr-0.03 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Airthings ASA:

The MRQ is -3.2%. Using its assets, the company is very inefficient in making profit. -2
The TTM is -3.6%. Using its assets, the company is very inefficient in making profit. -2

Trends

Current period		Compared to		+/-
MRQ	-3.2%	TTM	-3.6%	+0.4%
TTM	-3.6%	YOY	-2.0%	-1.6%
TTM	-3.6%	5Y	-2.2%	-1.4%
5Y	-2.2%	10Y	-1.7%	-0.5%

Compared to industry (Electrical Equipment & Parts)

Period	Company	Industry (mean)	+/-
MRQ	-3.2%	0.9%	-4.1%
TTM	-3.6%	0.9%	-4.5%
YOY	-2.0%	0.9%	-2.9%
5Y	-2.2%	1.0%	-3.2%
10Y	-1.7%	1.1%	-2.8%

Shows how efficient Airthings is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Airthings to the Electrical Equipment & Parts industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Airthings is using its resources to generate profit. If the return on assets (-3.2%) from Airthings are higher than the Electrical Equipment & Parts mean (0.9%) that means Airthings is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Airthings is -3.2%. This means the company generated kr-0.03 for each kr1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Electrical Equipment & Parts industry is 0.9%.
What is the trend?
The trend is important because it shows you how Airthings is performing over time. The most recent quarter might be important if Airthings released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Airthings up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Airthings

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Airthings = -2,081
Total assets MRQ (balance sheet) from Airthings = 65,558
-2,081 / 65,558 = -0.03 or -3.2%

ROA is an important ratio as it will tell you how effectively Airthings is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Airthings is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Airthings to the Electrical Equipment & Parts industry mean.
-3.9% Return on Equity means Airthings generated kr-0.04 for each kr1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Airthings ASA:

The MRQ is -3.9%. Using its investors money, the company is very inefficient in making profit. -2
The TTM is -4.5%. Using its investors money, the company is very inefficient in making profit. -2

Trends

Current period		Compared to		+/-
MRQ	-3.9%	TTM	-4.5%	+0.6%
TTM	-4.5%	YOY	-2.4%	-2.1%
TTM	-4.5%	5Y	-2.7%	-1.9%
5Y	-2.7%	10Y	-2.1%	-0.6%

Compared to industry (Electrical Equipment & Parts)

Period	Company	Industry (mean)	+/-
MRQ	-3.9%	1.7%	-5.6%
TTM	-4.5%	1.8%	-6.3%
YOY	-2.4%	1.9%	-4.3%
5Y	-2.7%	1.8%	-4.5%
10Y	-2.1%	1.9%	-4.0%

Shows how efficient Airthings is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Airthings to the Electrical Equipment & Parts industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Electrical Equipment & Parts industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Airthings is -3.9%. This means Airthings generated kr-0.04 for each kr1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Electrical Equipment & Parts industry is 1.7%.
What is the trend?
The trend is important because it shows you how Airthings is performing over time. The most recent quarter might be important if Airthings released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Airthings up to 10 years back (depending if Airthings existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Airthings

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Airthings = -2,081
Shareholders equity (balance sheet) MRQ Airthings = 52,889
-2,081 / 52,889 = -0.04 or -3.9%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of Airthings ASA.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Airthings is operating .

Measures how much profit Airthings makes for each kr1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Airthings to the Electrical Equipment & Parts industry mean.
An Operating Margin of 0.0% means the company generated kr0.00 for each kr1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Airthings ASA:

The MRQ is 0.0%. The data is not here.

Trends

Current period		Compared to		+/-
MRQ	-	TTM	-21.4%	+21.4%
TTM	-21.4%	YOY	-27.4%	+6.0%
TTM	-21.4%	5Y	-17.9%	-3.5%
5Y	-17.9%	10Y	-12.3%	-5.6%

Compared to industry (Electrical Equipment & Parts)

Period	Company	Industry (mean)	+/-
MRQ	-	5.7%	-5.7%
TTM	-21.4%	3.0%	-24.4%
YOY	-27.4%	4.8%	-32.2%
5Y	-17.9%	4.6%	-22.5%
10Y	-12.3%	3.3%	-15.6%

Measures how efficient Airthings is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Airthings to the Electrical Equipment & Parts industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Airthings is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Airthings is 0.0%. This means that Airthings earned kr0.00 for each kr1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Electrical Equipment & Parts industry is 5.7%.
What is the trend?
The trend is important because it shows you how Airthings is performing over time. The most recent quarter might be important if Airthings released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Airthings up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Airthings

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Airthings = -3,593
Total revenue MRQ Airthings = 8,752
kr-3,593 / kr8,752 = 0.00 or 0.0%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Airthings is keeping operating costs low.

Below 1 is considered healthy (always compare to Electrical Equipment & Parts industry mean).
An Operation Ratio of 1.85 means that the operating costs are kr1.85 for each kr1 in net sales.

Let's take a look of the Operating Ratio trends of Airthings ASA:

The MRQ is 1.855. The company is inefficient in keeping operating costs low. -1
The TTM is 1.826. The company is inefficient in keeping operating costs low. -1

Trends

Current period		Compared to		+/-
MRQ	1.855	TTM	1.826	+0.029
TTM	1.826	YOY	1.272	+0.554
TTM	1.826	5Y	1.362	+0.464
5Y	1.362	10Y	1.267	+0.095

Compared to industry (Electrical Equipment & Parts)

Period	Company	Industry (mean)	+/-
MRQ	1.855	1.670	+0.185
TTM	1.826	1.684	+0.142
YOY	1.272	1.665	-0.393
5Y	1.362	1.625	-0.263
10Y	1.267	1.320	-0.053

Measures how efficient Airthings is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Airthings to the Electrical Equipment & Parts industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Airthings is 185.5%. This means that Airthings earned kr1.85 for each kr1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Electrical Equipment & Parts industry is 1.67.
What is the trend?
The trend is important because it shows you how Airthings is performing over time. The most recent quarter might be important if Airthings released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Airthings up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Airthings

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(3,887 +12,345) \ 8,752 = 1.85

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of Airthings ASA.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Airthings is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Electrical Equipment & Parts industry mean).
A Current Ratio of 4.84 means the company has kr4.84 in assets for each kr1 in short-term debts.

Let's take a look of the Current Ratio trends of Airthings ASA:

The MRQ is 4.839. The company is very able to pay all its short-term debts. +2
The TTM is 5.101. The company is very able to pay all its short-term debts. +2

Trends

Current period		Compared to		+/-
MRQ	4.839	TTM	5.101	-0.262
TTM	5.101	YOY	7.917	-2.816
TTM	5.101	5Y	5.312	-0.211
5Y	5.312	10Y	4.158	+1.155

Compared to industry (Electrical Equipment & Parts)

Period	Company	Industry (mean)	+/-
MRQ	4.839	1.882	+2.957
TTM	5.101	1.904	+3.197
YOY	7.917	1.896	+6.021
5Y	5.312	1.959	+3.353
10Y	4.158	1.620	+2.538

Measures if Airthings is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Electrical Equipment & Parts industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Airthings if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Airthings is 4.84. This means Airthings has kr4.84 in assets for each kr1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Electrical Equipment & Parts industry is 1.88.
What is the trend?
The trend is important because it shows you how Airthings is performing over time. The most recent quarter might be important if Airthings released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Airthings up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Airthings

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
49,126 \ 10,153) = 4.84

The current ratio measures if Airthings is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Airthings is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Airthings does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Airthings is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Airthings is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Airthings to the Electrical Equipment & Parts industry mean.
A Quick Ratio of 1.02 means the company can pay off kr1.02 for each kr1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Airthings ASA:

The MRQ is 1.022. The company is just able to pay all its short-term debts with the most liquid assets.
The TTM is 2.356. The company is very able to pay all its short-term debts with the most liquid assets. +2

Trends

Current period		Compared to		+/-
MRQ	1.022	TTM	2.356	-1.333
TTM	2.356	YOY	6.777	-4.422
TTM	2.356	5Y	3.945	-1.589
5Y	3.945	10Y	3.087	+0.858

Compared to industry (Electrical Equipment & Parts)

Period	Company	Industry (mean)	+/-
MRQ	1.022	0.772	+0.250
TTM	2.356	0.856	+1.500
YOY	6.777	0.919	+5.858
5Y	3.945	0.972	+2.973
10Y	3.087	0.930	+2.157

Measures if Airthings is able to pay off Short-term Debt but only using the most liquid assets.

How to use quick ratio

Higher is better.
Above 1 is considered healthy but always compare Airthings to the Electrical Equipment & Parts industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use quick ratio in their analysis

Shows how fast Airthings can pay off its short term debts. This shows if Airthings can survive emergencies due to market changes or other reasons.

The three steps every investor should look at:

What is the current Quick Ratio?
The current most recent quarter (MRQ) quickRatio of Airthings is 1.02. This means that Airthings can pay off kr1.02 for each kr1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Electrical Equipment & Parts industry is 0.77.
What is the trend?
The trend is important because it shows you how Airthings is performing over time. The most recent quarter might be important if Airthings released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Airthings up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Incorporates only most liquid assets.

How to calculate quick ratio

Quick ratio = cash and equivalents + marketable securities + accounts receivable / current liabilities

Real life example Airthings

You need the following data to determine operating ratio:

Balance sheet
Quick ratio = cash and short-term investments + short-term investments + netReceivables / total current liabilities
MRQ quick ratio Airthings: ( + +10,378) / 10,153 = 1.02

The quick ratio measures the same thing as the current ratio, only it uses the most liquid assets a company has. Meaning, the assets that can be sold for cash the easiest and fastest.

As the quick ratio only incorporates the most liquid assets, you should also check the current ratio which also includes less liquid assets. But they may be harder to sell.

1.4. Solvency of Airthings ASA.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Airthings assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Airthings to Electrical Equipment & Parts industry mean.
A Debt to Asset Ratio of 0.19 means that Airthings assets are financed with 19.3% credit (debt) and the remaining percentage (100% - 19.3%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Airthings ASA:

The MRQ is 0.193. The company is very able to pay all its debts by selling its assets. +2
The TTM is 0.193. The company is very able to pay all its debts by selling its assets. +2

Trends

Current period		Compared to		+/-
MRQ	0.193	TTM	0.193	+0.001
TTM	0.193	YOY	0.147	+0.046
TTM	0.193	5Y	0.147	+0.045
5Y	0.147	10Y	0.115	+0.032

Compared to industry (Electrical Equipment & Parts)

Period	Company	Industry (mean)	+/-
MRQ	0.193	0.445	-0.252
TTM	0.193	0.444	-0.251
YOY	0.147	0.446	-0.299
5Y	0.147	0.433	-0.286
10Y	0.115	0.430	-0.315

Measures how much % of Airthings assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Airthings than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Airthings to Electrical Equipment & Parts industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Airthings is 0.19. This means means that Airthings is financed with 19.3% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Electrical Equipment & Parts industry is 188.2%.
What is the trend?
The trend is important because it shows you how Airthings is performing over time. The most recent quarter might be important if Airthings released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Airthings up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Airthings has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Airthings

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
12,669 \ 65,558 = 19.3% or 0.19.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if Airthings is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Airthings to the Electrical Equipment & Parts industry mean.
A Debt to Equity ratio of 24.0% means that company has kr0.24 debt for each kr1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Airthings ASA:

The MRQ is 0.240. The company is very able to pay all its debts with equity. +2
The TTM is 0.239. The company is very able to pay all its debts with equity. +2

Trends

Current period		Compared to		+/-
MRQ	0.240	TTM	0.239	+0.001
TTM	0.239	YOY	0.174	+0.064
TTM	0.239	5Y	0.189	+0.050
5Y	0.189	10Y	0.148	+0.041

Compared to industry (Electrical Equipment & Parts)

Period	Company	Industry (mean)	+/-
MRQ	0.240	0.791	-0.551
TTM	0.239	0.803	-0.564
YOY	0.174	0.797	-0.623
5Y	0.189	0.796	-0.607
10Y	0.148	0.819	-0.671

Measures if Airthings is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Airthings is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Airthings is 0.24. This means that Airthings can pay off kr0.24 for each kr1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Electrical Equipment & Parts industry is 0.79.
What is the trend?
The trend is important because it shows you how Airthings is performing over time. The most recent quarter might be important if Airthings released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Airthings up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Airthings

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
12,669 \ 52,889 = 0.24 or 24.0%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of Airthings ASA

2. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every kr1 in earnings Airthings generates.

Above 15 is considered overpriced but always compare Airthings to the Electrical Equipment & Parts industry mean.
A PE ratio of -25.35 means the investor is paying kr-25.35 for every kr1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Airthings ASA:

The EOD is -21.180. Company is losing money. -2
The MRQ is -25.348. Company is losing money. -2
The TTM is 60.319. Neutral. Compare to industry.

Trends

Current period		Compared to		+/-
EOD	-21.180	MRQ	-25.348	+4.167
MRQ	-25.348	TTM	60.319	-85.667
TTM	60.319	YOY	-205.875	+266.194
TTM	60.319	5Y	-34.017	+94.337
5Y	-34.017	10Y	-26.622	-7.395

Compared to industry (Electrical Equipment & Parts)

Period	Company	Industry (mean)	+/-
EOD	-21.180	34.109	-55.289
MRQ	-25.348	28.502	-53.850
TTM	60.319	31.317	+29.002
YOY	-205.875	51.016	-256.891
5Y	-34.017	48.281	-82.298
10Y	-26.622	70.859	-97.481

Measures how much money you pay for each share for every kr1 in earnings Airthings generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Airthings to the Electrical Equipment & Parts industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Airthings is -25.35. This means the investor is paying kr-25.35 for every kr1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Electrical Equipment & Parts industry is 28.50.
What is the trend?
The trend is important because it shows you how Airthings is performing over time. The most recent quarter might be important if Airthings released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Airthings up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Airthings

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
\ 197,430 = EPS
PE ratio MRQ = -25.35

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price Earnings to Growth Ratio

Measures the predicted future growth of Airthings.

Lower is better.
A PEG ratio of 1 means the market price of the stock and the expected future earnings are on par.

Let's take a look of the Price Earnings to Growth Ratio trends of Airthings ASA:

The MRQ is -18.642. Very Bad. -2
The TTM is 25.840. Seems overpriced? -1

Trends

Current period		Compared to		+/-
MRQ	-18.642	TTM	25.840	-44.482
TTM	25.840	YOY	-37.426	+63.266
TTM	25.840	5Y	-6.499	+32.339
5Y	-6.499	10Y	-6.499	0.000

Compared to industry (Electrical Equipment & Parts)

Period	Company	Industry (mean)	+/-
MRQ	-18.642	33.541	-52.183
TTM	25.840	68.324	-42.484
YOY	-37.426	97.377	-134.803
5Y	-6.499	169.253	-175.752
10Y	-6.499	279.918	-286.417

PEG Ratio	Meaning
0.5	You can buy the stock cheap based on future growth
1	You pay a fair price based on future growth
2	The stock is overpriced based on future growth

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Airthings is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Electrical Equipment & Parts industry mean).
A PB ratio of 1.00 means the investor is paying kr1.00 for each kr1 in book value.

Let's take a look of the Price to Book Ratio trends of Airthings ASA:

The EOD is 0.833. Very good. +2
The MRQ is 0.997. Very good. +2
The TTM is 1.276. Good. +1

Trends

Current period		Compared to		+/-
EOD	0.833	MRQ	0.997	-0.164
MRQ	0.997	TTM	1.276	-0.279
TTM	1.276	YOY	1.413	-0.138
TTM	1.276	5Y	0.637	+0.639
5Y	0.637	10Y	0.498	+0.138

Compared to industry (Electrical Equipment & Parts)

Period	Company	Industry (mean)	+/-
EOD	0.833	2.149	-1.316
MRQ	0.997	1.991	-0.994
TTM	1.276	2.029	-0.753
YOY	1.413	2.425	-1.012
5Y	0.637	2.300	-1.663
10Y	0.498	2.702	-2.204

2. Total Gains per Share

3. Summary

3.1. Key Performance Indicators

The key performance indicators of Airthings ASA compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	0.110	-0.176	+260%	-7.853	+7260%	0.164	-33%	0.129	-15%
Book Value Growth	-	-	1.039	0.953	+9%	0.763	+36%	1.158	-10%	1.158	-10%
Book Value Per Share	-	-	2.958	2.882	+3%	18.934	-84%	10.491	-72%	8.211	-64%
Book Value Per Share Growth	-	-	1.039	0.953	+9%	0.763	+36%	1.158	-10%	1.158	-10%
Current Ratio	-	-	4.839	5.101	-5%	7.917	-39%	5.312	-9%	4.158	+16%
Debt To Asset Ratio	-	-	0.193	0.193	+0%	0.147	+32%	0.147	+31%	0.115	+68%
Debt To Equity Ratio	-	-	0.240	0.239	+0%	0.174	+37%	0.189	+27%	0.148	+62%
Dividend Per Share	-	-	-	-	0%	-	0%	-	0%	-	0%
Eps	-	-	-0.116	-0.133	+14%	-0.334	+187%	-0.331	+185%	-0.244	+110%
Eps Growth	-	-	1.360	-2.055	+251%	0.216	+530%	-0.768	+156%	-0.768	+156%
Free Cash Flow Per Share	-	-	-0.202	-0.297	+47%	-1.581	+684%	-0.806	+299%	-0.658	+226%
Free Cash Flow Per Share Growth	-	-	1.462	0.938	+56%	0.430	+240%	0.332	+341%	0.143	+925%
Free Cash Flow To Equity Per Share	-	-	-0.202	-0.302	+50%	-1.589	+687%	0.798	-125%	0.597	-134%
Free Cash Flow To Equity Per Share Growth	-	-	1.462	0.966	+51%	0.748	+96%	19.483	-92%	15.812	-91%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	1.000	0%
Intrinsic Value_10Y_max	-	-	-14.432	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	-50.354	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	-1.227	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	-4.213	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	-3.854	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	-13.455	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	-6.682	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	-23.498	-	-	-	-	-	-	-	-
Net Profit Margin	-	-	-0.238	-0.301	+27%	-0.190	-20%	-0.194	-18%	-0.136	-43%
Operating Margin	-	-	-	-0.214	0%	-0.274	0%	-0.179	0%	-0.123	0%
Operating Ratio	-	-	1.855	1.826	+2%	1.272	+46%	1.362	+36%	1.267	+46%
Pb Ratio	0.833	-20%	0.997	1.276	-22%	1.413	-29%	0.637	+57%	0.498	+100%
Pe Ratio	-21.180	+16%	-25.348	60.319	-142%	-205.875	+712%	-34.017	+34%	-26.622	+5%
Peg Ratio	-	-	-18.642	25.840	-172%	-37.426	+101%	-6.499	-65%	-6.499	-65%
Price Per Share	2.465	-20%	2.950	3.659	-19%	9.388	-69%	4.311	-32%	3.374	-13%
Price To Total Gains Ratio	22.476	-20%	26.899	8.860	+204%	12.536	+115%	7.974	+237%	7.974	+237%
Profit Growth	-	-	1.360	-2.055	+251%	0.222	+513%	-0.083	+106%	0.103	+1217%
Quick Ratio	-	-	1.022	2.356	-57%	6.777	-85%	3.945	-74%	3.087	-67%
Return On Assets	-	-	-0.032	-0.036	+14%	-0.020	-36%	-0.022	-31%	-0.017	-46%
Return On Equity	-	-	-0.039	-0.045	+15%	-0.024	-39%	-0.027	-32%	-0.021	-47%
Revenue Growth	-	-	0.925	1.025	-10%	0.889	+4%	0.979	-5%	1.011	-8%
Total Gains Per Share	-	-	0.110	-0.176	+260%	-7.853	+7260%	0.164	-33%	0.129	-15%
Total Gains Per Share Growth	-	-	1.006	0.499	+102%	-89.173	+8963%	-28.709	+2953%	-28.709	+2953%
Usd Book Value	-	-	52907555.577	51554581.066	+3%	338670527.496	-84%	187659504.926	-72%	146863960.377	-64%
Usd Book Value Change Per Share	-	-	0.010	-0.016	+260%	-0.711	+7260%	0.015	-33%	0.012	-15%
Usd Book Value Per Share	-	-	0.268	0.261	+3%	1.715	-84%	0.951	-72%	0.744	-64%
Usd Dividend Per Share	-	-	-	-	0%	-	0%	-	0%	-	0%
Usd Eps	-	-	-0.011	-0.012	+14%	-0.030	+187%	-0.030	+185%	-0.022	+110%
Usd Free Cash Flow	-	-	-3609265.831	-5312863.311	+47%	-28285994.530	+684%	-14410743.779	+299%	-11778358.190	+226%
Usd Free Cash Flow Per Share	-	-	-0.018	-0.027	+47%	-0.143	+684%	-0.073	+299%	-0.060	+226%
Usd Free Cash Flow To Equity Per Share	-	-	-0.018	-0.027	+50%	-0.144	+687%	0.072	-125%	0.054	-134%
Usd Price Per Share	0.223	-20%	0.267	0.331	-19%	0.851	-69%	0.391	-32%	0.306	-13%
Usd Profit	-	-	-2081730.098	-2379834.648	+14%	-5966993.746	+187%	-5827045.843	+180%	-4294386.607	+106%
Usd Revenue	-	-	8755070.552	8781579.849	0%	43742791.309	-80%	33882522.557	-74%	30521225.447	-71%
Usd Total Gains Per Share	-	-	0.010	-0.016	+260%	-0.711	+7260%	0.015	-33%	0.012	-15%
	EOD	+2 -3	MRQ	TTM	+30 -8	YOY	+23 -15	5Y	+13 -25	10Y	+14 -24

3.2. Fundamental Score

Let's check the fundamental score of Airthings ASA based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	-21.180
Price to Book Ratio (EOD)	Between	0-1	0.833
Net Profit Margin (MRQ)	Greater than	0	-0.238
Operating Margin (MRQ)	Greater than	0	0.000
Quick Ratio (MRQ)	Greater than	1	1.022
Current Ratio (MRQ)	Greater than	1	4.839
Debt to Asset Ratio (MRQ)	Less than	1	0.193
Debt to Equity Ratio (MRQ)	Less than	1	0.240
Return on Equity (MRQ)	Greater than	0.15	-0.039
Return on Assets (MRQ)	Greater than	0.05	-0.032
Total			5/10 (50.0%)

Create your own Stock Scanner

Investing is personal. The best investors buy stocks based on their own analysis. Create your personal Stock Scanner with the key performance indicators that are important to you.
Create your own Stock Scanner

3.3. Technical Score

Let's check the technical score of Airthings ASA based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Open	Greater than	Close	2.650
Total			1/1 (100.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
Create your own Symbol Scanner

Latest Balance Sheet

Balance Sheet of 2023-03-31. Currency in USD. All numbers in thousands.

Summary

Total Assets	65,558
Total Liabilities	12,669
Total Stockholder Equity	52,889

	As reported
Total Liabilities	12,669
Total Stockholder Equity	+ 52,889
Total Assets	= 65,558

Assets

Total Assets	65,558
Total Current Assets	49,126
Long-term Assets	49,126

Total Current Assets

Total Current Assets (as reported)	49,126
Cash And Cash Equivalents	15,427
Net Receivables	10,378
Inventory	17,116
Other Current Assets	1
Total Current Assets (calculated)	42,922
+/-	6,204

Long-term Assets

Long-term Assets (as reported)	16,432
Goodwill	2,702
Intangible Assets	2,599
Long-term Assets Other	129
Long-term Assets (calculated)	5,430
+/-	11,002

Liabilities & Shareholders' Equity

Total Current Liabilities	10,153
Long-term Liabilities	2,516
Total Stockholder Equity	52,889

Total Current Liabilities

Total Current Liabilities (as reported)	10,153
Accounts payable	6,207
Total Current Liabilities (calculated)	6,207
+/-	3,946

Long-term Liabilities

Long-term Liabilities (as reported)	2,516
Capital Lease Obligations Min Short Term Debt	3,260
Long-term Liabilities (calculated)	3,260
+/-	744

Total Stockholder Equity

Total Stockholder Equity (as reported)	52,889
Total Stockholder Equity (calculated)	0
+/-	52,889

Other

Capital Stock	215
Common Stock Shares Outstanding	197,430
Net Invested Capital	52,889
Net Working Capital	38,973

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-06-30

2019-03-31

2018-12-31

2018-06-30

2018-03-31

2017-12-31

2017-06-30

2017-03-31

2016-12-31

> Total Assets

0
0
0
0
0
0
0
0
0
143,809
0
186,500
243,810
738,352
689,564
681,600
684,500
83,680
80,256
66,742
59,383
63,743
65,558

65,558

63,743

59,383

66,742

80,256

83,680

684,500

681,600

689,564

738,352

243,810

186,500

143,809

> Total Current Assets

0
0
0
0
0
0
0
0
0
133,010
173,400
173,400
186,194
654,261
608,924
601,600
604,100
67,342
62,879
51,746
45,426
47,202
49,126

49,126

47,202

45,426

51,746

62,879

67,342

604,100

601,600

608,924

654,261

186,194

173,400

133,010

Cash And Cash Equivalents

0
0
0
0
0
0
0
0
0
49,076
0
96,400
95,026
527,295
497,962
462,200
394,900
40,846
35,607
23,170
17,014
11,960
15,427

15,427

11,960

17,014

23,170

35,607

40,846

394,900

462,200

497,962

527,295

95,026

96,400

49,076

Net Receivables

0
0
0
0
0
0
0
0
0
54,905
47,400
47,400
60,689
77,117
64,413
85,300
134,800
12,926
14,325
12,164
12,895
11,099
10,378

10,378

11,099

12,895

12,164

14,325

12,926

134,800

85,300

64,413

77,117

60,689

47,400

54,905

Other Current Assets

0
0
0
0
0
0
0
0
0
54,905
0
47,400
1
86,871
64,413
85,300
134,800
15,067
14,325
-1
-1
1
1

-1

14,325

15,067

134,800

85,300

64,413

86,871

47,400

54,905

> Long-term Assets

0
0
0
0
0
0
0
0
0
10,799
0
13,100
0
84,091
80,640
80,000
80,400
16,339
17,377
14,995
13,957
16,541
16,432

16,432

16,541

13,957

14,995

17,377

16,339

80,400

80,000

80,640

84,091

13,100

10,799

Property Plant Equipment

0
0
0
0
0
0
0
0
0
2,297
200
200
4,061
5,076
6,068
6,500
6,600
5,066
5,053
4,404
3,883
0
0

3,883

4,404

5,053

5,066

6,600

6,500

6,068

5,076

4,061

200

2,297

Goodwill

0
0
0
0
0
0
0
0
0
0
0
0
39,029
36,427
34,475
23,600
22,200
3,210
3,236
2,841
2,607
2,872
2,702

2,702

2,872

2,607

2,841

3,236

3,210

22,200

23,600

34,475

36,427

39,029

Intangible Assets

0
0
0
0
0
0
0
0
0
3,672
0
4,700
9,261
6,653
6,703
19,300
19,000
2,494
2,884
1,496
1,765
2,458
2,599

2,599

2,458

1,765

1,496

2,884

2,494

19,000

19,300

6,703

6,653

9,261

4,700

3,672

Other Assets

0
0
0
0
0
0
0
0
0
4,830
12,900
12,900
9,837
37,404
34,889
44,500
46,100
5,583
6,204
6,256
5,702
0
0

5,702

6,256

6,204

5,583

46,100

44,500

34,889

37,404

9,837

12,900

4,830

> Total Liabilities

0
0
0
0
0
0
0
0
0
46,303
0
45,000
50,947
78,525
62,434
71,900
73,300
15,838
14,791
13,392
10,404
12,815
12,669

12,669

12,815

10,404

13,392

14,791

15,838

73,300

71,900

62,434

78,525

50,947

45,000

46,303

> Total Current Liabilities

0
0
0
0
0
0
0
0
0
28,414
27,700
27,700
38,027
66,222
52,601
62,100
61,500
10,946
10,473
10,334
7,697
10,137
10,153

10,153

10,137

7,697

10,334

10,473

10,946

61,500

62,100

52,601

66,222

38,027

27,700

28,414

Short-term Debt

0
0
0
0
0
0
0
0
0
12,810
0
12,100
0
16,222
25,029
0
0
670
779
0
0
0
0

779

670

25,029

16,222

12,100

12,810

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
0
12,100
0
16,222
25,029
0
0
0
0
0
0
0
0

25,029

16,222

12,100

Accounts payable

0
0
0
0
0
0
0
0
0
12,149
10,300
10,300
18,193
23,788
24,449
23,800
32,800
7,027
7,173
6,281
4,780
3,937
6,207

6,207

3,937

4,780

6,281

7,173

7,027

32,800

23,800

24,449

23,788

18,193

10,300

12,149

Other Current Liabilities

0
0
0
0
0
0
0
0
0
3,455
11,800
5,300
12,573
26,212
3,123
38,300
28,700
3,249
2,521
3,200
2,135
2
0

2,135

3,200

2,521

3,249

28,700

38,300

3,123

26,212

12,573

5,300

11,800

3,455

> Long-term Liabilities

0
0
0
0
0
0
0
0
0
17,889
0
17,300
0
12,303
9,833
9,800
11,800
4,892
4,318
3,058
2,708
2,678
2,516

2,516

2,678

2,708

3,058

4,318

4,892

11,800

9,800

9,833

12,303

17,300

17,889

Long term Debt Total

0
0
0
0
0
0
0
0
0
0
0
0
12,373
0
0
4,067
3,786
3,803
3,636
2,874
2,489
0
0

2,489

2,874

3,636

3,803

3,786

4,067

12,373

Other Liabilities

0
0
0
0
0
0
0
0
0
-1
200
200
547
12,304
9,832
9,800
11,800
1,089
682
184
218
0
0

218

184

682

1,089

11,800

9,800

9,832

12,304

547

200

-1

Deferred Long Term Liability

0
0
0
0
0
0
0
0
0
0
4,700
4,700
4,572
1,469
1,495
13,900
13,500
14,500
0
0
0
0
0

14,500

13,500

13,900

1,495

1,469

4,572

4,700

> Total Stockholder Equity

0
0
0
0
0
0
0
0
0
97,507
0
141,500
192,863
659,826
627,130
609,700
611,200
67,842
65,465
53,350
48,979
50,928
52,889

52,889

50,928

48,979

53,350

65,465

67,842

611,200

609,700

627,130

659,826

192,863

141,500

97,507

Common Stock

0
0
0
0
0
0
0
0
0
568
152,200
152,200
663
1,706
1,711
1,700
1,700
190
190
191
191
0
0

191

190

1,700

1,711

1,706

663

152,200

568

Retained Earnings Total Equity

Accumulated Other Comprehensive Income

-2,892

-1,432

Capital Surplus

0
0
0
0
0
0
0
0
0
0
0
0
211,570
711,464
711,977
712,100
712,400
78,669
78,784
78,838
78,856
0
0

78,856

78,838

78,784

78,669

712,400

712,100

711,977

711,464

211,570

Treasury Stock

Other Stockholders Equity

0
0
0
0
0
0
0
0
0
93,097
0
0
-28,340
661,012
625,419
608,000
609,500
67,652
83,089
-3,415
-8,069
0
0

-8,069

-3,415

83,089

67,652

609,500

608,000

625,419

661,012

-28,340

93,097

Balance Sheet

Currency in USD. All numbers in thousands.

	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31
Accounts Payable	3,937	7,027	23,788	12,149	15,502	7,304
Accumulated Other Comprehensive Income	-	-	-2,892	-1,432	-738	-
Capital Lease Obligations	3,404	4,473	-	-	-	-
Capital Stock	192	190	200	64	56	-
Capital Surpluse	-	78,669	711,464	91,668	37,020	36,907
Cash	11,960	40,846	527,295	49,076	12,459	35,961
Cash And Equivalents	-	-	-	4,731	1,141	3,539
Cash And Short Term Investments	-	40,846	527,295	49,076	12,459	35,961
Common Stock	-	190	1,706	568	486	485
Common Stock Shares Outstanding	173,992	178,442	133,753	170,306	170,306	170,306
Deferred Long Term Liab	-	14,500	1,469	-	-	-
Good Will	2,872	3,210	36,427	-	-	-
Intangible Assets	2,458	2,494	6,653	3,672	461	-
Inventory	18,713	11,429	40,095	29,029	14,787	8,056
Liabilities And Stockholders Equity	-	83,680	738,351	143,809	73,496	61,881
Long Term Debt	-	0	-	8,889	0	-
Long Term Debt Total	-	3,803	3,243	8,889	0	0
Net Debt	-	-36,373	-511,073	-27,378	-5,910	-32,535
Net Invested Capital	50,928	67,842	676,048	106,396	49,247	49,483
Net Receivables	11,099	12,926	8,607	54,905	43,203	16,401
Net Tangible Assets	-	62,137	70,999	93,835	49,247	49,483
Net Working Capital	37,065	56,396	588,039	104,597	46,200	48,030
Non Current Assets Total	16,541	16,339	84,091	10,799	3,047	1,464
Non Current Liabilities Other	-1	-1	-1	9,000	-	0
Non Current Liabilities Total	2,678	4,892	12,303	17,889	0	11
Non Currrent Assets Other	106	1,060	13,002	353	171	352
Other Assets	-	5,583	4,476	4,830	632	352
Other Current Assets	1	15,067	86,871	54,905	43,203	16,401
Other Current Liab	2	3,249	26,212	3,455	2,199	1,658
Other Liab	-	1,089	1,785	-1	-	11
Other Stockholder Equity	-	67,652	661,012	93,097	37,751	36,907
Property Plant And Equipment Net	-	5,066	5,076	2,297	2,416	1,112
Property Plant Equipment	-	5,050	4,173	2,297	2,416	1,112
Retained Earnings	-	-14,683	-7,422	5,273	11,747	12,091
Short Long Term Debt	-	0	16,222	12,810	6,548	3,426
Short Long Term Debt Total	-	4,473	16,222	21,699	6,548	3,426
Short Term Debt	-	670	16,222	12,810	6,548	3,426
Total Assets	63,743	83,680	738,352	143,809	73,496	61,881
Total Current Assets	47,202	67,342	654,261	133,010	70,449	60,417
Total Current Liabilities	10,137	10,946	66,222	28,414	24,249	12,388
Total Liab	12,815	15,838	78,525	46,303	24,249	12,399
Total Stockholder Equity	50,928	67,842	659,826	97,507	49,247	49,483
Treasury Stock	-	-	-	-3	-7	-

	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-06-30	2019-03-31	2018-12-31	2018-06-30	2018-03-31	2017-12-31	2017-06-30	2017-03-31	2016-12-31
Accounts Payable	6,207	3,937	4,780	6,281	7,173	7,027	32,800	23,800	24,449	23,788	18,193	10,300	10,300	12,149	-	-	-	-	-	-	-	-	-
Accumulated Other Comprehensive Income	-	-	-	-	-	-	-	-	-	-2,892	-	-	-	-1,432	-	-	-	-	-	-	-	-	-
Capital Lease Obligations	3,260	3,404	3,271	3,727	4,415	4,473	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital Stock	215	192	191	191	190	190	194	199	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital Surpluse	-	-	78,856	78,838	78,784	78,669	712,400	712,100	711,977	711,464	211,570	-	-	-	-	-	-	-	-	-	-	-	-
Cash	15,427	11,960	17,014	23,170	35,607	40,846	394,900	462,200	497,962	527,295	95,026	96,400	-	49,076	-	-	-	-	-	-	-	-	-
Cash And Equivalents	-	-	17,014	23,170	35,607	42,174	39,760	54,003	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash And Short Term Investments	-	-	17,014	23,170	35,607	40,846	394,900	462,200	497,962	527,295	95,026	96,400	-	49,076	-	-	-	-	-	-	-	-	-
Common Stock	-	-	191	191	190	190	1,700	1,700	1,711	1,706	663	152,200	152,200	568	-	-	-	-	-	-	-	-	-
Common Stock Shares Outstanding	197,430	173,992	173,009	172,849	177,986	40,607	178,411	175,455	172,035	170,606	11,041	170,306	-	170,306	170,306	170,306	170,306	170,306	170,306	170,306	170,306	170,306	170,306
Deferred Long Term Liab	-	-	-	-	-	14,500	13,500	13,900	1,495	1,469	4,572	4,700	4,700	-	-	-	-	-	-	-	-	-	-
Good Will	2,702	2,872	2,607	2,841	3,236	3,210	22,200	23,600	34,475	36,427	39,029	-	-	-	-	-	-	-	-	-	-	-	-
Intangible Assets	2,599	2,458	1,765	1,496	2,884	2,494	19,000	19,300	6,703	6,653	9,261	4,700	-	3,672	-	-	-	-	-	-	-	-	-
Inventory	17,116	18,713	15,518	16,413	12,947	11,429	74,400	54,100	46,549	40,095	30,478	29,600	29,600	29,029	-	-	-	-	-	-	-	-	-
Liabilities And Stockholders Equity	-	-	59,383	66,742	80,256	83,680	684,500	681,600	689,564	738,351	-	186,500	-	143,809	-	-	-	-	-	-	-	-	-
Long Term Debt	-	-	-	-	-	0	-	-	-	-	12,373	8,100	-	8,889	-	-	-	-	-	-	-	-	-
Long Term Debt Total	-	-	2,489	2,874	3,636	3,803	3,786	4,067	-	-	12,373	-	-	-	-	-	-	-	-	-	-	-	-
Net Debt	-	-	-	-	-31,192	-36,373	-394,900	-462,200	-472,933	-511,073	-	-76,200	-	-27,378	-	-	-	-	-	-	-	-	-
Net Invested Capital	52,889	50,928	48,978	53,350	65,465	67,842	611,200	609,700	652,159	676,048	-	149,600	-	-	-	-	-	-	-	-	-	-	-
Net Receivables	10,378	11,099	12,895	12,164	14,325	12,926	134,800	85,300	64,413	77,117	60,689	47,400	47,400	54,905	-	-	-	-	-	-	-	-	-
Net Tangible Assets	-	-	44,607	49,014	59,345	62,137	583,500	580,700	587,448	618,216	149,145	141,500	93,835	93,835	-	-	-	-	-	-	-	-	-
Net Working Capital	38,973	37,065	37,729	41,412	52,406	56,396	542,600	539,500	556,323	588,039	-	145,700	-	-	-	-	-	-	-	-	-	-	-
Non Current Assets Total	16,432	16,541	13,957	14,995	17,377	16,339	80,400	80,000	80,640	84,091	-	13,100	-	10,799	-	-	-	-	-	-	-	-	-
Non Current Liabilities Other	1	-1	1	1	-	-1	100	-	2	-1	-	9,000	-	9,000	-	-	-	-	-	-	-	-	-
Non Current Liabilities Total	2,516	2,678	2,708	3,058	4,318	4,892	11,800	9,800	9,833	12,303	-	17,300	-	17,889	-	-	-	-	-	-	-	-	-
Non Currrent Assets Other	129	106	222	189	681	1,060	9,700	7,700	10,461	13,002	-	3,700	-	353	-	-	-	-	-	-	-	-	-
Other Assets	-	-	5,702	6,256	6,204	5,583	46,100	44,500	34,889	37,404	9,837	12,900	12,900	4,830	-	-	-	-	-	-	-	-	-
Other Current Assets	1	1	-1	-1	14,325	15,067	134,800	85,300	64,413	86,871	1	47,400	-	54,905	-	-	-	-	-	-	-	-	-
Other Current Liab	-	2	2,135	3,200	2,521	3,249	28,700	38,300	3,123	26,212	12,573	5,300	11,800	3,455	-	-	-	-	-	-	-	-	-
Other Liab	-	-	218	184	682	1,089	11,800	9,800	9,832	12,304	547	200	200	-1	-	-	-	-	-	-	-	-	-
Other Stockholder Equity	-	-	-8,069	-3,415	83,089	67,652	609,500	608,000	625,419	661,012	-28,340	-	-	93,097	-	-	-	-	-	-	-	-	-
Property Plant And Equipment Net	-	-	-	-	5,053	5,066	6,600	6,500	6,068	5,076	-	200	-	2,297	-	-	-	-	-	-	-	-	-
Property Plant Equipment	-	-	3,883	4,404	5,053	5,050	6,600	6,500	6,068	5,076	4,061	200	200	2,297	-	-	-	-	-	-	-	-	-
Retained Earnings	-	-	-21,999	-22,264	-17,814	-14,683	-116,700	-116,400	-97,652	-63,256	-28,340	-10,700	-10,700	5,273	-	-	-	-	-	-	-	-	-
Short Long Term Debt	-	-	-	-	-	0	-	-	25,029	16,222	-	12,100	-	-	-	-	-	-	-	-	-	-	-
Short Long Term Debt Total	-	-	-	-	4,415	4,473	-	-	25,029	16,222	-	20,200	-	21,699	-	-	-	-	-	-	-	-	-
Short Term Debt	-	-	0	0	779	670	0	0	25,029	16,222	-	12,100	-	12,810	-	-	-	-	-	-	-	-	-
Total Assets	65,558	63,743	59,383	66,742	80,256	83,680	684,500	681,600	689,564	738,352	243,810	186,500	-	143,809	-	-	-	-	-	-	-	-	-
Total Current Assets	49,126	47,202	45,426	51,746	62,879	67,342	604,100	601,600	608,924	654,261	186,194	173,400	173,400	133,010	-	-	-	-	-	-	-	-	-
Total Current Liabilities	10,153	10,137	7,697	10,334	10,473	10,946	61,500	62,100	52,601	66,222	38,027	27,700	27,700	28,414	-	-	-	-	-	-	-	-	-
Total Liab	12,669	12,815	10,404	13,392	14,791	15,838	73,300	71,900	62,434	78,525	50,947	45,000	-	46,303	-	-	-	-	-	-	-	-	-
Total Stockholder Equity	52,889	50,928	48,979	53,350	65,465	67,842	611,200	609,700	627,130	659,826	192,863	141,500	-	97,507	-	-	-	-	-	-	-	-	-

Cash Flow

Currency in USD. All numbers in thousands.

	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31
Begin Period Cash Flow	42,174	62,943	49,076	12,459	35,961	12,868
Capital Expenditures	2,486	1,069	6,329	4,247	1,717	715
Change In Cash	-24,983	-20,769	487,972	36,617	-23,502	23,092
Change In Working Capital	-10,747	-8,453	-8,378	-21,757	-22,071	-8,147
Change To Account Receivables	-	-4,697	-2,783	-9,889	-19,693	-6,413
Change To Inventory	-7,284	-6,736	-11,066	-14,242	-6,731	-6,679
Change To Liabilities	-	3,360	2,188	-3,353	8,198	4,145
Change To Netincome	-	-1,500	-935	127	-54	840
Change To Operating Activities	-	-380	1,900	5,727	-3,845	800
Depreciation	2,877	1,335	4,997	694	413	149
End Period Cash Flow	13,274	42,174	537,048	49,076	12,459	35,961
Free Cash Flow	-24,655	-16,948	-64,044	-38,496	-19,310	-2,467
Investments	-2,228	-968	-17,971	-4,429	-1,536	-947
Issuance Of Capital Stock	312	198	66,222	6,509	13	-
Net Borrowings	-	-2,537	-479	17,889	17,889	17,889
Net Income	-10,566	-7,261	-40,126	-9,194	4,120	5,405
Other Cashflows From Financing Activities	-	-857	1	17,889	-1,536	-947
Other Cashflows From Investing Activities	-	101	14	-182	181	-232
Other Non Cash Items	-53	-2,108	-18,896	-3,992	-54	840
Sale Purchase Of Stock	-	1,700	565,324	57,406	-4,488	25,791
Stock Based Compensation	364	608	549	-	-	-
Total Cash From Financing Activities	-	-2,560	563,658	75,295	-4,374	25,791
Total Cash From Operating Activities	-22,169	-15,879	-57,715	-34,248	-17,592	-1,752
Total Cashflows From Investing Activities	-	-968	-1,914	-4,429	-1,536	-947

	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-06-30	2018-03-31	2017-12-31	2017-06-30	2017-03-31	2016-12-31
Begin Period Cash Flow	13,274	17,014	23,170	35,607	42,174	45,013	462,200	498,000	537,048	95,000	96,400	43,800	49,077	-	12,269	3,115	3,115	3,115	8,990	8,990	8,990	3,217	3,217	3,217
Capital Expenditures	439	731	225	81	621	567	1,100	1,700	1,780	3,493	1,054	632	1,860	3,793	73	1,062	1,062	1,062	429	429	429	179	179	179
Change In Cash	3,306	-6,557	-6,156	-12,437	-6,567	-2,839	-67,300	-35,800	-39,086	442,023	-1,331	23,630	-5,240	-6,197	-9,799	9,154	9,154	9,154	-5,875	-5,875	-5,875	5,773	5,773	5,773
Change In Working Capital	-96	-3,289	-7,458	-2,015	-3,075	-269	-55,700	-29,600	8,888	-11,578	-4,000	2,142	4,258	-	-	-5,439	-5,439	-5,439	-5,518	-5,518	-5,518	-2,037	-2,037	-2,037
Change To Account Receivables	-	-	-731	2,162	-587	-4,697	-4,697	-4,697	-4,697	-18,994	-18,994	-18,994	-18,994	-9,889	-9,889	-	-	-	-	-	-	-	-	-
Change To Inventory	1,597	-3,195	895	-3,466	-1,518	1,414	-55,700	-29,600	13,520	-14,315	-4,029	7,278	-3,448	-3,952	-9,009	-3,560	-3,560	-3,560	-1,683	-1,683	-1,683	-1,670	-1,670	-1,670
Change To Liabilities	-	-	-1,538	-884	215	3,360	0	0	0	11,639	0	0	0	-3,353	0	-	-	-	-	-	-	-	-	-
Change To Netincome	-	-	-684	-2,727	-569	-955	-13,100	11,900	-3,438	-8,881	-4,849	-28	8,703	2,915	-2,013	-	-	-	-	-	-	-	-	-
Change To Operating Activities	-	-	-993	173	-1,185	-380	-380	-380	-380	10,043	10,043	-3,200	10,043	5,727	5,727	-	-	-	-	-	-	-	-	-
Depreciation	387	314	284	1,903	375	435	2,600	2,700	2,723	2,239	694	548	576	-108	276	173	173	173	103	103	103	37	37	37
End Period Cash Flow	15,427	13,274	17,014	23,170	35,607	42,174	394,900	462,200	497,962	537,048	95,000	96,400	43,837	49,077	-	12,269	12,269	12,269	3,115	3,115	3,115	8,990	8,990	8,990
Free Cash Flow	-3,608	-6,710	-3,050	-7,876	-7,021	-2,483	-67,600	-36,000	-23,382	14,356	-63,800	-7,942	-4,958	-	-	-9,624	-9,624	-9,624	-4,827	-4,827	-4,827	-617	-617	-617
Investments	-417	-490	-535	-583	-620	-455	-1,100	-1,600	-1,780	30,229	-44,900	236	-2,536	-	-	-	-	-	-	-	-	-	-	-
Issuance Of Capital Stock	7,122	123	19	55	115	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Borrowings	-	-	-169	-176	-184	-698	-698	-698	-16,222	-834	-834	-433	-833	-833	9,722	-	-	-	-	-	-	-	-	-
Net Income	-2,081	-3,250	266	-4,451	-4,097	-1,129	-300	-19,300	-34,407	-10,243	-10,676	-10,657	-8,253	6,924	-9,018	-2,298	-2,298	-2,298	1,030	1,030	1,030	1,351	1,351	1,351
Other Cashflows From Financing Activities	-	-	-47	-54	-241	-816	300	100	-16,223	1	1	50	1	1	1	-	-	-	-	-	-	-	-	-
Other Cashflows From Investing Activities	-	-	14	3	1	112	112	100	100	-347	-347	-347	-347	-182	-182	-	-	-	-	-	-	-	-	-
Other Non Cash Items	-988	2,124	-936	-1,529	287	-1,116	-14,700	10,700	11	-	-	-	-	-	-	-998	-998	-998	-14	-14	-14	210	210	210
Sale Purchase Of Stock	-	-	189	170	115	1,700	900	700	519	565,324	125,240	-	-	-	-	-	-	-	-1,122	-1,122	-1,122	-	-	-
Stock Based Compensation	133	66	80	108	110	163	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Cash From Financing Activities	-	-	-197	-175	-126	-816	300	100	-15,704	439,251	62,425	31,882	-282	-533	10,047	-	-	-	-	-	-	-	-	-
Total Cash From Operating Activities	-3,169	-5,979	-2,501	-7,290	-6,400	-1,916	-66,500	-34,300	-21,602	-27,496	-18,860	-6,059	-2,422	-1,736	-19,764	-8,562	-8,562	-8,562	-4,398	-4,398	-4,398	-438	-438	-438
Total Cashflows From Investing Activities	-	-	-535	-583	-620	-457	-1,100	-1,600	-1,780	30,268	-44,897	-2,192	-2,536	-3,927	-82	-	-	-	-	-	-	-	-	-

Income Statement

Currency in USD. All numbers in thousands.

	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31
Cost Of Revenue	14,465	13,041	71,134	39,202	27,295	19,418
Depreciation And Amortization	-	1,335	4,997	694	413	149
Ebit	-	-9,084	-57,980	-12,222	4,066	6,247
Ebitda	-10,612	-7,749	-52,983	-11,528	4,479	6,396
Gross Profit	20,959	20,630	143,360	100,270	67,464	40,170
Income Before Tax	-13,697	-9,315	-58,984	-13,186	4,065	6,246
Income Tax Expense	-	-2,055	-18,858	-3,992	-54	840
Interest Expense	208	232	118	109	0	0
Interest Income	261	2,400	183	354	74	84
Net Income	-10,566	-7,261	-40,126	-9,194	4,120	5,405
Net Income Applicable To Common Shares	-	-7,261	-4,131	-13,312	4,120	5,405
Net Income From Continuing Ops	-10,566	-7,260	-40,126	-9,194	4,120	5,405
Net Interest Income	53	-167	-821	-787	632	267
Operating Income	-13,219	-9,371	-54,252	-12,398	3,434	5,978
Other Operating Expenses	-	43,041	268,746	151,870	91,325	53,610
Reconciled Depreciation	2,877	1,335	4,997	694	413	149
Selling And Marketing Expenses	-	6,117	-	-	-	-
Selling General Administrative	7,735	130,100	85,599	47,979	30,053	17,368
Tax Provision	-3,131	-18,300	-18,858	-3,992	-54	840
Total Operating Expenses	48,643	30,000	197,612	112,669	64,030	34,191
Total Other Income Expense Net	-	56	-4,732	-787	632	267
Total Revenue	35,424	33,671	214,494	139,472	94,759	59,588

	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-06-30	2018-03-31	2017-12-31	2017-06-30	2017-03-31	2016-12-31
Cost Of Revenue	3,887	3,863	3,996	2,872	3,735	4,697	28,700	22,400	22,104	27,134	16,000	12,928	15,072	-	-	9,800	9,800	9,800	6,824	6,824	6,824	4,855	4,855	4,855
Depreciation And Amortization	-	-	-	-	375	435	2,600	2,700	2,723	-	-	-	-	-	-	173	173	173	103	103	103	37	37	37
Ebit	-	-	-498	-5,534	-3,809	-3,579	-200	-19,200	-32,775	-18,781	-10,671	-	-	-	-	-3,055	-3,055	-3,055	1,017	1,017	1,017	1,562	1,562	1,562
Ebitda	-3,206	-3,026	-214	-3,861	-3,434	-3,144	2,400	-16,500	-30,052	-35,683	-4,700	-11,686	-7,314	-	-	-2,882	-2,882	-2,882	1,120	1,120	1,120	1,599	1,599	1,599
Gross Profit	4,865	5,596	6,056	3,979	5,208	4,570	59,800	45,800	35,356	55,660	26,500	24,955	35,645	-	-	25,068	25,068	25,068	16,866	16,866	16,866	10,042	10,042	10,042
Income Before Tax	-2,605	-4,282	438	-5,756	-4,097	-3,160	-400	-19,400	-34,396	-28,584	-11,300	-8,851	-8,249	-	-	-3,296	-3,296	-3,296	1,016	1,016	1,016	1,561	1,561	1,561
Income Tax Expense	-	-	172	-1,306	-966	-2,078	100	100	11	-18,871	9	4	4	-4,013	3	-998	-998	-998	-14	-14	-14	210	210	210
Interest Expense	-	-	-	-	288	372	-	-	1,621	9,796	5,300	200	359	-	-	241	241	241	0	0	0	0	0	0
Interest Income	-	-	936	1,529	288	600	1,500	1,400	585	13,617	5,300	100	3,527	-	-	-	-	-	-	-	-	-	-	-
Net Income	-2,081	-3,250	266	-4,451	-3,131	-1,129	-300	-19,300	-34,407	-9,726	-11,300	-8,847	-8,253	-	-	-2,298	-2,298	-2,298	1,030	1,030	1,030	1,351	1,351	1,351
Net Income Applicable To Common Shares	-	-	266	-4,451	-3,131	-1,154	-300	-19,300	-34,407	-10,243	-10,676	-10,657	-8,253	6,924	-9,018	-	-	-	-	-	-	-	-	-
Net Income From Continuing Ops	-2,081	-3,250	266	-4,450	-3,131	-1,082	-500	-19,500	-34,407	-9,726	-11,300	-8,847	-8,253	-	-	-	-	-	-	-	-	-	-	-
Net Interest Income	988	-2,124	936	1,529	-288	-372	1,500	1,400	-1,036	-3,821	0	-168	3,168	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-3,593	-3,148	-498	-5,764	-3,809	-3,011	-1,800	-20,700	-33,360	-20,852	-11,300	-8,583	-11,417	-	-	-3,100	-3,100	-3,100	858	858	858	1,495	1,495	1,495
Other Operating Expenses	-	-	3,385	4,363	12,871	12,265	90,300	88,900	90,820	46,687	18,411	21,618	26,894	21,976	18,357	37,968	37,968	37,968	22,831	22,831	22,831	13,402	13,402	13,402
Reconciled Depreciation	387	314	284	1,903	375	435	2,600	2,700	2,723	2,697	1,300	-576	576	-	-	173	173	173	103	103	103	37	37	37
Selling General Administrative	-	-	2,885	4,999	4,432	40,900	29,600	31,200	28,355	28,008	17,746	-	-	-	-	-	-	-	-	-	-	-	-	-
Tax Provision	-524	-1,032	172	-1,306	-966	-18,100	100	100	11	-18,858	9	-4	4	-	-	-	-	-	-	-	-	-	-	-
Total Operating Expenses	12,345	12,607	10,550	12,615	9,136	7,568	61,600	66,500	68,716	103,646	53,800	46,466	62,134	-	-	28,167	28,167	28,167	16,007	16,007	16,007	8,548	8,548	8,548
Total Other Income Expense Net	-	-	-	-	-288	-149	1,400	1,300	-1,036	-	-	-	-	-	-	-197	-197	-197	158	158	158	67	67	67
Total Revenue	8,752	9,459	10,052	6,851	8,943	9,267	88,500	68,200	57,460	82,794	42,500	37,883	50,717	-	-	34,868	34,868	34,868	23,690	23,690	23,690	14,897	14,897	14,897

Latest Income Statement (annual, 2022-12-31)

Gross Profit (+$)
totalRevenue	35,424
Cost of Revenue	-14,465
Gross Profit	20,959	20,959

Operating Income (+$)
Gross Profit	20,959
Operating Expense	-48,643
Operating Income	-13,219	-27,684

Operating Expense (+$)
Research Development	-
Selling General Administrative	7,735
Selling And Marketing Expenses	-
Operating Expense	48,643	7,735

Net Interest Income (+$)
Interest Income	261
Interest Expense	-208
Other Finance Cost	-0
Net Interest Income	53

Pretax Income (+$)
Operating Income	-13,219
Net Interest Income	53
Other Non-Operating Income Expenses	-
Income Before Tax (EBT)	-13,697	-13,219 EBIT - interestExpense = -208 -10,566 -10,358
Interest Expense	208
Earnings Before Interest and Taxes (EBIT)	-	-13,489
Earnings Before Interest and Taxes (EBITDA)	-10,612

After tax Income (+$)
Income Before Tax	-13,697
Tax Provision	--3,131
Net Income From Continuing Ops	-10,566	-10,566
Net Income	-10,566
Net Income Applicable To Common Shares	-

Non-recurring Events
Discontinued Operations	-
Extraordinary Items	-
Effect of Accounting Charges	-
Other Items	-
Non Recurring	-
Other Operating Expenses	-
Total Other Income/Expenses Net	-	-53

Technicals of Airthings

1. Trend Indicators

1.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Directionalities and relatives.

Moving Average	Amount of candles	Trend	Price +/-	vs. MA 50	vs. MA 100	vs. MA 200

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

Airthings ASA Daily Moving Averages Chart

1.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Let's take a look of the Moving Average Convergence/Divergence (MACD) of Airthings ASA:

Airthings ASA Daily Moving Average Convergence/Divergence (MACD) Chart

1.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index).

The ADX helps you determine the strength of a trend. Let's take a look of the ADX of Airthings ASA:

The ADX is .
The ADX is declining, there is no upcoming trend indication. -1
The +DI crossed the -DI to the downside. The trend is reversing to a down trend. -1

Airthings ASA Daily Directional Movement Index (DMI) Chart

1.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

The price has crossed the Parabolic SAR to the upside. The trend is reversing to an up trend. +1

2. Momentum Indicators

2.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

The RSI is below 50. -1
The RSI is below 30 and oversold. +2

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

Airthings ASA Daily Relative Strength Index (RSI) Chart

2.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

The Stochastic is below 50. -1
The Stochastic is below 30 and oversold. +2

Airthings ASA Daily Stochastic Oscillator Chart

2.3 Commodity Channel Index (CCI)

Airthings ASA Daily Commodity Channel Index (CCI) Chart

2.4 Chande Momentum Oscillator (CMO)

Airthings ASA Daily Chande Momentum Oscillator (CMO) Chart

2.5 Williams %R

3. Volatility Indicators

3.1 Bollinger Bands

Airthings ASA Daily Bollinger Bands Chart

3.2 Average True Range (ATR)

Airthings ASA Daily Average True Range (ATR) Chart

4. Volume Indicators

4.1 On-Balance Volume (OBV)

Airthings ASA Daily On-Balance Volume (OBV) Chart

4.2 Money Flow Index (MFI)

Airthings ASA Daily Money Flow Index (MFI) Chart

5. Summary

5.1. Notifications

Type	Notification	Date
Currently no notifications for Airthings ASA.

5.2. Trading Signals

Date	Indicator	Entry signal	Exit signal
2023-05-25	STOCH	SHORT ENTRY	LONG CLOSE	80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE
	MFI	80 crossover to downside
2023-05-30	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-06-01	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	MFI	80 crossover to upside
2023-06-02	SAR	LONG ENTRY	SHORT CLOSE	price crossed sar to upside

5.2. Technical Score

Let's check the technical score of Airthings ASA based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Open	Greater than	Close	2.650
Total			1/1 (100.0%)

Create your own Symbol Scanner

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Quick analysis of Airthings (30 sec.)

1. Valuation of Airthings (5 min.)

kr2.47

kr2.96

2. Growth of Airthings (5 min.)

Is Airthings growing?

How much money is Airthings making?

How much money comes from the company's main activities?

3. Financial Health of Airthings (5 min.)

4. Comparing to competitors in the Electrical Equipment & Parts industry (5 min.)

Industry Rankings (Electrical Equipment & Parts)

Fundamentals of Airthings

Financial Health

1.1. Profitability of Airthings ASA.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Electrical Equipment & Parts)

1.1.2. Return on Assets

Trends

Compared to industry (Electrical Equipment & Parts)

1.1.3. Return on Equity

Trends

Compared to industry (Electrical Equipment & Parts)

1.2. Operating Efficiency of Airthings ASA.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Electrical Equipment & Parts)

1.2.2. Operating Ratio

Trends

Compared to industry (Electrical Equipment & Parts)

1.3. Liquidity of Airthings ASA.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Electrical Equipment & Parts)

1.3.2. Quick Ratio

Trends

Compared to industry (Electrical Equipment & Parts)

1.4. Solvency of Airthings ASA.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Electrical Equipment & Parts)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Electrical Equipment & Parts)

2. Market Valuation of Airthings ASA

2. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Electrical Equipment & Parts)

2.2. Price Earnings to Growth Ratio

Trends

Compared to industry (Electrical Equipment & Parts)

2. Book Value per Share

2.3. Price to Book Ratio

Trends

Compared to industry (Electrical Equipment & Parts)

Airthings ASA
Buy, Hold or Sell?