Airthings ASA (AIRX) - Net Assets

Latest as of June 2025: Nkr21.56 Million NOK ≈ $2.27 Million USD

Based on the latest financial reports, Airthings ASA (AIRX) has net assets worth Nkr21.56 Million NOK (≈ $2.27 Million USD) as of June 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (Nkr35.92 Million ≈ $3.78 Million USD) and total liabilities (Nkr14.37 Million ≈ $1.51 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check Airthings ASA (AIRX) tangible equity ratio to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	Nkr21.56 Million
% of Total Assets	60.01%
Annual Growth Rate	-7.6%
5-Year Change	-95.69%
10-Year Change	N/A
Growth Volatility	212.09

Airthings ASA - Net Assets Trend (2017–2024)

This chart illustrates how Airthings ASA's net assets have evolved over time, based on quarterly financial data. See operational self-sufficiency of Airthings ASA to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for Airthings ASA (2017–2024)

The table below shows the annual net assets of Airthings ASA from 2017 to 2024. For live valuation and market cap data, see market value of Airthings ASA.

Year	Net Assets	Change
2024-12-31	Nkr28.44 Million ≈ $2.99 Million	-43.41%
2023-12-31	Nkr50.26 Million ≈ $5.29 Million	-1.31%
2022-12-31	Nkr50.93 Million ≈ $5.36 Million	-24.93%
2021-12-31	Nkr67.84 Million ≈ $7.14 Million	-89.72%
2020-12-31	Nkr659.83 Million ≈ $69.43 Million	+576.70%
2019-12-31	Nkr97.51 Million ≈ $10.26 Million	+98.00%
2018-12-31	Nkr49.25 Million ≈ $5.18 Million	-0.48%
2017-12-31	Nkr49.48 Million ≈ $5.21 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Airthings ASA's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have decreased by 79.1% over the analyzed period, potentially due to dividend distributions or operating losses.

Current Equity Component Breakdown (December 2024)

Component	Amount	Percentage
Retained Earnings	Nkr2.53 Million	8.90%
Common Stock	Nkr215.00K	0.76%
Other Components	Nkr25.70 Million	90.34%
Total Equity	Nkr28.44 Million	100.00%

Airthings ASA Competitors by Market Cap

The table below lists competitors of Airthings ASA ranked by their market capitalization.

Company	Market Cap
Exicure Inc NASDAQ:XCUR	$13.83 Million
Boule Diagnostics AB ST:BOUL	$13.83 Million
Korea Mcnulty Co Ltd KQ:222980	$13.84 Million
Highway 50 Gold Corp V:HWY	$13.85 Million
Ta Win Holdings Bhd KLSE:7097	$13.83 Million
Pintec Technology Holdings Ltd NASDAQ:PT	$13.82 Million
Ironman International Ltd. V:IMI	$13.81 Million
Izoblok WAR:IZB	$13.81 Million

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Airthings ASA's equity between the two most recent reporting periods.

Equity Growth Insights

From 2023 to 2024, total equity changed from 50,263,000 to 28,443,000, a change of -21,820,000 (-43.4%).
Net loss of 17,691,000 reduced equity.
Other factors decreased equity by 4,129,000.

Equity Change Factors (2023 to 2024)

Factor	Impact	Contribution
Net Income	Nkr-17.69 Million	-62.2%
Other Changes	Nkr-4.13 Million	-14.52%
Total Change	Nkr-	-43.41%

Book Value vs Market Value Analysis

This analysis compares Airthings ASA's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 0.91x
The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
The price-to-book ratio has increased from 0.45x to 0.91x over the analyzed period, suggesting growing market confidence.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2017-12-31	Nkr0.29	Nkr0.13	x
2018-12-31	Nkr0.29	Nkr0.13	x
2019-12-31	Nkr0.57	Nkr0.13	x
2020-12-31	Nkr4.93	Nkr0.13	x
2021-12-31	Nkr0.38	Nkr0.13	x
2022-12-31	Nkr0.29	Nkr0.13	x
2023-12-31	Nkr0.25	Nkr0.13	x
2024-12-31	Nkr0.14	Nkr0.13	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Airthings ASA utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): -62.20%
The company may be facing challenges in efficiently utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: -45.96%
• Asset Turnover: 0.90x
• Equity Multiplier: 1.51x
Recent ROE (-62.20%) is below the historical average (-12.79%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2017	10.92%	9.07%	0.96x	1.25x	Nkr457.04K
2018	8.37%	4.35%	1.29x	1.49x	Nkr-805.10K
2019	-9.43%	-6.59%	0.97x	1.47x	Nkr-18.94 Million
2020	-6.08%	-18.71%	0.29x	1.12x	Nkr-106.11 Million
2021	-10.70%	-21.56%	0.40x	1.23x	Nkr-14.05 Million
2022	-20.75%	-29.83%	0.56x	1.25x	Nkr-15.66 Million
2023	-12.45%	-17.10%	0.57x	1.29x	Nkr-11.28 Million
2024	-62.20%	-45.96%	0.90x	1.51x	Nkr-20.54 Million

Industry Comparison

This section compares Airthings ASA's net assets metrics with peer companies in the Electrical Equipment & Parts industry.

Industry Context

Industry: Electrical Equipment & Parts
Average net assets among peers: $752,078,000
Average return on equity (ROE) among peers: 7.17%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Airthings ASA (AIRX)	Nkr21.56 Million	10.92%	0.67x	$13.83 Million
Zaptec AS (ZAP)	$752.08 Million	7.17%	0.54x	$453.28 Million

About Airthings ASA

OL:AIRX Norway Electrical Equipment & Parts

Market Cap

$13.83 Million

Nkr131.41 Million NOK

Market Cap Rank

#26252 Global

#242 in Norway

Share Price

Nkr0.13

Change (1 day)

+3.54%

52-Week Range

Nkr0.10 - Nkr1.64

All Time High

Nkr15.00