This Research Note examines Airthings, a Norwegian IAQ device monitoring firm that faced a combination of financial pressures, strategic recalibrations, and a significant transaction that fell through at the last stage in 2025, followed by restructuring and headcount reduction. We assess the way forward for the company in 2026.  Underperformance of Airthings Business Segment The most pressing challenge for Airthings in 2025 was the sustained underperformance of its Business segment, the division selling air quality solutions to offices, schools, and other commercial buildings. In 2024, the Business segment generated $6.3 million in revenue, a decline of 35% compared to the prior year. In 2025, Airthings reported 7% growth in the Business segment. To put this in context, the segment peaked at around $10.3 million in 2022 and had been positioned as a key growth engine. The decline is particularly notable because the broader smart building and indoor air quality market has continued to grow, driven by […]