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In this Research Note, we examine Airthings ASA, a Norwegian public company focused on indoor air quality sensing. This analysis highlights their Q4 and Full Year 2024 financial report, including financials for their operating segments offering consumer devices and air quality solutions to schools, offices and other commercial buildings. Airthings Profile Airthings produces IoT devices and solutions for monitoring indoor air quality, radon, and energy efficiency for homeowners, businesses, and professionals. Founded in 2008 and headquartered in Oslo, Norway, the company reported 106 full-time employees per year end, compared to 130 full-time employees at year end 2023. 2024 Financial Highlights Airthings Q4 & Full Year 2024 Report, 6th February 2025 Airthings reported $38.5 million for the full year 2024, up 5% compared to 2023. Record-high revenues in the Consumer segment, shipping over 320,000 consumer devices in 2024 (+40%), supported by continued strong demand in the US and Canada. Gross margin declined from 61% to 56% […]

This Research Note examines 75F, a Minnesota-based provider of IoT building management systems. We highlight their product portfolio, deployments, regional expansion, external funding, and partnerships with established HVAC and building automation firms. 75F Profile Founded by CEO Deepinder Singh in 2012, 75F delivers AI-driven HVAC automation based on sensors and controls. Unlike traditional building management systems that rely on complex, wired infrastructures, cloud-native solutions leverage wireless technology and cloud computing, making them well-suited for smaller and mid-sized commercial buildings. The firm is headquartered in Burnsville, Minnesota, with branch offices throughout the U.S.  They operate directly and through channel partners such as mechanical and controls contractors, with regional offices located in India, Singapore, and Dubai. The company reported 113 employees on LinkedIn in January 2025. Product Portfolio 75F first launched Dynamic Airflow Balancing designed for light commercial/industrial buildings with forced air Constant Volume rooftop package units. Aimed at buildings under 50,000 sq. feet – focusing on […]

This Research Note examines the announcement of a new Honeywell Automation public company which will be formed from the spinoff of Building Automation (BA) and Industrial Automation (IA) businesses, reported in their Q4-2024 earnings call, on 6th February 2025. We also review the FY 2024 results and outlook for the Building Automation segment, highlighting its acquisitions and investments before presenting our view of the organizational change. Honeywell Conglomerate Breakup Following a one-year portfolio review, Honeywell announced the breakup of its conglomerate into 3 separate public companies consisting of Aerospace, Automation, and Advanced Materials businesses.  The separation is intended to be completed in the second half of 2026. This move has been on the cards for a while. It was pushed by activist Elliott Investment Management, who announced last November that they had built up a $5 Billion stake in Honeywell (one of its largest stakes ever) and was advocating for the company to split into […]