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Results for the first quarter of 2022

04 / 05 / 2022
Mintra, a leading supplier of digital learning and human capital management software, today announced the results for the first quarter of 2022.

"We are pleased to report that the positive momentum experienced in the final quarter of last year has continued in 2022. The strong sales pipeline is materializing, and as a result, we have signed several important contracts in the first quarter. This includes an uptake in our OCS HR platform that will secure and increase our annual recurring revenues. We work continuously to lead the sector with new releases, which we are confident will spark significant interest from existing and new customers," said Kevin Short, CEO of Mintra.

Increased market activity

In the period and due to a strong sales pipeline in the prior quarter, Mintra's order income reached NOK 41 million, up 17 per cent from NOK 35 million in the corresponding period 2021. In addition, in addition Mintra has digital sales from direct channels such as marketplace and the ".com" site of NOK 11 million.

The Company also had significant contract wins across all product lines. Sales of the OCS HR platform, Mintra's industry-leading complete crew management system, had a particularly sharp uptake, with a 40 per cent increase in the first quarter.

Sharpened competitive edge

In February 2022, Mintra signed a partnership agreement with Kongsberg Digital, a next-generation software and digital solutions provider to create immersive simulated training experiences through Mintra's Trainingportal. As part of the digital transformation of the shipping industry, this innovative technology will provide Mintra's customers with realistic simulation training at any location.

In the period, Mintra was awarded several industry awards. At the beginning of the year, Mintra received the Feefo Gold Trusted Service Award in recognition of providing an exceptional experience to its online customers. Mintra was also awarded the Training Award at the 2022 SMART4SEA Awards, recognizing the Company's expanded maritime-specific eLearning library. Finally, and post-period in April 2022, Mintra was recognized as a Core Leader by the Fosway 9-Grid Group for Digital Learning for the second year running. These acknowledgements demonstrate Mintra's dedication to its mission - to enable customers to develop and deploy their people.

An important part of Mintra's work is ensuring accessibility to its resources.
Mintra's unique Electronic Chart Display and Information Systems (ECDIS)
training has now been launched on Trainingportal Offline. Workers can undertake and certify this critical course while on board during periods of limited or no internet connectivity. In the period, an additional 13 courses were added to Trainingportal Offline.

As part of the signed contract with a leading offshore service group, Mintra will develop several additional modules for the OCS HR platform to support human resource activities. The new modules will all be available to Mintra's clients when complete.

These developments all support Mintra's continued position as a leading provider of digital learning and Human Capital Management systems for safety-critical industries worldwide.

Financial highlights:
o Group revenue amounted to NOK 62 million for the first quarter of 2022 (NOK 60 million in first quarter 2021)

o EBITDA was NOK 17.3 million, up from NOK 14.7 million in the first quarter of 2021.

o EBITDA margin at 28% compared to 24.5% in the first quarter of 2021

o Operational cashflow of NOK 44.8 million for the quarter vs 33.0 in the first quarter of 2021


A live webcast and Q&A will be hosted by Mintra's senior management, starting at 08:00 CET. The live event can be accessed via the following link:!/hegnarmedia/20220504_1
The presentation and report for the first quarter of 2022 will also be made available on

For further information please contact:

Kevin Short, CEO, Mintra +44 1224 651340

Torbjørn Blom-Hagen, CFO, Mintra +47 24 15 55 00

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

About Mintra

Mintra Holding AS is a technology company that has been shaping the eLearning industry for more than 30 years. By taking pride in helping more than 3,600 companies develop and deploy their people, manage and meet their competency and training requirements, Mintra is a preferred partner in the eLearning and human capital management solutions markets. The company is focused on clients with workforces operating in safety-critical industries such as energy and maritime where regulatory training is mandatory and needs to be refreshed and assessed on a frequent basis.