EcoOnline Q2 2021: A European leader, well positioned in an increasingly attractive global industry

EcoOnline Holding AS (“EcoOnline”) (Euronext Growth Oslo: ECO) is a European market leader, dedicated to the development of software that makes workplace safety, management, and the documentation of chemicals more user friendly.

“Our solutions are becoming increasingly relevant for companies that become aware of digitally sustainable EHS solutions and seek to ensure regulatory compliance, such as EU’s new occupational health and safety framework which was launched in June this year. The availability of new technology and digitalization trends add further pace to the growth of our markets”, said Göran Lindö, CEO of EcoOnline.

Investing in products and diversification

EcoOnline is committed to investing in new and improved products in-line with sustainable long-term growth. In the second quarter, the company launched its improved Learning Manager and refreshed EcoOnline Platform, both offering broader product range and an intuitive interface, improving user experience, and supporting cross-selling.

Through the newly acquired companies Pilotech and Chymeia in July, EcoOnline added advanced crisis-management and safety data sheet (SDS) authoring software to its offerings.

“Our efforts and investments in product development and acquisitions are resulting in an important diversification of our business. While our EHS offerings generated 34% of our total ARR at the end of Q2, its share among new customers was 59%. Similarly, customers outside the Nordics represented 31% of our total ARR but generated 62% of ARR from new customers,” said Lindö.

Strong financial platform

EcoOnline’s operations is cash positive, generating NOK 22 million in the twelve months ending on 30 June 2021. At the end of Q2 2021, the company had NOK 525 million in cash, providing a strong financial platform for further growth.

“With a healthy balance sheet and cash position, attractive and increasingly relevant products and a substantial pipeline of customer and acquisition targets, we are on track for our NOK 1 billion ARR target in 2025,” said Lindö.

For more information and a detailed income statement, statement of financial position, and statement of cash flow as of Q2 2021, please see the attached combined report and presentation for Q2 2021.

The results will be presented in a webcast with CEO Göran Lindö and CFO Siw Ødegaard at 08.00 a.m. CEST. The presentation and subsequent Q&A session will be held in English and may be viewed live at https://live.twebcast.com/participant/ecoonlineq2report

A recording of the presentation will be made available on EcoOnline.com after the presentation.