Blackline Safety Reports Record First-Quarter Earnings

Blackline Safety (TSXV:BLN), a company who provides connected cloud-based safety technology, announced record first-quarter financial results. Total revenue increased 64 percent year-over-year to $6.2 million with total cash and short-term investments standing at $35.3 million.

As quoted in the press release:

“Demand for Blackline’s connected safety technology continues to gain momentum as we enter our fiscal 2019, generating a record $6.2M in overall quarterly revenue,” said Cody Slater, Blackline CEO and Chairman. “Growth was driven through diversity across industries and geographic sectors with large orders announced during the quarter from the utilities industry and a government safety agency. After the close of Q1, we announced another utilities order — from Yorkshire Water — that affirms our commitment to delivering the best in gas detection for personnel in the field and throughout facilities.”

Blackline’s business model delivered an all-time high of $4.0M in recurring service revenue for the quarter, representing a 73% jump compared to Q1 FY2018. Mr. Slater said, “Blackline delivers the highest value to customers and our quarterly service growth underscores our client’s commitment to G7 connected safety solutions. Approximately 25% of our service revenue is now derived from customers who adopted our three-year Blackline Complete lease. This program bundles our connected safety wearables with a broad range of services, including gas sensors, two-way voice calling and 24/7 live monitoring, into one easy monthly payment. At the end of the quarter, future customer lease commitments stood at $8.3M.”

Click here to read the full press release.