Blackline Safety closes fiscal 2015 with record revenue
Customer demand drives 74% year-on-year growth, record revenue
Calgary, AB – Blackline Safety Corp. (TSX Venture: BLN) (“Blackline” or “Company”), a leading manufacturer of employee safety monitoring solutions today announced its results for its 2015 fiscal year ended October 31, 2015.
“Blackline’s almost two-fold increase in sales is the combined result of our continuous investment into product development coupled with our expansion into a growing variety of regions, industries and applications,” said Cody Slater, CEO and Chairman of Blackline. “Customers are increasingly recognizing the power of our solutions to improve their emergency response while reducing operational costs. We see this heightened awareness increasing customer adoption and driving Blackline’s continued growth into the future.”
- Achieved record year-end revenue of $7.3M, a 74% increase over the prior year
- Achieved record gross margin of $3.4M, almost double the prior year
- Achieved record Q4 revenue of $2.3M, a 31% growth over Q3 revenue
- Positive cash flow in the fourth quarter of $113k providing a cash balance of $6.7M at year-end
- Loner Bridge System now monitoring the safety of nearly three thousand employees
- European sales represented 9% of total 2015 annual revenue year compared to 2% from the prior year
Key Financial Information
Annual revenue for fiscal 2015 increased 74% over the prior year and Q4 revenue increased 31% over Q3 and 10% over the fourth quarter of the prior year. In all cases the increased revenue was driven from the Company’s focus on industrial safety, specifically the Loner Bridge System that began selling in the fall of 2014. The Company also began selling its Loner Complete leasing program that substitutes the up-front, recognized product revenue with lease revenue recognized over the lease term.
Gross margin progressed alongside revenue to a record of $1.1M for the final quarter and $3.4M for the year. This was the primary contributor to the improved adjusted EBITDA and reduced net loss. The improvement came from increased revenue that absorbed more of the Company’s fixed production costs and the Company reduced some of its third-party costs to provide monitoring services.
For more information please review the corporate media release.