Record Annual Recurring Revenue(1) ("ARR") of $84.5 million, up 27% year-over-year
- Fiscal 2025 revenue up 18% year-over-year
- Net Dollar Retention(1) ("NDR") of 128% in the fourth quarter
- 6th consecutive quarter of positive Adjusted EBITDA(1)
- 35th consecutive quarter of year-over-year top-line growth
Calgary, Canada — Blackline Safety Corp. ("Blackline", the "Company", "we" or "our") (TSX: BLN), a global leader in connected safety technology, today reported its fiscal fourth quarter and year-end financial results for the period ended October 31, 2025.
Comentario de la dirección
Blackline delivered another strong quarter and capped off a record fiscal year, driven by continued expansion of its high-margin recurring service revenue and disciplined execution across the business. "Fiscal 2025 was a milestone year for Blackline, with revenue reaching a record $150.5 million and Annual Recurring Revenue climbing to $84.5 million," said Cody Slater, CEO and Chair of Blackline Safety Corp. "These results reflect sustained global demand for our connected safety solutions and the strength of our hardware-enabled SaaS business model."
"In the fourth quarter, Net Dollar Retention remained strong at 128%, demonstrating that customers are expanding deployments and deepening reliance on Blackline’s connected safety platform across their fleets," added Slater. "The fourth quarter also saw positive Adjusted EBITDA of $2.2 million leading to full-year fiscal 2025 Adjusted EBITDA of $6.1 million compared to a loss of $2.4 million last year. This marks Blackline’s first full year of positive Adjusted EBITDA."
Earlier this week, Blackline announced the launch of the G8, our next-generation connected safety wearable and the most advanced device the Company has introduced to date. Building on G7’s proven track-record, G8 combines advanced gas detection, lone worker protection, and real-time communication in a single rugged, intrinsically safe device, with live data streamed to the cloud through Blackline Live to enhance situational awareness and response. "G8 has expanded connectivity, an enhanced full-color display, integrated communications capabilities, and a future-ready architecture designed to support ongoing software updates, analytics, and digital worksite integrations so workers can stay connected without needing multiple devices," commented Slater. Initial commercial shipments are expected to begin in February 2026.
"Innovation has been at the core of Blackline’s strategy since the introduction of our first connected gas detection device eight years ago. This focus has resulted in an award-winning portfolio of safety solutions that has defined the connected safety market we pioneered and built from the ground up. The launch of the G8 represents the next leap in innovation, extending our leadership as we continue to protect and optimize the industrial workforce," concluded Slater.
(1) Este comunicado de prensa presenta ciertas medidas financieras complementarias y no ajustadas a los PCGA, incluidos los indicadores clave de rendimiento utilizados por la dirección y habitualmente utilizados por las empresas del sector del software como servicio, así como ratios no ajustados a los PCGA para ayudar a los lectores a comprender el rendimiento de la empresa. Se incluyen más detalles sobre estas medidas y ratios en las secciones «Indicadores clave de rendimiento» y «Medidas financieras complementarias y no ajustadas a los PCGA» de este comunicado de prensa.
Aspectos financieros destacados 
Información financiera anual clave
For the fiscal year ended October 31, 2025, total revenue increased by 18% year-over-year to $150.5 million. Service revenue increased 30% to $90.5 million, while product revenue increased 4% to $60.0 million. In North America, the Company grew U.S. revenue by 16% year-over-year while revenue in Canada grew by 22%. European revenue increased by 19% relative to last year while the Rest of World grew by 21%, supported by expansion in the Middle East including our recently announced multi-year purchase agreement with one of the world’s leading energy producers, the Abu Dhabi National Oil Company (ADNOC).
Gross margin for fiscal 2025 improved to 63%, compared to 58% in fiscal 2024. Product gross margin improved to 38%, while service gross margin expanded to 80%, reflecting the scalability and high margin nature of Blackline’s recurring service model.
Total expenses for the year were 67% of revenue, consistent with the prior year. Adjusted EBITDA improved significantly to positive $6.1 million, compared to a loss of $2.4 million in the prior year. Net loss for the year was $8.7 million, compared to a loss of $12.6 million in the prior year.
As of October 31, 2025, Blackline reported $46.6 million in cash and short-term investments. The Company had available capacity on its senior secured operating facility, including its accordion feature, of $29.8 million as of October 31, 2025, for a total available liquidity of $76.4 million up from $60.4 million at the end of fiscal 2024.
Información financiera clave del cuarto trimestre
Total revenue for the fiscal fourth quarter increased 10% year-over-year to $39.3 million, primarily driven by a 30% increase in service revenue to $25.5 million. Product revenue declined 14% to $13.8 million, reflecting continued customer caution amid global trade and macroeconomic uncertainty and the US government shutdown, which impacted the timing of purchases within our fire and hazmat sector. Within the service segment, software revenue grew 26% to $21.5 million, while rental revenue increased 55% to $4.0 million, driven by strong demand in industrial turnaround and maintenance markets.
Gross margin in the fourth quarter improved to a record high 67%, up from 61% in the prior-year quarter, reflecting favorable service mix and operating leverage. Service margins remained strong reaching a record 82%, while product margins rebounded to 40% from 35% in the third quarter.
Total quarterly operating expenses represented 68% of revenue excluding a one-time charge recorded in General and Administrative expenses and foreign exchange. Within this, General and Administrative expenses accounted for 20%, Sales and Marketing for 32% and Product Research and Development costs represented 16%. The one-time charge relates to a US sales tax assessment for prior periods.
Adjusted EBITDA was $2.2 million in the fourth quarter, marking the sixth consecutive quarter of positive Adjusted EBITDA. Blackline’s improved performance reflects continued top-line growth, expanding margins, and disciplined cost management. Net loss for the quarter was $0.6 million, compared to a loss of $0.1 million in the prior year comparative quarter.
Blackline’s Consolidated Financial Statements and Management’s Discussion and Analysis on Financial Condition and Results of Operations for the year ended October 31, 2025, are available on SEDAR+ under the Company’s profile at www.sedarplus.ca. All results are reported in Canadian dollars.
Planned Leave
Blackline Safety is also announcing that its Chief Financial Officer, Robin Kooyman, CFA, will be taking a planned leave of absence beginning February 2, 2026 in connection with maternity leave. Chris Curry, CPA, CA will be stepping in as Interim Chief Financial Officer effective February 2, 2026. Mr. Curry brings a wealth of experience with more than 25 years of finance and accounting experience within the energy industry. He joined Blackline Safety in March 2025 as Vice President, Finance & Accounting where he has led the finance, accounting, tax strategy, treasury, financial planning and analysis and risk management functions. Previously, Mr. Curry was a finance executive at several publicly traded energy companies and private equity funds. He has a Bachelor of Commerce degree from the University of Victoria and is a member of the Chartered Professional Accountants of Alberta.
Conference Call
A conference call and live webcast have been scheduled for 11:00 a.m. ET on Thursday, January 15, 2026. Participants should dial 1-833-821-3052 or 1-647-846-2509 at least 10 minutes prior to the conference time.
A live webcast will also be available at https://www.gowebcasting.com/14566.
Participants should join the webcast at least 10 minutes prior to the start time to register and install any necessary software.
La repetición estará disponible después de las 2:00 p. m. ET del 15 de enero de 2026 hasta el 15 de febrero de 2026, marcando el 1-855-669-9658 (línea gratuita en Canadá/EE. UU.) o el 1-412-317-0088 (línea internacional) e introduciendo el código de acceso 3018523.
About Blackline Safety: Blackline Safety is a technology leader driving innovation in the industrial workforce through IoT (Internet of Things). With connected safety devices and predictive analytics, Blackline enables companies to drive towards zero safety incidents and improved operational performance. Blackline provides wearable devices, personal and area gas monitoring, cloud-connected software and data analytics to meet demanding safety challenges and enhance overall productivity for organizations with customers in more than 75 countries. Armed with cellular and satellite connectivity, Blackline provides a lifeline to tens of thousands of people, having reported over 310 billion data-points and initiated over eight million emergency alerts. For more information, visit blacklinesafety.com and connect with us on Facebook, X, LinkedIn and Instagram.
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INVESTOR/ ANALYST CONTACT
Jason Zandberg, Director, Investor Relations
jzandberg@blacklinesafety.com
Telephone: +1-587-324-9184
MEDIA CONTACT
Jodi Stapley, Director, Brand
jstapley@blacklinesafety.com
Telephone: +1-587-355-5907
Medidas financieras no ajustadas a los PCGA y complementarias
Este comunicado de prensa presenta ciertas medidas financieras complementarias y no conformes con los PCGA, incluidos los indicadores clave de rendimiento utilizados por la dirección y que suelen emplear los competidores de la empresa en el sector del software como servicio, así como ratios no conformes con los PCGA para ayudar a los lectores a comprender el rendimiento de la empresa. Estas medidas no tienen un significado estandarizado y, por lo tanto, es poco probable que sean comparables con medidas similares presentadas por otros emisores y no deben considerarse de forma aislada ni como sustituto de las medidas de rendimiento preparadas de acuerdo con los GAAP.
La dirección utiliza estas medidas financieras complementarias y no ajustadas a los PCGA, así como ratios no ajustados a los PCGA e indicadores clave de rendimiento, para analizar y evaluar el rendimiento operativo. Blackline también cree que las medidas financieras complementarias y no ajustadas a los PCGA que se definen a continuación son utilizadas habitualmente por la comunidad inversora con fines de valoración, son medidas complementarias útiles de la rentabilidad y proporcionan métricas útiles en el sector de Blackline.
A lo largo de este comunicado de prensa, se utilizan los siguientes términos, que no tienen un significado estandarizado según los PCGA.
Indicadores clave de rendimiento
The Company recognizes service revenues ratably over the term of the service period under the provisions of agreements with customers. The terms of agreements, combined with high customer retention rates, provides the Company with a significant degree of visibility into near-term revenues. Management uses several metrics, including the ones identified below, to measure the Company’s performance and customer trends, which are used to prepare financial plans and shape future strategy. Key performance indicators may be calculated in a manner different from similar key performance indicators used by other companies. See also "Supplementary Financial Measures" below.
- "Annual Recurring Revenue" is the total annualized value of recurring service amounts (ultimately recognized as software services revenue) of all service contracts at a point in time. Annualized service amounts are determined solely by reference to the underlying contracts, adjusting for the varying revenue recognition treatments under IFRS 15 Revenue from Contracts with Customers. It excludes one-time fees, such as for rentals, non-recurring professional services, and assumes that customers will renew the contractual commitments on a periodic basis as those commitments come up for renewal, unless such renewal is known to be unlikely. We believe that ARR provides visibility into future cash flows and is a fair measure of the performance and growth of our service contracts.
- "Net Dollar Retention" compares the aggregate service revenue contractually committed for a full period under all customer agreements of our total customer base as of the beginning of the trailing twelve-month period to the total service revenue of the same group at the end of the period. It includes the effect of our service revenue that expands, renews, is upsold or downsold or cancelled, but excludes the total service revenue from new activations during the period. We believe that NDR provides a fair measure of the strength of our recurring revenue streams and growth within our existing customer base.
Medidas financieras no ajustadas a los PCGA
Una medida financiera no sujeta a los PCGA: (a) describe el rendimiento financiero histórico o previsto para el futuro, la situación financiera o el efectivo de la empresa; (b) con respecto a su composición, excluye un importe que se incluye en la composición de la medida financiera más comparable presentada en los estados financieros consolidados principales, o incluye un importe que se excluye de dicha composición; (c) no se presenta en los estados financieros principales de la empresa; y (d) no es un ratio.
Las medidas financieras no ajustadas a los PCGA presentadas y analizadas en este comunicado de prensa son las siguientes:
- "EBITDA" is useful to securities analysts, investors and other interested parties in evaluating operating performance by presenting the results of the Company which excludes the impact of certain non-cash or non-operational items. EBITDA is calculated as earnings before interest expense, interest income, income taxes, depreciation and amortization.
- "Adjusted EBITDA" is useful to securities analysts, investors and other interested parties in evaluating operating performance by presenting the results of the Company which excludes the impact of certain non-operational items and certain non-cash and non-recurring items, such as stock-based compensation expense. Adjusted EBITDA is calculated as earnings before interest expense, interest income, income taxes, depreciation and amortization, stock-based compensation expense, foreign exchange loss (gain), and non-recurring impact transactions, if any. The Company considers an item to be non-recurring when a similar revenue, expense, loss or gain is not reasonably likely to occur.
Conciliación de medidas financieras no ajustadas a los PCGA 
Ratios no ajustados a los PCGA
A non-GAAP ratio is a financial measure presented in the form of a ratio, fraction, percentage or similar representation and that has a non-GAAP financial measure as one or more of its components.
Non-GAAP ratios presented and discussed in this news release are as follows:
- "EBITDA per common share" is useful to securities analysts, investors and other interested parties in evaluating operating and financial performance. EBITDA per common share is calculated on the same basis as net income (loss) per common share, utilizing the basic and diluted weighted average number of common shares outstanding during the periods presented.
- "Adjusted EBITDA per common share" is useful to securities analysts, investors and other interested parties in evaluating operating and financial performance. Adjusted EBITDA per common share is calculated on the same basis as net income (loss) per common share, utilizing the basic and diluted weighted average number of common shares outstanding during the periods presented.
Medidas financieras complementarias
Una medida financiera complementaria: (a) se divulga, o está destinada a divulgarse, periódicamente para describir el rendimiento financiero histórico o previsto para el futuro, la situación financiera o el flujo de caja de la empresa; (b) no se presenta en los estados financieros de la empresa; (c) no es una medida financiera no sujeta a los PCGA; y (d) no es un ratio no sujeto a los PCGA.
Las medidas financieras complementarias presentadas y analizadas en este comunicado de prensa son las siguientes:
- El «porcentaje de margen bruto» representa el margen bruto como porcentaje de los ingresos.
- Los «ingresos recurrentes anuales» representan el valor total anualizado de los importes recurrentes de todos los contratos de servicio.
- La «retención neta en dólares» representa los ingresos por servicios agregados comprometidos contractualmente.
- El «porcentaje del margen bruto del producto» representa el margen bruto del producto como porcentaje de los ingresos por producto.
- El «porcentaje del margen bruto del servicio» representa el margen bruto del servicio como porcentaje de los ingresos por servicios.
- «Gastos totales como porcentaje de los ingresos» representa los gastos totales como porcentaje de los ingresos totales.
Nota sobre declaraciones prospectivas
This news release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws relating to, among other things, the Company’s expectation that initial commercial shipments of the G8 are expected to begin in February 2026. Blackline provided such forward-looking statements in reliance on certain expectations and assumptions that it believes are reasonable at the time. The material assumptions on which the forward-looking information in this news release are based, and the material risks and uncertainties underlying such forward-looking information, include: expectations for strong demand for the Company's subscription-based services and expanding global customer base, increased device deployments, higher service penetration, and ongoing international expansion, with growth in ARR and subscription-based services expected to be further enhanced by the launch of its new G8 product, the scalability of the Company’s cloud-connected monitoring platform, improvements in manufacturing efficiencies, product mix, and pricing discipline, expectations and assumptions concerning business prospects and opportunities, spending and related budgets for customers in the industries the Company services, customer demands, the availability and cost of financing, labour and services, that Blackline will pursue growth strategies and opportunities in the manner described herein, and that it will have sufficient resources and opportunities for the same, that other strategies or opportunities may be pursued in the future, and the impact of increasing competition, business and market conditions; the accuracy of outlooks and projections contained herein; the continuation of USMCA and other applicable trade agreements; that future business, regulatory, and industry conditions will be within the parameters expected by Blackline, including with respect to prices, margins, demand, supply, product availability, supplier agreements, availability, and cost of labour and interest, exchange, and effective tax rates; projected capital investment levels, the flexibility of capital spending plans, and associated sources of funding; cash flows, cash balances on hand, and access to the Company’s credit facility being sufficient to fund capital investments; foreign exchange rates; near-term pricing and continued volatility of the market; accounting estimates and judgments; the ability to generate sufficient cash flow to meet current and future obligations; the Company’s ability to obtain and retain qualified staff and equipment in a timely and cost-efficient manner; the Company’s ability to carry out transactions on the desired terms and within the expected timelines; forecast inflation, including on the Company’s components for its products, regulatory changes, supply chain disruptions, macroeconomic conditions, U.S.-Canada tariffs, the impacts of the military conflict between Russia and Ukraine and between Israel and Hamas on the global economy; and other assumptions, risks, and uncertainties described from time to time in the filings made by Blackline with securities regulatory authorities. Although Blackline believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Blackline can give no assurance that they will prove to be correct. Forward-looking information addresses future events and conditions, which by their very nature involve inherent risks and uncertainties, including the risks set forth above and as discussed in Blackline’s Management’s Discussion and Analysis and Annual Information Form for the year ended October 31, 2025 and available on SEDAR+ at www.sedarplus.ca. Blackline’s actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Blackline will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide readers with a more complete perspective on Blackline’s future operations and such information may not be appropriate for other purposes. Readers are cautioned that the foregoing lists of factors are not exhaustive. These forward-looking statements are made as of the date of this press release and Blackline disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.