Blackline Safety reports highest quarterly revenue ever

Q3 revenue doubles to $4.7M compared to same quarter, prior year

Calgary, AB — Blackline Safety Corp. (TSX Venture: BLN), a leading manufacturer of gas detection and connected safety solutions, announced its best quarter ever.

“Expanding customer adoption of Blackline’s connected safety products and services drove strong revenue growth through our third quarter,” said Cody Slater, Blackline Safety CEO and Chairman. “Overall revenue more than doubled with service revenue up 58% and a 260% jump in product revenue.” He added, “Our latest numbers demonstrate that G7 is revolutionizing the safety industry, helping businesses stay connected with their teams to keep them safe and manage their operations more efficiently. Strong customer adoption has continued into Q4 with the announcement of a $1.9M lease order that displaced obsolete gas detectors while equipping the customer with the latest in connected safety technology.”

Blackline continues to innovate G7’s capabilities through continued product development while expanding its commercialization programs. Mr. Slater said, “G7 products and services have defined the new benchmark for industry, delivering turn-key connectivity, plug-and-play modular design and a deep suite of capabilities. We are increasing market reach by expanding our sales team in the field, plus introducing a new partner portal to support our growing distribution channels.” He added, “Blackline works tirelessly to expand our leading position at the forefront of connected safety. We will begin shipping our new Multi-gas Pump Cartridge this fall, plus we have plans to announce other new, significant capabilities that focus on productivity and product line expansion in the coming weeks.”

Punti salienti

• Total revenue of $4.7M, a 103% increase over the prior year’s Q3
• Product revenue of $1.9M, a 260% increase over the prior year’s Q3
• Service revenue, including Blackline Complete lease revenue, of $2.8M, a 58% increase over the prior year’s Q3
• Contracted future service revenue (lease commitments) grew to $5.3M, a 32% increase over the prior year’s Q3
• Leased units increased to 2,697, up 84% over the prior year’s Q3
• Revenue growth in both the United States and Europe increased by 183% over the prior year’s Q3
• Cash and short-term investments of $13.0M at Q3 FY2018
• Launched G7 Insight, a new gas detection program that equips businesses in the energy, utility and telecom sectors with connected gas detection technology
• Announced new multi-gas pump cartridge to support confined space entry and leak check surveys for facilities
• Launched Blackline Analytics that empowers decision-making by leveraging G7 connected gas detector ‘big data’
• Received the Health & Safety Award from the 2018 Global Petroleum Show

Dati finanziari salienti

I valori riportati nel presente comunicato sono espressi in migliaia, ad eccezione delle percentuali e dei dati per azione. 

Informazioni finanziarie chiave

Third quarter revenue was $4,676 compared to $2,302 in the comparable quarter of the prior fiscal year, resulting in an increase of 103% or $2,374. Revenue in both the United States and Europe increased 183% with these regions continuing their strong growth during the quarter.

Product revenue during the third quarter was $1,852, an increase of 260% compared to $514 in the comparable quarter of the prior fiscal year. This increase was driven by shipments of Blackline’s G7c and G7x products across all regions.

Service revenue was $2,824, an increase of 58% compared to $1,788 in the same period last year, attributed to new service activations by end customers from the continued solid growth in product sales and increased adoption of the Blackline Complete leasing program.

Contracted future service revenue, representing the current value of future Blackline Complete lease commitments, was $5,279 as at July 31, 2018, an increase of 32% from Q3 FY2017.

Gross margin for the third quarter was $1,875 compared to $1,018 in the comparable quarter of the prior year, an increase of 84% over the comparable period from the prior year. This increase was driven by the growth of Blackline’s service revenue year over year.

Adjusted EBITDA was $(179) for the third quarter compared to $(905) in the comparable quarter of the prior year. The increase in the Adjusted EBITDA for the quarter was attributable to an increase in revenues and gross margin quarter-over-quarter.

Blackline’s unaudited condensed consolidated interim financial statements and management’s discussion and analysis on financial condition and results of operations for the period ended July 31, 2018 are available at www.sedar.com. All results are reported in Canadian dollars. To learn more about Blackline Safety, visit www.blacklinesafety.com and follow Blackline on Twitter @blacklinesafety.

Informazioni su Blackline Safety:Blackline Safety è leader mondiale nella tecnologia di sicurezza connessa. Fornendo un monitoraggio completo in tempo reale e rilevamento wireless dei gas, aiutiamo i team che lavorano in ambienti pericolosi a rispondere alle emergenze in tempo reale e a gestire evacuazioni efficienti, garantendo la sicurezza di tutti lungo il percorso. Con milioni investiti nella ricerca e nello sviluppo tecnologico, Blackline Safety è riconosciuta per la qualità e l'innovazione. Il nostro team di progettisti e ingegneri di talento crea e produce internamente, dalla tecnologia indossabile e dai rilevatori di gas personali alle infrastrutture ospitate su cloud e alle interfacce web per l'industria globale. Forniamo la prima soluzione al mondo chiavi in mano e connessa per il monitoraggio della sicurezza, utilizzabile ovunque, con rilevamento di gas, wireless 3G, comunicazioni satellitari, vivavoce bidirezionale, messaggistica per i dipendenti e monitoraggio in tempo reale, per soddisfare le impegnative sfide di sicurezza delle organizzazioni in oltre 200 paesi. Per ulteriori informazioni, visitare il sitowww.BlacklineSafety.com.

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