Yesterday morning, Blackline Safety published its annual financials for our 2017 fiscal year that ended October 31 (our press release is embedded at the end of this article). Included with the publishing of our financials was a clean audit report, providing transparency of our operations to all stakeholders.
Thanks to everyone for your contributions throughout the year. Each of us has an important role within the organization, and our success is derived from everyone's ongoing efforts. Overall, the news for employees and investors is very positive — product and service revenue was up 45% compared to 2016. Q4 was our first full quarter with an internationally-certified product line, which allowed us to begin fulfilling customer orders — including the significant order from ATCO Pipelines. We ended the year with $13.7M in cash and investments, and have since raised $8.2M through exercise of investor warrants. Overall, we’re in a great position to support continued investment into product development along with sales channel development and promotion programs.
Looking back at 2017, Blackline successfully completed the development and certification of our G7 product line, including G7c, G7x, G7 Bridge, cartridges, a selection of sensors and support within Blackline Live. The introduction of G7 marks a monumental shift in our business, addressing unmet needs in the traditional gas detection industry. Our G7 approach to connectivity and features is revolutionizing the marketplace and entrenched competitors are taking notice. During the year, we expanded our distribution networks around the world, leveraging key players that promote gas detection equipment and serve a broad gas detection customer-base. A strong network of reseller partners enables Blackline to present G7 solutions to an incredibly large customer-base much more efficiently and effectively than when we sold through to customers directly. To date, we have over 60 reseller partners in place that represent over 130 locations and nearly 400 reseller sales personnel.
On the development front, our Software team is about to launch our Winter18 update that not only brings a fresh look to Blackline Live but also establishes a new account structure and foundation for future growth. While our initial G7 portfolio is fully commercialized, we continue to invest significantly into product development to ensure that we maintain a leadership position in the marketplace — many amazing new capabilities are in store for 2018 that will expand our G7 product line even further.
Stop by or email me if you have any questions,
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