Blackline Safety: A Connected Safety Leader's Record Revenue and Positive EBITDA

Blackline Safety Corp. (TSX: BLN), a global leader in connected safety technology, reported record fiscal 2024 revenue of $127.3 million, up 27% year-over-year, and positive Q4 EBITDA. The company's strong performance can be attributed to several key factors, including global customer demand, a successful hardware-enabled SaaS business model, improved gross margins, disciplined cost management, and strong net dollar retention (NDR).



Global Customer Demand and Expansion
Blackline Safety's record revenue and positive Q4 EBITDA were driven by strong global customer demand and expansion. The company experienced substantial revenue growth across multiple regions in the fourth quarter, with the United States and Europe showing significant increases of 17% and 37% year-over-year, respectively. Additionally, the Rest of World region grew an impressive 115% year-over-year. Blackline's global customer footprint extended to over 75 countries, indicating a strong international presence and demand for its connected safety solutions.

Hardware-Enabled SaaS Business Model
Blackline Safety's business model, which combines hardware and software-as-a-service (SaaS), has proven to be successful and scalable. The company's record Annual Recurring Revenue (ARR) of $66.4 million, up 30% year-over-year, underscores the strength of this business model. Cody Slater, CEO and Chair, stated, "These strong topline results are backed by record EBITDA and cash flow as the Company continues to scale, showing market acceptance and the strength of our Hardware-Enabled SaaS business model."

Improved Gross Margins and Cost Discipline
Blackline Safety achieved record product margins of 41% in Q4, up from 32% last year, contributing to the overall increase in revenue and profitability. The company's disciplined cost management led to a decrease in operating expenses as a percentage of revenue, with every major expense category declining during the period. Slater noted, "Our business has never been stronger, and these results are a testament to our focus on topline growth along with disciplined cost management."

Strong Net Dollar Retention (NDR)
Blackline Safety's NDR for the quarter was 127%, indicating that existing customers continue to expand their suite of Blackline products and services. This high NDR demonstrates customer satisfaction and loyalty, contributing to the company's record revenue and positive EBITDA.



Blackline Safety's expansion into new regions has significantly contributed to its growth, with substantial revenue increases across multiple regions in the fourth quarter of 2024. The company's ever-expanding suite of connected safety solutions and growing customer base have positioned it to lead the multi-billion-dollar gas detection and connected safety industry.

In conclusion, Blackline Safety's record fiscal 2024 revenue and positive Q4 EBITDA can be attributed to several key drivers, including global customer demand, a successful hardware-enabled SaaS business model, improved gross margins, disciplined cost management, and strong net dollar retention. The company's expansion into new regions has also contributed to its growth, with substantial revenue increases across multiple regions in the fourth quarter. As a global leader in connected safety technology, Blackline Safety is well-positioned to continue its growth trajectory and lead the industry.