Blackline Safety achieves $100 million in annual revenue

January 22, 2024

Company records robust growth and improved financial metrics

Blackline Safety Corp., a global leader in connected safety technology, has announced its fiscal fourth quarter and year-end 2023 results, achieving a significant milestone with $100 million in total annual revenue.

This achievement represents a 37% increase over the previous year, demonstrating the company’s robust growth in the fire and safety sector.

Key financial and operational achievements

The company’s Annual Recurring Revenue (ARR) experienced a substantial 40% year-over-year increase, reaching $51.1 million.

The fourth quarter revenue alone hit $30 million, a notable 36% rise compared to the same period in the previous year.

Blackline Safety also reported a record Net Dollar Retention (NDR) of 129%, significantly improving from the previous year’s 105%.

Another highlight includes record gross margins of $16.5 million in the fourth quarter, a substantial 56% increase year-over-year.

The company managed to reduce its total expenses to $19.8 million in the fourth quarter, a 3% decrease from the previous year.

Furthermore, the EBITDA improved by 82%, showcasing a dramatic reduction in loss from $8.1 million in the fourth quarter of 2022 to $1.5 million in the same period of 2023.

Blackline Safety management perspective on the achievements

Cody Slater, CEO and Chair of Blackline Safety Corp., expressed his satisfaction with the company’s performance: “We are delighted to achieve a significant milestone, reaching $100 million in total annual revenue as we recorded our 27th consecutive quarter of year-over-year total revenue growth.”

He highlighted the company’s successful execution over the year, including a 33% increase in hardware revenue and a 10% reduction in total annual expenses, leading to a dramatic reduction in EBITDA loss.

Slater also outlined the company’s strategy and future outlook: “In Q3 of last year, we embarked on a path to profitability… I am confident the Company has transformed itself into an engine that can continue to deliver top line growth in the future and generate significant profitability in the long run.”

Blackline Safety set a new record in quarterly gross profit, driven by strength in both product and service segments.

The company’s fiscal fourth quarter marked the fourth consecutive quarter of significant year-over-year revenue growth.

Slater emphasized that these achievements position Blackline Safety well for fiscal 2024, expecting sustained profitability and continued market share growth.

The company’s impact in fire and safety sector

Blackline Safety’s achievements are particularly significant in the fire and safety sector, where the company’s technology plays a crucial role.

Their solutions, which include wearable devices, personal and area gas monitoring, and cloud-connected software, are central to the health, safety, and compliance practices of customers across various industrial markets.

The technology provides essential workforce visibility and safety, contributing to the prevention of incidents and enhancement of operational performance.

FSJA Comment

The accomplishment of Blackline Safety in reaching $100 million in annual revenue underscores the growing importance and effectiveness of connected safety technology in the fire and safety sector.

This milestone reflects the company’s financial growth and the increasing reliance on advanced safety solutions by industries worldwide.

Blackline’s focus on continuous innovation and expansion of its product and service offerings is crucial for meeting the evolving safety needs of diverse industries.

The company’s ability to sustain growth while improving profitability and cost-efficiency sets a benchmark for others in the sector.

As safety standards and regulations become more stringent, Blackline Safety’s role in driving technological advancements and providing reliable safety solutions is likely to become even more vital.

About Blackline Safety Corp

Blackline Safety is a leading technology company specializing in connected safety solutions.

Their innovative products and services, including wearable devices and cloud-connected software, play a pivotal role in enhancing safety and operational efficiency across various industries.

With a global presence, Blackline Safety is dedicated to transforming workplace safety through the Internet of Things (IoT), offering real-time connectivity and comprehensive data analytics to improve safety outcomes for organizations worldwide.

*Note: This article contains financial information and forward-looking statements based on management’s current expectations and assumptions. As with all such projections, actual future results may differ materially from these expectations.

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