Fuel for Thought
Blackline Safety reports strongest quarter ever, posts $8.2M in Q2 revenue
Jul 05 2019
Blackline Safety Corp. have just announced record second quarter results for the period ended April 30, 2019.
“Blackline’s Q2 was another record quarter with the company posting its strongest year-on-year growth ever, up 118% over the prior year,” said Cody Slater, CEO and Chairman at Blackline Safety. “Geographically, we saw strong connected safety uptake across the board with an increase of 184% in the United States, 112% in Europe and 86% in Canada compared to the same period last year. Importantly, we saw this growth not only across each region but also across multiple industries as we continue to expand our dominance in the connected safety marketplace.”
“During the quarter, Yorkshire Water in the United Kingdom purchased our G7 Insight connected gas detection program with five years of service,” said Mr. Slater. “In their own words, ‘… Blackline are real industry leaders and have completely redesigned the way we think about gas monitoring.’ Additionally, our largest Canadian customer upgraded to G7, converging their gas detection and remote lone worker monitoring programs into a single employee cloud-connected wearable. To ensure that the best connected safety wearables are deployed, enterprise-wide deals require review and approval from a broad range of client stakeholders, including safety, operations, IT and operational excellence. Each enterprise customer that adopts G7 affirms our leadership position in the marketplace as we continue to expand our foothold across the globe.”
Mr. Slater said, “Compared to the first quarter of this year, we saw product gross margins increased from 8% to 22%. With increased sales volumes, we are beginning to use more of the available capacity of our manufacturing facility, decreasing overhead on a per-unit basis. Further, this is the second consecutive quarter where we achieved a positive Adjusted EBITDA, a non-GAAP metric that we use to track our performance, which at $253k was up seven-fold from Q1.” He added, “To support Blackline’s ongoing growth, we closed the quarter with a strong balance sheet with no debt and over $33M in cash and short-term investments.”
“In contrast to competitor offerings, Blackline Safety delivers connectivity as standard equipment for every safety wearable that we deploy,” said Mr. Slater. “Each of our clients benefit from direct-to-cloud connectivity that works from the first button press, without complexity or additional infrastructure. Looking to the future, in the coming months, we will be announcing new imaging capabilities, advanced data science offerings and the addition of a new area monitoring product line, further enhancing the value that we bring to customers throughout the world.”
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