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Blackline Safety posts record first quarter revenue


June 1, 2018
By Fire Fighting in Canada

June 1, 2018, Calgary, Alta. - Blackline Safety Corp. announced record first-quarter revenue results for the quarter ended January 31, 2018. The report lists the company’s financial highlights, key financial information and revenue increase percentages.

Highlights

– Total revenue of $3.8 million, a 51 per cent increase over the prior year’s Q1.
– Product revenue of $1.5 million, an 83 per cent increase over the prior year’s Q1
– Service revenue of $2.3 million, a 36 per cent increase over the prior year’s Q1.
– European revenue of $701 thousand, a 245 per cent increase over the prior year’s Q1.
– Contracted future service revenue grew to $4.5 million, a 34 per cent increase over the prior year’s Q1.
– Blackline launched new gas sensors and G7 device firmware with multi-language support.
– Blackline Safety named Manufacturer of the Year at the Oil & Gas Awards.

The subsequent values in this release are in thousands, except for percentages and per share data.­­

Financial Highlights

 Quarter Ended January 31

 2018

2017

Change

Revenue

$3,803

$2,515

51%

Gross Margin

$1,693

$1,251

35%

Gross Margin Percentage

45%

50%

(10)%

Net Loss

($1,604)

($2,065)

22%

Net Loss excluding stock-based compensation expense

($1,501)

($1,481)

(1)%

Adjusted EBITDA

($136)

($191)

29%

Loss per Share

($0.05)

($0.07)

29%



Key Financial Information

First quarter revenue was $3,803 compared to $2,515 in the comparable quarter of the prior fiscal year, resulting in an increase of 51 per cent or $1,288.

Product revenue during the first quarter was $1,465, an increase of 83 per cent compared to $802 in the comparable quarter of the prior fiscal year. This increase was driven by shipments of Blackline’s G7c and G7x products in the period, particularly in Europe with an increase of 245 per cent in total revenues in this region.

Service revenue was $2,338, an increase of 36 per cent compared to $1,714 in the same period last year, attributed to new service activations by end customers from the continued solid growth in product sales and adoption of the Blackline Complete leasing program.

Contracted future service revenue, representing the value of future Blackline Complete lease commitments, was $4,510 as at January 31, 2018, an increase of 34 per cent from Q1 FY2017.

Gross margin for the first quarter was $1,693 compared to $1,251 in the comparable quarter of the prior year, an increase of 35 per cent over the comparable period from the prior year.

Adjusted EBITDA was $(136) for the first quarter compared to $(191) in the comparable quarter of the prior year. The improvement in the Adjusted EBITDA in the quarter is attributable to an increase in revenues and gross margin quarter-over-quarter.


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