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1. Company Snapshot

1.a. Company Description

Blackline Safety Corp., develops, manufactures, and markets worker safety monitoring products and services in Canada, the United States, Europe, Australia, New Zealand, and internationally.It offers connected safety devices, including G7c, a safety wearable for indoor and outdoor locations covered by 3G wireless; G7x, a safety wearable for remote locations; G7 EXO, a cloud-connected area monitor; G7 Dock, an accessory product used to calibrate G7c and G7x devices; G7 Bridge, a portable satellite base station; G7 lone worker monitoring solutions; and field-replaceable cartridges in G7c, G7x, and G7 EXO connected devices.The company also provides Blackline Live, a cloud-hosted live safety monitoring portal for safety alert management; Blackline Live's real-time compliance and reporting dashboard; Blackline Analytics, a data analytics package; Blackline Vision, a data science consulting and software services; Blackline monitoring; and Blackline Location Beacon, an indoor/outdoor location technology.


In addition, it offers Loner Mobile, a safety monitoring application for smartphones; Loner Duo, a Bluetooth accessory paired with loner mobile for medium to high-risk work-alone scenarios; gas sensors, which include single- and multi-gas diffusion cartridges and multi-gas pump cartridges; and industrial contact tracing for COVID-19.Further, the company provides portable tracking solutions for package tracking, loss prevention, surveillance, asset security, and vehicle tracking applications.It serves municipalities and utilities, oil and gas, renewable energy, hazmat and fire response, petrochemical, rail transportation, steel manufacturing, biotech and pharma manufacturing, agriculture, construction, mining, pulp and paper, and wood products manufacturing industries.


The company was formerly known as Blackline GPS Corp.and changed its name to Blackline Safety Corp.in July 2015.


Blackline Safety Corp.was founded in 2004 and is headquartered in Calgary, Canada.

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1.b. Last Insights on BLN

Blackline Safety Corp.'s recent stock performance was driven by its record fiscal 2024 revenue of $127.3 million, up 27% year-over-year. The company's connected safety technology solutions saw strong demand, with a new $1.6 million deal with Total Safety for its EXO 8 area monitors. Additionally, Blackline completed a strategic private placement financing with an affiliate of the Lowy Family Group, increasing its access to capital and potentially fueling future growth. The company's strong financial performance and strategic initiatives position it for continued success in the connected safety technology market.

1.c. Company Highlights

2. Blackline Safety's Q4 and Fiscal 2025 Results: A Strong Foundation for Growth

Blackline Safety reported a record $39.3 million in revenue for Q4, up 10% year-over-year, and $150.5 million for the full fiscal year, up 18%. The company's adjusted EBITDA was $2.2 million in Q4 and $6.1 million for the full year, compared to a loss of $2.4 million in fiscal 2024. Annual recurring revenue reached a record $84.5 million, up almost 30% from last year. The actual EPS came out at -$0.00731, relative to estimates at $0.01. Services revenue showed resilience and strong growth, with gross margins driven by scalability initiatives and optimization of connectivity services and data expenses.

Publication Date: Jan -18

📋 Highlights
  • Q4 Revenue Growth:: Record $39.3M in Q4, up 10% YoY, and $150.5M annual revenue, +18% YoY.
  • Annual Recurring Revenue (ARR):: Surpassed $84.5M, a 30% increase from fiscal 2024.
  • Adjusted EBITDA Improvement:: Turnaround to $2.2M profit in Q4 and $6.1M for the year, reversing a $2.4M loss in 2024.
  • G8 Product Launch:: Next-gen safety wearables to drive growth, with commercial shipments starting February 2026 and $46.6M in cash reserves.
  • Liquidity & Market Positioning:: $76.4M available liquidity and strategic focus on Middle East energy markets to offset North American slowdowns.

Financial Performance Highlights

The company's cash and short-term investments stood at $46.6 million, with available liquidity of $76.4 million. The CFO, Robin Kooyman, will be taking maternity leave, and Chris Curry will serve as interim CFO. According to Robin Kooyman, "the launch of our next-generation connected safety wearables, the G8, is expected to drive growth and increase service revenues."

Product Launch and Growth Prospects

The G8 is expected to unlock more service revenue over time, with a focus on adding new services that customers can adopt over the next 5 years. The company has invested single-digit millions in its manufacturing facility to support the G8 launch, with commercial shipments expected to begin in February 2026. The G8 features a custom remote speaker mic, which enhances the push-to-talk (PTT) experience and is expected to drive accessory revenue growth.

Valuation Metrics

Using the current valuation metrics, the company's P/S Ratio stands at 3.59, and EV/EBITDA is at 105.2. The ROE is -10.75%, and ROIC is -5.81%. Analysts estimate next year's revenue growth at 24.9%. These metrics indicate that the market is pricing in significant growth expectations for the company.

Operational Insights

The company has seen a slowdown in hardware refresh rates, with customers extending their hardware life cycles, but this is expected to change with the G8 launch. The U.S. government shutdown is expected to have a single-digit million impact on the company's revenue. The ADNOC partnership has shown significant growth, with 2,500 devices shipped and a potential total of 28,000 devices over the next 2 years.

Margin Analysis

Product gross margins were 40% in the quarter, driven by factors such as inventory growth and factory utilization. However, the company expects a slight drop in product gross margins in the coming quarters as it ramps up the G8. The service gross margin is expected to remain stable in the short term, with potential upward pressure in the long term as new services are added.

3. NewsRoom

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An Intrinsic Calculation For Blackline Safety Corp. (TSE:BLN) Suggests It's 25% Undervalued

Feb -03

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Blackline Safety Corp. (TSE:BLN) Could Be Less Than A Year Away From Profitability

Jan -18

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Blackline Safety Corp (BLKLF) Q4 2025 Earnings Call Highlights: Record Revenue and Strategic ...

Jan -15

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Blackline Safety Q4 Earnings Call Highlights

Jan -15

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Blackline Safety Q4 Net Loss Widens Despite Rise in Revenue

Jan -15

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Blackline Safety Reports Record Fiscal 2025 Revenue of $150.5 million and Adjusted EBITDA of $6.1 million

Jan -15

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Blackline Safety Introduces G8—The Most Connected Safety Wearable Ever Made

Jan -13

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Blackline Safety Announces Fiscal Fourth Quarter and Year End 2025 Financial Results Conference Call

Dec -18

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.13%)

6. Segments

Service

Expected Growth: 10.9%

Blackline Safety Corp.'s 10.9% growth is driven by increasing demand for connected safety solutions, expansion into new industries, and growing adoption of IoT-enabled gas detection products. Additionally, strategic partnerships, investments in R&D, and a strong sales pipeline contribute to the company's rapid growth.

Product

Expected Growth: 9.27%

Blackline Safety Corp.'s 9.27% growth is driven by increasing demand for connected safety devices, expansion into new markets, and growing adoption of IoT-based safety solutions. The company's product offerings, such as wearable devices and cloud-based software, are resonating with customers seeking to improve workplace safety and reduce operational costs.

7. Detailed Products

G7c

A wearable device that combines the features of a gas detector, a lone worker monitor, and a satellite phone.

G7x

A rugged, wearable device that provides real-time gas detection, lone worker monitoring, and satellite connectivity.

Loner Bridge

A satellite-enabled device that connects workers in remote areas to Blackline's safety monitoring platform.

G7 Dock

A docking station that enables automated bump testing and calibration of Blackline's G7 devices.

Blackline Live

A cloud-based platform that provides real-time monitoring, alerting, and analytics for Blackline's safety devices.

Safety Operations Center

A 24/7 monitoring center that provides emergency response and alerting services for Blackline's customers.

8. Blackline Safety Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Blackline Safety Corp. operates in a niche market with limited substitutes, but there are some alternatives available. The company's products and services are highly specialized, which reduces the threat of substitutes.

Bargaining Power Of Customers

Blackline Safety Corp.'s customers are largely dependent on the company's products and services, which reduces their bargaining power. The company's strong brand reputation and customer loyalty also limit the customers' ability to negotiate prices.

Bargaining Power Of Suppliers

Blackline Safety Corp. relies on a few key suppliers for its products and services. While the company has some bargaining power due to its size and reputation, the suppliers also have some leverage due to the specialized nature of the products.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the safety and industrial gas detection market. Blackline Safety Corp.'s strong brand reputation, patented technology, and established distribution channels make it difficult for new entrants to compete.

Intensity Of Rivalry

The safety and industrial gas detection market is moderately competitive, with a few established players competing for market share. Blackline Safety Corp. faces competition from established companies, but its innovative products and services help it to differentiate itself.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 25.06%
Debt Cost 7.29%
Equity Weight 74.94%
Equity Cost 11.76%
WACC 10.64%
Leverage 33.45%

11. Quality Control: Blackline Safety Corp. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Red Violet

A-Score: 5.3/10

Value: 1.0

Growth: 8.7

Quality: 7.6

Yield: 1.0

Momentum: 8.5

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Blackline Safety

A-Score: 5.2/10

Value: 4.6

Growth: 7.1

Quality: 5.5

Yield: 0.0

Momentum: 7.5

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Dave

A-Score: 5.1/10

Value: 2.5

Growth: 8.0

Quality: 9.5

Yield: 0.0

Momentum: 9.5

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
Mitek Systems

A-Score: 4.7/10

Value: 4.4

Growth: 7.2

Quality: 6.4

Yield: 0.0

Momentum: 5.0

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
Grindr

A-Score: 3.8/10

Value: 5.1

Growth: 5.4

Quality: 5.8

Yield: 0.0

Momentum: 3.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Blend Labs

A-Score: 3.6/10

Value: 8.4

Growth: 6.2

Quality: 3.3

Yield: 0.0

Momentum: 1.5

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

6.69$

Current Price

6.69$

Potential

-0.00%

Expected Cash-Flows