Blackline Safety Corp. (BLN.TO) | Investment Case

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

Last Price	7.06
Change Percentage	-0.84%
Open	7.01
Previous Close	7.12
Market Cap ( Millions)	595
Volume	9566
Year High	7.96
Year Low	5.98
M A 50	7.11
M A 200	6.93

FCF Yield	-1.69%
Dividend Yield	0.00%
ROE	-10.53%
Debt / Equity	15.65%
Net Debt / EBIDTA	-115.93%
Price To Book	7.58
Price Earnings Ratio	-82.78
Price To FCF	-59.08
Price To sales	4.16
EV / EBITDA	114.02

2. Transcript Summary

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3. NewsRoom

Blackline Safety Named to 2025 Deloitte Technology Fast 500 List

Nov -20

Source:

Is It Too Late To Consider Buying Blackline Safety Corp. (TSE:BLN)?

Nov -17

Source:

Blackline Safety Expands Global Footprint with New Offices in Germany and the UAE

Nov -03

Source:

$5.46 Bn Tracking-as-a-Service Markets, 2025-2033 by Component, Type, Asset Type, Enterprise Size, End Use, Countries and Company Analysis

Oct -27

Source:

Blackline Safety’s EXO 8 Wins 2025 Firehouse Innovation Award

Oct -16

Source:

Blackline Safety Named One of Canada’s Top Growing Companies for 7th Consecutive Year

Sep -26

Source:

Update: Blackline Safety Secures a Contract with Major Californian Water Utility

Sep -18

Source:

Blackline Safety Secures $1.8M Contract with Major Californian Water Utility

Sep -18

Source:

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

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

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Red Violet

A-Score: 5.5/10

Value: 0.9

Growth: 8.7

Quality: 7.6

Yield: 1.0

Momentum: 9.5

Volatility: 5.0

1-Year Total Return ->

Blackline Safety

A-Score: 5.1/10

Value: 4.6

Growth: 7.1

Quality: 5.5

Yield: 0.0

Momentum: 7.0

Volatility: 6.3

1-Year Total Return ->

Mitek Systems

A-Score: 5.0/10

Value: 5.3

Growth: 6.8

Quality: 6.8

Yield: 0.0

Momentum: 6.0

Volatility: 5.0

1-Year Total Return ->

Dave

A-Score: 4.8/10

Value: 1.1

Growth: 8.0

Quality: 8.7

Yield: 0.0

Momentum: 10.0

Volatility: 1.3

1-Year Total Return ->

Grindr

A-Score: 4.5/10

Value: 4.8

Growth: 5.4

Quality: 4.9

Yield: 0.0

Momentum: 8.0

Volatility: 3.7

1-Year Total Return ->

Blend Labs

A-Score: 4.1/10

Value: 8.4

Growth: 6.2

Quality: 3.2

Yield: 0.0

Momentum: 5.0

Volatility: 2.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

51.74%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

10.64%

Blackline Safety Corp. - CA0923821007

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on BLN

1.c. Company Highlights

Strong Momentum

Average Growth

Average Quality

Earnings Miss

Revenues Miss

Fairly Valued

Revenues Beats

Stable Momentum

Earnings Beats

Lower Quality

Medium Volatility

Less Volatile

Average Yield

2. Transcript Summary

3. NewsRoom

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%

Product

Expected Growth: 9.27%

7. Detailed Products

G7c

G7x

Loner Bridge

G7 Dock

Blackline Live

Safety Operations Center

8. Blackline Safety Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

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

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

7.06$

Current Price

7.06$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA