Blackline Safety (TSE:BLN)
TSX:BLN
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Blackline Safety
(TSX:BLN)
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Rating:61Neutral
Price Target:
C$7.50
▲(6.38% Upside)
Action:ReiteratedDate:03/14/26
The score is driven primarily by improving operating performance (rapid revenue growth and margin expansion) but held back by persistently negative operating/free cash flow. Technicals are supportive with price above major moving averages and positive momentum. Valuation is constrained by ongoing losses (negative P/E), while the earnings call adds support via strong ARR/retention, positive adjusted EBITDA, and G8/ADNOC growth catalysts despite near-term ramp and demand timing risks.
Positive Factors
Strong ARR / Recurring Revenue
Record ARR up ~30% strengthens revenue visibility and underpins recurring cash flows. A rising ARR base makes future revenue more predictable, supports sales efficiency and upsell economics, and provides a durable foundation for growth even if hardware cycles slow.
Negative Factors
Negative Operating and Free Cash Flow
Persistent cash consumption means the business still relies on liquidity despite improving EBITDA. Ongoing negative operating/free cash flow elevates refinancing and capital-allocation risk, and could constrain investments or require external funding until sustained positive OCF is achieved.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong ARR / Recurring Revenue
Record ARR up ~30% strengthens revenue visibility and underpins recurring cash flows. A rising ARR base makes future revenue more predictable, supports sales efficiency and upsell economics, and provides a durable foundation for growth even if hardware cycles slow.
Read all positive factors
Blackline Safety (BLN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$597.94M
Dividend YieldN/A
Average Volume (3M)76.50K
Price to Earnings (P/E)―
Beta (1Y)0.64
Revenue Growth20.78%
EPS Growth58.71%
CountryCA
Employees540
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.03
Shares Outstanding87,022,705
10 Day Avg. Volume29,613
30 Day Avg. Volume76,497
Financial Highlights & Ratios
PEG Ratio1.63
Price to Book (P/B)7.45
Price to Sales (P/S)3.87
P/FCF Ratio-40.20
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$9.67Price Target Upside37.16% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)C$173.45M
Blackline Safety Business Overview & Revenue Model
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 safe...
How the Company Makes Money
Blackline Safety generates revenue primarily by selling connected safety hardware and monetizing recurring services tied to those devices. A key revenue stream is the sale of its devices (e.g., wearable/portable connected gas detectors and safety ...
Blackline Safety Earnings Call Summary
Earnings Call Date:Jan 15, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jun 17, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive outlook: the company reported record annual revenue, a large ARR increase (~30%), sustained strong net dollar retention (128%), and a meaningful shift to profitability with positive adjusted EBITDA for the year. Service revenue growth (30%) and record service margins (82%) underscore the strength of the recurring SaaS model. Management also announced a strategically important G8 product and highlighted a large, validated ADNOC opportunity (up to 28,000 devices) that should drive future scale. Near-term challenges include a Q4 decline in product revenue (-14%), delayed hardware refreshes, U.S. government funding-related delays (low single-digit millions), and modest margin/ramp variability associated with G8 manufacturing; however, these headwinds are described as timing-related and expected to abate as G8 shipments scale and funding/pipelines normalize. Overall, positive operational momentum and financial improvements outweigh the near-term tactical headwinds.Positive Updates
Record Annual Revenue and Continued Top-Line Growth
Total revenue for fiscal 2025 reached a record $150.5M, up 18% year-over-year, and Q4 revenue was $39.3M, up 10% YoY. The company reported 35 consecutive quarters of year-over-year top-line growth.
Negative Updates
Quarterly Product Revenue Decline
Product revenue in Q4 was $13.8M, down 14% year-over-year due to macro uncertainty, global trade concerns and customers exercising caution on capital purchases.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Annual Revenue and Continued Top-Line Growth
Total revenue for fiscal 2025 reached a record $150.5M, up 18% year-over-year, and Q4 revenue was $39.3M, up 10% YoY. The company reported 35 consecutive quarters of year-over-year top-line growth.
Read all positive updates
Company Guidance
Guidance on the call focused on the G8 launch and near‑term timing and financial implications: G8 commercial shipments are expected to begin in late February 2026 with management modeling a roughly 2–3 quarter transition from G7 to G8 (a full shift over the next ~3 quarters), modestly higher hardware pricing, and a materially higher PTT attach rate versus the G7’s ~11%; they expect some Q1 product revenue to be pushed into Q2 (with delayed U.S. fire/hazmat orders described as low single‑digit millions expected to flow in Q2–Q3). Management warned product gross margin could dip a few points during the ramp but sees hardware margin upside longer term (north of ~40% into late‑2026/2027), is adding a second SMT line late this fiscal year with single‑digit‑million capex and prebuilding inventory, and reiterated confidence in growth given record ARR of $84.5M (up ~30%), FY revenue $150.5M (up 18%), Q4 revenue $39.3M (up 10%), Q4 adjusted EBITDA $2.2M and FY adjusted EBITDA $6.1M (vs. a $2.4M loss prior year), net dollar retention 128% (10 quarters >125%), $46.6M cash and $76.4M total liquidity, and a scaling ADNOC opportunity (2,500 devices shipped in Q4 toward a potential ~28,000‑device program rolling out over ~2 years).Blackline Safety Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
74
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Oct 2025 | Oct 2024 | Oct 2023 | Oct 2022 | Oct 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 151.64M | 150.47M | 127.29M | 100.01M | 72.93M | 54.31M |
| Gross Profit | 98.19M | 93.65M | 74.25M | 52.78M | 32.24M | 26.39M |
| EBITDA | 4.97M | 4.95M | -1.40M | -15.92M | -46.49M | -27.96M |
| Net Income | -10.36M | -8.67M | -12.60M | -25.55M | -53.65M | -33.30M |
Balance Sheet | ||||||
| Total Assets | 166.51M | 166.39M | 146.88M | 109.12M | 108.05M | 109.30M |
| Cash, Cash Equivalents and Short-Term Investments | 41.39M | 46.63M | 43.11M | 15.99M | 30.94M | 54.52M |
| Total Debt | 12.56M | 12.90M | 13.59M | 11.10M | 11.25M | 2.37M |
| Total Liabilities | 95.87M | 88.33M | 89.27M | 75.92M | 55.69M | 35.96M |
| Stockholders Equity | 70.64M | 78.06M | 57.61M | 33.20M | 52.36M | 73.34M |
Cash Flow | ||||||
| Free Cash Flow | -10.36M | -14.47M | -6.46M | -29.42M | -59.22M | -34.43M |
| Operating Cash Flow | -3.19M | -8.01M | 1.91M | -22.07M | -50.56M | -28.97M |
| Investing Cash Flow | 44.20M | 6.61M | -30.46M | -3.46M | 249.00K | -3.05M |
| Financing Cash Flow | -5.73M | 19.82M | 32.59M | 9.23M | 32.23M | 38.72M |
Blackline Safety Technical Analysis
Positive
7.05
Price Trends
6.67
Positive
6.74
Positive
6.84
Positive
Market Momentum
0.09
Positive
55.21
Neutral
69.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BLN, the sentiment is Positive. The current price of 7.05 is above the 20-day moving average (MA) of 7.03, above the 50-day MA of 6.67, and above the 200-day MA of 6.84, indicating a bullish trend. The MACD of 0.09 indicates Positive momentum. The RSI at 55.21 is Neutral, neither overbought nor oversold. The STOCH value of 69.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:BLN.
Blackline Safety Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | C$684.88M | 16.69 | 73.40% | ― | 16.25% | 31.71% | |
70 Outperform | C$421.36M | 55.29 | 8.57% | 1.07% | 7.00% | 110.62% | |
67 Neutral | C$915.03M | 14.62 | 12.17% | 5.69% | -0.72% | -9.27% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | C$597.94M | -47.83 | -13.41% | ― | 20.78% | 58.71% | |
61 Neutral | C$351.05M | 18.15 | 25.64% | 2.32% | 3.19% | -1.07% | |
49 Neutral | C$111.87M | -16.83 | -100.85% | ― | -12.14% | 4.41% |
* Technology Sector Average
TSE:BLN
Blackline Safety
7.05
0.69
10.85%
TSE:CMG
Computer Modelling
4.38
-2.62
-37.40%
TSE:XTRA
Xtract One
0.45
0.05
12.50%
TSE:TCS
TECSYS Inc. J
28.85
-7.82
-21.33%
TSE:ENGH
Enghouse Systems
16.79
-5.13
-23.40%
TSE:DCBO
Docebo
23.81
-14.90
-38.49%
Blackline Safety Corporate Events
Business Operations and StrategyFinancial Disclosures
Blackline Safety Posts Record Q1 Revenue and Recurring Sales as New Devices Gain Traction
Positive
Mar 12, 2026
Blackline Safety reported fiscal first-quarter 2026 revenue of $38.8 million, its 36th consecutive quarter of year-over-year growth, driven by a 25% rise in service revenue that offset weaker product sales. The company posted record first-quarter ...
Financial Disclosures
Blackline Safety Sets Date for Q1 2026 Results and Investor Call
Neutral
Feb 26, 2026
Blackline Safety said it plans to release its fiscal first quarter 2026 financial results before markets open on March 12, 2026, followed by a same-day conference call and webcast at 11:00 a.m. ET for investors and analysts. The announcement under...
Business Operations and StrategyFinancial DisclosuresProduct-Related Announcements
Blackline Safety Hits Record 2025 Revenue and Turns First Full Year of Positive EBITDA
Positive
Jan 15, 2026
Blackline Safety reported record fiscal 2025 revenue of $150.5 million, up 18% year over year, driven by a 30% increase in higher-margin service revenue to $90.5 million and annual recurring revenue rising 27% to $84.5 million. Net dollar retentio...
Business Operations and StrategyFinancial DisclosuresProduct-Related Announcements
Blackline Safety Hits Record 2025 Revenue and Unveils Next-Generation G8 Wearable
Positive
Jan 15, 2026
Blackline Safety reported record fiscal 2025 revenue of $150.5 million, up 18% year over year, driven by a 30% increase in service revenue and annual recurring revenue of $84.5 million, a 27% rise from the prior year. Net dollar retention of 128% ...
Business Operations and StrategyProduct-Related Announcements
Blackline Safety Launches G8, a Fully Connected Next-Generation Safety Wearable
Positive
Jan 13, 2026
Blackline Safety has unveiled G8, an all-in-one connected safety wearable that combines advanced gas detection, lone worker protection, and radio-quality communication in a single rugged, intrinsically safe device designed for harsh industrial wor...
Financial Disclosures
Blackline Safety Sets Date for Fiscal Q4 and Year-End 2025 Results Call
Neutral
Dec 18, 2025
Blackline Safety Corp. announced it will release its fiscal fourth quarter and full-year 2025 financial results before markets open on January 15, 2026, followed by a management-hosted conference call and webcast at 11:00 a.m. ET the same day. The...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.