Blackline Safety (BLN) AI Stock Analysis

• Market Cap: C$525.74M
• Dividend Yield: N/A
• Average Volume (3M): 76.50K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.75
• Revenue Growth: 20.78%
• EPS Growth: 58.71%
• Country: CA
• Employees: 540
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): -0.01
• Shares Outstanding: 87,006,200
• 10 Day Avg. Volume: 29,613
• 30 Day Avg. Volume: 76,497
• PEG Ratio: 1.63
• Price to Book (P/B): 7.45
• Price to Sales (P/S): 3.87
• P/FCF Ratio: -40.20
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$9.00
• Price Target Upside: 45.16% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: C$6.50 ▲(4.84% Upside)

The score is supported most by improving operating trajectory and a constructive earnings-call outlook (record ARR growth, strong retention, and positive adjusted EBITDA) plus a manageable balance sheet. Offsetting this are weak cash generation (negative operating and free cash flow in 2025) and a bearish technical setup with the stock below major moving averages; valuation is also constrained by ongoing net losses (negative P/E).

Positive Factors

Recurring revenue / ARR growth

A larger ARR base increases revenue visibility and recurring cash flows, improving predictability and margin leverage over time. Combined with sustained expansion in existing accounts, strong ARR growth supports durable customer stickiness and scalable SaaS economics across industries.

Margin expansion & positive EBITDA

Transition to positive adjusted EBITDA and expanding gross margins (full-year ~63%, service margins 82%) indicate improving unit economics. Higher service mix and operational scale make margins more sustainable, enabling reinvestment for growth while reducing reliance on equity or debt funding.

Manageable leverage & liquidity

Low leverage and rising equity provide balance-sheet flexibility to fund product launches and international rollouts. With meaningful available liquidity and a conservative capital structure, the company can absorb ramp-related working capital needs without immediate refinancing pressure.

Negative Factors

Weak cash generation

Sustained negative operating and free cash flow increases reliance on existing liquidity or external capital to fund operations and capex. Until cash conversion stabilizes, the company faces execution risk and limited ability to self-fund growth initiatives or absorb prolonged sales-cycle volatility.

Persistent net losses / negative ROE

Despite margin progress and adjusted EBITDA, ongoing net losses and negative ROE imply the equity base is not yet generating positive returns. This constrains long-term capital efficiency and shareholder value creation until sustained net profitability is achieved.

Hardware revenue cyclicality & ramp risk

Dependence on device refresh cycles and major hardware transitions creates timing risk: product revenue declines, elongated sales cycles, and initial manufacturing scale-up can depress margins and cash flow. Structural reliance on hardware refreshes heightens revenue volatility during transitions.

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 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.

How the Company Makes Money

Blackline Safety generates revenue primarily through the sale of its safety devices and subscription services associated with its monitoring platform. Key revenue streams include direct sales of hardware, recurring subscription fees for software services, and data analytics offerings. The company also benefits from strategic partnerships with industry leaders and safety organizations, which can enhance product visibility and expand its customer base. Additionally, Blackline Safety may engage in service contracts and provide training and support services, further contributing to its earnings.

Blackline Safety Financial Statement Overview

Summary

Strong multi-year revenue scaling and improving unit economics (gross margin ~62% in 2025 with narrower losses) support the score. Balance sheet leverage is modest (debt-to-equity ~0.17) and equity rose, but the company remains unprofitable with negative ROE and cash flow is a key weakness (2025 operating cash flow -$8.0M and free cash flow -$14.5M).

Income Statement

Revenue has scaled meaningfully over the last several years (from ~38.4M in 2020 to 150.5M in 2025), with 2025 still showing solid growth (+2.43). Profitability is improving but not yet durable: gross margin expanded to ~62% in 2025 (vs ~58% in 2024 and ~44% in 2022), and losses have narrowed substantially (net margin about -5.8% in 2025 vs -9.9% in 2024 and far worse in 2022). However, the company remains unprofitable with negative operating profit and negative net income in 2025, indicating the business is not yet consistently generating bottom-line earnings despite stronger unit economics.

Balance Sheet

Leverage appears manageable with low debt relative to equity (debt-to-equity ~0.17 in 2025, improved from ~0.24 in 2024 and ~0.33 in 2023), giving the company balance-sheet flexibility. Equity has also increased (to ~78.1M in 2025 from ~57.6M in 2024), which supports financial stability. The key weakness is ongoing negative returns on equity (about -11% in 2025), reflecting continued net losses and limiting the quality of the capital base until profitability turns positive.

Cash Flow

Cash generation remains a clear pressure point: operating cash flow was negative in 2025 (-8.0M) and free cash flow was also negative (-14.5M), implying the company is still funding operations and investment with external capital or existing liquidity. While 2024 showed positive operating cash flow (+1.9M), the reversal in 2025 highlights volatility in cash conversion. Free cash flow has been negative across the periods shown, which increases execution risk until the business can consistently produce positive cash from operations.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	150.47M	127.29M	100.01M	72.93M	54.31M
Gross Profit	93.65M	74.25M	52.78M	32.24M	26.39M
EBITDA	4.95M	-1.40M	-15.92M	-46.49M	-27.96M
Net Income	-8.67M	-12.60M	-25.55M	-53.65M	-33.30M
Balance Sheet
Total Assets	166.39M	146.88M	109.12M	108.05M	109.30M
Cash, Cash Equivalents and Short-Term Investments	46.63M	43.11M	15.99M	30.94M	54.52M
Total Debt	12.90M	13.59M	11.10M	11.25M	2.37M
Total Liabilities	88.33M	89.27M	75.92M	55.69M	35.96M
Stockholders Equity	78.06M	57.61M	33.20M	52.36M	73.34M
Cash Flow
Free Cash Flow	-14.47M	-6.46M	-29.42M	-59.22M	-34.43M
Operating Cash Flow	-8.01M	1.91M	-22.07M	-50.56M	-28.97M
Investing Cash Flow	6.61M	-30.46M	-3.46M	249.00K	-3.05M
Financing Cash Flow	19.82M	32.59M	9.23M	32.23M	38.72M

Blackline Safety Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 6.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BLN, the sentiment is Negative. The current price of 6.2 is below the 20-day moving average (MA) of 6.53, below the 50-day MA of 6.72, and below the 200-day MA of 6.92, indicating a bearish trend. The MACD of -0.12 indicates Positive momentum. The RSI at 39.99 is Neutral, neither overbought nor oversold. The STOCH value of 21.85 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:BLN.

Blackline Safety Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CMG	69 Neutral	C$399.59M	19.64	25.64%	2.32%	3.19%	-1.07%
ENGH	69 Neutral	C$1.02B	13.85	12.20%	5.69%	-0.72%	-9.27%
TCS	65 Neutral	C$383.12M	72.09	8.14%	1.07%	7.00%	110.62%
DCBO	63 Neutral	$765.21M	25.17	49.99%	―	16.25%	31.71%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
BLN	57 Neutral	C$525.74M	-60.78	-11.83%	―	20.78%	58.71%
XTRA	52 Neutral	C$146.67M	-11.35	-108.12%	―	-12.14%	4.41%

Blackline Safety Corporate Events

Blackline Safety Hits Record 2025 Revenue and Turns First Full Year of Positive EBITDA

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 retention reached 128% in the fourth quarter as customers expanded deployments, helping the company deliver its first full year of positive adjusted EBITDA at $6.1 million and extend its streaks to 35 consecutive quarters of year-over-year revenue growth and six consecutive quarters of positive adjusted EBITDA. The company also unveiled its next-generation G8 connected safety wearable, which integrates advanced gas detection, lone worker protection and real-time communications with cloud connectivity and a future-ready architecture designed to support ongoing software updates and digital worksite integrations, reinforcing Blackline’s technology leadership in the connected safety market and positioning it for continued growth as initial commercial shipments begin in early 2026.

The most recent analyst rating on (TSE:BLN) stock is a Buy with a C$9.00 price target. To see the full list of analyst forecasts on Blackline Safety stock, see the TSE:BLN Stock Forecast page.

Blackline Safety Hits Record 2025 Revenue and Unveils Next-Generation G8 Wearable

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% in the fourth quarter highlighted strong customer expansion, while the company delivered its sixth consecutive quarter of positive adjusted EBITDA and its first full year of positive adjusted EBITDA at $6.1 million, despite still posting a net loss of $8.7 million. The company also introduced its next-generation G8 connected safety wearable, which integrates advanced gas detection, lone worker protection and real-time communications in a single intrinsically safe device, positioning Blackline to strengthen its leadership in the connected safety market as initial commercial shipments are expected to start in February 2026.

The most recent analyst rating on (TSE:BLN) stock is a Buy with a C$9.00 price target. To see the full list of analyst forecasts on Blackline Safety stock, see the TSE:BLN Stock Forecast page.

Blackline Safety Launches G8, a Fully Connected Next-Generation Safety Wearable

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 worksites. The G8 streams real-time data to the company’s Blackline Live cloud platform, giving safety and operations leaders live visibility into worker status, gas readings, and site conditions, while its enhanced location accuracy, multi-mode communication tools, and usability features aim to reduce device clutter, speed response times, and improve productivity. Built as a platform rather than a standalone detector, G8 is architected to integrate with broader digital worksite systems and receive over-the-air firmware updates, positioning Blackline to deepen its role in connected industrial operations and to capitalize on growing demand for data-driven safety and future AI-enabled capabilities.

The most recent analyst rating on (TSE:BLN) stock is a Buy with a C$9.00 price target. To see the full list of analyst forecasts on Blackline Safety stock, see the TSE:BLN Stock Forecast page.

Blackline Safety Sets Date for Fiscal Q4 and Year-End 2025 Results Call

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 scheduled release and investor call underscore the company’s efforts to maintain transparency with shareholders and analysts as it continues to expand its connected safety and IoT footprint globally, with the upcoming results expected to provide insight into its operational performance, growth trajectory and positioning within the industrial safety technology market.

The most recent analyst rating on (TSE:BLN) stock is a Buy with a C$9.00 price target. To see the full list of analyst forecasts on Blackline Safety stock, see the TSE:BLN Stock Forecast page.

Blackline Safety Earns Spot on 2025 Deloitte Technology Fast 500 List

Blackline Safety has been named to the 2025 Deloitte Technology Fast 500 list, marking its fourth appearance as one of the fastest-growing companies in North America. This recognition underscores Blackline’s commitment to delivering innovative connected safety solutions that meet rising global demand, as evidenced by its award-winning EXO 8 area monitor and sustained growth acknowledged by the Globe and Mail’s Top Growing Companies list.

The most recent analyst rating on (TSE:BLN) stock is a Hold with a C$7.50 price target. To see the full list of analyst forecasts on Blackline Safety stock, see the TSE:BLN Stock Forecast page.

Blackline Safety Expands EMEA Operations with New Offices

Blackline Safety is expanding its global presence by opening new offices in Cologne, Germany, and Abu Dhabi, UAE, to strengthen its operations in the EMEA region. This expansion aims to enhance customer engagement and service in Europe, the Middle East, and Africa, particularly in the energy, utilities, and petrochemical sectors. The new offices coincide with Blackline’s participation in major trade events, where the company will showcase updates to its safety platform, further solidifying its position as a leader in connected safety technology.

The most recent analyst rating on (TSE:BLN) stock is a Hold with a C$7.50 price target. To see the full list of analyst forecasts on Blackline Safety stock, see the TSE:BLN Stock Forecast page.