Calgary's Blackline Safety Corp. (TSX: BLN) has expanded its Annual Recurring Revenue (ARR) based credit facility from $15 million to $25 million. The revised covenants include a two-year extension and a $5 million accordion feature, subject to approval by ATB Financial.
The company's Chief Financial Officer, Shane Grennan, acknowledged the additional capital, which bolsters Blackline's liquidity position. This increased support from ATB Financial reflects confidence in Blackline's financial performance, including an increase in Total Revenue, Gross Margin, ARR, Net Dollar Retention (NDR), and the introduction of new features for the G6 and G7 EXO product lines.
Blackline Safety Corp., a global leader in IoT technology and connected safety, provides wearable devices, personal and area gas monitoring, cloud-connected software, and data analytics. The company has reported over 185 billion data points while initiating over seven million emergency alerts. Their IoT technology enables companies to aim for zero safety incidents and improve operational performance.
Today's announcement follows a sustained period of growth for the company. Blackline has achieved 26 consecutive quarters of revenue growth supported by an expanding ARR which reached $47 million as of July 31, 2023.
CEO and Chair Cody Slater anticipates more industrial companies will incorporate their connected gas detection into their digital strategies. The revised covenants are expected to secure liquidity for sustained expansion and innovation for global industrial clientele.
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