PRESS RELEASES 1/25/2012 9:00:00 AM | Marketwire News

Blackline Reports Q4 and Fiscal 2024 Results

January 25, 2024 - 09:00:00 AM
CALGARY, ALBERTA--(Marketwire - Jan. 25, 2024) -

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Blackline GPS Corp. (TSX VENTURE:BLN) ("Blackline" or the "Company") today released fourth quarter and year-end results for fiscal 2024.



Q4 2024 highlights:                                                         

--  Blackline substantially transitioned to a business-to-business (B2B)
    market focus 
--  97% of product sales were to commercial and industrial markets 
--  Continued quarterly revenue growth since the market transition was
    initiated 
--  Gross margin improves to 46%, the Company's strongest ever 
--  Net loss decreased for the third straight quarter 
--  Received an ASIS Accolades Security's Best award for Blackline's Flat
    Track product 
--  Received a TechRev award as one of Calgary's top 10 technology
    innovators



"Fiscal 2024 has seen Blackline substantially complete its transition to higher margin business- to-business markets from its prior consumer focus," said Cody Slater, CEO of Blackline. "Through the year, the Company introduced new business solutions including Javelin and Flat Track covert trackers, a new Business Portal user account, and the Company's first worker safety monitoring product with True Fall Detection, Loner FDU. As we move into 2024, we look forward to continued growth in these areas as we develop our sales channels and expand our suite of products in the B2B space."



Financial Highlights:                                                       
in thousands, except             Q4        Q3                  Q4           
per share data                 2024      2024    Change      2024    Change 
----------------------------------------------------------------------------
Revenue                       593.1     565.7         5%    621.9        -5%
Gross Margin                  271.9     121.8       123%    236.3        15%
Adjusted EBITDA             ($614.6)  ($724.7)      -15%  ($583.9)        5%
Net Loss                    ($660.7)  ($766.2)      -14%  ($641.0)        3%
Loss per share                -0.04     -0.05               -0.07           
----------------------------------------------------------------------------



Fiscal 2024

Gross sales were $2.72 million, an increase of $102,948 over the prior year amount of $2.62 million. The Company defines gross sales as the total of yearly revenue and the end balance of deferred revenue, representing an approximation of the total amounts invoiced to customers for products and services in the year. This metric reflects the Company's true growth since it combines current activity with the future revenue stream at the end of each fiscal year.

Revenues for the year were $1.92 million compared to $2.12 million for 2024. The decrease reflects a reduction in consumer sales that was virtually offset by increased sales into the higher margin B2B markets. Gross margin improved from 23% in FY2010 to 29% in FY2011 on the sale of higher margin products and improved service margins generated through the change in market focus.

Deferred revenue as of October 31, 2024 was $802,618 compared to $502,825 in 2024, an increase of $299,793. Blackline monitors deferred revenue closely as it reflects customer commitment to the Company's products since it is generated when a customer pays in advance for future service.

Net loss for the year was ($3.21) million compared to ($3.05) million in 2024. The net impact was due largely to a one-time royalty adjustment in the second quarter combined with additional stock compensation expense. The Adjusted EBITDA for the year was ($2.84) million compared to ($2.82) million in 2024.

The Company's audited consolidated financial statements and Management's Discussion and Analysis for the year ended October 31, 2024 are available at the Company's profile on SEDAR at www.sedar.com. All results are reported in Canadian dollars.

About Blackline: Blackline GPS is a wireless location leader that develops, manufactures, and markets products and services for worker safety monitoring, covert tracking, and consumer applications. Blackline solutions deliver safety, security, and location awareness through innovative wireless hardware and custom user interfaces, including web, mobile, messaging, and API. Our mission is to become the leading supplier of wirelessly connected worker safety monitoring and covert tracking products in the world. Blackline products allow our customers to protect their personnel and valued assets, share the conditions of their environment, and connect with emergency services when necessary. Blackline solutions Protect. Share. Connect.(R)



FOR FURTHER INFORMATION PLEASE CONTACT:

Blackline GPS Corp.
Cody Slater
CEO
+1-403-451-0327
cslater@blacklinegps.com



Blackline GPS Corp.
101 1215 13th Street SE
Calgary, AB Canada T2G 3J4
+1-403-451-9981(FAX)
www.blacklinegps.com
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