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blacklinesafety Media Release // For immediate distribution Blackline Safety achieves record $ 12.7M of revenue up 35 % year over year Revenue growth hits 60 % outside the Canadian market Calgary , Canada - September 14 , 2021 — Blackline Safety Corp. ( TSX : BLN ) , a global leader in connected safety technology with a hardware - enabled software - as - a - service ( HeSaaS ) business model , announced its eighteenth consecutive quarter of year - over - year quarterly revenue growth , achieving $ 12.7M total revenue in the fiscal quarter ending July 31 , 2021. Product revenue grew 91 % from the prior year's quarter with recurring service revenue up 11 % to $ 7.4M from $ 6.7M , driven by a 19 % increase in software services revenue . " We are proud to deliver record quarterly revenue growth of $ 12.7M , while also reaching the $ 5M product revenue threshold for the first time since the pandemic started , " said Cody Slater , CEO and Chairman at Blackline Safety . " Although this represents strong growth , the quarter was still impacted by delays in major procurement decisions as customers reacted to the uncertainty of the COVID - 19 Delta variant . ” " Since the onset of the pandemic five quarters ago , we have seen our overall quarterly revenue grow by 50 % globally and 74 % excluding the commodity - impacted Canadian market . This demonstrates how Blackline is playing an integral part in keeping workers safe , while contributing to digital transformation efforts . Despite the continued presence of COVID throughout the world , we've started to see a return to more normal business operations across our customer base as evidenced by four major contract wins announced at the start of Q4 . " Recent G7 and G7 EXO product sales and strong retention and renewal activity has resulted in service - level increases , which contributed growth of $ 0.9M in the quarter . This increase was offset by customers who renewed fewer active devices due to workforce reductions of $ 0.4M and only $ 0.02M from customers who declined to renew this quarter . Overall , total service revenue was up 11 % for the quarter over the prior year quarter with software services revenue up 19 % . Service margin improved to 70 % , and although gross margin for the quarter was negatively impacted by global supply chain shortages , causing increased costs of inputs for the Company's manufactured devices , the Company maintained product gross margin of 13 % . Blackline closed the third quarter with a solid working capital position including cash and short - term investments of $ 33.1M . Unit 100 , 803 24 Avenue SE , Calgary , AB , T2G 1P5 , Canada | www.BlacklineSafety.com