Blackline Safety, a provider of connected safety, expanded its annual recurring revenue-based credit facility to $25 million (previously $15 million), effective Oct. 31, and extended the facility for two years from closing with ATB Financial. Additionally, the credit facility will maintain the $5 million accordion feature to increase the size subject to ATB approval. The increase in the credit facility also reflects revised covenants which provide the company with the flexibility and liquidity to continue its track record of strong growth and bringing innovative products and features that create value for its industrial customers around the world.

“We are delighted to be continuing our partnership with ATB Financial for the next two years, and we are pleased with the $10 million additional capital that this facility further solidifies the liquidity position of the Company,” Shane Grennan, CFO of Blackline Safety, said. “Their increased support demonstrates confidence in our outlook and recognition of the significant improvements across our core financial metrics over the last year — increasing total revenue, gross margin, ARR, Net dollar retention and bringing multiple new feature sets to our G6 and G7 EXO product lines, all while reducing operating costs.”

“ATB is pleased to once again partner with Blackline Safety, a global company based in Alberta that has consistently shown dedication to the advancement of safety technology. We look forward to seeing the continued growth and bright future of this company,” Darren Eurich, CEO of ATB Capital Markets and senior vice president, business at ATB Financial, said.

“As we enter our fiscal 2024, we see tailwinds across our geographic segments as more industrial companies are adopting our connected gas detection as part of their digital transformation strategy,” Cody Slater, chief executive officer and chair of Blackline Safety, said. “ATB’s approach in expanding the facility at this stage shows that we chose the right banking partner for the future.”

Building on its 26th consecutive quarter of revenue growth, the increased facility is supported by the continued expansion of Blackline’s ARR, which was $47 million as of July 31, 2023, up 43% compared to the prior year’s quarter. The operating facility incorporates financial covenants, including a liquidity to cash burn ratio. Pricing and other terms remain consistent with the current facility.