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Kelso Technologies Inc. develops, produces, sells, and distributes proprietary transportation equipment for rail and automotive applications. Its rail business centers on tank car valve products used in the handling and containment of commodities during rail transport, including bottom outlet and angle valve categories. Company news also covers financial results and MD&A releases prepared under IFRS, cost and operating updates, shareholder meeting results, and board and executive leadership changes. Kelso’s automotive activities include an automated suspension-based Advanced Driver Assistance System for commercial wilderness operations.
Kelso Technologies Inc. released its financial results for Q1 2024, reporting revenues of $2.65M, a rise from $2.46M in Q1 2023. The gross profit slightly increased to $1.11M from $1.09M, while the gross profit margin dropped to 42% from 44%. Non-cash expenses rose significantly to $540K from $255K, and the net loss narrowed to $698K from $787K. Adjusted EBITDA loss improved to $159K from $532K. As of March 31, 2024, Kelso had $1.07M in cash, down from $1.43M on December 31, 2023. The working capital decreased to $4.02M from $5.03M. The company had no long-term debt. Kelso expects stable rail tank car deliveries in 2024 and 2025, despite pandemic challenges. The company is focused on obtaining AAR approvals for its pressure car package, potentially boosting revenue. Kelso also progresses in its ADAS technology for wilderness vehicles, aiming for a significant market share by 2025.
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