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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.
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Kelso Technologies, operating under the stock symbol KIQ, reported its audited financial results for the year ended December 31, 2022. Revenues increased to $10.93 million, up from $7.43 million in 2021, while gross profit rose to $4.91 million with a gross profit margin of 45%. Despite these gains, the company posted a net loss of $1.36 million, improving from a $2.76 million loss the previous year. The company’s working capital stood at $7.00 million, showing a decrease from $8.67 million in 2021. Management remains optimistic about future growth in both rail and automotive sectors, capitalizing on the recovery of the tank car market and ongoing R&D efforts.
Kelso Technologies (KIQ) reported its unaudited financial results for the nine months ending September 30, 2022. Revenues reached $8,541,711, marking a significant increase from $5,429,090 in 2021. Gross profit also improved to $3,866,354 with a gross profit margin of 45%, up from 41%. However, the company still faced a net loss of (935,101), compared to (1,627,595) last year. Working capital decreased to $7,893,166, and cash dropped to $2,813,296. Despite challenges, management remains optimistic about future growth driven by R&D innovations.
Kelso Technologies (NYSE American: KIQ) reported its unaudited interim financial results for the six months ending June 30, 2022. Total revenues increased to $5,833,347, up from $3,335,838 in 2021, while gross profit rose to $2,701,955 with a gross margin of 46% compared to 42% last year. The adjusted EBITDA loss decreased to $283,486 from $908,621. The company maintains a working capital of $8,219,641 and continues to focus on R&D for new product development amidst a growing rail tank car market.
Kelso Technologies Inc. (KIQ) held its Annual General Meeting on June 2, 2022, with 35.69% of shares voted. The following nominees were elected as directors: James R. Bond (59.83% for), Peter Hughes (57.87% for), Anthony Andrukaitis (59.88% for), Paul Cass (83.37% for), Laura Roach (59.95% for), Jesse V. Crews (61.19% for), and Frank Busch (60.55% for). Additionally, Smythe, LLP was reappointed as auditors with 91.56% approval. Key officers appointed include James R. Bond as CEO, Richard Lee as CFO, and Anthony Andrukaitis as COO.
Kelso Technologies Inc. (KIQ) reported its unaudited financial results for Q1 2022, showing a significant increase in revenues of $2,963,851, up from $1,220,487 in Q1 2021. The gross profit rose to $1,428,394, marking a gross profit margin of 48%. However, an adjusted EBITDA loss of $207,880 was recorded. Cash on hand stood at $2,782,758, with working capital increasing to $8,845,629. Management is optimistic about growth prospects in the rail tank car market, expecting demand to reach 10,000 new tank cars in 2022, supported by ongoing R&D in both rail and automotive sectors.
Kelso Technologies reported its audited financial results for the year ended December 31, 2021, revealing revenues of $7.43 million, down from $11.15 million in 2020. Gross profit decreased to $3.20 million, representing a 43% margin, consistent with 2020. The company reported a net loss of $2.76 million compared to a $1.31 million loss the previous year. As of year-end, cash holdings improved to $3.38 million, contributing to a working capital increase to $8.67 million. The outlook indicates cautious optimism for recovery driven by increasing tank car demands and new product developments.
Kelso Technologies (NYSE American: KIQ) announced successful installation of its K2AV angle valve by oil refiners participating in service trials. With around 85,000 pressure tank cars in the market, each using three K2AV units, Kelso aims to generate multi-million dollar revenues. The K2AV, made from high-quality steel, addresses customer demand for more reliable valves. CEO James R. Bond expressed optimism about production readiness pending final AAR approvals. The K2AV complements Kelso's Pressure Car Kit, streamlining pressure car sourcing.
Kelso Technologies (KIQ) has announced significant progress in its KXI™ Wildertec™ Heavy Duty Suspension project through its subsidiary, KIQ X Industries. The company has secured partnerships with Vector Truck Designs and Kinetic Drive Solutions to develop a regulatory-compliant prototype. Vector will manage mechanical components, while KDS will create an integrated suspension control system. The completed prototype is anticipated by Q2 2022, aiming to meet market needs for efficient wilderness transportation. Despite supply chain challenges, these collaborations signal a strong commitment to innovation and safety in the automotive sector.
Kelso Technologies Inc. (NYSE American: KIQ) reported its financial results for the nine months ending September 30, 2021. The Company generated revenues of $5.43 million, a decline from $9.75 million in the same period in 2020. Gross profit was $2.25 million with a gross profit margin of 41%, down from 44% in 2020. Adjusted EBITDA showed a loss of $1.20 million. However, working capital improved to $9.14 million due to a successful equity placement of 7 million units in March 2021. The Company anticipates a gradual recovery in business volumes in 2022, driven by new product offerings and anticipated growth in the tank car market.