Kelso Technologies Inc. - KIQ STOCK NEWS

Kelso Technologies (TSX: KLS) has announced its 2025 outlook and strategic initiatives, projecting flat to modest sales growth of 0-5% compared to FY2024's expected revenue of $10.7 million. The company anticipates a significant loss in FY2024 due to one-time expenses and write-offs.

Key strategic initiatives include pursuing AAR approval for its Bottom Outlet Valve and Angle Valve products, which are in service trial periods. The tank car market shows signs of improvement, with deliveries reaching 10,000 cars in 2024 and projected at 10,325 in 2025, representing a 15.8% increase over the 2021-2023 average.

The company has implemented cost-cutting measures and secured a $250,000 line of credit from Texas Capital Bank. Management expects market recovery post-2025, with industry projections indicating growth to 13,000 units by 2027.

Kelso Technologies (TSX:KLS) has announced the appointment of Frank Busch as permanent Chief Executive Officer, following his successful tenure as interim CEO since July 2024. The Board of Directors unanimously approved this appointment, with Lead Independent Director Paul Cass expressing confidence in Busch's leadership capabilities.

Busch, who has accepted the position, stated his commitment to executing the company's strategic plan and achieving growth objectives while managing resources effectively. The company plans to present its FY2025 outlook in the upcoming weeks.

Kelso Technologies Inc. (TSX: KLS) released its Q3 2024 financial results, reporting a 20% decrease in revenue to $2.52 million compared to Q3 2023. The company faced challenging market conditions in tank car demand, resulting in a net loss of $361,800. However, this represents an improvement from Q2 2024's net loss of $544,927, attributed to new management's expense reduction strategies.

Despite challenges, Kelso maintained an above-industry-average gross profit margin of 44%. The company appointed Frank Busch as interim CEO, Sameer Uplenchwar as CFO, and Maureen O'Hanley Doucette as Corporate Secretary. Kelso's US subsidiary secured a $500,000 line of credit from Texas Capital Bank after the quarter-end.

The company remains focused on cost control and aligning operations with reduced revenue. Kelso is also conducting a strategic review of its KXI HD system to maximize shareholder value and is nearing completion of AAR approvals for its rail pressure car products, expected to drive new sales growth in 2025.

Kelso Technologies announced the retirement of CEO and President, James R. Bond, effective July 9, 2024. Bond also retired from his role as a director. Frank Busch, a director since February 2020 and Chair of the Audit and Finance Committee, was appointed interim CEO. Busch, who has extensive experience in finance and leadership, aims to ensure a smooth transition and plans to engage with stakeholders to review the company's market outlook and strategic planning.

Mr. Bond has been recognized for his years of service, and Mr. Busch expressed his commitment to maintaining operational continuity while taking on new challenges in his interim role.

Kelso Technologies announced the results of its 2024 Annual General and Special Meeting held on June 6, 2024. A total of 26,741,861 common shares were voted, which is 49.12% of the outstanding shares. Six directors were elected, but James R. Bond received less than majority support and has tendered his resignation. The reappointment of Smythe, LLP as auditors was approved with 89.30% votes in favor. However, all equity incentive plans, including the omnibus equity incentive plan and stock options, were not approved with over 74% votes against. New officer appointments were also confirmed.

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.

Kelso Technologies Inc. reports its audited financial statements for the year ended December 31, 2023, showing revenues of $10.8 million and a net loss of $2.1 million. The company's working capital decreased to $5 million, and total assets dropped to $9.7 million. Kelso aims to secure full AAR approvals for its rail products in 2024 to enhance financial performance.

Kelso Technologies Inc. announces voluntary delisting of common shares from NYSE American while continuing to trade on TSX due to non-compliance with listing standards. The company chose to delist to avoid costs and administrative burdens, deciding against a reverse split. Kelso does not plan to list on another U.S. exchange.

Kelso Technologies Inc. reports that its subsidiary KIQ X Industries is establishing a Phase-One production facility to convert heavy-duty vehicles with its proprietary Automated Traction Optimization Method. The facility is designed to facilitate approximately $25 million of annual revenue, with potential to scale to over $100 million per year. The Company aims to deliver safety enhancing technology solutions for various industries, including wilderness fire fighting, mobile medical treatment, mining, energy transmission, and more.