Kelso Technologies Inc. - KIQ STOCK NEWS

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.

Kelso Technologies Inc. (KLS, KIQ) received a notification letter from the NYSE American stating that the Company is not in compliance with the continued listing standards due to low share prices. The Company must effect a reverse stock split or demonstrate sustained price improvement by June 12, 2024, to avoid accelerated delisting action.

Kelso Technologies Inc. (TSX: KLS) (NYSE American: KIQ) reports unaudited financial statements for the nine months ended September 30, 2023. Revenues decreased to $7.75 million from $8.54 million in 2022. Gross profit margin was 43%. Net loss was $1.94 million. Liquidity decreased to $5.56 million from $7 million in December 2022. The company faces challenges due to economic conditions, but is focusing on new rail products and ADAS for automotive markets.

Kelso Technologies files first patent application for Automated Traction Optimization Method for Vehicle Suspension Systems, signaling a new technology evolution. Method aims to provide novel traction capabilities, diminish wheel slip, and improve ride quality in wilderness environments. Expected to positively impact transportation safety and revenue growth in under serviced wilderness market segments.