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Kelso Technologies Inc. (symbol: KIQ) is a leading innovator in the railway equipment supply industry. The company specializes in the design, engineering, sales, production, and distribution of patented technologies that address the complexities of safely transporting railed and trucked commodities. Kelso Technologies' products are engineered to provide exceptional reliability and performance while minimizing the risks associated with human error.
Among their key offerings are a range of external pressure relief valves, a groundbreaking new manway system, eduction tubes, and PD hopper components. These products ensure the safe and efficient transportation of hazardous and non-hazardous materials, complying with industry standards and regulations.
Kelso Technologies is also in the process of expanding its product portfolio with innovative solutions, such as a bottom outlet and vacuum relief valve for general-purpose cars. These developments underscore the company's commitment to advancing safety and efficiency in rail transport.
The company is consistently focused on improving its financial condition and forging strong partnerships to enhance its market presence. Kelso Technologies' dedication to research and development ensures a steady pipeline of new products that meet the evolving needs of the transportation sector.
With a proven track record of success and a forward-thinking approach, Kelso Technologies continues to be a significant player in the railway equipment supply industry.
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.
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