WEST KELOWNA, British Columbia and BONHAM, Texas, April 30, 2025 (GLOBE NEWSWIRE) -- Kelso Technologies Inc. (“Kelso” or the “Company”),(TSX: KLS) reports that the Company has released the unaudited interim consolidated financial statements and Management Discussion and Analysis for the three months ended March 31, 2025. The unaudited interim consolidated financial statements were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Stand ...

WEST KELOWNA, British Columbia and BONHAM, Texas, April 22, 2025 (GLOBE NEWSWIRE) -- Kelso Technologies Inc. (TSX:KLS) ("Kelso" or "the Company") announces that Anthony (Tony) Andrukaitis will retire from the Board of Directors effective June 3rd, 2025, and as Chief Operating Officer effective June 30th, 2025. Executive Vice President Amanda Smith will assume the role of COO starting July 1, 2025. The company and the board are pleased to welcome Mark Temen of Phoenix, Arizona, as the sixth member of the Kel ...

WEST KELOWNA, British Columbia and BONHAM, Texas, April 22, 2025 (GLOBE NEWSWIRE) -- Kelso Technologies Inc. (TSX: KLS) (“Kelso” or “the Company”) announces that Anthony (Tony) Andrukaitis will retire from the Board of Directors effective June 3rd, 2025, and as Chief Operating Officer effective June 30th, 2025. Executive Vice President Amanda Smith will assume the role of COO starting July 1, 2025. The company and the board are pleased to welcome Mark Temen of Phoenix, Arizona, as the sixth member of the Ke ...

Patents and Innovations - The Company has obtained patents for its external Constant Force Spring Pressure Relief Valves and a One-bolt Manway System, Vacuum Relief Valve, and Bottom Outlet Valve[37]. - The Company invests in R&D activities focused on innovation, but returns on these investments are uncertain and may not yield immediate financial performance[39]. - The Company filed a proprietary patent application for its Automated Traction Optimization Method for Vehicle Suspension Systems on September 12, 2023[88]. - The K2AV valve, designed for LP-Gas and anhydrous ammonia applications, successfully completed field service trials in 2022[72]. - The KXI HD project aims to create a heavy-duty vehicle platform with advanced suspension control technology, targeting commercial market opportunities[76]. Financial Performance - The Company reported unaudited revenues of $2,613,554 for the quarter ended December 31, 2024, a decrease from $3,069,359 in the previous quarter ended December 31, 2023[68]. - The Company's net income (loss) for the quarter ended December 31, 2024 was ($3,014,118), compared to a loss of ($165,369) for the quarter ended December 31, 2023[69]. - Financial performance in 2023 fell short of expectations, with a 5-year average revenue of $12,175,532 per year, impacted by macroeconomic factors[84]. - The Company reported revenues of $10,819,916 for the year ended December 31, 2023, a decrease of 1% compared to $10,931,188 in 2022[116]. - The net loss for the year ended December 31, 2023, was $2,101,886, compared to a net loss of $1,355,417 in 2022[117]. - Revenues for the year ended December 31, 2024, were $10,680,468, down from $10,819,916 in 2023, representing a decline of approximately 1.3%[144]. - The company reported a net loss of $4,622,297 for 2024, compared to a net loss of $2,101,886 in 2023[144]. - Total operational expenses increased to $9,079,476 in 2024 from $6,513,858 in 2023, primarily due to a one-time project impairment of $1,171,494 and higher legal costs of $621,364[153]. - Gross profit for 2024 was $4,693,632, with a gross profit margin of 44%, compared to 42% in 2023[144]. Working Capital and Financial Stability - The Company may face a working capital deficit despite having positive working capital, which could hinder its ability to develop new products and meet production schedules[44]. - As of December 31, 2022, the Company had working capital of $7,000,568, including cash deposits of $2,712,446 and accounts receivable of $1,381,979[81]. - The Company's working capital was $5,026,580 as of December 31, 2023, ensuring ongoing business operations and R&D initiatives[94]. - The company's working capital position decreased to $2,125,387 as of December 31, 2024, down from $5,026,580 in 2023[176]. - The company had no interest-bearing long-term liabilities or debt as of December 31, 2023, consistent with the previous year[181]. Market and Customer Dependency - The Company is highly dependent on four major tank car manufacturers, which provide a significant portion of its revenue[50]. - The Company may experience production capacity limitations if market demand exceeds projected levels, impacting its ability to generate revenue[53]. - The Company faces risks related to customer order cancellations, which could negatively impact its operations and revenue[49]. - The Company's market share in tank car production grew to approximately 47% in 2022 due to increased demand for American-made products[71]. - New tank car demand is projected to exceed 10,000 units in 2025 and 2026, alongside significant re-qualifications of existing tank cars[127]. Strategic Initiatives and Future Plans - The Company is focused on obtaining AAR approval for the K2AV in 2024 to enhance financial performance sustainably[82]. - The Company aims to complete AAR approvals for new products to enhance revenue streams from the tank car market, which includes approximately 86,000 tank cars[97]. - The Company established a Phase-One Pilot production facility to convert heavy-duty vehicles using its proprietary Method technologies[102]. - Management plans to continue investments in new product development to diversify the product mix and enhance future revenues[149]. - The company aims to diversify its revenue streams by developing non-rail products to mitigate the cyclical nature of the rail tank car market[182]. Compensation and Stock Options - Compensation for Frank Busch, the President and CEO, totaled $159,700 for Fiscal 2024, including a salary of $140,000 and other compensation[196]. - The Company has adopted a Stock Option Plan to provide an incentive program for key personnel, approved by shareholders on June 1, 2023[208]. - The maximum number of common shares reserved for issuance under the Stock Option Plan is 10% of the total issued and outstanding common shares[209]. - A total of 255,008 RSUs vested during Fiscal 2024, with 176,671 awarded to directors and officers of the Company[201]. - The RSU Plan aims to align the interests of participants with long-term shareholder interests by rewarding performance and motivating achievement of corporate objectives[216].

Core Viewpoint - Kelso Technologies Inc. reported its audited consolidated financial statements for the year ended December 31, 2024, highlighting a decrease in revenue but an increase in gross profit margin, alongside significant losses due to one-time expenses and challenges in tank car demand [1][2][6]. Financial Performance Summary - Revenues for FY2024 were $10,680,468, a decrease of approximately 2% from $10,819,916 in FY2023 [4][6]. - Gross profit increased to $4,693,632 in FY2024 from $4,582,447 in FY2023, resulting in a gross profit margin of 44%, up from 42% [4][6]. - Total expenses, including non-cash items, rose to $9,315,929 in FY2024 from $6,684,333 in FY2023 [4]. - The net loss for FY2024 was $4,622,297, compared to a loss of $2,101,886 in FY2023 [4][7]. - Adjusted EBITDA loss for FY2024 was $1,249,326, worsening from a loss of $845,487 in FY2023 [4][7]. Liquidity and Capital Resources - As of December 31, 2024, cash on hand was $153,147, down from $1,433,838 in FY2023 [8]. - Working capital decreased to $2,125,386 from $5,026,580 in FY2023 [8]. - Total assets were $6,570,345, a decline from $9,703,271 in FY2023 [8]. - The company obtained a line of credit of $500,000, with $250,000 drawn down in Q1-2025 [8]. Outlook - The company anticipates flat to slightly positive sales growth of 0% to 5% for FY2025, focusing on cost discipline in preparation for increased tank car builds expected in 2026/2027 [9][10]. - Kelso is pursuing full Association of American Railroads (AAR) approval for its Bottom Outlet Valve and Angle Valve, which could open new revenue streams [11]. - Tank car deliveries are projected to improve slightly, with an expected increase to 10,325 units in 2025, representing a 15.8% increase over the 2021-2023 average [12]. Discontinued Operations - The KXI project has been classified as discontinued operations, with significant losses reported and a reassessment of its carrying value leading to a reduction in capitalized R&D to a nominal $1 [13][14]. - The net loss from discontinued operations for FY2024 was $2,969,442, compared to $1,983,789 in FY2023 [14]. Summary - The company is positioned for new value creation with no long-term debt and improved sales prospects from diverse markets, aiming to enhance equity value through financial performance and new proprietary products [15].

Core Viewpoint - Kelso Technologies Inc anticipates flat to slightly positive sales growth for fiscal year 2025, with a focus on maintaining cost discipline and preparing for an upswing in tank car builds expected to begin in 2026 [1][2][7] Financial Performance - For FY2024, the company expects to report revenue of $10.7 million and anticipates a significant loss due to one-time expenses and write-offs [1][2] - The management's cost-cutting initiatives have improved operational efficiency and are expected to positively impact profitability for FY2025 [2][6] Strategic Initiatives - Kelso is pursuing full Association of American Railroads (AAR) approval for its Bottom Outlet Valve (BOV) and Angle Valve (AV), which are in service trial periods, to open new revenue streams [3] - The company is undergoing a strategic reorganization to enhance financial stability while reviewing the KXI HD product line to unlock shareholder value [4] Market Outlook - Tank car deliveries are projected to improve slightly, with actual deliveries for 2024 reaching over 10,000 cars and an expected increase to 10,325 in 2025, representing a 15.8% increase over the 2021-2023 average [5] - Industry projections indicate growth to 13,000 units in 2027, aligning with Kelso's strategic focus on obtaining AAR approvals [5] Liquidity and Capital Resources - Kelso has established a line of credit with Texas Capital Bank for $250,000, enhancing its liquidity position [6]

Core Viewpoint - Kelso Technologies Inc anticipates flat to slightly positive sales growth for fiscal year 2025, with a focus on cost discipline and preparing for increased demand in tank car builds starting in 2026 [1][2][7] Financial Performance - For FY2024, the company expects to report revenue of $10.7 million and anticipates a significant loss due to one-time expenses and write-offs [1][2] - The management's cost-cutting initiatives have improved liquidity, allowing the company to meet vendor obligations and establish a line of credit of $250,000 with Texas Capital Bank [6] Strategic Initiatives - Kelso is pursuing full Association of American Railroads (AAR) approval for its Bottom Outlet Valve (BOV) and Angle Valve (AV), which are in service trial periods, to open new revenue streams [3] - The company is undergoing a strategic reorganization to enhance financial stability while reviewing the KXI HD product line to unlock shareholder value [4] Market Outlook - Tank car deliveries are projected to improve, with actual deliveries for 2024 reaching over 10,000 cars and an expected increase to 10,325 in 2025, representing a 15.8% increase over the 2021-2023 average [5] - Industry projections indicate growth to 13,000 units in 2027, aligning with Kelso's strategic focus on obtaining AAR approvals [5] Conclusion - Kelso Technologies aims for a profitable FY2025 through strategic initiatives and financial restructuring, with a favorable market recovery anticipated post-2025 [7]

Group 1 - Kelso Technologies Inc. has appointed Frank Busch as the permanent Chief Executive Officer after serving as interim CEO since July 2024 [1][2] - The Board of Directors unanimously agreed on the appointment, highlighting Busch's effective leadership during his interim tenure [2] - Busch expressed his commitment to executing the company's strategic plan and achieving growth objectives while managing resources effectively [2] Group 2 - Kelso Technologies specializes in transportation equipment, focusing on proprietary products for rail and automotive sectors [3] - The company is recognized for its high-quality rail tank car valves that ensure safe handling of commodities during transport [3] - Kelso's automotive division has developed an automated suspension-based Advanced Driver Assistance System for critical wilderness operations [3] - The company's innovation aims to enhance public safety and reduce risks associated with human and technology errors [3] Group 3 - Kelso Technologies is preparing to present its FY2025 outlook in the coming weeks, indicating a focus on future growth and strategic initiatives [2]

Company Leadership - Kelso Technologies Inc. has appointed Frank Busch as the permanent Chief Executive Officer after serving as interim CEO since July 2024 [1][2] - The Board of Directors unanimously agreed on this appointment, highlighting Busch's effective leadership during his interim period [2] Strategic Vision - Frank Busch expressed his commitment to executing the company's strategic plan and achieving growth objectives, emphasizing careful resource management and positioning for future opportunities [2] - The company is preparing to present its FY2025 outlook in the coming weeks, indicating a focus on future growth and performance [2] Company Overview - Kelso Technologies is a diverse transportation equipment company specializing in proprietary products for rail and automotive transportation [3] - The company designs and supplies high-quality rail tank car valves for safe handling of commodities and has developed an automated suspension-based Advanced Driver Assistance System for commercial operations [3] - Kelso's products aim to enhance public safety, worker well-being, and minimize environmental harm while providing operational advantages [3]

VANCOUVER, British Columbia and BONHAM, Texas, Oct. 17, 2024 (GLOBE NEWSWIRE) -- Kelso Technologies Inc. ("Kelso" or the "Company"), (TSX: KLS), reports that it has released its unaudited consolidated interim financial statements and Management Discussion and Analysis for the three months ended September 30 2024. The unaudited consolidated interim financial statements were prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Boa ...