The return to profitability and improved cost discipline suggest Kelso has successfully restructured its operations. Traders should monitor whether the company can maintain margins and grow revenue in 2026 despite projected declines in tank car deliveries. The strengthened credit facility provides flexibility for strategic initiatives like the new Angle Valve launch.
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Executive Summary
Kelso Technologies returned to profitability in FY2025 with net income of $447,397, its first profitable year since 2020, driven by a 27% reduction in expenses to $3.99 million and improved cost management. Revenue increased marginally by 1% to $10.78 million, while gross profit margin remained strong at 41%. The company strengthened its liquidity with a doubled line of credit to $1 million and reduced inventory by 27%, signaling improved working capital management despite projected declines in tank car deliveries.
Key Facts
- Reported first profitable year since 2020 with FY2025 net income of $447,397 ($0.01 per share)
- Revenue increased 1% YoY to $10.78 million, while expenses reduced 27% to $3.99 million
- Gross profit margin sustained at 41%, exceeding industry averages
- Line of credit capacity doubled from $500,000 to $1,000,000
- Inventory reduced 27% to $2.21 million, improving working capital
- Discontinued operations resulted in $99,760 loss, but continuing operations generated $547,157 net income
Financial Impact
Net income of $447,397 on revenue of $10.78 million, with expenses reduced by $1.54 million from $5.53 million in FY2024 to $3.99 million in FY2025
Risk Factors
- Management projects tank car deliveries will decline by more than 20% in FY2026
- Revenue growth remains stagnant with only 1% YoY increase
- Gross profit declined from $4.69 million in FY2024 to $4.43 million in FY2025
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001062993-26-001683 |
| Exhibit: exhibit11-1.htm | 0001062993-26-001683 |
| Exhibit: exhibit15-3.htm | 0001062993-26-001683 |
| Exhibit: exhibit12-2.htm | 0001062993-26-001683 |
| Exhibit: exhibit12-1.htm | 0001062993-26-001683 |
| Exhibit: exhibit4-3.htm | 0001062993-26-001683 |
| Exhibit: exhibit13-1.htm | 0001062993-26-001683 |
| Exhibit: exhibit13-2.htm | 0001062993-26-001683 |
| Exhibit: exhibit8-1.htm | 0001062993-26-001683 |
| Document: form20f.htm | 0001062993-26-001683 |
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Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 16, 2026 5w ago | 6-K | $0.1000 $0.0900 | ▼ −10.00% | ▼ −11.46% | $0.0900 (−10.00%) |
May 7, 2026 24w ago | 6-K | $0.1000 $0.0900 | ▲ +10.00% | ▲ +13.14% | $0.0900 (+10.00%) |
Mar 30, 2026 30w ago | 20-F | $0.1000 $0.1100 | ▲ +10.00% | ▼ −2.60% | $0.0900 (−10.00%) |
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