Kelso Technologies reports significant financial decline for 2024

Kelso Technologies Inc., based in West Kelowna, British Columbia, and Bonham, Texas, has announced its financial results for the year ending December 31, 2024. The company has released its audited financial statements, which comply with international accounting standards. As of December 31, 2024, Kelso reported cash reserves of about $153,000. This is a decrease from $1.43 million the previous year. The company's accounts receivable grew slightly, while inventory levels fell compared to 2023. Total assets also decreased significantly, from nearly $9.7 million in 2023 to about $6.57 million in 2024. Kelso's financial position was impacted by increased working capital and tax payable numbers. The company had no long-term debt but did secure a $500,000 line of credit, with a portion already accessible. Management expects to maintain business operations successfully through strategic cost control and improved efficiency. Looking forward, Kelso predicts modest sales growth of 0% to 5% for 2025. The company is focusing on securing industry approvals for its products, which could lead to new revenue streams. The tank car market has shown signs of recovery, with projected deliveries increasing slightly for the coming years. In terms of project developments, Kelso has concluded its KXI initiative, reducing any associated asset values significantly. The company is now seeking strategic partnerships to enhance the technology involved in that project. Overall, Kelso Technologies aims to enhance its market presence and operational performance, focusing on new proprietary rail products and maximizing profitability as market conditions improve.