Northwire Canada EditionFriday, October 16, 2026
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GOLD 4170.10 +1.5% SILVER 57.16 +2.3% COPPER 6.56 −1.5% OIL 97.97 +3.0% PALLADIUM 1136.00 +3.6% LUN 32.91 +0.6% DLP 0.290 −3.3% VCV 0.065 −13.3% GG 2.89 +1.4% NBLC 0.015 +0.0% SF 0.300 −4.8% ATY 0.215 +2.4% GHL 0.060 −7.7% STND 0.060 −7.7% B 0.550 −3.5% HBM 34.33 −0.5% NTR 98.77 −0.7% SGZ 0.035 +0.0% MKA 0.670 +0.0% LXM 0.175 −18.6% CLCH 1.08 −1.8% GOLD 4170.10 +1.5% SILVER 57.16 +2.3% COPPER 6.56 −1.5% OIL 97.97 +3.0% PALLADIUM 1136.00 +3.6% LUN 32.91 +0.6% DLP 0.290 −3.3% VCV 0.065 −13.3% GG 2.89 +1.4% NBLC 0.015 +0.0% SF 0.300 −4.8% ATY 0.215 +2.4% GHL 0.060 −7.7% STND 0.060 −7.7% B 0.550 −3.5% HBM 34.33 −0.5% NTR 98.77 −0.7% SGZ 0.035 +0.0% MKA 0.670 +0.0% LXM 0.175 −18.6% CLCH 1.08 −1.8%
Earnings Routine −

Kelso Technologies Inc. Financial Results for the Quarter Ended March 31, 2026

Kelso Technologies Confirms Trough as Cash Burn Accelerates Amidst Leadership Shake-Up

By The Northwire Desk — AI Analysis May 06, 2026 · 20:13 KLS · 0.14 KELSO TECHNOLOGIES INC.
Executive Summary
  • Event: Kelso Technologies released Q1 2026 Financial Results on May 06, 2026.
  • Financials: Reported a net loss of $430,987 on revenue of $1,749,058. This contrasts sharply with Q1 2025 which saw a profit of $412,337 and revenue of $3,158,074.
  • Margins: Gross profit margin compressed to 37% from 45% year-over-year. Adjusted EBITDA swung from positive $412,172 to negative ($439,138).
  • Liquidity: Cash on hand dropped significantly to $209,459. Working capital stands at $2,139,491, but cash liquidity is tight relative to quarterly burn rates.
  • Operations: Management identifies Q1 2026 as the "operational trough." North American tank car deliveries are forecasted to decline over 20% in 2026. Recovery expected in 2027/2028.
  • Leadership: Jesse Crews appointed CEO effective April 16, 2026, replacing Frank Busch who resigned. Mark Temen appointed Lead Director; Paul Cass rejoined the Board.
Material Impact
  • Revenue Miss: Revenue declined approximately 45% year-over-year ($3.16M to $1.75M), which exceeds the previously guided industry decline of >20%. This indicates company-specific execution issues or customer concentration risks beyond general market trends.
  • Profitability Reversal: The return to net losses after three consecutive profitable quarters (Q3 2024, Q4 2024, Q1 2025, Q2 2025, Q3 2025 - based on FY25 context) signals a loss of momentum.
  • Liquidity Concern: Cash balance of $209k is critically low relative to the quarterly net loss of ~$431k. While working capital appears healthy due to receivables/inventory, immediate cash burn suggests reliance on the Line of Credit ($750k available) or future financing within 1-2 quarters if revenue does not stabilize.
  • Management Turnover: CEO change during a downturn introduces execution risk. While Jesse Crews has industry experience, the transition occurs at the worst possible time for operational stability.
  • Guidance Confirmation: The news largely confirms the "trough" narrative established in the March 30, 2026 FY25 results, making it expected negative news rather than a surprise shock, hence the Routine - Negative rating despite the severity of the numbers.
KLS · Price
Company Overview
  • Overview: Kelso Technologies Inc. designs, manufactures, and distributes valves for the North American rail industry, specifically tank cars.
  • Flagship Project: The company is pivoting towards diversification beyond standard tank car builds via new product launches (Angle Valve, Bottom Outlet Valve) requiring Association of American Railroads (AAR) approvals.
  • Development Status: FY25 was profitable due to cost discipline and existing orders. Q1 2026 marks the start of a cyclical downturn in railcar manufacturing. The strategic focus is on securing AAR approvals to unlock revenue streams independent of new tank car builds (e.g., retrofitting, other industries like Water/Wastewater).
Read the original news release →

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Apr 16, 2026 · 20:12

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Kelso Posts First Profit Since 2020 on Cost Cuts, But Cash Burn and 2026 Railcar Slump Loom

Earnings Nov 05, 2025 · 19:27

Kelso Technologies Inc. Financial Results for the Three Months Ended September 30, 2025

Earnings