Kelso Technologies Inc. (KIQ) stock plunged by 8.32% at the last trading close whereas the KIQ stock price rises by 4.03% in the after-hour trading session. As of now, there is no update available regarding this swing in KIQ stock while KIQ has recently released its full year 2020 financial results. Kelso is a multi-faceted design and development firm that specializes in the manufacture, and distribution of patented transportation service equipment.
Financial Results 2020
- Kelso Technologies has generated a revenue of $11,149,130 for the year 2020 compared to $20,550,682 in the previous year.
- The Gross profit for the year 2020 was $4,792,678 whereas the gross profit calculated in the year 2019 was $9,582,879.
- Operating Expenses were $5,768,476 for the full year ended on December 31, 2020 relatively the value was $6,087,357 for the last year.
- The net loss calculated by KIQ stock for the year 2020 was $1,307,890 whereas the net income of Kelso Technologies for the previous year was $3,334,043.
- And lastly the EBTIDA calculated for the year 2020 was $366,157 compared to $4,233,339 for the year 2019.
Kelso’s financial success in 2020 was affected by a 46 percent decrease in sales operation from the previous year, but operating expenses cut by 5%, enabling the company to remain cash flow positive (net of non-cash items). The severity of the potential threat to KIQ stock business survival was highlighted by this economic downturn.
COVID-19 reshaped the market dynamics of the rail tank car industry, causing Kelso to suffer a significant economic setback in 2020. Given the pandemic’s unparalleled challenges, KIQ’s primary emphasis is on limiting negative effects on its business model and protecting its key productive assets. Now in the year 2021, KIQ stock is focusing on post-pandemic normalization, planned product creation, and getting ready for a strong restart of business growth.