Kelso Technologies Inc. (KIQ) stock surged 8.33% in the pre-market trading session at the price of $0.55 despite no fundamental development. Kelso is a product development company that designs, manufactures, and distributes service equipment for the transport industry.
KIQ X Industries Secured Two Key Development Partners
On 17th November 2021, KIQ announced that KIQ X Industries had acquired two key prototype development partners in its KXI™ Wildertec™ Heavy Duty Suspension project. KIQX has contracted Kinetic Drive Solutions and Vector Truck Designs to provide a team of control system designers and software experts for regulatory compliant final production-ready HD prototypes.
Vector Truck Designs will direct the project in the final stage of prototype design and construction of all mechanical parts. Vector has been producing heavy-duty vehicle suspensions for top companies for over decades. The company is highly equipped to build KXI to meet the rigorous standards of regulatory compliance, dependability, and performance.
KIQ Nine Months 2021 Financial Results
On 10th November 2021, KIQ reported its consolidated financial results for the nine months ended on 30th September 2021. The company has also presented its business updates.
Financial Highlights
KIQ reported total revenue of $5,429,090 for the first nine months ended 30th September 2021. Revenue totaled $9,754,172 for the same nine months of 2020. For the first nine months of 2021, the gross profit was $2,247,453. Basic earnings per share was a loss of (0.03) for the nine months of 2021. The company reported net income (loss) of $(1,627,595). For nine months ended 30th September 2021, adjusted EBITDA (loss) was $(1,204,877). Adjusted EBITDA was $990,074 for the same nine months of 2020.
As of 30th September 2021, KIQ had cash on deposit of $3,198,231. On 30th September 2021, the company had no income tax payable. Income tax payable totaled $91,566 on 31st December 2020. The company reported zero long-term liabilities or debt as of 30th September 2021. On 30th September 2021, the company’s net assets increased to $14,017,652. Total net assets were $10,960,923 as of 31st December 2020. As of 30th September 2021, the company has a working capital position of $9,140,729.
