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Saturday, June 19, 2021

Kelso Technologies Inc (KIQ) stock jumped without any clue

Kelso Technologies Inc (KIQ) stock gained 8.46% in the after-hours trading session after its early gain of 2.43% on Wednesday, April 14, 2021. KIQ shares have jumped 65.96% over the last 12 months, and they have moved down by 11.76% in the past week.


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Let’s have a look at the recent developments

2020 annual report

On April 06, 2021, Kelso Technologies Inc said that it has filed the 2020 annual report on Form 20-F with the U.S. Securities and Exchange Commission. The reports contain KIQ management discussion and audited financial results for the year ended December 31, 2020.

 Recent financial results

On March 17, 2021, Kelso Technologies Inc. announced the audited consolidated financial results for the year ended December 31, 2020.

FY 2020 financial highlights

  • Kelso Technologies generated a revenue of $11.15 million in 2020 compared to $20.5 million in 2019.
  • Gross profit for FY 2020 was $4.8 million compared to $9.6 million in 2019.
  • The gross profit margin was 43% in 2020 compared to 47% in 2019.
  • KIQ had operating expenses of $5.8 million in 2020 compared to $6.08 million in 2019.
  • Net income (loss) for 2020 was  $1.3 million or basic and dilute earnings(loss) per share of $0.03 per share compared to $3.4 million or basic and diluted earnings per share of $0.07 per share for 2019.
  • The Company had cash on deposits of $1,049,049 as of December 31, 2020.

Closing of non-brokered private placement

On March 05, 2021, Kelso Technologies Inc announced the closing of the non-brokered private placement on a total of 7,000,000 units for gross proceeds of approximately $6,300,000.

The gross proceeds will be used for the company’s 2021 business plans including ongoing marketing initiatives and scheduled new product development.

Agreement termination

On March 03, 2021, Kelso Technologies Inc. terminated the Technology Development Agreement with the service provider, G & J Technologies Inc. the company also terminated the development agreement with inventor/innovator Gebhard Wager for the Company’s KXI Suspension.

Conclusion

At the moment we have no news to clarify its gains on Wednesday but its improved financial performance could be the reason behind its recent surging.

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