Management ChangeMay 7, 2026, 08:44 AM
Kelso Technologies Appoints Jesse Crews CEO; Q1 Revenue $1.75M
AI Summary
Kelso Technologies Inc. reported a net loss of $427,070, or $0.01 per share, on revenues of $1,749,058 for Q1 2026, a significant decrease from $3,158,074 in revenue and a net income of $504,982 in Q1 2025. The company maintained a solid financial position with $5.5 million in total assets and $2.14 million in working capital, despite a challenging quarter marked by industry-wide tank car delivery declines. Subsequent to quarter-end, Jesse Crews was appointed Chief Executive Officer as part of an orderly senior leadership succession, with the company focusing on cost discipline and product diversification for the remainder of 2026.
Key Highlights
- Jesse Crews appointed CEO on April 16, 2026, as part of senior leadership succession.
- Q1 2026 revenue decreased to $1,749,058 from $3,158,074 in Q1 2025.
- Net loss from continuing operations was $427,070, or $0.01 per share, in Q1 2026.
- Gross profit declined to $651,733 (37% margin) from $1,409,754 (45% margin) YoY.
- Total assets stood at $5,504,516 and shareholders' equity at $4,245,438 as of March 31, 2026.
- Working capital was $2,139,491, with $750,000 available on a $1 million line of credit.
- Loss from discontinued operations narrowed significantly to $3,917 from $92,645 in Q1 2025.
- Operating expenses increased to $1,079,633, including $256,577 in non-recurring fees.