Year End Results as Expected :-(Kelso Technologies Inc. Financial Results for the Year Ended December 31, 2021 VANCOUVER, British Columbia and BONHAM, Texas, March 28, 2022 (GLOBE NEWSWIRE) -- Kelso Technologies Inc. ("Kelso" or the "Company"), (TSX: KLS), (NYSE American: KIQ) reports that the Company has released the audited consolidated financial statements and Management Discussion and Analysis for the year ended December 31, 2021.
The audited year end financial statements were prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). All amounts herein are expressed in United States dollars (the Company's functional currency) unless otherwise indicated.
SUMMARY OF FINANCIAL PERFORMANCE | Year ended December 31 | 2021 | 2020 | 2019 |
| Revenues | $ | 7,425,707 | | $ | 11,149,130 | | $ | 20,550,682 | |
| Gross profit | $ | 3,196,492 | | $ | 4,792,678 | | $ | 9,582,879 | |
| Gross profit margin | | 43 | % | | 43 | % | | 47 | % |
| Operating expenses | $ | 6,254,981 | | $ | 5,768,476 | | $ | 6,087,357 | |
| Taxes | $ | 172,639 | | $ | 248,992 | | $ | 99,077 | |
| Net income (loss) | $ | (2,758,567 | ) | $ | (1,307,890 | ) | $ | 3,334,043 | |
| Basic and diluted earnings (loss) per share | $ | (0.05 | ) | $ | (0.03 | ) | $ | 0.07 | |
| Non-cash recoveries and expenses | $ | 549,612 | | $ | 1,436,209 | | $ | 899,296 | |
| Adjusted EBITDA (Loss) | $ | (1,436,435 | ) | $ | 366,157 | | $ | 4,233,339 | |
| Common shares outstanding | | 54,320,086 | | | 47,170,086 | | | 47,170,086 | |