Kelso Technologies Inc. reversed its trend of multi-year losses to report positive net income of $447K in 2025 on revenues of about $10.78 million, reflecting stable sales largely from its specialized tank car equipment lineup. The recovery was supported by reduced operating expenses following restructuring and the wind-down of its KXI suspension project impaired in 2024. Despite persistent industry headwinds from tariffs and cyclicality dampening railcar builder demand, Kelso's niche proprietary valves and upcoming product approvals underpin revenue stability. The company maintains strong liquidity with a robust current ratio of 4.27, though cash balances remain modest and no dividends or buybacks were declared. Future growth depends on innovation commercialization and navigating regulatory and market uncertainties.