Kelso Technologies Inc. · TSX:KLS
Kelso Technologies — Investor Presentation (September 2026)
27 slides from Kelso Technologies's investor presentation, September 2026
Slide 1: Kelso Technologies Investor Presentation
KELSO TECHNOLOGIES Investor Presentation September 2026 TSX:KLS www.kelsotech.com ---
Slide 2: Advisories
Advisories This Presentation is for information purposes only. This Presentation does not constitute an offer to sell to any person, or a general offer to the public of, or the general solicitation from the public of offers to subscribe or purchase, any of securities of Kelso Technologies Inc. (“Kel
Slide 3: Kelso at a Glance
KELSO AT A GLANCE Kelso delivered profitability in FY2025 and is now positioning itself for resilience and diversification. ············-----------·········-······----------~·············-·------------······-·······------------·········-·····-----------················------------·-····-·····-·-----
Slide 4: Company Overview
COMPANY OVERVIEW Established in 1987, Kelso is a high- (CAD) (USD) margin, innovative manufacturer of Share Price 0.127 0.092 safety-critical transportation valves Shares Outstanding 56,100,085 56,100,085 Equity Value C$7,143,411 U$5,137,541 and equipment. Plus: Revolving Credit 486,652 350,000 Our
Slide 5: A Partner in Manufacturing
A PARTNER IN MANUFACTURING Kelso is receiving inbound interest from potential partners looking to utilize its available manufacturing capacity and expertise. Available capacity: Kelso owns its Bonham facility outright, and has room beyond current production to take on partner work with little invest
Slide 6: Kelso's Specialty
KELSO’S SPECIALTY Kelso specializes in products for rail tank cars to allow them to safely transport, contain, and handle hazardous and non-hazardous commodities. All Kelso products are developed for overall economic and operational advantages while mitigating customer risk. As Kelso’s products are
Slide 7: How Kelso Fits in the Rail Supply Chain
HOW KELSO FITS IN THE RAIL SUPPLY CHAIN Kelso's rail products are specified by the end customers and ordered by manufacturers and repair shops. A chemical, refining, energy, or New builds go to the tank car Requalification cycles and agricultural company selects the manufacturers. Requalification, m
Slide 8: Market Share
MARKET SHARE We estimate that Kelso has 30% of the tank car pressure relief valve 30% Midland, RegO), Valmet, and others. market, with competition including Dover Corporation (OPW Global, We differentiate through: Kelso • 100% U.S. manufacturing and supply chain Market Share • Outstanding safety rec
Slide 9: Macro Environment
MACRO ENVIRONMENT Rail tank and other car builds are cyclical, tied to the broader economic environment. There are currently headwinds, with a forecasted 36% decline in tank car deliveries in 2026. Recovery is forecasted to begin in 2027 and build North American Tank Car Deliveries in 2028, with 23%
Slide 10: Diversifying Service Mix
DIVERSIFYING SERVICE MIX Repair has grown from 5% to over 25% of Kelso’s service mix volume from FY2022 to FY2025, driven by demand from over 100,000 shipped valves and customer desire to extend valve life. FY2022 FY2025 New Car Builds Repair Retrofit Tank car deliveries were essentially flat from 2
Slide 11: Multiple Paths for Growth
MULTIPLE PATHS FOR GROWTH New Kelso product developments are in progress to expand addressable markets and create additional opportunities with each customer. Kelso is evaluating opportunities beyond organic operations such as partnerships and accretive bolt-ons to create shareholder value. Existing
Slide 12: Product Pipeline
PRODUCT PIPELINE Kelso is continuing to develop its product pipeline to drive new revenue. ANGLE VALVE BOTTOM OUTLET VALVE • Targets LP gas and anhydrous • Uses ceramics to address the ammonia tank cars. failures of stainless steel BOVs in abrasive/corrosive service. • AAR approved in September 2026
Slide 13: Financial Overview
FINANCIAL OVERVIEW $7,000,000 Revenue - Tank Car Yearly Deliveries Trend $3,000,000 Gross Profit $6,000,000 $2,500,000 $5,000,000 $2,000,000 $4,000,000 $1 ,500,000 $3,000,000 $1 ,000,000 $2,000,000 $1,000,000 $500,000 $- $0 1H 2022 1H 2023 1H 2024 1H 2025 1H 2026 1H 2022 1H 2023 1H 2024 1H 2025 1H 2
Slide 14: Financial Snapshot
FINANCIAL SNAPSHOT 2026 has had headwinds with declines in tank car deliveries. Despite this, Q2 has been a significant improvement over Q1. Metric Q2 2026 Q1 2026 % Change QoQ Revenue $ 2,245,498 $ 1,749,058 + 28.4% Gross Profit $ 725,897 $ 651,733 + 11.4% Adjusted EBITDA * $ (274,190) $ (439,138)
Slide 15: Built for Resilience
BUILT FOR RESILIENCE Resilience is structural. Balance sheet, margins, mix, and supply chain all reinforce each other. BALANCE No term debt, owned assets are under-recognized with potential monetization SHEET options. $1.94M working capital, 2.43x current ratio. Low refinancing risk. STRONG Gross ma
Slide 16: Unlocking the Value of Kelso's Assets
UNLOCKING THE VALUE OF KELSO’S ASSETS Kelso’s owned facilities are an under-recognized source of capital and shareholder value. e iv Dr Kelso’s manufacturing facility has an assessed in st Au value of $4.25M USD, currently carried on the balance sheet at less than $2M USD. Kelso also owns a smaller
Slide 17: Capital Structure and Financial Standing
CAPITAL STRUCTURE AND FINANCIAL STANDING $3.5 M $3,293,326 $3.0 M Share Price (USD/sh) $ 0.092 $2.5 M $2.0 M Shares Outstanding (sh) 56,100,085 $1 .5 M $1 ,352,777 $953,425 $1 .0 M Market Capitalization (USD) $ 5,137,541 $0.5 M $372,684 $0.0 M Dilution From Unvested RSUs 203,329 Current Assets Cash
Slide 18: Capital Strategy
CAPITAL STRATEGY Kelso is shifting from balance sheet preservation to disciplined capital deployment, focused on creating shareholder value. Expanding liquidity with a $1M USD revolving credit facility in place ($350K drawn as of June 30, 2026), and exploring opportunities to unlock asset value. Str
Slide 19: Comparables Table - Peer Valuation Comparison
COMPARABLES TABLE - PEER VALUATION COMPARISON Valuation Multiples Leverage Multiples EV/Gross Price/ Gross Company/Measure EV/Revenue Debt to Equity Debt/Book Cap. Profit Book Profit Margin Kelso Technologies 0.57x 1.55x 1.28x 37.1% 0.10x 8.7% Peer Average 1.96x 7.90x 2.74x 24.6% 1.58x 44.1% Peer Me
Slide 20: Direction
DIRECTION Pursuing growth with new Identifying opportunities to Kelso’s management team markets aligned with strategically utilize debt and board are continuing existing manufacturing financing to lower Kelso’s cost to execute a profitability- and engineering expertise. of capital and drive value. f
Slide 21: Kelso Management and Board
KELSO MANAGEMENT AND BOARD Office of the CEO I I I Jesse V. Crews (CEO) Sameer Uplenchwar (CFO) Amanda Smith (COO) The new Office of Director Director the CEO brings • With Kelso’s operations since 2016 • 40+ years in asset finance and leasing • CPA with 20+ years in finance and decades of • 10+ yea
Slide 22: Kelso Share Ownership
KELSO SHARE OWNERSHIP • 56,100,085 shares outstanding. Shares owned by insiders Acquired by insiders in last 6 months • Kelso has six reporting insiders, who hold 4,082,016 shares (7.28% of shares outstanding) as of August 18, 2026. • Remaining 92.72% of shares are widely held. • Kelso insiders have
Slide 23: Kelso Technologies: A Rare Company
KELSO TECHNOLOGIES: A RARE COMPANY Niche Market Focus: New products that expand Kelso's addressable market and share of each customer. Capital Position: Strong capital structure, borrowing Kelso: Strong capacity, and ability to unlock significant asset value. margins, focused Strategic Outlook: Eval
Slide 24: Let's Connect
LET’S CONNECT www.kelsotech.com info@kelsotech.com 1-877-314-1879 Bonham, TX, USA West Kelowna, BC, Canada
Slide 25: Kelso Appendix
KELSO APPENDIX
Slide 26: Details and Footnotes
DETAILS AND FOOTNOTES • Figures may be rounded or truncated. Rounding and/or truncating does not materially affect the totals or conclusions presented. • Kelso functional currency and reported financial information is in USD, converted to CAD where indicated in this document for presentation only. C
Slide 27: Valuation & Comparables Disclosure and Cautionary Note
VALUATION & COMPARABLES DISCLOSURE AND CAUTIONARY NOTE The comparable company and valuation analysis presented in this presentation are based on publicly available financial and market data as of the dates indicated. Kelso has selected peer companies based on similar industry exposure, manufacturing
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