Kelso Technologies makes proprietary valves and specialty equipment for railroad tank cars — the cars used to transport hazardous and non-hazardous commodities like chemicals and crude oil across North America. Kelso's core products are pressure relief valves (PRVs), vacuum relief valves (VRVs), and bottom outlet valves (BOVs), all of which are safety-critical components that control pressure, prevent spills, and enable safe loading and unloading. Kelso sells directly to tank car manufacturers (OEMs), lessors, and HAZMAT shippers, and manufactures entirely out of a single facility in Bonham, Texas. Revenue splits roughly evenly between new car production and the repair/retrofit market, with the latter providing a more stable baseline due to recurring, scheduled tank car requalifications. Kelso's near-term growth hinges on completing AAR regulatory approval for two products in active field service trials: the K2AV angle valve and a ceramic ball BOV. The K2AV is particularly important — once approved, Kelso believes it completes a full "pressure car kit" that could increase revenue per pressure car from roughly $1,500 to over $10,000. New product sales require AAR certification, a lengthy process that creates an unpredictable lag between R&D and commercialization. Kelso previously invested in a second platform — an automated suspension system for wilderness vehicles — but wrote down that investment in 2024 and is now fully focused on its rail valve business.