ClearSign Technologies Corporation Provides Full Year 2022 Update
ClearSign Technologies Corporation (NASDAQ: CLIR) released its operational update for the full year ended December 31, 2022. The report highlights encouraging sales across various industries, including California and Texas, bolstered by positive industry feedback on their products. The company successfully completed multi-burner testing for a major California project, marking a significant operational milestone. Additionally, ClearSign completed Phase 1 testing of its Ultra-Low NOx hydrogen burner, preparing for a Phase 2 grant application of up to $1.6 million. As of December 31, 2022, the company reported cash and short-term investments totaling $9.1 million and 38,023,701 shares outstanding. Despite a net loss of $5.76 million for 2022, ClearSign's strategic positioning in the market and ongoing product development reflect their commitment to enhancing energy efficiency and reducing emissions.
- Successful completion of multi-burner testing for a California project.
- Encouraging sales in California and Texas markets.
- Positive industry feedback on products.
- Progress in the development of the Ultra-Low NOx hydrogen burner.
- Application for up to $1.6 million in Phase 2 grant funding.
- Cash and short-term investments stood at $9.1 million.
- Net loss of $5.76 million for the year 2022.
"We are encouraged by our recent sales, and that we are getting products out into multiple industries which will provide references to support our ongoing sales efforts," said
"The recent traction with our boiler burner product, including sales into two states,
Recent strategic and operational highlights during and subsequent to the end of the year 2022 include:
Successfully Completed Final Multi Burner Testing and Demonstration Phase for 20 burner
Completed Successful Phase 1 Testing of Ultra-Low NOx
Entered the Texas Gulf Coast Market with Burner Sale to
Announced First and Second Boiler Burner Sales into the California Market: The first burner was sold into a new business vertical of medical and business waste services and is scheduled to be installed in the second quarter of 2023. The second Boiler was sold to a national service provider of recycling services to the food production and restaurant industries. The boiler burner will be installed with a new boiler and was sold as a package with our partner California Boiler into the
Cash, cash equivalents and short-term investments were approximately
There were 38,023,701 shares of the Company's common stock issued and outstanding as of
The Company will be hosting a call at 5:00 PM ET today. Investors interested in participating on the live call can dial 1-866-372-4653 within the
The webcast will be archived on the Company's investor relations website for at least 90 days and a telephonic playback of the conference call will be available by calling 1-877-344-7529 within the
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Cautionary note on forward-looking statements
All statements in this press release that are not based on historical fact are "forward-looking statements." You can find many (but not all) of these statements by looking for words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "would," "should," "could," "may," "will" or other similar expressions. While management has based any forward-looking statements included in this press release on its current expectations on the Company's strategy, plans, intentions, performance, or future occurrences or results, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties and other factors include, but are not limited to our ability to successfully install our burners in the
Consolidated Balance Sheets | ||||||
(in thousands, except share and per share data) | ||||||
2022 | 2021 | |||||
ASSETS | ||||||
Current Assets: | ||||||
Cash and cash equivalents | $ | 6,451 | $ | 7,607 | ||
Short-term held-to-maturity investments | 2,606 | — | ||||
Accounts receivable, net | 79 | 33 | ||||
Contract assets | 20 | 39 | ||||
Prepaid expenses and other assets | 577 | 345 | ||||
Total current assets | 9,733 | 8,024 | ||||
Fixed assets, net | 384 | 530 | ||||
Patents and other intangible assets, net | 798 | 799 | ||||
Other assets | 10 | 10 | ||||
Total Assets | $ | 10,925 | $ | 9,363 | ||
LIABILITIES AND EQUITY | ||||||
Current Liabilities: | ||||||
Accounts payable and accrued liabilities | $ | 296 | $ | 224 | ||
Current portion of lease liabilities | 133 | 205 | ||||
Accrued compensation and related taxes | 471 | 218 | ||||
Contract liabilities | 247 | 84 | ||||
Total current liabilities | 1,147 | 731 | ||||
Long Term Liabilities: | ||||||
Long term lease liabilities | 226 | 350 | ||||
Total liabilities | 1,373 | 1,081 | ||||
Commitments and contingencies (note 11) | ||||||
Stockholders' Equity: | ||||||
Preferred stock, | — | — | ||||
Common stock, | 4 | 3 | ||||
Additional paid-in capital | 98,079 | 91,035 | ||||
Accumulated other comprehensive income (loss) | (8) | 9 | ||||
Accumulated deficit | (88,523) | (82,765) | ||||
Total equity | 9,552 | 8,282 | ||||
Total Liabilities and Equity | $ | 10,925 | $ | 9,363 | ||
The accompanying notes are an integral part of these consolidated financial statements. |
Consolidated Statements of Operations and Comprehensive Loss | ||||||
(in thousands, except share and per share data) | For the Year Ended | |||||
2022 | 2021 | |||||
Revenues | $ | 374 | $ | 607 | ||
Cost of goods sold | 258 | 1,059 | ||||
Gross profit (loss) | 116 | (452) | ||||
Operating expenses: | ||||||
Research and development | 505 | 2,680 | ||||
General and administrative | 5,728 | 5,013 | ||||
Total operating expenses | 6,233 | 7,693 | ||||
Loss from operations | (6,117) | (8,145) | ||||
Other income | ||||||
Interest, net | 83 | 1 | ||||
Government assistance | 232 | 251 | ||||
Gain from sale of assets | 38 | — | ||||
Other income, net | 6 | 1 | ||||
Total other income | 359 | 253 | ||||
Net loss | (5,758) | (7,892) | ||||
Net loss attributed to non-controlling interest | — | 1 | ||||
Net loss attributed to common stockholders | $ | (5,758) | $ | (7,891) | ||
Net loss per share - basic and fully diluted | $ | (0.16) | $ | (0.25) | ||
Weighted average number of shares outstanding - basic and fully diluted | 35,338,712 | 31,230,806 | ||||
Comprehensive loss | ||||||
Net loss | $ | (5,758) | $ | (7,892) | ||
Foreign-exchange translation adjustments | (17) | 9 | ||||
Comprehensive loss | $ | (5,775) | $ | (7,883) | ||
The accompanying notes are an integral part of these consolidated financial statements. |
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