ClearSign Technologies Corporation Provides Full Year 2023 Update
- Company reported a record Fourth Quarter Revenue of $1.2 million compared to $50 thousand in 2022, and full-year revenue of $2.4 million compared to $374 thousand in 2022.
- ClearSign's process burner performance contributed to establishing new BACT emissions limits for single and multi-burner configurations in California.
- Successful start-up of multi-burner heater project in California with emissions levels below guarantee.
- Received the first multi-boiler burner purchase order and conducted a public offering raising $9.3 million in gross proceeds.
- Cash, cash equivalents, and short-term investments were approximately $5.6 million as of December 31, 2023.
- None.
Insights
"We ended 2023 with some commercial momentum and that has carried into the current year," said Jim Deller, Ph.D., Chief Executive Officer of ClearSign. "We have been able to deliver and start up our initial boiler burner orders as well as some significant process burner orders. Then just weeks ago, we announced new California BACT emissions thresholds that were set based on the performance of our operational installations, which we believe provides another validating factor for our technology. As a result of these developments we are seeing continued growing interest in our capabilities and subsequent sales opportunities," concluded Dr. Deller.
Recent strategic and operational highlights during, and subsequent to, the end of the fourth quarter 2023 include:
Company Reported Record Quarter and Full Year Revenue: The Company reported Fourth Quarter Revenue of
Receives Best Available Control Technology (BACT) Determinations for Single and Multi Process-Burner Heaters: ClearSign's process burner performance has been assessed as part of the South Coast Air Quality Management District of California (SCAQMD) periodic public participation process to enhance existing Best Available Control Technology (BACT) determinations and its results have contributed to the establishment of new BACT emissions limits for both single and multi-burner configurations.
Announced Successful Start Up of Multi-Burner Heater in California Project: The first eight burner heaters had a successful startup, had independent source testing confirm that the emissions levels are below guarantee, and are now in operation.
Received First Multi-Boiler Burner Purchase: Partner California Boiler received a letter of intent for four boilers to be fitted with the ClearSign Core™ (Rogue) burners as well as the purchase order for the first boiler of the series. California Boiler has in turn placed their order with ClearSign for the first burner.
Announced Public Offering and Concurrent Private Placement of Common Stock and Warrants: The Company raised approximately
Cash, cash equivalents and short-term investments were approximately
There were 38,687,061 shares of the Company's common stock issued and outstanding as of December 31, 2023.
The Company will be hosting a call at 5:00 PM ET today. Investors interested in participating on the live call can dial 1-800i836-8184 within the
http://ir.clearsign.com/overview.
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 1-888-660-6345 within the
About ClearSign Technologies Corporation
ClearSign Technologies Corporation designs and develops products and technologies for the purpose of improving key performance characteristics of industrial and commercial systems, including operational performance, energy efficiency, emission reduction, safety and overall cost-effectiveness. Our patented technologies, embedded in established OEM products as ClearSign Core™ and ClearSign Eye™ and other sensing configurations, enhance the performance of combustion systems and fuel safety systems in a broad range of markets, including the energy (upstream oil production and down-stream refining), commercial/industrial boiler, chemical, petrochemical, transport and power industries. For more information, please visit www.clearsign.com.
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 the Company's control, that could cause actual results to materially differ from such statements. Such risks, uncertainties and other factors include, but are not limited to, the Company's ability to successfully deliver, install, and meet the performance obligations of the Company's burners in the California and
ClearSign Technologies Corporation Consolidated Balance Sheets | ||||||
(in thousands, except share and per share data) | December 31, | |||||
2023 | 2022 | |||||
ASSETS | ||||||
Current Assets: | ||||||
Cash and cash equivalents | $ | 5,684 | $ | 6,451 | ||
Short-term held-to-maturity investments | — | 2,606 | ||||
Accounts receivable, net | 287 | 79 | ||||
Contract assets | 188 | 20 | ||||
Prepaid expenses and other assets | 350 | 577 | ||||
Total current assets | 6,509 | 9,733 | ||||
Fixed assets, net | 275 | 384 | ||||
Patents and other intangible assets, net | 836 | 798 | ||||
Other assets | — | 10 | ||||
Total Assets | $ | 7,620 | $ | 10,925 | ||
LIABILITIES AND EQUITY | ||||||
Current Liabilities: | ||||||
Accounts payable and accrued liabilities | $ | 366 | $ | 296 | ||
Current portion of lease liabilities | 71 | 133 | ||||
Accrued compensation and related taxes | 703 | 471 | ||||
Contract liabilities | 1,116 | 247 | ||||
Total current liabilities | 2,256 | 1,147 | ||||
Long Term Liabilities: | ||||||
Long term lease liabilities | 172 | 226 | ||||
Total liabilities | 2,428 | 1,373 | ||||
Commitments and contingencies (Note 10) | ||||||
Stockholders' Equity: | ||||||
Preferred stock, | — | — | ||||
Common stock, issued and outstanding at December 31, 2023 and December 31, 2022, respectively | 4 | 4 | ||||
Additional paid-in capital | 98,922 | 98,079 | ||||
Accumulated other comprehensive loss | (17) | (8) | ||||
Accumulated deficit | (93,717) | (88,523) | ||||
Total equity | 5,192 | 9,552 | ||||
Total Liabilities and Equity | $ | 7,620 | $ | 10,925 | ||
The accompanying notes are an integral part of these consolidated financial statements. | ||||||
ClearSign Technologies Corporation Consolidated Statements of Operations and Comprehensive Loss | ||||||
(in thousands, except share and per share data) | For the Year Ended | |||||
December 31, | ||||||
2023 | 2022 | |||||
Revenues | $ | 2,403 | $ | 374 | ||
Cost of goods sold | 1,586 | 258 | ||||
Gross profit | 817 | 116 | ||||
Operating expenses: | ||||||
Research and development | 739 | 505 | ||||
General and administrative | 6,059 | 5,728 | ||||
Total operating expenses | 6,798 | 6,233 | ||||
Loss from operations | (5,981) | (6,117) | ||||
Other income | ||||||
Interest | 324 | 83 | ||||
Government assistance | 255 | 232 | ||||
Gain from sale of assets | 5 | 38 | ||||
Other income, net | 203 | 6 | ||||
Total other income | 787 | 359 | ||||
Net loss | $ | (5,194) | $ | (5,758) | ||
Net loss per share - basic and fully diluted | $ | (0.13) | $ | (0.16) | ||
Weighted average number of shares outstanding - basic and fully diluted | 38,500,933 | 35,338,712 | ||||
Comprehensive loss | ||||||
Net loss | $ | (5,194) | $ | (5,758) | ||
Foreign-exchange translation adjustments | (9) | (17) | ||||
Comprehensive loss | $ | (5,203) | $ | (5,775) | ||
The accompanying notes are an integral part of these consolidated financial statements. | ||||||
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SOURCE ClearSign Technologies Corporation
FAQ
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