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ClearSign Technologies Corporation Provides Full Year 2024 Update

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ClearSign Technologies (NASDAQ: CLIR) reported record annual revenue of $3.6 million for the full year 2024, up from $2.4 million in 2023. The revenue growth was primarily driven by a 20-process burner shipment to a California refinery.

Key developments include launching a co-branded process burner line with Zeeco, securing a 26-burner retrofit project for a Gulf Coast petrochemical facility, and installing ClearSign Eye sensors at a supermajor Gulf Coast refinery. The company also received flare orders in California and burner orders for power generation customers in Oklahoma and Missouri.

As of December 31, 2024, ClearSign maintained a strong financial position with $14 million in cash and cash equivalents, and 50,285,509 outstanding common shares.

ClearSign Technologies (NASDAQ: CLIR) ha riportato un fatturato annuo record di $3,6 milioni per l'intero anno 2024, rispetto ai $2,4 milioni del 2023. La crescita del fatturato è stata principalmente guidata dalla spedizione di 20 bruciatori a un impianto di raffinazione in California.

Sviluppi chiave includono il lancio di una linea di bruciatori co-brandizzati con Zeeco, l'acquisizione di un progetto di retrofit di 26 bruciatori per un impianto petrolchimico della Gulf Coast e l'installazione di sensori ClearSign Eye in una grande raffineria della Gulf Coast. L'azienda ha anche ricevuto ordini di torce in California e ordini di bruciatori per clienti nel settore della generazione di energia in Oklahoma e Missouri.

Al 31 dicembre 2024, ClearSign ha mantenuto una solida posizione finanziaria con $14 milioni in contante e equivalenti, e 50.285.509 azioni ordinarie in circolazione.

ClearSign Technologies (NASDAQ: CLIR) reportó ingresos anuales récord de $3.6 millones para el año completo 2024, un aumento desde los $2.4 millones en 2023. El crecimiento de los ingresos fue impulsado principalmente por el envío de 20 quemadores a una refinería de California.

Los desarrollos clave incluyen el lanzamiento de una línea de quemadores de proceso co-marcados con Zeeco, la obtención de un proyecto de retrofit de 26 quemadores para una instalación petroquímica en la Costa del Golfo, y la instalación de sensores ClearSign Eye en una gran refinería de la Costa del Golfo. La empresa también recibió pedidos de antorchas en California y pedidos de quemadores para clientes de generación de energía en Oklahoma y Missouri.

Al 31 de diciembre de 2024, ClearSign mantuvo una sólida posición financiera con $14 millones en efectivo y equivalentes, y 50.285.509 acciones comunes en circulación.

클리어사인 테크놀로지스 (NASDAQ: CLIR)는 2024년 전체 연도에 대해 $3.6백만의 기록적인 연간 수익을 보고했으며, 이는 2023년의 $2.4백만에서 증가한 수치입니다. 수익 성장은 주로 캘리포니아 정유소에 20개의 프로세스 버너를 배송한 데서 비롯되었습니다.

주요 개발 사항으로는 Zeeco와의 공동 브랜드 프로세스 버너 라인 출시, 걸프 코스트 석유화학 시설을 위한 26개의 버너 리트로핏 프로젝트 확보, 그리고 대형 걸프 코스트 정유소에 ClearSign Eye 센서를 설치한 것이 포함됩니다. 또한 회사는 캘리포니아에서 플레어 주문을 받고, 오클라호마와 미주리의 전력 생성 고객을 위한 버너 주문도 받았습니다.

2024년 12월 31일 기준으로 ClearSign은 $14백만의 현금 및 현금성 자산을 보유하고 있으며, 50,285,509주의 보통주가 유통되고 있습니다.

ClearSign Technologies (NASDAQ: CLIR) a annoncé un chiffre d'affaires annuel record de $3,6 millions pour l'année complète 2024, en hausse par rapport à $2,4 millions en 2023. La croissance des revenus a été principalement soutenue par l'expédition de 20 brûleurs de processus à une raffinerie en Californie.

Les développements clés comprennent le lancement d'une ligne de brûleurs co-marqués avec Zeeco, l'obtention d'un projet de modernisation de 26 brûleurs pour une installation pétrochimique sur la côte du Golfe, et l'installation de capteurs ClearSign Eye dans une grande raffinerie de la côte du Golfe. L'entreprise a également reçu des commandes de torches en Californie et des commandes de brûleurs pour des clients de production d'énergie en Oklahoma et au Missouri.

Au 31 décembre 2024, ClearSign maintenait une solide position financière avec $14 millions en espèces et équivalents, et 50.285.509 actions ordinaires en circulation.

ClearSign Technologies (NASDAQ: CLIR) berichtete von einem Rekordumsatz von $3,6 Millionen für das gesamte Jahr 2024, ein Anstieg von $2,4 Millionen im Jahr 2023. Das Umsatzwachstum wurde hauptsächlich durch den Versand von 20 Prozessbrennern an eine Raffinerie in Kalifornien vorangetrieben.

Wichtige Entwicklungen umfassen die Einführung einer co-markierten Prozessbrennerlinie mit Zeeco, die Sicherung eines Retrofit-Projekts für 26 Brenner für eine petrochemische Anlage an der Golfküste und die Installation von ClearSign Eye-Sensoren in einer großen Raffinerie an der Golfküste. Das Unternehmen erhielt auch Aufträge für Fackeln in Kalifornien sowie Brenneraufträge für Kunden im Bereich der Stromerzeugung in Oklahoma und Missouri.

Zum 31. Dezember 2024 hielt ClearSign eine starke finanzielle Position mit $14 Millionen in Bargeld und liquiden Mitteln sowie 50.285.509 ausgegebenen Stammaktien.

Positive
  • Record annual revenue of $3.6 million, representing 50% YoY growth
  • Secured major 26-burner retrofit project for Fortune 500 chemical company
  • Expanded partnership with Zeeco for co-branded burner product line
  • Strong cash position of $14 million
Negative
  • Revenue base remains relatively small despite record year
  • High share count of over 50 million shares outstanding indicates potential dilution

Insights

ClearSign Technologies' 2024 financial results reveal record annual revenue of $3.6 million, representing a 50% increase from 2023's $2.4 million. This growth trajectory is encouraging, though investors should note the absolute revenue figure remains modest relative to the company's $38.5 million market capitalization.

The company's cash position of $14 million provides significant runway for continued operations and product development. With approximately 50.3 million outstanding shares, this represents nearly $0.28 per share in cash - a substantial portion of the current $0.76 share price.

The revenue increase was primarily driven by a major order for 20 process burners from a California refinery, demonstrating commercial validation of their technology. The company's expanding customer base across refineries, chemical facilities, and power generation plants indicates growing market acceptance and diversification of revenue sources, reducing customer concentration risk.

While management expresses optimism about the project pipeline for 2025, they haven't provided specific revenue guidance. Notably absent from the update is any discussion of profitability metrics, operating margins, or a timeline to positive cash flow. The lack of profitability information remains a key consideration for investors evaluating the company's long-term financial trajectory.

ClearSign's strategic positioning in emissions reduction technology shows promising market traction. Their core technology's ability to achieve sub-5 ppm NOx emissions while supporting both natural gas and hydrogen combustion aligns perfectly with the dual industry imperatives of meeting increasingly stringent emissions regulations while preparing for energy transition.

The expanded partnership with Zeeco represents a significant validation from an established industry leader in combustion solutions. This co-branded product line provides ClearSign with access to Zeeco's global customer base and distribution channels, potentially accelerating market penetration without requiring massive internal sales infrastructure development.

The company's diversification beyond just low-NOx technology to include hydrogen burners, advanced flares, thermal oxidizers, and sensing technology creates multiple revenue paths and applications across industrial sectors. The ClearSign Eye sensor installation at a supermajor refinery is particularly noteworthy as it demonstrates acceptance by the most demanding tier of potential customers.

The multiple orders across different customer types - from petrochemical facilities to power generation - suggest broad applicability of their technology across the energy value chain. The growing project pipeline mentioned by management likely reflects increasing regulatory pressure on emissions across multiple jurisdictions, creating an expanding addressable market for ClearSign's solutions as industrial facilities seek cost-effective compliance options.

Company Achieves Record Annual Revenue of $3.6 Million

TULSA, Okla., April 2, 2025 /PRNewswire/ -- ClearSign Technologies Corporation (Nasdaq: CLIR) ("ClearSign" or the "Company"), an emerging leader in industrial combustion and sensing technologies that support decarbonization, improve operational and energy efficiency, enable the use of hydrogen as a fuel and enhance safety while dramatically reducing emissions, today provides an update on operations for the full year ended December 31, 2024.

"We are very happy with what we have accomplished in the past year," said Jim Deller, Ph.D., Chief Executive Officer of ClearSign. "We reported record revenue resulting from both process burner and boiler burner orders. We are also building our reputation in the industry as a technology solutions provider and expanding our network of sales channels through original equipment manufacturers, such as heater manufacturers. Additionally, we are continuing to develop our collaborative working relationship with Zeeco following our announcement late last year that we engaged their sales and marketing organizations.  We are also continuously enhancing and innovating our product offerings to both expand our scope and grow our total serviceable market, with an additional focus on diversifying the value our products provide to beyond providing low-NOx emissions. Some of these innovations include the hydrogen burner, the M-Series burners, advanced flares and thermal oxidizers and our improvements to ClearSign Eye sensor. We believe we have a healthy project and proposal pipeline and expect that to grow during 2025. We are very optimistic about our achievements and how they will impact ClearSign in the coming years."

Strategic and Operational Highlights

Recent strategic and operational highlights during, and subsequent to, the end of the fourth quarter 2024 include:

Reported Record Annual Revenue: For the full year ended December 31, 2024, the Company recognized approximately $3.6 million in revenues compared to $2.4 million for the comparable period in 2023. The year-over-year increase in revenue was driven predominantly by the shipment of an order for 20 process burners to a California refinery customer.

Announced Launch of Co-Branded ClearSign Core Process Burner Product Line with Zeeco, Inc. ("Zeeco"): The Company expanded its collaborative working relationship with Zeeco, a world leader in advanced combustion solutions, to launch a co-branded process burner line called the Zeeco CS5 and Zeeco hydrogen CS5 Burners. This new line of burners featuring ClearSign Core technology can fire 100% natural gas and 100% hydrogen while maintaining sub 5 ppm NOx to comply with strict emission regulations. Both companies are collaborating on global sales and marketing of this new burner line.

Announced Purchase Order for Multi Heater Project for Texas Petrochemical Facility: The Company received the follow-on purchase order from engineering and heater manufacturer Birwelco USA Inc. (a BIH Group company), followed by the completion of the initial engineering phase, for the second phase of a project to retrofit four process heaters with a total of 26 ClearSign Core™ burners to be installed in the Gulf Coast facility of a Fortune 500 global chemical company. 

ClearSign Technologies Corporation to Install ClearSign Eye Sensors at Supermajor Gulf Coast Refinery: The Company is installing four ClearSign Eye sensors into a supermajor refinery located on the U.S. Gulf Coast. The ClearSign Eye sensors are expected be installed on each burner of a multi burner process heater in a U.S. Gulf Coast refinery in the second quarter of this year.  

Announced Flare Order for Energy Company in California: The order from a prior flare customer  is for the initial engineering for a flare retrofit to be installed at another production facility. The final product is expected to be fabricated and shipped in the second quarter of 2025 and to be installed at the customer's site in the San Joaquin Valley of California. 

Announced Burner Orders for Power Generation Customers in Oklahoma and Missouri: ClearSign has received two burner orders approximately a month apart from Exotherm Corporation of Houston, Texas ("Exotherm"). The first burner order was for installation in a heater in Oklahoma for use by a power generation company. The second burner order was for a different power generation company, for installation and use in Missouri.  

Financial Information

Cash and cash equivalents were approximately $14 million as of December 31, 2024.   

There were 50,285,509 shares of the Company's common stock issued and outstanding as of December 31, 2024.

Conference Call

The Company will be hosting a call at 5:00 PM ET today. Investors interested in participating on the live call can dial 1-800-836-8184 within the U.S. or 1-646-357-8785 from abroad. Investors can also access the call online through a listen-only webcast at  https://app.webinar.net/Wz0nBdWqPeV

or on the investor relations section of the Company's website at http://ir.clearsign.com/overview

The Company will host a Q&A session during the call and investors wishing to submit a question ahead of time can do so by emailing questions to mselinger@firmirgroup.com.

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 U.S. or 1-646-517-4150 from abroad. Conference ID #35253. The telephonic playback will be available for 7 days after the conference call.

About ClearSign Technologies Corporation

ClearSign Technologies Corporation designs and develops products and technologies for the purpose of decarbonization and improving key performance characteristics of industrial and commercial systems, including operational performance, energy efficiency, emission reduction, safety, the use of hydrogen as a fuel 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, sensors, flares and any other products it may offer from time to time in the markets it operate in, and any other markets the Company may sell products in; the performance of the Company's products, including its ultra-low NOx burner and the related fuel and electricity savings; the Company's ability to timely fabricate and ship its burners, sensors, flares and any other products it may offer from time to time; the Company's ability to further expand the sale of ultra-low NOx process and boiler burners; the Company's and Zeeco's ability to successfully market the co-branded process burner line with Zeeco; the Company's ability to diversify its product offerings through different applications of its technologies and core competencies; the Company's ability to successfully perform engineering orders; the Company's ability to successfully develop the 100% hydrogen burner; general business and economic conditions; the performance of management and the Company's employees; the Company's ability to obtain financing, when needed; the Company's ability to compete with competitors; whether the Company's technology will be accepted and adopted and other factors identified in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission and available at www.sec.gov and other factors that are detailed in the Company's periodic and current reports available for review at www.sec.gov. Furthermore, the Company operates in a competitive environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and, except as may be required by law, undertakes no obligation to, update or revise forward-looking statements to reflect events or circumstances that subsequently occur or of which the Company hereafter become aware.

 

ClearSign Technologies Corporation

Consolidated Balance Sheets

 

(in thousands, except share and per share data)


December 31, 



2024


2023

ASSETS














Current Assets:







Cash and cash equivalents


$

14,035


$

5,684

Accounts receivable



165



287

Contract assets



194



188

Prepaid expenses and other assets



454



350

Total current assets



14,848



6,509








Fixed assets, net



238



275

Patents and other intangible assets, net



830



836

Total Assets


$

15,916


$

7,620








LIABILITIES AND STOCKHOLDERS' EQUITY














Current Liabilities:







Accounts payable and accrued liabilities


$

1,220


$

366

Current portion of lease liabilities



75



71

Accrued compensation and related taxes



671



703

Contract liabilities



73



1,116

Total current liabilities



2,039



2,256

Long Term Liabilities:







Long term lease liabilities



113



172

Total liabilities



2,152



2,428








Commitments and contingencies (Note 11)














Stockholders' Equity:







Preferred stock, $0.0001 par value, 2,000,000 shares authorized, no shares issued or outstanding





Common stock, $0.0001 par value, 87,500,000 shares authorized, 50,285,509 and 38,687,061 shares issued and outstanding



5



4

Additional paid-in capital



112,796



98,922

Accumulated other comprehensive loss



(21)



(17)

Accumulated deficit



(99,016)



(93,717)

Total stockholders' equity



13,764



5,192








Total Liabilities and Stockholders' Equity


$

15,916


$

7,620


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, 



2024


2023








Revenues


$

3,596


$

2,403

Cost of goods sold



2,478



1,586

Gross profit



1,118



817








Operating expenses:







Research and development



1,471



739

General and administrative



6,135



6,059

Total operating expenses



7,606



6,798








Loss from operations



(6,488)



(5,981)








Other income, net:







Interest income



516



324

Government assistance



664



255

Other income, net



9



208

Total other income, net



1,189



787

Net loss


$

(5,299)


$

(5,194)








Net loss per share - basic and fully diluted


$

(0.11)


$

(0.13)








Weighted average number of shares outstanding - basic and fully diluted



48,935,988



38,500,933








Comprehensive loss:







Net loss


$

(5,299)


$

(5,194)

Foreign-exchange translation adjustments



(4)



(9)

Comprehensive loss


$

(5,303)


$

(5,203)


The accompanying notes are an integral part of these consolidated financial statements.

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/clearsign-technologies-corporation-provides-full-year-2024-update-302418706.html

SOURCE ClearSign Technologies Corporation

FAQ

What was ClearSign Technologies (CLIR) revenue for full year 2024?

ClearSign Technologies reported record annual revenue of $3.6 million for FY2024, up from $2.4 million in 2023.

How many ClearSign Core burners will be installed in the Texas petrochemical facility project?

The project involves retrofitting four process heaters with 26 ClearSign Core burners at a Gulf Coast facility.

What is the cash position of CLIR as of December 31, 2024?

ClearSign Technologies held approximately $14 million in cash and cash equivalents as of December 31, 2024.

What is the new partnership between CLIR and Zeeco for?

CLIR and Zeeco launched a co-branded process burner line called Zeeco CS5 and Zeeco hydrogen CS5 Burners, capable of firing 100% natural gas and hydrogen while maintaining sub 5 ppm NOx emissions.

How many shares of CLIR were outstanding at the end of 2024?

There were 50,285,509 shares of ClearSign Technologies common stock issued and outstanding as of December 31, 2024.
Clearsign Technologies Corp

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