Core Insights - ClearSign Technologies Corporation (CLIR) reported a loss of 11 cents per share in 2024, which was better than the Zacks Consensus Estimate of a loss of 13 cents per share and an improvement from the loss of 13 cents per share in 2023 [1] - The company registered revenues of $3.6 million in 2024, a 49.6% increase from $2.4 million in 2023, driven by a higher number of process burners shipped [2] - The gross profit was $1.1 million in 2024, up 37% year over year, but the gross margin decreased to 31.1% from 34% in 2023 due to higher start-up costs [4] Financial Performance - The cost of sales increased to $2.48 million in 2024 from $1.59 million in 2023, leading to a gross margin contraction [4] - General and administrative expenses rose by 1.3% year over year to $6.14 million, while total operating expenses increased by 12% to $7.6 million, resulting in an operating loss of $6.49 million compared to $5.98 million in the prior year [5] - The company reported cash and cash equivalents of $14 million at the end of 2024, up from $5.7 million at the end of 2023, with $4.4 million used in operating activities in 2024 [6] Operational Highlights - In 2024, the company shipped 25 process burners to two California refineries, compared to eight process burners to one refinery and three customer witness tests in 2023 [3] - The company's shares have decreased by 21.4% over the past year, while the industry has seen a decline of 11.0% [7]

Technology and Innovation - ClearSign Core™ technology can reduce nitrogen oxide (NOx) emissions to levels of 5 parts per million (ppm) or below, enhancing compliance with stringent emission regulations[32] - Burners utilizing ClearSign Core™ technology can achieve increased heat transfer efficiency, potentially resulting in cost savings in the low to mid-single digit percentage range[18] - ClearSign Core™ technology is designed to operate without the need for external flue gas recirculation or selective catalytic reduction systems, making it more cost-effective than traditional air pollution control technologies[17] - ClearSign Core™ technology has demonstrated the ability to burn fuels with up to 80% hydrogen while controlling NOx emissions, positioning the company for future hydrogen fuel applications[30] - The company is developing the ClearSign Eye flame sensing technology, which can be retrofitted into existing burner systems and is applicable to various markets beyond emissions reduction[19] - ClearSign's technology aims to minimize maintenance and downtime, enhancing overall operational efficiency for industrial applications[18] - ClearSign's technology focuses on core components that enhance combustion performance while minimizing emissions, positioning the company favorably against upcoming environmental regulations[69] - ClearSign's research and development efforts are focused on optimizing technology for customer adoption and expanding into adjacent market verticals, including flame sensing and hydrogen burner technology[87] Market and Customer Engagement - The company has successfully deployed its combustion technology in commercial projects, including downstream refining and upstream oil production[16] - The company has targeted the energy sector, including downstream oil refineries and upstream crude oil production, as initial markets for its technology[24] - Recent regulatory changes in California have led to significant reductions in target NOx emissions, increasing demand for ClearSign's products[26] - The company has one installation operating in a major global oil refiner in Europe, indicating international market expansion[29] - ClearSign CoreTM technology has been deployed in six process heaters for global supermajor and Fortune 500 companies, with installations in California and Europe[44] - In 2022, ClearSign received a purchase order for twenty process burners from a California refinery, with installation now expected in Q3 2025 due to project delays[45] - The company has received three additional orders for modified ClearSign CoreTM boiler burners, indicating a growing market opportunity in low emissions burners[46] - ClearSign's operational strategy emphasizes partnerships with major OEM manufacturers to enhance product offerings and reduce market entry barriers, aiming for significant commercial opportunities[70] - In 2024, ClearSign's sales strategy targeting OEM heater companies resulted in multiple orders from a single heater OEM, indicating effective market penetration[74] Financial Performance - Revenues for the year ended December 31, 2024, increased by $1,193 thousand, or 49.6%, to $3,596 thousand compared to $2,403 thousand in 2023[206] - Gross profit rose by $301 thousand, or 36.8%, for the year ended December 31, 2024, resulting in a gross profit margin decrease from 34.0% in 2023 to 31.1% in 2024[207] - The net loss for the year ended December 31, 2024, was $5,299 thousand, a slight increase of $105 thousand compared to a net loss of $5,194 thousand in 2023[205] - The company reported that its two California refinery customers accounted for 86% and 87% of annual revenue for the years ended December 31, 2024, and 2023, respectively[80] - The company has incurred total losses of $99.0 million since inception and expects to continue experiencing operating losses and negative cash flow for the foreseeable future[182] Research and Development - The company has received approximately $1.9 million in grants from the Department of Energy to develop a hydrogen-capable burner, with a target completion date in 2025[49] - Research and development expenses surged by $732 thousand, or 99.1%, for the year ended December 31, 2024, primarily due to increased headcount and product development costs[209] - The increase in R&D expenses included $269 thousand for additional headcount and $367 thousand for product development costs in 2024[209] - The company is currently engaged in R&D for a 100% hydrogen-capable burner aimed at reducing industrial emissions of CO2 and NOx[48] Risks and Challenges - The company faces risks associated with market acceptance of its technology, which is difficult to predict and may impede revenue generation[101] - The company is subject to sustainability efforts risks that could adversely affect its reputation and business due to changing views on environmental issues[107] - The company operates in a highly competitive combustion industry, where many competitors have greater resources and capabilities[120] - The company is exposed to significant risks related to its business activities in China, including economic, political, and legal uncertainties that could adversely affect operations[123] - The company cannot assure that rising inflation will not negatively impact its operations, although the impact has been moderate in recent years[126] - Global supply-chain constraints have had a moderate impact on the company, but future disruptions could adversely affect commercialization efforts and operating results[131] - The company is dependent on third-party suppliers for raw materials, and any failure or delays from these suppliers could materially affect operations[134] - The company may require substantial additional funds in excess of current financial resources for research, development, and commercialization of its technology[100] Corporate Governance and Structure - The company has established a collaborative agreement with Zeeco, a leading burner manufacturer, to globally produce ClearSign CoreTM process burners, with a co-branded product line expected to launch in December 2024[71] - The company operates under an "asset light" model, utilizing subcontractors for sourcing and manufacturing, which minimizes capital investment and maximizes resource efficiency[82] - The company aims to utilize an "asset light" model by collaborating with strategic partners to maximize profitability and service capabilities[68] - The company has no committed source of financing and cannot assure that it will be able to raise funds as needed to continue operations[187] Shareholder Information - The company has not paid any cash dividends to date and does not anticipate doing so in the foreseeable future[177] - The company may need to raise additional capital, which could dilute existing shareholders and adversely affect the market price of its common stock[144] - The company has increased the number of authorized shares of common stock from 62.5 million to 87.5 million[194] - As of December 31, 2024, the company had outstanding options for the purchase of 2,943 thousand shares of common stock and 864 thousand shares of restricted stock units (RSUs)[149] Cybersecurity - The company has engaged third-party cybersecurity consultants to assess its cybersecurity practices using the NIST Cybersecurity Framework[166] - The company recognizes the importance of robust cybersecurity measures and has implemented continuous improvement processes for risk management[163]

Core Points - ClearSign Technologies Corporation is an emerging leader in industrial combustion and sensing technologies focused on decarbonization, operational and energy efficiency, hydrogen fuel usage, and emissions reduction [1][4] - The company will host a conference call on April 2, 2025, at 5:00 PM ET to discuss its financial and operating results for the year ending December 31, 2024 [1] - A summary of the annual report on form 10-K will be filed with the SEC shortly before the call [1] Participation Details - Investors can participate in the live call by dialing 1-800-836-8184 within the U.S. or 1-646-357-8785 from abroad [2] - The call will also be accessible via a listen-only webcast on the company's investor relations website [2] - A Q&A session will be held during the call, and questions can be submitted in advance via email [3] Company Overview - ClearSign Technologies designs and develops technologies aimed at improving performance characteristics in industrial and commercial systems, focusing on decarbonization, energy efficiency, and safety [4] - The company's patented technologies, such as ClearSign Core™ and ClearSign Eye™, enhance combustion and fuel safety systems across various industries, including energy, chemical, and power [4]

Group 1: Company Developments - ClearSign Technologies Corporation (CLIR) received a purchase order for its new ClearSign Core M1 process burner, indicating early market engagement for the M series line [1] - The purchase order was from Devco Process Heaters for use in a hot oil heater at a gas processing facility in Colorado, with expected delivery in the second quarter of 2025 [3] - The ClearSign Core M1 technology has achieved SCR-level NOx emissions and high heat transfer efficiency at a Texas facility, leading to significant interest and multiple requests for quotes [2] Group 2: Financial Performance - In Q3 2024, ClearSign Technologies reported an adjusted loss of 2 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 3 cents, and an improvement from a loss of 3 cents in the same quarter the previous year [4] - The company generated revenues of $1.86 million in Q3 2024, a significant increase from $0.09 million in the year-ago quarter, surpassing the Zacks Consensus Estimate of $1 million [4] Group 3: Industry Context - ClearSign Technologies operates within the Industrial Services industry, where peers have also reported their financial performances for Q4 2024 [5] - Global Industrial Company (GIC) reported earnings of 27 cents per share in Q4 2024, missing the Zacks Consensus Estimate, with net revenues of $302 million, down 5.6% year-over-year [6] - W.W. Grainger, Inc. (GWW) posted adjusted earnings per share of $9.71 in Q4 2024, missing estimates, while revenues rose 5.9% year-over-year to $4.23 billion but also missed expectations [7][8]

Core Insights - ClearSign Technologies Corporation has received a purchase order for its ClearSign Core™ M1 process burner from Devco Process Heaters, indicating strong market interest in its new "M" series [1][2] - The ClearSign Core™ M1 will be installed in a gas processing facility in Colorado, with delivery expected in the second quarter of 2025 [2] - The company aims to extend the applicability of the burner series beyond the midstream market to include boilers and other types of process heaters [2] Company Overview - ClearSign Technologies Corporation focuses on decarbonization and enhancing performance characteristics of industrial systems, including energy efficiency and emission reduction [3] - The company's patented technologies, such as ClearSign Core™ and ClearSign Eye™, are designed to improve combustion systems and fuel safety across various industries, including energy, chemical, and power [3]

Core Insights - ClearSign Technologies Corporation has introduced a new burner technology, ClearSign Core™ M1, which demonstrates superior nitrogen oxide (NOx) emissions and heat transfer efficiency [1][2][3] - The new burner technology achieved sub 2ppm NOx emissions with less than 15% excess air, indicating an efficiency improvement of approximately 3% compared to existing sub 10ppm NOx burners [2] - The technology was developed through advanced computational fluid dynamics modeling and is specifically designed for the horizontally fired process heater market, with potential applications in other areas such as boilers [2][3] Company Overview - ClearSign Technologies focuses on decarbonization and enhancing performance characteristics of industrial systems, including energy efficiency and emission reduction [4] - The company’s patented technologies are integrated into various markets, including energy production, commercial/industrial boilers, and petrochemicals [4] - The collaboration with Tulsa Heaters Midstream highlights the company's commitment to innovation and market responsiveness [3][4]

Core Insights - ClearSign Technologies Corporation has received a purchase order for a flare from an energy company in California, indicating a growing opportunity for its emissions reduction technologies [1][2] - The order is for a flare retrofit at a production facility, with the final product expected to be fabricated and shipped in the second quarter of 2025 [2] Company Overview - ClearSign Technologies designs and develops products aimed at decarbonization and improving performance in industrial and commercial systems, focusing on operational performance, energy efficiency, emission reduction, safety, and cost-effectiveness [3] - The company's patented technologies, such as ClearSign Core™ and ClearSign Eye™, enhance combustion systems and fuel safety across various markets, including energy, commercial/industrial boiler, chemical, petrochemical, transport, and power industries [3]

First Commercial Trial Installation in Operating FacilityTULSA, Okla., Feb. 25, 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, announces that the Company is installing four ClearSign Eye sensors into a supermajor refine ...

TULSA, Okla., Jan. 30, 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, announces that, in collaboration with a major national laboratory, it has been awarded a $400,000 grant from the U.S. Department of Energy's ("DOE") ...

The Zacks Industrial Services industry has been bearing the brunt of the prolonged contraction in the manufacturing sector as customers remain cautious about spending. Flared-up input costs have added to the woes.Despite the current setback, the rise in e-commerce activities will be a key catalyst for the industry. Companies like W.W. Grainger, Inc. (GWW) , Eos Energy Enterprises (EOSE) , ScanSource (SCSC) and ClearSign Technologies (CLIR) are positioned for growth by leveraging strategies to capitalize on ...