ClearSign Technologies Corp CLIR
We design and develop technologies for the purpose of decarbonization and improving key performance characteristics of industrial and commercial combustion systems, including emission and operational performance, energy efficiency, and overall cost-effectiveness. We believe that our patented ClearSign Core™ technology can enhance the performance of combustion systems in a broad range of markets, including the energy (upstream oil production, midstream gas processing and transportation, and down-stream refining), institutional, commercial and industrial boiler, chemical, and petrochemical industries. Our ClearSign CoreTM technology, which is our primary technology, uses either a porous ceramic structure or metal flame holder device held at a distance from the injection planes of a burner to significantly reduce flame length and achieve low emissions without the need for external flue gas recirculation, selective catalytic reduction, or high excess air systems. To date, our operations have been funded primarily through sales of our equity securities.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.2M | $3.6M | $2.4M | $374.0K | $607.0K | $0 | $0 | $530.0K | $540.0K | $621.0K |
| Cost of revenue | $3.8M | $2.5M | $1.6M | $258.0K | $1.1M | $279.0K | $1.0K | $427.0K | $380.0K | $485.0K |
| Gross profit | $1.4M | $1.1M | $817.0K | $116.0K | -$452.0K | -$279.0K | -$1.0K | $103.0K | $160.0K | $136.0K |
| R&D | $1.4M | $1.5M | $739.0K | $505.0K | $2.7M | $2.0M | $3.1M | $4.1M | $4.7M | $4.8M |
| SG&A | $6.7M | $6.1M | $6.1M | $5.7M | $5.0M | $4.6M | $5.5M | $5.6M | $5.2M | $6.5M |
| Total operating expenses | $8.1M | $7.6M | $6.8M | $6.2M | $7.7M | $6.7M | $8.6M | $9.7M | $9.9M | $11.3M |
| Operating income | -$6.7M | -$6.5M | -$6.0M | -$6.1M | -$8.1M | -$6.9M | -$8.6M | -$9.6M | -$9.7M | -$11.2M |
| Interest expense | — | — | $324.0K | $83.0K | $1.0K | — | — | — | — | — |
| Pre-tax income | -$5.5M | -$5.3M | -$5.2M | -$5.8M | -$7.9M | — | — | — | — | — |
| Income tax | $0 | $0 | $0 | $0 | $0 | — | — | — | — | — |
| Net income | -$5.5M | -$5.3M | -$5.2M | -$5.8M | -$7.9M | -$6.9M | -$8.5M | -$9.5M | -$9.7M | -$11.2M |
| EPS, basic | -0.99 | -1.08 | -0.13 | -0.16 | -0.25 | — | — | — | — | — |
| EPS, diluted | -0.99 | -1.08 | -0.13 | -0.16 | -0.25 | -0.25 | 0.32 | 0.42 | 0.63 | -0.86 |
| Shares, diluted (wtd. avg.) | $5.6M | $4.9M | $38.5M | $35.3M | $31.2M | $2.8M | $2.2M | $3.4M | $3.5M | $1.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $9.2M | $14.0M | $5.7M | $6.5M | $7.6M | $8.8M | $8.6M | $8.9M | $1.2M | $1.3M |
| Short-term investments | — | — | $0 | $2.6M | $0 | — | $0 | $6.9M | $0 | — |
| Receivables | $1.4M | $165.0K | $287.0K | $79.0K | $33.0K | — | — | — | $0 | $103.0K |
| Total current assets | $11.2M | $15.2M | $6.5M | $9.7M | $8.0M | $9.4M | $9.0M | $16.4M | $1.8M | $1.9M |
| Property, plant and equipment | $195.0K | $238.0K | $275.0K | $384.0K | $530.0K | $427.0K | $665.0K | $457.0K | $498.0K | $644.0K |
| Other intangibles | $760.0K | $830.0K | $836.0K | $798.0K | $799.0K | $1.3M | $1.3M | $1.8M | $1.9M | $1.7M |
| Total assets | $12.2M | $16.3M | $7.6M | $10.9M | $9.4M | $11.1M | $10.9M | $18.6M | $4.2M | $4.3M |
| Accounts payable | $1.6M | $1.2M | $366.0K | $296.0K | $224.0K | $435.0K | $845.0K | $1.1M | $768.0K | $755.0K |
| Total current liabilities | $2.6M | $2.4M | $2.3M | $1.1M | $731.0K | $1.1M | $1.3M | $1.6M | $1.5M | $1.7M |
| Long-term debt | — | — | — | — | — | $251.0K | — | — | — | — |
| Total liabilities | $2.7M | $2.5M | $2.4M | $1.4M | $1.1M | $1.6M | $1.7M | $1.7M | $1.7M | $2.0M |
| Retained earnings | -$104.5M | -$99.0M | -$93.7M | -$88.5M | -$82.8M | -$74.9M | -$68.0M | -$59.5M | -$50.0M | -$40.3M |
| Total equity | $9.5M | $13.8M | $5.2M | $9.6M | $8.3M | $9.5M | $9.2M | $16.9M | $2.4M | $2.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$4.7M | -$4.4M | -$3.2M | -$5.0M | -$6.7M | -$6.0M | -$6.9M | -$8.4M | -$8.3M | -$8.7M |
| Depreciation and amortisation | $25.0K | $21.0K | $152.0K | $24.0K | $260.0K | $210.0K | $240.0K | $271.0K | $297.0K | $208.0K |
| Stock-based compensation | $893.0K | $528.0K | $614.0K | $373.0K | $680.0K | $800.0K | $685.0K | $224.0K | $369.0K | $645.0K |
| Capital expenditure | $4.0K | $39.0K | — | $10.0K | $73.0K | $17.0K | $20.0K | $94.0K | $94.0K | $137.0K |
| Investing cash flow | -$101.0K | -$218.0K | $2.5M | -$2.7M | -$213.0K | -$194.0K | $6.5M | -$7.4M | -$421.0K | -$1.1M |
| Financing cash flow | -$21.0K | $12.9M | -$15.0K | $6.5M | $5.7M | $6.4M | $0 | $23.5M | $8.7M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-049883.
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