TULSA,
Okla., April 23, 2024 /PRNewswire/ -- ClearSign
Technologies Corporation (Nasdaq: CLIR) ("ClearSign" or the
"Company"), an emerging leader in industrial combustion and sensing
technologies that improve energy, operational efficiency and safety
while dramatically reducing emissions, today provides an update on
operations for the year ended December 31,
2023.
"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
$1.2 million compared to $50 thousand for the fourth quarter of
2022. The Company reported $2.4
million revenue for the full year 2023 compared to
$374 thousand for the comparable
period in 2022.
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 $9.3 million in gross
proceeds from an underwritten public offering and concurrent
private placement, which closed on April 23,
2024.
Cash, cash equivalents and short-term investments were
approximately $5.6 million as of
December 31, 2023.
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 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/6AKrGbpeXky or on the
investor relations section of the Company's website at
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 U.S. or 1-646-517-4150 from abroad. Conference ID #96370. 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 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 Texas
market, and any other markets the Company may sell products in; the
Company's ability to further expand the sale of ultra-low NOx
process and boiler burners; the Company's ability to successfully
perform engineering orders; the Company's ability to successfully
develop the 100% hydrogen burner with the Phase 2 grant funding;
general business and economic conditions; the performance of
management and the Company's employees; the Company's ability
to obtain financing, competition; 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,
|
|
|
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, $0.0001 par value, zero shares issued and
outstanding
|
|
|
—
|
|
|
—
|
Common stock,
$0.0001 par value, 38,687,061 and 38,023,701
shares
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