ClearSign Technologies Corporation Provides First Quarter 2025 Update

News provided by

May 21, 2025, 16:05 ET

TULSA, Okla., May 21, 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 quarter ended March 31, 2025.

"We had a productive first quarter of the year, which included expanding both our sales channels and our product offerings," said Jim Deller, Ph.D., Chief Executive Officer of ClearSign. "In March, we launched co-branded process burner lines named Zeeco CS5 and Zeeco Hydrogen CS5 Burners with our partner, Zeeco. We also introduced our new M Series burners for the midstream market and secured repeat orders and sales opportunities with heater manufacturers. Additionally, we received commitments for the first commercial installation of our 'ClearSign Eye' Sensor at a supermajor refinery and we are seeing renewed interest in our flaring solutions to meet emissions requirements for prominent oil and gas production customers."

Strategic and Operational Highlights

Recent strategic and operational highlights during, and subsequent to, the first quarter of 2025 include:

Received Engineering Order for a Low Emissions Flare Burner for Energy Company in California: The Company announced that it had received an engineering order for an additional retrofit burner for a flare from an energy company for use in California. This is the second burner sold to this customer within the year, and the third overall. The Company is seeing an increased interest in this product line.

Launched New ClearSign Core™ M Series Process Burner Technology and Announced installation into Texas and Sale into Colorado: The Company debuted a new burner technology with the installation into a U.S. Gulf Coast facility of a global chemical company. The sale came through the Company's channel partner, Tulsa Midstream Heater. The testing of the M Series process burner subsequent to its installation showed selective catalytic reduction ("SCR") level nitrogen oxide ("NOx") emissions in addition to improved heat transfer efficiency within the heater.

Weeks later, the Company announced that it received a purchase order for another M series process burner, the ClearSign Core™ M1, from heater manufacturer, Devco Process Heaters of Tulsa, Oklahoma, to be installed in a gas processing facility in Colorado.

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 co-branded process burner lines named Zeeco CS5 and Zeeco Hydrogen CS5 Burners. This new line of burners, which features 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 these new burner lines.

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

Financial Information

Cash and cash equivalents were approximately $12.8 million as of March 31, 2025.

There were 52,422,532 shares of the Company's common stock issued and outstanding as of March 31, 2025.

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/PmGO2m0q8oJ 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 [email protected].

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 #23221. 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 ability to expand its sales of flaring solutions; 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 and Subsidiary
Condensed Consolidated Balance Sheets
*(Unaudited)*

(in thousands, except share and per share data)	March 31,		December 31,
	2025		2024
ASSETS

Current Assets:
Cash and cash equivalents	$	12,866	$	14,035
Accounts receivable		135		165
Contract assets		150		194
Prepaid expenses and other assets		344		454
Total current assets		13,495		14,848

Fixed assets, net		215		238
Patents and other intangible assets, net		824		830
Total Assets	$	14,534	$	15,916

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
Accounts payable and accrued liabilities	$	1,167	$	1,220
Current portion of lease liabilities		68		75
Accrued compensation and related taxes		274		671
Contract liabilities		887		73
Total current liabilities		2,396		2,039
Long Term Liabilities:
Long term lease liabilities		98		113
Total liabilities		2,494		2,152

Commitments and contingencies (Note 9)

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, 52,422,532 and 50,285,509 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively.		5		5
Additional paid-in capital		113,148		112,796
Accumulated other comprehensive loss		(21)		(21)
Accumulated deficit		(101,092)		(99,016)
Total stockholders' equity		12,040		13,764

Total Liabilities and Stockholders' Equity	$	14,534	$	15,916

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

ClearSign Technologies Corporation and Subsidiary
Condensed Consolidated Statements of Operations and Comprehensive Loss
*(Unaudited)*


(in thousands, except share and per share data)	For the Three Months Ended
	March 31,
	2025		2024

Revenues	$	401	$	1,102
Cost of goods sold		205		665
Gross profit		196		437

Operating expenses:
Research and development		447		281
General and administrative		2,006		1,408
Total operating expenses		2,453		1,689

Loss from operations		(2,257)		(1,252)

Other income, net:
Interest income		133		61
Government assistance		48		79
Other income, net		—		4
Total other income, net		181		144
Net loss	$	(2,076)	$	(1,108)

Net loss per share - basic and fully diluted	$	(0.04)	$	(0.03)

Weighted average number of shares outstanding - basic and fully diluted		54,995,981		38,848,098

Comprehensive loss:
Net loss	$	(2,076)	$	(1,108)
Foreign-exchange translation adjustments		—		(3)
Comprehensive loss	$	(2,076)	$	(1,111)