ClearSign Technologies (CLIR) Provides Updates on Q2 Operations

Core Insights - ClearSign Technologies Corporation (CLIR) provided updates on its second-quarter 2024 operations, highlighting significant developments in burner engineering and sales [1][4]. Operational Updates - In Q2 2024, the company received two purchase orders for the engineering of burners for two additional process heaters at a California refinery, totaling four burners [1]. - The successful start-up of a second multi-burner heater at Kern Energy's refinery was announced, with independent testing showing lower-than-expected emissions [2]. - The company closed the sale of its largest boiler burner to date, nearly double the size of its previous largest burner, set for delivery in Q3 2024 [3]. Financial Performance - As of June 30, 2024, ClearSign reported revenues of $0.045 million, a decrease of 70% compared to Q2 2023, and an adjusted loss of 4 cents per share, consistent with the previous year [5]. - The company ended Q2 2024 with cash and cash equivalents of $16 million and had 50,205,657 shares of common stock outstanding [5]. Stock Performance - ClearSign Technologies' shares have declined by 24.1% over the past year, contrasting with the industry's growth of 0.4% [6].