ClearSign Technologies FY04 Earnings Beat Estimates, Revenues Rise Y/Y

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]