ClearSign Technologies Corporation Provides Full Year 2024 Update

Core Insights - ClearSign Technologies Corporation achieved record annual revenue of approximately $3.6 million for the year ended December 31, 2024, compared to$2.4 million in 2023, marking a year-over-year increase driven primarily by a significant order for process burners from a California refinery [3][18]. Strategic and Operational Highlights - The company has expanded its collaboration with Zeeco, launching a co-branded process burner product line that can utilize 100% natural gas and hydrogen while maintaining low emissions [4]. - ClearSign received a follow-on purchase order for a multi-heater project from Birwelco USA Inc. to retrofit four process heaters with 26 ClearSign Core™ burners for a Fortune 500 chemical company [5]. - The company is installing ClearSign Eye sensors at a supermajor refinery on the U.S. Gulf Coast, expected to be completed in the second quarter of 2025 [6]. - ClearSign secured burner orders from Exotherm Corporation for power generation applications in Oklahoma and Missouri [8]. Financial Information - As of December 31, 2024, the company reported cash and cash equivalents of approximately $14 million, an increase from$5.7 million in 2023 [9][15]. - Total assets increased to approximately $15.9 million in 2024 from$7.6 million in 2023, while total liabilities decreased to $2.2 million from$2.4 million [15][16]. - The company reported a net loss of $5.3 million for 2024, slightly higher than the net loss of$5.2 million in 2023, with a net loss per share of $(0.11) compared to$(0.13) in the previous year [18].