ClearSign Technologies Corporation Provides Full Year 2023 Update
"We ended 2023 with some commercial momentum and that has carried into the current year," said
Recent strategic and operational highlights during, and subsequent to, the end of the fourth quarter 2023 include:
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
Announced Successful Start Up of
Received First
Announced Public Offering and Concurrent Private Placement of Common Stock and Warrants: The Company raised approximately
Cash, cash equivalents and short-term investments were approximately
There were 38,687,061 shares of the Company's common stock issued and outstanding as of
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
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
About
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
ClearSign Technologies Corporation Consolidated Balance Sheets |
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(in thousands, except share and per share data) |
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2023 |
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2022 |
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ASSETS |
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Current Assets: |
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|
|
|
|
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 |
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|
9,733 |
|
|
|
|
|
|
|
Fixed assets, net |
|
|
275 |
|
|
384 |
Patents and other intangible assets, net |
|
|
836 |
|
|
798 |
Other assets |
|
|
— |
|
|
10 |
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|
|
|
|
|
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Total Assets |
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$ |
7,620 |
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$ |
10,925 |
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LIABILITIES AND EQUITY |
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Current Liabilities: |
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Accounts payable and accrued liabilities |
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$ |
366 |
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$ |
296 |
Current portion of lease liabilities |
|
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71 |
|
|
133 |
Accrued compensation and related taxes |
|
|
703 |
|
|
471 |
Contract liabilities |
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1,116 |
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|
247 |
Total current liabilities |
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2,256 |
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1,147 |
Long Term Liabilities: |
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Long term lease liabilities |
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172 |
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226 |
Total liabilities |
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2,428 |
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1,373 |
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Commitments and contingencies (Note 10) |
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Stockholders' Equity: |
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Preferred stock,
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— |
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— |
Common stock,
issued and outstanding at respectively |
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4 |
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4 |
Additional paid-in capital |
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98,922 |
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98,079 |
Accumulated other comprehensive loss |
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(17) |
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(8) |
Accumulated deficit |
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(93,717) |
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(88,523) |
Total equity |
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5,192 |
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|
9,552 |
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Total Liabilities and Equity |
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$ |
7,620 |
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$ |
10,925 |
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The accompanying notes are an integral part of these consolidated financial statements. |
ClearSign Technologies Corporation Consolidated Statements of Operations and Comprehensive Loss |
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(in thousands, except share and per share data) |
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For the Year Ended |
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2023 |
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2022 |
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Revenues |
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$ |
2,403 |
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$ |
374 |
Cost of goods sold |
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1,586 |
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|
258 |
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Gross profit |
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817 |
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116 |
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Operating expenses: |
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Research and development |
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739 |
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|
505 |
General and administrative |
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6,059 |
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5,728 |
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Total operating expenses |
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6,798 |
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|
6,233 |
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Loss from operations |
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(5,981) |
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(6,117) |
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Other income |
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|
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Interest |
|
|
324 |
|
|
83 |
Government assistance |
|
|
255 |
|
|
232 |
Gain from sale of assets |
|
|
5 |
|
|
38 |
Other income, net |
|
|
203 |
|
|
6 |
Total other income |
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|
787 |
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|
359 |
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Net loss |
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$ |
(5,194) |
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$ |
(5,758) |
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Net loss per share - basic and fully diluted |
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$ |
(0.13) |
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$ |
(0.16) |
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Weighted average number of shares outstanding - basic and fully diluted |
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38,500,933 |
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35,338,712 |
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Comprehensive loss |
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Net loss |
|
$ |
(5,194) |
|
$ |
(5,758) |
Foreign-exchange translation adjustments |
|
|
(9) |
|
|
(17) |
Comprehensive loss |
|
$ |
(5,203) |
|
$ |
(5,775) |
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The accompanying notes are an integral part of these consolidated financial statements. |
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