ClearSign Technologies Corporation Provides First Quarter 2024 Update
"We ended 2023 carrying 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 first quarter 2024 include:
Company Reported Record First Quarter Revenue: The Company reported First Quarter Revenue of
Announced Successful Start-Up of Second
Received Orders for the Engineering of Burners for Two Additional Heaters at Kern Energy:
Received 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
Received First
Cash, cash equivalents and short-term investments were approximately
There were 39,043,023 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 1-800-836-8184 within the
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
PART I - FINANCIAL INFORMATION
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ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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ClearSign Technologies Corporation and Subsidiary |
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Condensed Consolidated Balance Sheets |
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(Unaudited)
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(in thousands, except share and per share data) |
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2024 |
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2023 |
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
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$ |
4,624 |
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$ |
5,684 |
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Accounts receivable, net |
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569 |
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287 |
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Contract assets |
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— |
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188 |
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Prepaid expenses and other assets |
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349 |
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350 |
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Total current assets |
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5,542 |
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6,509 |
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Fixed assets, net |
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247 |
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275 |
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Patents and other intangible assets, net |
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831 |
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836 |
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Total Assets |
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$ |
6,620 |
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$ |
7,620 |
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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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$ |
617 |
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$ |
366 |
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Current portion of lease liabilities |
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66 |
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71 |
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Accrued compensation and related taxes |
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281 |
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703 |
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Contract liabilities |
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1,038 |
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1,116 |
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Total current liabilities |
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2,002 |
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2,256 |
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Long Term Liabilities: |
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Long term lease liabilities |
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157 |
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172 |
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Total liabilities |
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2,159 |
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2,428 |
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Commitments and contingencies (Note 8) |
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Stockholders' Equity: |
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Preferred stock, |
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— |
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— |
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Common stock, |
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4 |
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4 |
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Additional paid-in capital |
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99,302 |
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98,922 |
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Accumulated other comprehensive loss |
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(20) |
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(17) |
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Accumulated deficit |
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(94,825) |
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(93,717) |
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Total equity |
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4,461 |
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5,192 |
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Total Liabilities and Equity |
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$ |
6,620 |
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$ |
7,620 |
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The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. |
ClearSign Technologies Corporation and Subsidiary
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Condensed Consolidated Statements of Operations and Comprehensive Loss
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(Unaudited)
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(in thousands, except share and per share data) |
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For the Three Months Ended |
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2024 |
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2023 |
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Revenues |
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$ |
1,102 |
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$ |
894 |
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Cost of goods sold |
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665 |
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788 |
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Gross profit |
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437 |
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106 |
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Operating expenses: |
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Research and development |
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281 |
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160 |
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General and administrative |
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1,408 |
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1,650 |
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Total operating expenses |
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1,689 |
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1,810 |
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Loss from operations |
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(1,252) |
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(1,704) |
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Other income |
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Interest |
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61 |
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58 |
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Government assistance |
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79 |
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93 |
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Gain from sale of assets |
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— |
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5 |
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Other income, net |
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4 |
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119 |
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Total other income |
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144 |
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275 |
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Net loss |
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$ |
(1,108) |
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$ |
(1,429) |
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Net loss per share - basic and fully diluted |
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$ |
(0.03) |
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$ |
(0.04) |
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Weighted average number of shares outstanding - basic and fully diluted |
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38,848,098 |
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38,262,710 |
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Comprehensive loss |
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Net loss |
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$ |
(1,108) |
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$ |
(1,429) |
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Foreign-exchange translation adjustments |
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(3) |
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— |
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Comprehensive loss |
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$ |
(1,111) |
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$ |
(1,429) |
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The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. |
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