ClearSign Technologies Corp reported a significant increase in revenue for the fiscal year ending December 31, 2024, with total revenues reaching $3.6 million, a 49.6% increase from $2.4 million in 2023. The company attributed this growth primarily to a higher number of process burners shipped, with 25 units delivered to two California refineries compared to just eight units in the previous year. Despite the revenue growth, ClearSign continued to experience a net loss of $5.3 million, slightly higher than the $5.2 million loss reported in 2023. The company's gross profit also increased to $1.1 million, although the gross profit margin decreased from 34.0% to 31.1%, impacted by higher start-up costs associated with a new boiler burner project.
In terms of operational changes, ClearSign has made strategic decisions to suspend its activities in China, declaring its Hong Kong subsidiary dormant as of March 12, 2025. This decision was made to align strategic priorities and reduce operating costs, following delays in the commercialization of its products in that market. The suspension involved terminating two employees and incurring one-time costs related to equipment disposal and legal fees. Additionally, the company has focused on expanding its product offerings, including the development of a hydrogen-capable burner, supported by grants from the Department of Energy totaling approximately $1.9 million.
The company’s workforce remained stable, with 18 full-time employees as of December 31, 2024. ClearSign's customer base remains concentrated, with two California refinery customers accounting for 86% of its total revenue in both 2024 and 2023. This concentration poses a risk, as losing a key customer could significantly impact the company's financial performance. ClearSign's operational strategy continues to emphasize partnerships with established manufacturers, such as Zeeco and California Boiler, to enhance its market reach and product offerings.
Looking ahead, ClearSign Technologies Corp anticipates ongoing operating losses and negative cash flows as it continues to invest in research and development and seeks to gain market acceptance for its technologies. The company has raised approximately $105.3 million through equity securities to date and may need to secure additional funding to support its commercialization efforts. Management remains optimistic about the potential for its technologies to meet increasing regulatory demands for emissions reductions, particularly in the energy and industrial sectors, which could drive future growth.
About ClearSign Technologies Corp
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