Earnings release
Page 1
ClearSign Technologies Corporation Provides Second Quarter 2025 Update TULSA, OKLAHOMA / ACCESS Newswire / August 14, 2025 / ClearSign Technologies Corporation (Nasdaq:CLIR) ("ClearSign" or the"Company"), a leader in advanced combustion and sensing technologies that help industrial operators dramatically reduce emissions, increaseefficiency and safety, and support the use of cleaner fuels including hydrogen, today provides an update on operations for the quarter ended June 30,2025. "In addition to maintaining steady sales and quoting activity, we believe that we made significant progress on both of our major multi-heater processburner projects and have taken important steps toward launching new, diversified product offerings," said Jim Deller, Ph.D., Chief Executive Officer ofClearSign. "We believe that our recent product advancements strategically position us to serve a broader segment of the market and lay a strongfoundation for future growth. We also look forward to upcoming installations and demonstrations across our product lines, which we expect willfurther highlight the strength of our technology and support continued sales growth." Strategic and Operational Highlights Recent strategic and operational highlights including, and subsequent to, the second quarter of 2025: Received Engineering Order for the Engineering and Computer Modeling of an Enhanced Process Burner Technology from aCalifornia Refinery: The Company recently announced that it received a purchase order for the engineering and computational modeling of anenhancement to the ClearSign process burner technology for anticipated implementation into a process heater in a California refinery. Implementing M-Series Technology for Next Generation of Boiler Burners with Boiler Burner Order from California Boiler: TheCompany received a purchase order for a 500HP boiler burner from Rogue Combustion, a subsidiary of California Boiler.The order is for a 500HP FireTube burner to be installed in a rental boiler in the second half of this year will have the M-Series technology integrated into the design. Received Engineering Order for a Low Emissions Flare Burner for Energy Company in California: The Company announced that it hadreceived an engineering order for an additional retrofit burner for a flare from an energy company for use in California.This is the second burner soldto this customer during this year, and the third overall. The Company is seeing an increased interest in this product line. Launched New ClearSign Core™ M-Series Process Burner Technology and Announced installation into Texas and Sale into Colorado:The Company debuted a new burner technology with the installation into a U.S. Gulf Coast facility of a global chemical company. The sale camethrough Tulsa Midstream Heater who included the ClearSign burner into their heater product. The testing of the M-Series process burner subsequentto its installation showed selective catalytic reduction ("SCR") level nitrogen oxide ("NOx") emissions in addition to improved heat transfer efficiencywithin the heater. Weeks later, the Company announced that it received a purchase order for another M-Series process burner, the ClearSign Core™ M1, from heatermanufacturer, Devco Process Heaters of Tulsa, Oklahoma, to be installed in a gas processing facility in Colorado. In March Announced Launch of Co-Branded ClearSign Core Process Burner Product Line with Zeeco, Inc. ("Zeeco"): The Companyexpanded its collaborative working relationship with Zeeco, a world leader in advanced combustion solutions, to launch co-branded process burnerlines named Zeeco CS5 and Zeeco Hydrogen CS5 Burners. This new line of burners, which features ClearSign Core technology, can fire 100% naturalgas and 100% hydrogen while maintaining sub 5 ppm NOx to comply with strict emission regulations.Both companies are collaborating on global salesand marketing of these new burner lines. Financial Information Cash and cash equivalents were approximately $12.3 million as of June 30, 2025. There were 52,426,282 shares of the Company's common stock issued and outstanding as of June 30, 2025. Conference Call The Company will be hosting a call at 5:00 PM ET today. Investors interested in participating on the live call can dial 1-888-506-0062 within the U.S.or 1-973-528-0011 from abroad, both using Participant Access Code: 560097. Investors can also access the call online through a listen-only webcastat https://www.webcaster4.com/Webcast/Page/3133/52783 or on the investor relations section of the Company's websiteat http://ir.clearsign.com/overview. The Company will host a Q&A session during the call and investors wishing to submit a question ahead of time can do so by emailing questionsto mselinger@firmirgroup.com. 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 beavailable by calling 877-481-4010 within the U.S. or 919-882-2331 from abroad using Replay Passcode #52783. The telephonic playback will beavailable for 7 days after the conference call. About ClearSign Technologies Corporation ClearSign Technologies Corporation designs and develops products and technologies for the purpose of decarbonization and improving keyperformance characteristics of industrial and commercial systems, including operational performance, energy efficiency, emission reduction, safety, theuse of hydrogen as a fuel and overall cost-effectiveness. Our patented technologies, embedded in established OEM products as ClearSign Core™ andClearSign Eye™ and other sensing configurations, enhance the performance of combustion systems and fuel safety systems in a broad range ofmarkets, including the energy (upstream oil production and down-stream refining), commercial/industrial boiler, chemical, petrochemical, transportand power industries. For more information, please visit www.clearsign.com. 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 thesestatements 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 thispress release on its current expectations on the Company's strategy, plans, intentions, performance, or future occurrences or results, the informationon which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future eventsand 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
Page 2
results to materially differ from such statements. Such risks, uncertainties and other factors include, but are not limited to, the Company's ability tosuccessfully deliver, install, and meet the performance obligations of the Company's burners, sensors, flares and any other products it may offer fromtime to time in the markets it operate in, and any other markets the Company may sell products in; the performance of the Company's products,including its ultra-low NOx burner and the related fuel and electricity savings; the Company's ability to timely fabricate and ship its burners, sensors,flares and any other products it may offer from time to time; the Company's ability to further expand the sale of ultra-low NOx process and boilerburners; the Company's ability to expand its sales of flaring solutions; the Company's and Zeeco's ability to successfully market the co-brandedprocess burner line with Zeeco; the Company's ability to diversify its product offerings through different applications of its technologies and corecompetencies; the Company's ability to successfully perform engineering and computer modeling orders; the Company's ability to generate sales andpurchase orders from its engineering and computer modeling orders; the Company's ability to successfully develop the 100% hydrogen burner;general business and economic conditions; the performance of management and the Company's employees; the Company's ability to obtain financing,when needed; the Company's ability to compete with competitors; whether the Company's technology will be accepted and adopted and other factorsidentified in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission and available at www.sec.gov andother factors that are detailed in the Company's periodic and current reports available for review at www.sec.gov. Furthermore, the Company operatesin a competitive environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-lookingstatements as a prediction of actual results. The Company disclaims any intention to, and, except as may be required by law, undertakes no obligationto, update or revise forward-looking statements to reflect events or circumstances that subsequently occur or of which the Company hereafter becomeaware. For further information: Investor Relations:Matthew SelingerFirm IR Group for ClearSign+1 415-572-8152mselinger@firmirgroup.com ClearSign Technologies Corporation and SubsidiaryCondensed Consolidated Balance Sheets(Unaudited) (in thousands, except share and per share data) June 30,December31, 2025 2024 ASSETS Current Assets: Cash and cash equivalents $ 12,339$ 14,035 Accounts receivable 25 165 Contract assets 268 194 Prepaid expenses and other assets 550 454 Total current assets 13,182 14,848 Fixed assets, net 251 238 Patents and other intangible assets, net 798 830 Total Assets $ 14,231$ 15,916 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued liabilities $ 1,556$ 1,220 Current portion of lease liabilities 93 75 Accrued compensation and related taxes 378 671 Contract liabilities 1,675 73 Total current liabilities 3,702 2,039 Long Term Liabilities: Long term lease liabilities 115 113 Total liabilities 3,817 2,152 Commitments and contingencies (Note 9)
Page 3
Stockholders' Equity: Preferred stock, $0.0001 par value, 2,000,000 shares authorized, no shares issued or outstanding- - Common stock, $0.0001 par value, 87,500,000 shares authorized, 52,426,282 and 50,285,509shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively. 5 5 Additional paid-in capital 113,202 112,796 Accumulated other comprehensive loss (21) (21) Accumulated deficit (102,772) (99,016) Total stockholders' equity 10,414 13,764 $ 14,231$ 15,916 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. ClearSign Technologies Corporation and SubsidiaryCondensed Consolidated Statements of Operations and Comprehensive Loss(Unaudited) (in thousands, except share and per share data) For the Three MonthsEnded For the Six Months Ended June 30, June 30, 2025 2024 2025 2024 Revenues $ 133$ 45 $ 534$ 1,147 Cost of goods sold 78 3 283 668 Gross profit 55 42 251 479 Operating expenses: Research and development 247 402 694 683 General and administrative 1,646 1,777 3,652 3,185 Total operating expenses 1,893 2,179 4,346 3,868 Loss from operations (1,838) (2,137) (4,095) (3,389) Other income, net: Interest income 115 77 248 138 Government assistance 43 185 91 264 Other income, net - 3 - 7 Total other income, net 158 265 339 409 Net loss $ (1,680) $ (1,872) $ (3,756) $ (2,980) Net loss per share - basic and fully diluted $ (0.03) $ (0.04) $ (0.07) $ (0.07) Weighted average number of shares outstanding - basic and fullydiluted 55,217,968 47,312,81055,107,588 43,080,454 Comprehensive loss: Net loss $ (1,680) $ (1,872) $ (3,756) $ (2,980) Foreign-exchange translation adjustments - (1) - (4)
Page 4
Comprehensive loss $ (1,680) $ (1,873) $ (3,756) $ (2,984) The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. SOURCE: ClearSign Technologies