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Mar 31, 2024
ClearSign Q1 2024 Earnings Report
ClearSign reported record revenue driven by process burner installations and strategic partnerships.
Key Takeaways
ClearSign Technologies Corporation reported a record first quarter revenue of $1.1 million, driven by successful process burner installations and strategic partnerships. The company saw increased customer awareness and confidence in its products, and the establishment of new California BACT emissions thresholds validated their technology.
Reported record first quarter revenue of $1.1 million, compared to $900 thousand in the first quarter of 2023.
Successfully started up a second multi-burner heater at Kern Energy, with emissions levels below guarantee.
Received orders for engineering of burners for two additional heaters at Kern Energy.
Received first multi-boiler burner purchase through partner California Boiler.
ClearSign
ClearSign
Forward Guidance
ClearSign anticipates increased acceptance and sales of its technologies, driven by successful installations and strategic partnerships. The company expects the upcoming 1200hp 2.5ppm NOx boiler burner startup for a recycling customer in California to be a significant industry event.
Positive Outlook
- Customer awareness and confidence in products is building.
- Successful process burner installations leading to additional orders.
- New California BACT emissions thresholds validate technology.
- Operational boiler burner installations providing references.
- Upcoming boiler burner startup expected to be a significant industry event.
Challenges Ahead
- The company's ability to successfully deliver, install, and meet the performance obligations of the Company’s burners in the California and Texas market, and any other markets the Company may sell products in
- The Company’s ability to further expand the sale of ultra-low NOx process and boiler burners
- The Company’s ability to successfully perform engineering orders
- The Company’s ability to successfully develop the 100% hydrogen burner with the Phase 2 grant funding
- General business and economic conditions