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Sep 30, 2024
ClearSign Q3 2024 Earnings Report
ClearSign reported record quarterly revenue driven by shipment of process burners and announced flare order and burner orders for power generation customers.
Key Takeaways
ClearSign Technologies Corporation announced a record quarterly revenue of $1.85 million for the third quarter of 2024, compared to $85 thousand for the same period in 2023. This increase was primarily due to the shipment of 20 process burners to a California refinery customer. The company also announced a flare order for an energy company in California and burner orders for power generation customers in Oklahoma and Missouri.
Achieved record quarterly revenue of $1.85 million.
Secured flare order for an energy company in California.
Received burner orders for power generation customers in Oklahoma and Missouri.
Announced order for multi-heater project for a Texas petrochemical facility.
ClearSign
ClearSign
Forward Guidance
ClearSign anticipates continued growth through expanding sales channels and a growing project pipeline. The company expects the flare retrofit project to be fabricated and shipped in the second quarter of 2025.
Positive Outlook
- Expanding sales channels through partners, OEMs, and engineering firms.
- Growing pipeline of projects in shipping, installation, and engineering phases.
- Operational performance data from installed base and third-party testing supports reputation.
- Flare retrofit project expected to be fabricated and shipped in Q2 2025.
- Initial engineering order received for a multi-heater project in Texas.
Challenges Ahead
- Ability to successfully deliver, install, and meet performance obligations of burners.
- Performance of products, including ultra-low NOx burner and related savings.
- Ability to timely fabricate and ship burners.
- Ability to further expand the sale of ultra-low NOx process and boiler burners.
- Acceptance and adoption of the Company’s technology.