ClearSign Technologies (NASDAQ:CLIR) provided a corporate update ahead of a special meeting later in the week, outlining preliminary financial results, recent project activity, and what management described as a strengthening sales pipeline across its process burner, midstream, and flare businesses.
Preliminary results and revenue drivers
Chief Financial Officer Brent Hinds reviewed preliminary results the company released on Jan. 7, including approximately $3.6 million in revenue for the fourth quarter and a full-year revenue figure of $5.2 (as stated on the call). Hinds also noted the company reported $3.6 million for the full year of 2024 and said the fourth quarter was a record revenue quarter. He added that ClearSign has posted double-digit year-over-year growth for the past three years and cited a three-year compound annual growth rate of approximately 141%.
Project updates: Gulf Coast order and hydrogen-capable testing
Chief Executive Officer Jim Deller said the 26-burner order was completed and ready to ship by the end of last year, with shipping required early this year. He said installation is expected in late Q2, with startup anticipated around the middle of the year, though the company does not have exact startup dates. Hinds said ClearSign was able to recognize the majority of the revenue for the order.
Deller also discussed comprehensive testing conducted in the fourth quarter for a 100% hydrogen-capable burner for the same petrochemical customer. He said the testing covered a wide range of fuel gases selected to represent fuels used across the customer’s facilities globally. Deller said the customer was on site for about a week, the testing was completed, and a thorough report has been submitted. He said ClearSign is engaged in “good faith planning” with the customer, but emphasized the company is not working on any specific additional orders at this time.
Process burner market momentum and a growing pipeline
Deller described increasing engagement from larger customers and said ClearSign has recently launched what it is calling a second-generation “ClearSign Core” burner technology, developed through DOE SBIR funding, which he said is a flexible fuel burner. He said a combination of the new technology and industry experience from recent orders has led to an uptick in inquiries for the company’s process burner line.
Management also revisited two previously announced large orders with major refiners: one for 36 burners for a single heater at a Gulf Coast refinery and another for 32 burners for two heaters at a California refinery. Deller said the orders typically progress through engineering, testing, and then manufacturing phases, and described the scale of these heater projects as a significant development compared with past opportunities.
On sales visibility, Deller said the company is seeing more inquiries from major clients, including through engineering companies and sister sites of existing customers. He also noted some end users have requested ClearSign solutions be included in project planning even when the company has not spoken with them directly. Deller estimated known inquiries on the horizon total between 200 and 300 burners spread across roughly 15 to 20 heaters, based on what the company has been told so far.
Midstream M-Series activity and Devco/Zeeco development
Deller said the midstream and gas pipeline industry has been “very buoyant.” While he acknowledged orders have been limited in recent months, he said the company has about 50 active proposals for M-Series burners and had received another 12 inquiries in the prior week that had not yet been quoted. He estimated the proposals represent roughly $10 million in potential sales value, while cautioning that not all proposals will convert and that timing can vary.
On the acquisition of Devco by Zeeco, Deller said ClearSign is in close contact with Devco and indicated Zeeco had also reached out about continuing to purchase ClearSign M-Series burners for the Devco business. Deller said he believes Zeeco bought Devco to invest in and grow the business, and he characterized the development as positive for ClearSign given its relationship with Zeeco.
Flares, systems orders, and cash position
Deller said ClearSign’s enclosed flare products address low-quality waste gas disposal for oilfield operators in remote areas and highlighted the company’s ability to guarantee low-NOx emissions and burn gas streams with high inert content. He explained that earlier flare sales often involved supplying a burner element that could be fitted into an existing flare, but ClearSign has increasingly expanded scope to provide more of the complete system—including the vessel, controls, and fuel control systems—turning what he described as a roughly $150,000 to $200,000 burner order into about a $1 million systems order.
ClearSign recently announced a flare system order that Deller said was “right around” the $1 million range and represented a fifth order from the same customer. Deller said the pipeline for this product line is “quite healthy,” and he also discussed opportunities for thermal oxidizer systems, noting that a flare structure configured horizontally can function as a thermal oxidizer.
Hinds said ClearSign ended the year with approximately $9 million in cash, down from just over $10 million at Q3. He added the company started 2025 with approximately $14 million in cash and estimated an average quarterly burn rate of about $1.25 million.
In response to an investor question about federal regulation changes, Deller said the company does not expect an impact, noting the referenced endangerment finding relates to CO2 while ClearSign’s primary driver is NOx regulations. He said the company continues to see NOx requirements tightening, citing activity in Texas and updated regulations in California.
Deller also reiterated that the company often cannot disclose customer names due to contractual confidentiality provisions, though he said it may become possible in the future after projects are installed and proven, including potential joint presentations with customers at technical conferences.
About ClearSign Technologies (NASDAQ:CLIR)
ClearSign Technologies Corporation is a clean energy technology company specializing in advanced combustion solutions that significantly reduce emissions of nitrogen oxides (NOx), carbon monoxide (CO), and greenhouse gases from industrial and power generation sources. Established in 2010 and based in Santa Rosa, California, ClearSign has developed proprietary burner and sensing platforms designed to enhance fuel efficiency and environmental performance for gas turbines, furnaces, boilers, and incineration units.
The company’s core offerings center around two technology platforms: the XCL™ ultra-low NOx combustion system and the SGM™ (Syngas & Gas Measurement) sensor suite.
