ClearSign Technologies Corporation Provides Q1 2024 Update

Source: 5/24/2024, Location: North America

ClearSign Technologies Corporation (Nasdaq: CLIR) ("ClearSign"), an emerging leader in industrial combustion and sensing technologies that improve energy, operational efficiency and safety while dramatically reducing emissions, today provides an update on operations for the quarter ended March 31, 2024.

"We ended 2023 carrying some commercial momentum and that has carried into the current year," said Jim Deller, Ph.D., Chief Executive Officer of ClearSign. "We have delivered and started significant process burner installations, some of which have resulted in additional orders, as seen with Kern Energy. In addition, we believe that having the performance of our process burner technology assessed to establish new California Best Available Control Technology (BACT) emissions thresholds, that were finalized in February, is another meaningful validating factor for our technology. We now also have operational boiler burner installations providing references in that product line, and we received our first order from a multi-boiler burner commitment in February. We also expect that the upcoming 1200hp 2.5ppm NOx boiler burner startup for a recycling customer California will be a significant industry event. In general, we believe customer awareness of, and confidence in our products is building, and we look forward to increased acceptance and sales of our technologies," concluded Dr. Deller.

Recent strategic and operational highlights during, and subsequent to, the end of the first quarter 2024 include:

Company Reported Record First Quarter Revenue: The Company reported First Quarter Revenue of $1.1 million compared to $900 thousand for the first quarter of 2023.

Announced Successful Start-Up of Second Multi-Burner Heater at Kern Energy: The five-burner heater had a successful start-up with independent source testing confirming emissions levels below guarantee. This follows the successful installation and start-up of the first eight-burner heater in January.

Received Orders for the Engineering of Burners for Two Additional Heaters at Kern Energy: ClearSign received two additional purchase orders to complete the detailed engineering of burners for the retrofitting of two more process heaters in the California refinery for a total of four burners. These orders follow the recent successful installations of two multi burner heater orders at Kern Energy's refinery site. Like previous orders, this initial engineering is anticipated to be followed by purchase orders for the manufacture and supply of burners.

Received Best Available Control Technology (BACT) Determinations for Single and Multi-Process Burner Heaters: ClearSign's process burner performance has been assessed as part of the South Coast Air Quality Management District of California (SCAQMD) periodic public participation process to enhance existing BACT determinations and its results have contributed to the establishment of new BACT emissions limits for both single and multi-burner configurations.

Received First Multi-Boiler Burner Purchase: Our partner, California Boiler, received a letter of intent for four boilers to be fitted with the ClearSign Core™ (Rogue) burners as well as the purchase order for the first boiler of the series. California Boiler has in turn placed their order with ClearSign for the first burner.

Cash, cash equivalents and short-term investments were approximately $4.6 million as of March 31, 2024. Subsequent to the quarter, the Company closed an equity offering with net proceeds of approximately $8.7 including the overallotment exercised in full on May 10, 2024.

There were 39,043,023 shares of the Company's common stock issued and outstanding as of March 31, 2024.

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