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TULSA, Okla. - ClearSign Technologies Corporation (NASDAQ:CLIR), which specializes in industrial combustion and sensing technologies aimed at reducing emissions and improving efficiency, has announced a new purchase order from Rogue Combustion, a subsidiary of California Boiler. The order is for a boiler burner that boasts ultra-low nitrogen oxides (NOx) emissions and will be incorporated into Cal Boiler's rental fleet. The company, which has seen impressive revenue growth of 263% over the last twelve months according to InvestingPro data, continues to expand its market presence.
Jim Deller, Ph.D., CEO of ClearSign, expressed satisfaction with the partnership and the opportunity for customers to experience their technology through rental boilers, which may lead to future sales. Deller highlighted a recent instance where a rental boiler deployment preceded a purchase order announced on November 12.
The new boiler burner is scheduled for fabrication and shipment in the second quarter of 2025. ClearSign's technology, including products like ClearSign Core™ and ClearSign Eye™, is designed to enhance the performance of combustion systems and fuel safety systems across various industries, including energy, petrochemical, and power sectors.
ClearSign's commitment to decarbonization and operational efficiency is part of a broader strategy to provide cost-effective and environmentally friendly solutions. The company's patented technologies are integrated into established OEM products to improve key performance characteristics of industrial and commercial systems.
This announcement is based on a press release statement and should be considered in the context of ClearSign's forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially. These include, but are not limited to, the performance and timely delivery of the company's products, as well as the ability to meet performance obligations and generate purchase orders through rental programs. Investors are cautioned not to rely on forward-looking statements as predictions of actual results.
In other recent news, ClearSign Technologies has reported a record surge in its quarterly revenues, which jumped to approximately $1.9 million from $85,000 in the same period last year. Year-to-date revenues have also seen a significant rise, reaching $3 million, up $1.9 million from 2023. The company also witnessed an improvement in gross profit margins, which increased from 22% to 33%.
These recent developments have been accompanied by ClearSign's strategic shift towards an asset-light model to expand its market reach and reduce internal resource needs. The company has strengthened its partnership with ZECO, which includes co-branding and joint marketing plans. ClearSign has also shipped 20 burners to a Los Angeles refinery and received a 26-burner order from a Fortune 500 petrochemical company.
However, ClearSign has decided to suspend operations in China due to delayed commercial progress, despite the robust growth indicators. The company's ending cash balance stood at approximately $14.5 million, while net cash used in operations was around $1.4 million. Despite the suspension of operations in China, the company is experiencing growth and is becoming incredibly busy, necessitating additional office resources to handle the increasing business demands.
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