Company Expects Revenues of Approximately
$1.2MM During Fourth Quarter of 2023
(Unaudited)
TULSA,
Okla., Feb. 7, 2024 /PRNewswire/ -- ClearSign
Technologies Corporation (Nasdaq: CLIR) ("ClearSign" or the
"Company"), an emerging leader in industrial combustion and sensing
technologies that improve energy, operational efficiency and safety
while dramatically reducing emissions, provides preliminary
unaudited financial results for the three months and year ended
December 31, 2023.
"During the fourth quarter of 2023, we successfully completed
our largest refinery heater installation and start up to date and
received third party validation confirming our emissions guarantees
were achieved for this California
multi-burner project. With our contractual obligations met, the
total revenue recognized in connection with the California project for the fourth quarter of
2023 is approximately $1.2 million.
Achieving revenue of this level is a significant milestone for
ClearSign," said Jim Deller, Ph.D., Chief Executive Officer of
ClearSign.
"With a number of installations in both our boiler and process
burner product lines anticipated to come online in 2024, we believe
we are obtaining significant growth in our all-important installed
base. This is producing more interest and acceptance of our
products and of our capabilities in the market. We look
forward to continuing to build on this momentum."
Preliminary revenues for the three months ended December 31, 2023 was approximately $1.2 million, compared to $50 thousand for the comparable period in 2022.
The Company's estimated preliminary revenues for the year ended
December 31, 2023 was $2.3 million, compared to $374 thousand for the year ended December 31, 2022. Additionally, the Company
reported a net loss of approximately $5.8
million for the year ended 2022, and estimates that the
preliminary net loss for the year ended December 31, 2023 will range between $5.4 to $5.1
million.
Preliminary Unaudited Results for the Fourth Quarter and
Fiscal Year Ended December 31,
2023:
Set forth above are certain estimated preliminary financial
results for the fourth quarter and fiscal year ended December 31, 2023. These estimates are based on
the information available to us at this time. Our actual results
may vary from the estimated preliminary results presented here due
to final adjustments and other developments that may arise between
now and the time the financial results for the fiscal year ended
December 31, 2023 are finalized. The
estimated preliminary financial results have not been audited or
reviewed by our independent registered public accounting firm.
These estimates should not be viewed as a substitute for our full
interim or annual financial statements. Accordingly, you should not
place undue reliance on this preliminary data.
About ClearSign Technologies Corporation
ClearSign Technologies Corporation designs and develops products
and technologies for the purpose of improving key performance
characteristics of industrial and commercial systems,
including operational performance, energy efficiency, emission
reduction, safety and overall cost-effectiveness. Our patented
technologies, embedded in established OEM products as ClearSign
Core™ and ClearSign Eye™ and other sensing configurations, enhance
the performance of combustion systems and fuel safety systems in a
broad range of markets, including the energy (upstream oil
production and down-stream refining), commercial/industrial boiler,
chemical, petrochemical, transport and power industries. For more
information, please visit www.clearsign.com.
Cautionary note on forward-looking statements
All statements in this press release that are not based on
historical fact are "forward-looking statements." In this context,
forward-looking statements often address expected future business
and financial performance and financial condition, and often
contain words such as "approximates," "believes," "hopes,"
"expects," "anticipates," "estimates," "projects," "intends,"
"plans," "would," "should," "could," "may," "will" or other similar
expressions. While management has based any forward-looking
statements included in this press release on its current
expectations on the Company's strategy, plans, intentions,
performance, or future occurrences or results, the information on
which such expectations were based may change. These
forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of risks,
uncertainties and other factors, many of which are outside of our
control, that could cause actual results to materially differ from
such statements. Such risks, uncertainties and other factors
include, but are not limited to our ability to successfully
complete installations of our products, general business and
economic conditions, the performance of management and our
employees, our ability to obtain financing, competition, whether
our technology will be accepted and adopted and other factors
identified in our Annual Report on Form 10-K filed with the
Securities and Exchange Commission and available at
www.sec.gov and other factors that are detailed in our
periodic and current reports available for review at www.sec.gov.
Furthermore, we operate in a competitive environment where new and
unanticipated risks may arise. Accordingly, investors should not
place any reliance on forward-looking statements as a prediction of
actual results. We disclaim any intention to, and, except as may be
required by law, undertake no obligation to, update or revise
forward-looking statements to reflect events or circumstances that
subsequently occur or of which we hereafter become aware.
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SOURCE ClearSign Technologies Corporation