ClearSign Technologies Corporation
- Open
- 3.40
- Day high
- 3.50
- Day low
- 3.40
- Prev close
- 3.37
- Volume
- 292
- Mkt cap
- $19M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 2.5
- P/S
- 3.8
- Yield
- —
- Per share
- —
- ▲Insiders net buying $5K over the last 3 months (1 open-market buy, 0 sales)
- 🏛Institutions reducing (13F)
ClearSign Technologies Corporation (CLIR) is a Industrials company listed on NASDAQ. The stock is down 42% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 0 sales (SEC Form 4).
ClearSign Technologies Corporation (CLIR) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CLIR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 9, 2026 | $-0.29 | $-0.39 | -34.5% | $191000 | -85.0% |
| Nov 14, 2025 | $-0.04 | $-0.03 | +25.0% | $1M | -57.6% |
| Aug 14, 2025 | $-0.04 | $-0.03 | +25.0% | $133000 | -79.3% |
| May 21, 2025 | $-0.03 | $-0.03 | +0.0% | $401000 | -37.7% |
| Nov 14, 2024 | $-0.03 | $-0.02 | +33.3% | $2M | +19.9% |
| Aug 14, 2024 | $-0.04 | $-0.04 | +0.0% | $45000 | -96.5% |
| Apr 1, 2024 | $-0.01 | $-0.02 | -50.0% | $1M | -14.6% |
| Feb 7, 2024 | $-0.01 | $-0.02 | -50.0% | $1M | — |
| Nov 14, 2023 | $-0.02 | $-0.03 | -25.0% | $85000 | -88.8% |
| Aug 14, 2023 | $-0.04 | $-0.04 | +0.0% | $150000 | -75.8% |
| May 18, 2023 | $-0.03 | $-0.04 | -25.0% | $894000 | +0.4% |
| Dec 1, 2022 | $-0.02 | $-0.03 | -25.0% | $324000 | -18.4% |
CLIR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Basenese Loudirector | Grant | 4,595 | $3.67 |
| Jul 2, 2026 | Silva Gil Todddirector | Grant | 4,595 | $3.67 |
| Jul 2, 2026 | DIGIANDOMENICO ANTHONYdirector | Grant | 4,595 | $3.67 |
| Jul 2, 2026 | Silva Gil Todddirector | Grant | 4,087 | — |
| Apr 27, 2026 | Silva Gil Todddirector | Buy | 1,000 | $5.32 |
| Apr 27, 2026 | Deller Colin Jamesdirector, officer: Chief Executive Officer | Tax | 3,501 | $5.62 |
| Apr 27, 2026 | Deller Colin Jamesdirector, officer: Chief Executive Officer | Grant | 7,001 | $5.62 |
| Apr 2, 2026 | Basenese Loudirector | Grant | 3,024 | $4.36 |
| Apr 2, 2026 | Silva Gil Todddirector | Grant | 3,024 | $4.36 |
| Apr 2, 2026 | Silva Gil Todddirector | Grant | 3,440 | — |
| Apr 2, 2026 | DIGIANDOMENICO ANTHONYdirector | Grant | 3,024 | $4.36 |
| Mar 19, 2026 | Silva Gil Todddirector | Buy | 2,000 | $4.36 |
| Mar 2, 2026 | Hinds Brentofficer: Chief Financial Officer | Grant | 47,009 | — |
| Mar 2, 2026 | Hinds Brentofficer: Chief Financial Officer | Tax | 20,761 | $0.56 |
| Mar 2, 2026 | Deller Colin Jamesofficer: Chief Executive Officer | Grant | 210,043 | — |
Source: CLIR SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full CLIR insider & 13F page →ClearSign Technologies Corporation company profile
Overview
ClearSign Technologies Corporation (NASDAQ:CLIR) is an industrial technology company founded in 2008 and headquartered in Tulsa, Oklahoma. The company designs and develops advanced combustion technologies focused on enhancing operational performance, energy efficiency, emission reduction, and safety for industrial and commercial systems. Originally incorporated as ClearSign Combustion Corporation, the company rebranded to ClearSign Technologies Corporation in November 2019 and went public in April 2012. ClearSign primarily serves the energy, petrochemical, chemical, and industrial boiler markets in the United States and China, operating as a specialized technology provider in the industrial pollution and treatment controls sector.
Business
ClearSign Technologies operates in the industrial combustion technology sector, developing specialized burner systems and flame sensing technologies that help industrial facilities reduce harmful emissions while maintaining operational efficiency. The company's core technology revolves around ultra-low NOx (nitrogen oxide) combustion systems, which are critical for industries facing increasingly stringent environmental regulations. The company's primary offerings include several distinct product lines: 1. ClearSign Core Process Burners represent approximately 60-70% of recent revenues and are designed for large-scale industrial applications like oil refineries and petrochemical plants. These burners can achieve NOx emissions as low as 2 parts per million (ppm), significantly below traditional burner technologies that typically emit 20-50 ppm. The burners feature a unique porous ceramic structure or metal flame stabilizing device that creates more complete combustion while reducing harmful emissions. 2. ClearSign Core Boiler Burners account for roughly 20-25% of revenues and target commercial and industrial boiler applications. These systems are designed for facilities requiring steam generation or heating, such as food processing plants, manufacturing facilities, and institutional buildings. The technology can retrofit existing boiler systems or be integrated into new installations. 3. ClearSign Core Flare Burners comprise about 10-15% of revenues and address the oil and gas industry's need for cleaner flaring operations. These systems help refineries and chemical plants burn off waste gases more efficiently while meeting environmental compliance requirements. 4. ClearSign Eye Flame Sensors represent an emerging product line, consisting of electrical flame detection systems priced around $4,000 per unit. These sensors provide industrial facilities with advanced flame monitoring capabilities for safety and operational optimization. The industrial combustion market is driven by increasingly strict environmental regulations, particularly around NOx emissions, which contribute to smog formation and respiratory health issues. Traditional burner technologies struggle to meet new regulatory standards while maintaining operational efficiency, creating demand for ClearSign's advanced solutions.
Revenue model
ClearSign Technologies generates revenue primarily through direct product sales of its combustion systems and related equipment. The company's business model centers on selling high-value, engineered burner systems typically priced around $100,000 per process burner unit, with additional engineering and customization services adding $250,000 or more per project. Boiler burners command lower individual prices but offer volume opportunities, while flame sensors represent a recurring revenue opportunity at approximately $4,000 per unit. The company's customers are primarily large industrial facilities including oil refineries, petrochemical plants, chemical manufacturers, and commercial boiler operators. These customers purchase ClearSign's technology to comply with environmental regulations, improve operational efficiency, and reduce fuel consumption. Payment typically occurs upon delivery and installation of the systems. ClearSign has developed strategic partnerships to expand its sales reach, most notably with Zeeco, a major industrial burner manufacturer, which now co-brands and distributes ClearSign's process burner technology globally. The company also partners with California Boiler for boiler burner distribution and has engaged third-party sales consultants to expand market penetration. Several factors significantly impact ClearSign's margins and revenue potential. Regulatory tightening around NOx emissions creates substantial demand tailwinds, as facilities face compliance deadlines that require technology upgrades. The company benefits from regulatory designation as Best Available Control Technology (BACT) in certain jurisdictions, which can mandate the use of their technology for new installations. Conversely, economic downturns can delay capital expenditure decisions by industrial customers, while commodity price volatility affects the financial health of key customer segments like refineries. Competition from larger industrial equipment manufacturers poses margin pressure, though ClearSign's specialized low-NOx performance provides differentiation. The company's asset-light manufacturing model, relying on contract manufacturers and partners, helps maintain higher gross margins but creates dependency on third-party relationships.
Competitive moat
ClearSign Technologies possesses a narrow but defensible technological moat built around its proprietary combustion technology and regulatory positioning. The company's core competitive advantage lies in its ability to achieve ultra-low NOx emissions (2 ppm) while maintaining fuel efficiency, a combination that traditional burner technologies struggle to match. This technical superiority is protected by patents and specialized engineering knowledge that would be difficult for competitors to replicate quickly. The company's regulatory moat provides additional protection, as its technology has received Best Available Control Technology (BACT) designation in certain jurisdictions, effectively mandating its use for new installations in those areas. The increasing stringency of environmental regulations creates ongoing demand for ClearSign's solutions, as facilities face compliance deadlines that require technology upgrades regardless of economic conditions. However, ClearSign's moat faces several significant challenges. The company operates in a niche market with limited scale, making it vulnerable to larger industrial equipment manufacturers who could develop competing technologies or acquire similar capabilities. Companies like Honeywell, General Electric, or other major industrial conglomerates possess vastly superior resources and could potentially engineer around ClearSign's patents or develop alternative low-NOx solutions. The customer concentration risk also weakens the moat, as ClearSign depends heavily on large industrial projects that occur infrequently and can be delayed or canceled due to economic conditions. The company's reliance on partnerships with firms like Zeeco for distribution creates additional vulnerability, as these relationships could be terminated or prove less effective than anticipated. While ClearSign's technology provides genuine value to customers facing regulatory pressure, the moat is relatively narrow and could be challenged by well-funded competitors or alternative emission reduction technologies. The company's small size and limited financial resources constrain its ability to defend its market position against larger, more diversified industrial equipment manufacturers.
Risks & safety
ClearSign Technologies presents a moderate margin of safety with strong liquidity but ongoing profitability challenges and elevated valuation metrics. • Liquidity and Solvency: Strong cash position of $12.9 million with minimal debt (debt-to-equity ratio of 0.014), providing substantial runway given current burn rates of approximately $4-5 million annually. Current ratio of 5.6x indicates excellent short-term liquidity. • Valuation Concerns: Trading at negative EBITDA multiples due to losses, with price-to-book ratio of 3.4x suggesting premium valuation relative to tangible assets. Graham net-net ratio of 0.19 indicates stock trades well above liquidation value. • Operational Risks: Company remains unprofitable with negative free cash flow of $1.1 million in Q1 2025, though this represents improvement from prior periods. Revenue volatility remains high due to project-based business model. • Other Considerations: Small market capitalization of approximately $35 million creates liquidity risks and vulnerability to market volatility. Limited diversification across customer base and geographic markets increases concentration risk.
Recent development
Over the past several years, ClearSign Technologies has undergone a significant strategic transformation from a research and development focused company to a commercialization-stage business. The most notable development has been the strategic partnership with Zeeco, launched in March 2025, which created a co-branded burner line that leverages Zeeco's global distribution network to significantly expand ClearSign's market reach beyond its historical direct sales approach. The company has successfully diversified its product portfolio, developing the M-Series burner specifically for midstream applications and creating hydrogen-capable burner technology that can operate with fuel blends ranging from natural gas to 100% hydrogen. This hydrogen capability positions ClearSign advantageously as industrial facilities transition toward cleaner fuel sources. The company has also expanded into new market segments, moving beyond traditional refinery applications into petrochemical plants, food processing facilities, and other industrial boiler applications. Regulatory achievements have strengthened ClearSign's competitive position, including receiving Best Available Control Technology (BACT) designation and successfully demonstrating energy savings through third-party testing in California's Gas Emerging Technologies (GET) program. These regulatory endorsements provide credibility and can mandate the use of ClearSign's technology in certain jurisdictions. The company has also made significant operational improvements, scaling from minimal revenues in 2022 ($374,000) to $3.6 million in 2024, while improving gross margins from 34% to over 40% in recent quarters. Recent large orders, including 20 burners for a California refinery and 26 burners for a Fortune 500 chemical company, demonstrate growing market acceptance and the company's ability to secure meaningful commercial contracts. ClearSign has strategically suspended its China operations to focus resources on the more promising North American market, while developing new sensing technology through its ClearSign Eye product line, which targets the large installed base of industrial flame detection applications.
CLIR company profile · for informational purposes only — not investment advice.
Track CLIR with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free