ClearSign Technologies Corporation (ClearSign) is a United States-based company that develops emission-control technology.3 Its shares trade on Nasdaq under the symbol CLIR.1Wikipedia text CC BY-SA 4.0
Out of $5.2M in revenue.8 The company lost money this year.
Financial statements
Revenue9101112138$5.2M in 2025Gross profit9101112138$1.4M in 2025Operating income9101112138-$6.7M in 2025−22% since 2019Net income9101112138-$5.5M in 2025−35% since 2019
Revenue81415$560.0K in Q2 FY2026−85% since Q4 FY2025Gross profit81415$228.0K in Q2 FY2026−72% since Q4 FY2025Operating income1415-$1.5M in Q2 FY2026−34% since Q1 FY2026Net income81415-$1.3M in Q2 FY2026+320% since Q4 FY2025
Every line of the income statement as filed: the last 2 fiscal years (annual) or 8 quarters (quarterly), latest first.8
Period ending
2025-12-31
2024-12-31
Revenues
$5.2M
$3.6M
Cost of goods sold
$3.8M
$2.5M
Gross profit
$1.4M
$1.1M
Research and development
$1.4M
$1.5M
General and administrative
$6.7M
$6.1M
Total operating expenses
$8.1M
$7.6M
Loss from operations
-$6.7M
-$6.5M
Interest income
$439.0K
$516.0K
Government assistance
$736.0K
$664.0K
Other income, net
$9.0K
Total other income, net
$1.2M
$1.2M
Net loss
-$5.5M
-$5.3M
Net loss per share - basic (in dollar per share)
-$0.99
-$1.08
Net loss per share - fully diluted (in dollar per share)
-$0.99
-$1.08
Weighted average number of shares outstanding - basic (in shares)
5.6M shares
4.9M shares
Weighted average number of shares outstanding - fully diluted (in shares)
5.6M shares
4.9M shares
Net loss
-$5.5M
-$5.3M
Foreign-exchange translation adjustments
$1.0K
-$4.0K
Comprehensive loss
-$5.5M
-$5.3M
Period ending
2025-12-31
2025-09-30
2025-06-30
2025-03-31
2024-12-31
2024-09-30
2024-06-30
2024-03-31
Revenues
$3.7M
$1.0M
$133.0K
$401.0K
$590.0K
$1.9M
$45.0K
$1.1M
Gross profit
$805.0K
$368.0K
$55.0K
$196.0K
$88.0K
$551.0K
$42.0K
$437.0K
Total operating expenses
$1.6M
$2.1M
$1.9M
$2.5M
$1.8M
$2.0M
$2.2M
$1.7M
Net loss
-$311.0K
-$1.4M
-$1.7M
-$2.1M
-$1.2M
-$1.2M
-$1.9M
-$1.1M
Net loss per share - basic (in dollar per share)
-$0.06
-$0.26
-$0.30
-$0.37
-$0.25
-$0.20
-$0.40
-$0.30
Net loss per share - fully diluted (in dollar per share)
-$0.06
-$0.26
-$0.30
-$0.37
-$0.25
-$0.20
-$0.40
-$0.30
Total assets9101112138$12.2M in 2025+11% since 2019Total liabilities9101112138$2.7M in 2025+54% since 2019Shareholders’ equity910138$9.5M in 2025+3% since 2019Cash9101112138$9.2M in 2025+7% since 2019
Total assets1415$12.2M in Q2 FY2026+0% since Q1 FY2025Total liabilities1415$2.4M in Q2 FY2026−11% since Q1 FY2025Shareholders’ equity1415$9.8M in Q2 FY2026+3% since Q1 FY2025Cash1415$9.9M in Q2 FY2026+8% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.8
Period ending
2026-02-28
2025-12-31
2024-12-31
2023-12-31
Cash and cash equivalents
$9.2M
$14.0M
Accounts receivable
$1.4M
$165.0K
Deferred costs
$329.0K
$562.0K
$922.0K
Prepaid expenses and other assets
$359.0K
$454.0K
Total current assets
$11.2M
$15.2M
Fixed assets, net
$195.0K
$238.0K
Patents and other intangible assets, net
$760.0K
$830.0K
Total Assets
$12.2M
$16.3M
Accounts payable and accrued liabilities
$1.6M
$1.2M
Current portion of lease liabilities
$96.0K
$75.0K
Accrued compensation and related taxes
$564.0K
$671.0K
Contract liabilities
$100.0K
$441.0K
Other current liabilities
$180.0K
Total current liabilities
$2.6M
$2.4M
Long term lease liabilities
$67.0K
$113.0K
Total liabilities
$2.7M
$2.5M
Common stock, $0.0001 par value, 87,500,000 shares authorized, 5,328,730 and 5,028,585 shares issued and outstanding at December 31, 2025 and 2024, respectively.*
$1.0K
$1.0K
Additional paid-in capital
$114.1M
$112.8M
Accumulated other comprehensive loss
-$20.0K
-$21.0K
Accumulated deficit
-$104.5M
-$99.0M
Total stockholders' equity
$9.5M
$13.8M
$5.2M
Total Liabilities and Stockholders' Equity
$12.2M
$16.3M
Preferred stock, par value (in dollars per share)
$0.00
$0.00
Preferred stock, authorized shares
2.0M shares
2.0M shares
Preferred stock, shares issued
0 shares
0 shares
Preferred stock, shares outstanding
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.00
$0.00
Common Stock, Shares Authorized
87.5M shares
87.5M shares
Common stock, shares issued
5.3M shares
5.0M shares
Common stock, shares outstanding
5.3M shares
5.0M shares
Reverse stock split ratio
0 pure
Period ending
2026-02-28
2025-12-31
2024-12-31
2023-12-31
Cash and cash equivalents
$9.2M
$14.0M
Accounts receivable
$1.4M
$165.0K
Deferred costs
$329.0K
$562.0K
$922.0K
Prepaid expenses and other assets
$359.0K
$454.0K
Total current assets
$11.2M
$15.2M
Fixed assets, net
$195.0K
$238.0K
Patents and other intangible assets, net
$760.0K
$830.0K
Total Assets
$12.2M
$16.3M
Accounts payable and accrued liabilities
$1.6M
$1.2M
Current portion of lease liabilities
$96.0K
$75.0K
Accrued compensation and related taxes
$564.0K
$671.0K
Contract liabilities
$100.0K
$441.0K
Other current liabilities
$180.0K
Total current liabilities
$2.6M
$2.4M
Long term lease liabilities
$67.0K
$113.0K
Total liabilities
$2.7M
$2.5M
Common stock, $0.0001 par value, 87,500,000 shares authorized, 5,328,730 and 5,028,585 shares issued and outstanding at December 31, 2025 and 2024, respectively.*
$1.0K
$1.0K
Additional paid-in capital
$114.1M
$112.8M
Accumulated other comprehensive loss
-$20.0K
-$21.0K
Accumulated deficit
-$104.5M
-$99.0M
Total stockholders' equity
$9.5M
$13.8M
$5.2M
Total Liabilities and Stockholders' Equity
$12.2M
$16.3M
Preferred stock, par value (in dollars per share)
$0.00
$0.00
Preferred stock, authorized shares
2.0M shares
2.0M shares
Preferred stock, shares issued
0 shares
0 shares
Preferred stock, shares outstanding
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.00
$0.00
Common Stock, Shares Authorized
87.5M shares
87.5M shares
Common stock, shares issued
5.3M shares
5.0M shares
Common stock, shares outstanding
5.3M shares
5.0M shares
Reverse stock split ratio
0 pure
Cash from operations9101112138-$4.7M in 2025−31% since 2019Capital spending91011128$4.0K in 2025−80% since 2019Free cash flow91011128-$4.7M in 2025−32% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
Net loss
-$5.5M
-$5.3M
Common stock issued for services
$65.0K
$29.0K
Share-based compensation, net of tax withholdings
$893.0K
$528.0K
Depreciation and amortization
$189.0K
$186.0K
Impairment of intangible assets
$3.0K
$20.0K
Right-of-use asset amortization
$88.0K
$86.0K
Lease amendments
-$3.0K
Deferred costs
$233.0K
$360.0K
Accounts receivable
-$1.2M
$122.0K
Prepaid expenses and other assets
$95.0K
-$104.0K
Accounts payable, accrued liabilities, and lease liabilities
$378.0K
$816.0K
Other current liabilities
$180.0K
Accrued compensation and related taxes
$172.0K
$294.0K
Contract liabilities
-$341.0K
-$1.4M
Net cash used in operating activities
-$4.7M
-$4.4M
Acquisition of fixed assets
-$4.0K
-$39.0K
Disbursements for patents and other intangible assets
-$97.0K
-$179.0K
Net cash used in investing activities
-$101.0K
-$218.0K
Proceeds from issuance of common stock, net of offering costs
$0
$13.0M
Proceeds from exercise of warrants
$24.0K
$25.0K
Taxes paid related to employee stock awards
-$45.0K
-$46.0K
Net cash provided by (used in) financing activities
-$21.0K
$12.9M
Effect of exchange rate changes on cash and cash equivalents
$1.0K
-$4.0K
Net change in cash and cash equivalents
-$4.9M
$8.4M
Officer and employee equity awards for prior year accrued compensation
ClearSign Combustion sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of ClearSign Combustion
John M. PasquesiFiled SCHEDULE 13G/A on ClearSign Combustion, latest Jul 24, 2026 (2 filings since Apr 9, 2025)
clirSPV LLCFiled SCHEDULE 13D/A on ClearSign Combustion, latest Feb 19, 2025 (4 filings since Jul 18, 2022)
ClearSign CombustionSeattle
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What ClearSign Combustion reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our principal office is located at 8023 East 63rd Place, Suite 101 Tulsa, Oklahoma 74133 with satellite offices located in Seattle and Beijing, China. At our principal office in Tulsa, we lease 3,922 square feet of office space, under a lease which expires in September 2027. Monthly minimum rent is approximately $5 thousand with an annual 2.0% increase. The Company also sub-leases 940 square feet of office space located in Seattle, Washington and 656 square feet in Beijing, China. The minimum monthly rent for our Seattle location is approximately $2 thousand with a termination date of September 30, 2026. The term of the Beijing lease began on June 1, 2024 and expires in June 2027. The monthly minimum rent for our Beijing location is approximately $3 thousand (20,000 RMB).
We believe that the facilities we currently lease are adequate to meet our needs for the immediate future, and that, should it be needed, additional space can be acquired or leased to accommodate future growth.
ClearSign was formed in Seattle, Washington in 2008. Its first chief executive officer was Richard Rutkowski, who also became chairman of the board of directors. Rutkowski was a co-founder of projection technology company Microvision and nanotechnology company Lumera.
In 2012 ClearSign held an initial public offering which, according to the company, raised $13.8 million. ClearSign chose to delay adopting accounting standards required of publicly traded companies under the Sarbanes-Oxley Act, taking advantage of exemptions in the JOBS Act designed to make it cheaper for development-stage companies to raise capital. It is believed ClearSign may have been the first company in the U.S. to do so.
In December 2014, Rutkowski resigned as CEO. He was replaced by board member Stephen Pirnat. The following September, the company was named "Technology Company of the Year" by Petroleum Economist.
On November 12, 2019, ClearSign Combustion Corporation (Nasdaq: CLIR) (“ClearSign” or the “Company”), announced that the company has changed its name to ClearSign Technologies Corporation. The company's ticker “CLIR” will remain the same.
As of September 2024, ClearSign Technologies held US$14 million in cash and had no debt. Over the preceding year, the company reported a cash burn of US$5.7 million, indicating a projected cash runway of approximately 2.5 years from that date. During the same period, ClearSign increased its cash burn by 115%, reflecting a significant rise in investment activity. This coincided with a 263% increase in revenue over the year.
ClearSign develops technology intended to increase energy efficiency and emissions standards of combustion systems, primarily industrial and commercial boilers and furnaces. Its products include Duplex Burner Architecture, which the company says reduces combustion burner flame length by more than 80-percent, in turn increasing thermal capacity and reducing operating costs. Duplex Burner Architecture won the "New Technology Development of the Year Award" at the 2014 West Coast Oil & Gas Awards. The company's other major product is Electrodynamic Combustion Control, which uses computer-controlled electric fields to control the flame shape in boilers, kilns, and furnaces, preventing pollution from forming.
Nov 21, 2025Reported quarterly or annual results68
Aug 15, 2025Reported quarterly or annual results69
May 23, 2025Reported quarterly or annual results70
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
291 filings to the SEC since October 2021: 8 annual reports, 17 quarterly reports, 71 major events, 115 insider forms, 6 large holders, 3 private raises, 71 other. The latest 20:
clirSPV LLCSCHEDULE 13D/A, 4 filings Jul 18, 2022 to Feb 19, 202572
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How ClearSign Combustion is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
From the cover page of the 10-K filed Mar 31, 2026 (Section 12(b) of the Exchange Act).16
Risk factors and legal proceedings
The risks ClearSign Combustion names in Item 1A of its 10-K filed Mar 31, 2026: 42 risks under these headings, as written.16
We are subject to various risks that may materially harm our business, prospects, financial condition and results of operations. An investment in our common stock is speculative and involves a high degree of risk. In evaluating an investment in shares of our common stock, you should carefully consider the risks described below, together with the other information included in this report.
Risks Related to Our Business
We are a company with a limited operating history and our future profitability is uncertain. We anticipate future losses and negative cash flows and we may never be profitable.
If we do not receive additional financing when and as needed in the future, we may not be able to continue our development and commercialization efforts and our business may fail.
Market acceptance of our technology and business is difficult to predict. If our technology does not achieve market acceptance, our business could fail.
Our efforts may never demonstrate the feasibility of our product.
Changes to environmental regulations or future legislation could make our technology less desirable.
We are subject to sustainability efforts risks that could adversely affect our reputation and our business and results of operations.
Our revenue has been highly concentrated among a small number of customers, and our results of operations could be harmed if we lose a key revenue source and fail to replace it.
Our revenue concentration may also pose credit risks which could negatively affect our cash flow and financial condition.
We may fail to adequately protect our proprietary technology, which would allow our competitors to take advantage of our research and development efforts.
We may incur substantial costs as a result of litigation or other proceedings relating to patent and other intellectual property rights.
The other 31 risks
Adverse judgments or settlements in legal proceedings could materially harm our business, financial condition, operating results and cash flows.
A cybersecurity incident or other technology disruptions could negatively impact our business and our relationships with customers.
We cannot guarantee that any collaborative business research and development partnership we enter into will be successful.
If we are unable to keep up with rapid technological changes, our products may become obsolete.
There are inherent dangers involved in the combustion process that utilize our technologies and products and the occurrence of any associated accident may negatively impact our business.
We depend on approval from various local, state and federal agencies to implement and operate our technology. There is no assurance that these agencies will approve our technology.
We are uncertain of our profit margins and whether such profit margins, if achieved, will be able to sustain our business.
Many of our potential competitors have greater resources, and it may be difficult to compete against them.
The loss of the services of our key management and personnel or the failure to attract additional key personnel could adversely affect our ability to operate our business.
There are many risks we are exposed to relating to our presence and prior business activities in China.
We cannot provide assurance that rising inflation will not adversely affect our operations.
Due to the nature of our business and products, we may be liable for damages based on product liability and other tort and warranty claims.
We cannot provide assurance that global supply-chain constraints and the threat of, or implementation of tariffs on imported or exported goods and materials will not adversely affect our commercialization efforts and business operations.
We are dependent on third-party suppliers.
Failure of third parties to manufacture quality products or provide reliable services in a timely manner could cause delays in developing, constructing, and operating our projects, which could damage our reputation, adversely affect our partner relationships or adversely affect our growth.
Macroeconomic pressures in the markets in which we operate may adversely affect our financial results.
We are exposed to fluctuations in the market values of our investments and in interest rates, either of which could impair the
market value of our investments and harm our financial results.
Risks Related to Owning Our Securities
The public market for our securities is volatile. This may affect not only the ability of our investors to sell their securities, but the price at which they can sell their securities.
There may be future sales of our common stock, or a perception that these sales could occur, which events could cause the price of our common stock to decline.
We may be required to raise additional capital by issuing new securities, which may have terms or rights superior to those of our shares of common stock, which could adversely affect the market price of our shares of common stock and our business.
We will have broad discretion as to the proceeds that we receive from the cash exercise by any holder of our outstanding warrants, and we may not use the proceeds effectively.
You may experience future dilution as a result of issuance of the shares of common stock underlying our outstanding warrants, future equity offerings by us and other issuances of our common stock or other securities. In addition, the issuance of the shares of common stock underlying our outstanding warrants, to the extent our outstanding warrants are exercisable, and future equity offerings and other issuances of our common stock or other securities may adversely affect our common stock price.
We have not paid dividends in the past and have no immediate plans to pay dividends.
We have a significant number of options and restricted stock units outstanding and we may issue additional awards in the future to employees, officers, directors, independent contractors and agents. Sales of the underlying shares of common stock could adversely affect the market price of our common stock.
The effective increase in the number of shares of our common stock available for issuance as a result of our reverse stock split could result in further dilution to our existing stockholders and have antitakeover implications.
If we are unable to satisfy the continued listing requirements of the Nasdaq, our common stock could be delisted and the price and liquidity of our common stock may be adversely affected.
We have the right to issue shares of preferred stock. If we were to issue preferred stock, it is likely to have rights, preferences and privileges that may adversely affect our common stock or other securities.
Our certificate of incorporation (as amended, the “certificate of incorporation”) provides that the Court of Chancery of the State of Delaware is the exclusive forum for certain disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
The rights of our stockholders to take action against our directors and officers are limited.
We have incurred and will incur significant costs as a result of being a public company that reports to the Securities and Exchange Commission and our management is required to devote substantial time to meet compliance obligations.
Legal proceedings
From time to time we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. Litigation is subject to inherent uncertainties and an adverse result in any such matter may harm our business. As of the date of this report, we are not a party to any material pending legal proceedings, except as set forth below.
Catharine M. de Lacy, David Maley, and Judith Schrecker v. ClearSign Technologies Corporation, Case No. 2026-0082-CDW (Delaware Court of Chancery)
On January 16, 2026, Judith Schrecker, David Maley, and Catharine M. de Lacy (“Former Directors”), filed a petition for advancement in the Delaware court of Chancery for an advancement of legal fees relating to a request, by us, for the Former Directors to return material generated by the Special Committee. The advancement proceedings will effectuate an advancement of monies to the Former Directors counsel for monies incurred to represent the Former Directors in this matter. The advancement proceeding will follow a prescribed court process where the legal fees will be reviewed with the goal of concluding reasonable amount payable to the Former Directors’ counsel for representation in this matter. At the date of this report, we do not believe this proceeding will have a material adverse effect on the future operations of the Company. To account for this matter, we have accrued $180 thousand as an estimate for legal services rendered during 2025. Subsequent to December 31, 2025, the total advancement request amounted to $319 thousand.
