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ClearSign Technologies Corporation (CLIR-1.64%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $1,859,000 from $85,000 in the same quarter the previous year. The increase is attributed to the shipment of multiple burners to a California refinery customer.
Cost of goods sold for the quarter was $1,308,000, compared to $61,000 in the same quarter of the previous year. This increase is due to higher sales volume.
The company reported a gross profit of $551,000 for the quarter, compared to $24,000 in the previous year, with the increase attributed to higher revenues.
Research and development expenses increased to $329,000 from $93,000, primarily due to additional headcount and product development costs.
General and administrative expenses increased to $1,655,000 from $1,428,000, primarily due to a one-time non-recurring accrual estimate related to the suspension of operations in China.
Net loss for the quarter was $1,155,000, compared to $1,332,000 in the previous year.
Cash and cash equivalents increased to $14,486,000 as of September 30, 2024, from $5,684,000 at the end of 2023, primarily due to proceeds from a public offering and private placement.
ClearSign had a working capital of $13,851,000 as of September 30, 2024. The company believes it has alleviated substantial doubt about its ability to continue as a going concern.
The filing also details the company's decision to suspend operations in China, which involves declaring its Beijing subsidiary dormant.
ClearSign continues to focus on developing and commercializing its combustion systems technologies and highlights its recent equity offerings as a source of funding for future operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ClearSign Technologies Corporation quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.