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ClearSign Technologies Corporation (CLIR-2.24%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that ClearSign's revenues for 2024 were $3.6 million, up from $2.4 million in 2023. The increase was primarily due to higher sales of process burners.
Cost of goods sold for 2024 was $2.5 million, resulting in a gross profit of $1.1 million, compared to $0.8 million in 2023.
Operating expenses for 2024 totaled $7.6 million, up from $6.8 million in 2023, primarily due to increased research and development expenses.
The company reported a net loss of $5.3 million for 2024, compared to a net loss of $5.2 million in 2023.
ClearSign raised approximately $13 million in net proceeds from equity offerings during 2024, which contributed to an increase in cash and cash equivalents to $14 million as of December 31, 2024.
The company continues to focus on the commercialization of its ClearSign Core™ technology, which is designed to improve combustion system performance and reduce emissions.
ClearSign's two largest customers accounted for 86% of its total revenue in 2024, indicating a high concentration of revenue from a small number of customers.
The company does not anticipate paying cash dividends in the foreseeable future, as it plans to reinvest earnings to support its operations and growth.
ClearSign's management acknowledges the need for additional financing to support ongoing operations and potential future growth, while also recognizing the challenges posed by market volatility.
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 annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.