CLIR · ClearSign Technologies Corp
ClearSign Technologies Corporation designs and develops products and technologies for the purpose of decarbonization and improving key performance characteristics of industrial and commercial systems in the United States and the People's Republic of China. The company's technologies include ClearSign core burner technology consists of an industrial burner body and a downstream porous ceramic or metal flame stabilizing structure; ClearSign core process burner technology that provides a direct burner replacement for traditional refinery process heaters; ClearSign core boiler burner technology; ClearSign core flaring burners that can be used to provide a flare product with extremely low nitrogen oxide emissions; and ClearSign eye flame sensor, an electrical flame sensor for industrial applications. It serves energy, institutional, commercial and industrial boiler, chemical, and petrochemical industries. ClearSign Technologies Corporation was formerly known as ClearSign Combustion Corporation and changed its name to ClearSign Technologies Corporation in November 2019. The company was incorporated in 2008 and is headquartered in Tulsa, Oklahoma.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $3.49 |
| SO | 5.4M |
| Options | 0.0M |
| Warrants | 0.0M |
| FD SO | 5.4M |
| MC | $18.9M |
| Cash | $7.7M |
| Total debt | — |
| EV | $11.2M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 2.2x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 18.3% |
| Insiders | 4.7% |
| # Institutions | 24 |
| Analysts | 1 |
| Consensus | Strong Buy |
| Avg target | $20.00 |
| Short % float | 0.3% |
| Days to cover | 1.19 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-11. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-27 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-07-15; the float denominator can be unreliable on tiny floats.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 0.19 | 3.67 | 1.03 | 0.13 |
| Revenue YoY % | (52.4%) | 522.2% | (44.6%) | 195.6% |
| Cost of Revenue | 0.58 | 2.87 | 0.66 | 0.08 |
| Gross Profit | (0.39) | 0.81 | 0.37 | 0.06 |
| Gross Profit YoY % | (300.5%) | 814.8% | (33.2%) | 31.0% |
| Gross Margin % | (205.8%) | 21.9% | 35.8% | 41.4% |
| SG&A | 1.64 | 1.21 | 1.81 | 1.65 |
| R&D | 0.25 | 0.42 | 0.31 | 0.25 |
| Operating Expense | 1.89 | 1.63 | 2.12 | 1.89 |
| Operating Income | (2.28) | (0.83) | (1.75) | (1.84) |
| Operating Income YoY % | (1.0%) | 50.4% | (22.1%) | 14.0% |
| Operating Margin % | (1193.2%) | (22.5%) | (170.1%) | (1382.0%) |
| EBITDA | (2.27) | (0.82) | (1.74) | (1.83) |
| EBITDA Margin % | (1190.1%) | (22.3%) | (169.4%) | (1376.7%) |
| Other Income / (Expense) | — | 0.52 | — | — |
| Pretax Income | (2.19) | (0.31) | (1.43) | (1.68) |
| Net Income | (2.19) | (0.31) | (1.43) | (1.68) |
| Net Margin % | (1146.6%) | (8.5%) | (138.9%) | (1263.2%) |
| Diluted EPS | -$0.39 | -$0.06 | -$0.26 | -$0.03 |
| Basic EPS | -$0.39 | -$0.06 | -$0.26 | -$0.03 |
| Diluted Avg Shares | 5.6 | — | — | 55.2 |
| Basic Avg Shares | 5.6 | — | 55.7 | 55.2 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 5.02 | 5.23 | 3.60 | 2.40 | 0.37 |
| Revenue YoY % | (4.0%) | 45.6% | 49.6% | 542.5% | — |
| Cost of Revenue | 4.19 | 3.81 | 2.48 | 1.59 | 0.26 |
| Gross Profit | 0.83 | 1.42 | 1.12 | 0.82 | 0.12 |
| Gross Profit YoY % | (41.4%) | 27.4% | 36.8% | 604.3% | — |
| Gross Margin % | 16.6% | 27.2% | 31.1% | 34.0% | 31.0% |
| SG&A | 6.30 | 6.67 | 6.13 | 6.06 | 5.73 |
| R&D | 1.22 | 1.42 | 1.47 | 0.74 | 0.51 |
| Operating Expense | 7.53 | 8.10 | 7.61 | 6.80 | 6.23 |
| Operating Income | (6.69) | (6.67) | (6.49) | (5.98) | (6.12) |
| Operating Income YoY % | (0.3%) | (2.8%) | (8.5%) | 2.2% | — |
| Operating Margin % | (133.2%) | (127.5%) | (180.4%) | (248.9%) | (1635.6%) |
| EBITDA | (6.67) | (6.65) | (6.47) | (5.83) | (5.96) |
| EBITDA Margin % | (132.7%) | (127.0%) | (179.8%) | (242.6%) | (1592.5%) |
| Interest Expense | — | — | — | 0.32 | 0.08 |
| Other Income / (Expense) | 1.08 | 1.18 | 1.19 | 1.11 | — |
| Pretax Income | (5.61) | (5.50) | (5.30) | (5.19) | (5.76) |
| Tax Provision | — | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Income | (5.61) | (5.50) | (5.30) | (5.19) | (5.76) |
| Net Margin % | (111.7%) | (105.0%) | (147.4%) | (216.1%) | (1539.6%) |
| Diluted EPS | -$0.74 | -$0.99 | -$0.11 | -$0.13 | -$0.16 |
| Basic EPS | -$0.74 | -$0.99 | -$0.11 | -$0.13 | -$0.16 |
| Diluted Avg Shares | 5.6 | 5.6 | 48.9 | 38.5 | 35.3 |
| Basic Avg Shares | 5.6 | 5.6 | 48.9 | 38.5 | 35.3 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 7.74 | 9.18 | 10.49 | 12.34 |
| Receivables | 0.17 | 1.36 | 0.32 | 0.03 |
| Other Current Assets | 0.87 | 0.69 | 0.93 | 0.82 |
| Total Current Assets | 8.78 | 11.23 | 11.75 | 13.18 |
| Net PPE | 0.17 | 0.20 | 0.22 | 0.25 |
| Operating Lease ROU | 0.14 | 0.16 | 0.18 | 0.20 |
| Intangible Assets | 0.76 | 0.76 | 0.78 | 0.80 |
| Total Assets | 9.84 | 12.18 | 12.75 | 14.23 |
| Accounts Payable | 1.75 | 1.64 | 1.98 | 1.56 |
| Current Lease Liabilities | 0.10 | 0.10 | 0.09 | 0.09 |
| Other Current Liabilities | — | 0.84 | 1.50 | 2.05 |
| Total Current Liabilities | 2.17 | 2.58 | 3.58 | 3.70 |
| Long-term Lease Liabilities | 0.04 | 0.07 | 0.09 | 0.12 |
| Total Liabilities | 2.21 | 2.65 | 3.67 | 3.82 |
| Retained Earnings | (106.70) | (104.51) | (104.20) | (102.77) |
| Total Equity | 7.62 | 9.53 | 9.08 | 10.41 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 7.74 | 9.18 | 14.04 | 5.68 | 6.45 |
| Short-term Investments | — | — | — | 0.00 | 2.61 |
| Receivables | 0.17 | 1.36 | 0.17 | 0.29 | 0.08 |
| Other Current Assets | 0.87 | 0.69 | 0.65 | 0.54 | 0.60 |
| Total Current Assets | 8.78 | 11.23 | 14.85 | 6.51 | 9.73 |
| Net PPE | 0.17 | 0.20 | 0.24 | 0.28 | 0.38 |
| Operating Lease ROU | 0.14 | 0.16 | 0.18 | 0.23 | 0.32 |
| Intangible Assets | 0.76 | 0.76 | 0.83 | 0.84 | 0.80 |
| Total Assets | 9.84 | 12.18 | 15.92 | 7.62 | 10.93 |
| Accounts Payable | 1.75 | 1.64 | 1.22 | 0.37 | 0.30 |
| Current Lease Liabilities | 0.10 | 0.10 | 0.07 | 0.07 | 0.13 |
| Other Current Liabilities | — | 0.84 | 0.74 | 1.82 | 0.72 |
| Total Current Liabilities | 2.17 | 2.58 | 2.04 | 2.26 | 1.15 |
| Long-term Lease Liabilities | 0.04 | 0.07 | 0.11 | 0.17 | 0.23 |
| Total Liabilities | 2.21 | 2.65 | 2.15 | 2.43 | 1.37 |
| Retained Earnings | (106.70) | (104.51) | (99.02) | (93.72) | (88.52) |
| Total Equity | 7.62 | 9.53 | 13.76 | 5.19 | 9.55 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (2.19) | (0.31) | (1.43) | (1.68) |
| D&A | 0.01 | 0.01 | 0.01 | 0.01 |
| Stock-Based Comp | 0.08 | 0.03 | 0.77 | 0.05 |
| Δ Working Cap & Other | 0.76 | (1.01) | (1.18) | 1.11 |
| Operating Cash Flow | (1.35) | (1.28) | (1.83) | (0.51) |
| CapEx | — | 0.00 | 0.00 | 0.00 |
| Investing Cash Flow | (0.06) | (0.02) | (0.02) | (0.02) |
| Financing Cash Flow | (0.03) | (0.00) | 0.00 | 0.00 |
| Effect of FX on Cash | 0.00 | 0.00 | — | — |
| Free Cash Flow | — | (1.28) | (1.83) | (0.51) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (5.61) | (5.50) | (5.30) | (5.19) | (5.76) |
| D&A | 0.03 | 0.03 | 0.02 | 0.15 | 0.16 |
| Stock-Based Comp | 0.92 | 0.89 | 0.53 | 0.61 | 0.37 |
| Δ Working Cap & Other | (0.31) | (0.16) | 0.38 | 1.20 | 0.23 |
| Operating Cash Flow | (4.97) | (4.74) | (4.37) | (3.23) | (4.99) |
| CapEx | — | (0.00) | (0.04) | — | (0.01) |
| Other Investing | — | — | — | 2.49 | (2.68) |
| Investing Cash Flow | (0.12) | (0.10) | (0.22) | 2.49 | (2.69) |
| Stock Issuance | — | 0.00 | 12.97 | 0.00 | 6.54 |
| Financing Cash Flow | (0.04) | (0.02) | 12.95 | (0.01) | 6.54 |
| Effect of FX on Cash | — | 0.00 | (0.00) | (0.01) | (0.02) |
| Free Cash Flow | — | (4.74) | (4.41) | — | (5.00) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 4.05 | 4.34 | 3.28 | 3.56 |
| Quick Ratio | — | — | — | — |
| Debt / Equity | 0.29 | 0.28 | 0.40 | 0.37 |
| EBITDA Margin % | (1190.1%) | (22.3%) | (169.4%) | (1376.7%) |
| Working Capital | 6.61 | 8.64 | 8.17 | 9.48 |
| Net Debt | — | — | — | — |
| ROE % | (28.7%) | (3.3%) | (15.7%) | (16.1%) |
| ROA % | (22.3%) | (2.6%) | (11.2%) | (11.8%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 4.05 | 4.34 | 7.28 | 2.89 | 8.49 |
| Quick Ratio | — | — | — | — | — |
| Debt / Equity | 0.29 | 0.28 | 0.16 | 0.47 | 0.14 |
| EBITDA Margin % | (132.7%) | (127.0%) | (179.8%) | (242.6%) | (1592.5%) |
| Working Capital | 6.61 | 8.64 | 12.81 | 4.25 | 8.59 |
| Net Debt | — | — | — | — | — |
| ROE % | (73.6%) | (57.7%) | (38.5%) | (100.0%) | (60.3%) |
| ROA % | (57.0%) | (45.1%) | (33.3%) | (68.2%) | (52.7%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-07-24 | PASQUESI JOHN M | 10% Owner | 2026-07-22 | P | 500,000 | $3.54 | $1,770,000 |
| 2026-07-02 | Basenese Lou | Director | 2026-06-30 | A | 4,595 | — | $0 |
| 2026-07-02 | Silva Gil Todd | Director | 2026-06-30 | A | 4,087 | — | $0 |
| 2026-07-02 | Silva Gil Todd | Director | 2026-06-30 | A | 4,595 | — | $0 |
| 2026-07-02 | DIGIANDOMENICO ANTHONY | Director | 2026-06-30 | A | 4,595 | — | $0 |
| 2026-04-27 | Silva Gil Todd | Director | 2026-04-23 | P | 1,000 | $5.32 | $5,319 |
| 2026-04-27 | Silva Gil Todd | Director | 2026-04-23 | P | 1,000 | $5.25 | $5,250 |
| 2026-04-27 | Deller Colin James | Director, Officer (Chief Executive Officer) | 2026-02-26 | A | 7,001 | $5.62 | $39,318 |
| 2026-04-27 | Deller Colin James | Director, Officer (Chief Executive Officer) | 2026-02-26 | F | (3,501) | $5.62 | -$19,662 |
| 2026-04-02 | Basenese Lou | Director | 2026-03-31 | A | 3,024 | — | $0 |
| 2026-04-02 | Silva Gil Todd | Director | 2026-03-31 | A | 3,440 | — | $0 |
| 2026-04-02 | Silva Gil Todd | Director | 2026-03-31 | A | 3,024 | — | $0 |
| 2026-04-02 | DIGIANDOMENICO ANTHONY | Director | 2026-03-31 | A | 3,024 | — | $0 |
| 2026-03-19 | Silva Gil Todd | Director | 2026-03-17 | P | 2,000 | $4.20 | $8,400 |
| 2026-03-19 | Silva Gil Todd | Director | 2026-03-16 | P | 2,000 | $4.36 | $8,710 |
| 2026-03-02 | Deller Colin James | Officer (Chief Executive Officer) | 2026-02-26 | A | 210,043 | — | $0 |
| 2026-03-02 | Deller Colin James | Officer (Chief Executive Officer) | 2026-02-26 | F | (105,022) | $0.56 | -$58,980 |
| 2026-03-02 | Hinds Brent | Officer (Chief Financial Officer) | 2026-02-26 | A | 56,645 | — | $0 |
| 2026-03-02 | Hinds Brent | Officer (Chief Financial Officer) | 2026-02-26 | F | (20,761) | $0.56 | -$11,659 |
| 2026-03-02 | Hinds Brent | Officer (Chief Financial Officer) | 2026-02-26 | A | 47,009 | — | $0 |
| 2026-02-24 | Hinds Brent | Officer (Chief Financial Officer) | 2026-02-22 | M | 7,547 | — | $0 |
| 2026-02-24 | Hinds Brent | Officer (Chief Financial Officer) | 2026-02-22 | F | (2,765) | $0.59 | -$1,645 |
| 2026-02-24 | Hinds Brent | Officer (Chief Financial Officer) | 2026-02-22 | M | (7,547) | — | $-0 |
| 2026-02-24 | Hinds Brent | Officer (Chief Financial Officer) | 2026-02-20 | M | 9,315 | — | $0 |
| 2026-02-24 | Hinds Brent | Officer (Chief Financial Officer) | 2026-02-20 | F | (3,413) | $0.59 | -$2,030 |
| 2026-02-24 | Hinds Brent | Officer (Chief Financial Officer) | 2026-02-20 | M | (9,315) | — | $-0 |
| 2026-02-04 | Hinds Brent | Officer (Chief Financial Officer) | 2026-02-02 | M | 10,127 | — | $0 |
| 2026-02-04 | Hinds Brent | Officer (Chief Financial Officer) | 2026-02-02 | F | (3,711) | $0.60 | -$2,223 |
| 2026-02-04 | Hinds Brent | Officer (Chief Financial Officer) | 2026-02-02 | M | (10,127) | — | $-0 |
| 2025-10-03 | Basenese Lou | Director | 2025-10-01 | A | 24,621 | — | $0 |
| 2025-10-03 | Silva Gil Todd | Director | 2025-10-01 | A | 26,830 | — | $0 |
| 2025-07-03 | Maley David M | Director | 2025-07-01 | A | 9,452 | — | $0 |
| 2025-07-03 | Silva Gil Todd | Director | 2025-07-01 | A | 32,638 | — | $0 |
| 2025-07-03 | de Lacy Catharine | Director | 2025-07-01 | A | 32,175 | — | $0 |
| 2025-07-03 | Schrecker Judith S | Director | 2025-07-01 | A | 46,296 | — | $0 |
| 2025-07-03 | Basenese Lou | Director | 2025-07-01 | A | 34,722 | — | $0 |
| 2025-05-27 | Basenese Lou | Director | 2025-05-22 | A | 10,923 | — | $0 |
| 2025-04-03 | de Lacy Catharine | Director | 2025-04-01 | A | 24,857 | — | $0 |
| 2025-04-03 | Schrecker Judith S | Director | 2025-04-01 | A | 33,735 | — | $0 |
| 2025-04-03 | Silva Gil Todd | Director | 2025-04-01 | A | 19,369 | — | $0 |
| 2025-04-03 | Maley David M | Director | 2025-04-01 | A | 23,728 | — | $0 |
| 2025-02-25 | Hinds Brent | Officer (Chief Financial Officer) | 2025-02-24 | M | 7,547 | — | $0 |
| 2025-02-25 | Hinds Brent | Officer (Chief Financial Officer) | 2025-02-24 | F | (2,636) | $0.80 | -$2,107 |
| 2025-02-25 | Hinds Brent | Officer (Chief Financial Officer) | 2025-02-24 | M | (7,547) | — | $-0 |
| 2025-02-24 | Hinds Brent | Officer (Chief Financial Officer) | 2025-02-20 | A | 51,176 | — | $0 |
| 2025-02-24 | Hinds Brent | Officer (Chief Financial Officer) | 2025-02-20 | F | (18,757) | $0.86 | -$16,109 |
| 2025-02-24 | Hinds Brent | Officer (Chief Financial Officer) | 2025-02-20 | A | 27,946 | — | $0 |
| 2025-02-24 | Deller Colin James | Officer (Chief Executive Officer) | 2025-02-20 | A | 100,393 | — | $0 |
| 2025-02-24 | Deller Colin James | Officer (Chief Executive Officer) | 2025-02-20 | F | (49,846) | $0.86 | -$42,808 |
| 2025-02-21 | Hinds Brent | Officer (Chief Financial Officer) | 2025-02-02 | M | 10,127 | — | $0 |
| 2025-02-21 | Hinds Brent | Officer (Chief Financial Officer) | 2025-02-02 | F | (3,712) | $1.20 | -$4,454 |
| 2025-02-21 | Hinds Brent | Officer (Chief Financial Officer) | 2025-02-02 | M | (10,127) | — | $-0 |
| 2025-02-21 | Hinds Brent | Officer (Chief Financial Officer) | 2024-05-20 | M | 2,627 | — | $0 |
| 2025-02-21 | Hinds Brent | Officer (Chief Financial Officer) | 2024-05-20 | F | (963) | $0.78 | -$751 |
| 2025-02-21 | Hinds Brent | Officer (Chief Financial Officer) | 2024-05-20 | M | (2,627) | — | $-0 |
| 2025-01-06 | de Lacy Catharine | Director | 2025-01-02 | A | 13,848 | — | $0 |
| 2025-01-06 | Silva Gil Todd | Director | 2025-01-02 | A | 10,791 | — | $0 |
| 2025-01-06 | Schrecker Judith S | Director | 2025-01-02 | A | 18,794 | — | $0 |
| 2025-01-06 | Maley David M | Director | 2025-01-02 | A | 13,219 | — | $0 |
| 2024-10-03 | Silva Gil Todd | Director | 2024-10-01 | A | 18,477 | — | $0 |
| 2024-10-03 | Schrecker Judith S | Director | 2024-10-01 | A | 32,181 | — | $0 |
| 2024-10-03 | Maley David M | Director | 2024-10-01 | A | 22,634 | — | $0 |
| 2024-10-03 | de Lacy Catharine | Director | 2024-10-01 | A | 23,712 | — | $0 |
| 2024-08-05 | Silva Gil Todd | Director | 2024-08-01 | A | 12,364 | — | $0 |