The strong revenue growth and expanding order pipeline are positive, but traders should monitor the sustainability of margins and the conversion of the $10M+ proposal pipeline into firm orders. The upcoming startup of the Gulf Coast project in October is a key catalyst.
Price Chart
Executive Summary
ClearSign reported record Q4 and full-year 2025 revenue of $3.7M and $5.2M, respectively, a 44% YoY increase driven by a large burner order. The company highlighted a growing $10M+ pipeline, successful hydrogen-capable burner testing, and a $1M flare system order, signaling strong future demand. However, gross margin declined to 27% due to warranty accruals and net loss increased due to one-time legal fees.
Key Financial Metrics
Key Facts
- Achieved record Q4 revenue of $3.7M and full-year revenue of $5.2M, up 44% YoY.
- Gross profit margin was 27% for FY2025, down from 31% in FY2024, due to a warranty accrual.
- Net loss increased by $197K YoY, primarily due to $746K in non-recurring legal fees.
- Cash and cash equivalents were $9.2M as of Dec 31, 2025.
- Received a $1M order for a total retrofit enclosed flare system.
- Reported a successful test of its 100% hydrogen-capable burner.
- Received engineering orders for 36 and 32 process burners, respectively, from a major refiner and an integrated petroleum producer.
Financial Impact
Record $5.2M annual revenue, up 44% YoY, but with a 4 percentage point decline in gross margin.
Risk Factors
- Declining gross margin due to warranty accruals.
- Increased net loss driven by one-time legal fees.
- Revenue is described as 'lumpy' due to large, project-based orders.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-042017 |
| Document: tm2611530d1_8k.htm | 0001104659-26-042017 |
| Document: tm2611530d1_ex99-1.htm | 0001104659-26-042017 |
| Document: 0001104659-26-042017-index-headers.html | 0001104659-26-042017 |
| Document: 0001104659-26-042017-index.html | 0001104659-26-042017 |
| Document: 0001104659-26-042017.txt | 0001104659-26-042017 |
| 8-K Data (Synthetic) | 0001104659-26-042017 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 6w ago | 8-K | $3.85 $3.79 | ▼ −1.56% | ▼ −1.66% | $2.49 (−35.32%) |
Aug 11, 2026 11w ago | 8-K | $4.17 $4.67 | ▲ +11.99% | ▲ +12.39% | $2.49 (−40.29%) |
Jul 23, 2026 13w ago | 8-K | $3.35 $3.90 | ▲ +16.42% | ▲ +15.94% | $2.49 (−25.67%) |
Jun 1, 2026 21w ago | 8-K | $4.47 $3.94 | ▲ +11.86% | ▲ +9.11% | $2.49 (+44.30%) |
Jun 1, 2026 21w ago | 424B5 | $4.47 $3.94 | ▲ +11.86% | ▲ +9.11% | $2.49 (+44.30%) |
May 28, 2026 21w ago | 424B5 | $4.63 $4.38 | ▲ +5.40% | ▲ +5.11% | $2.49 (+46.22%) |
May 28, 2026 21w ago | 8-K | $4.63 $3.94 | ▼ −14.90% | ▼ −12.38% | $2.49 (−46.22%) |
May 21, 2026 22w ago | 8-K | $4.85 $4.47 | ▲ +7.84% | ▲ +9.49% | $2.49 (+48.66%) |
Apr 10, 2026 28w ago | 8-K | $5.39 $5.41 | ▲ +0.37% | ▼ −2.92% | $2.49 (−53.80%) |
US Market Status
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