Revenue declined sharply, but the company's order pipeline (32- and 36-burner projects, M1 orders) and upcoming flare/burner startups signal potential revenue inflection in H2 2026. Monitor the 26-burner Gulf Coast startup expected in October 2026 for a catalyst. Near-term cash burn (~$1.3M/quarter) requires attention.
Price Chart
Executive Summary
ClearSign reported Q1 2026 revenue of approximately $200,000, down 50% YoY from $400,000, missing the $1.3M consensus by 85%. EPS of -$0.39 missed the -$0.28 estimate by 39%. The miss was driven by lower spare part deliveries and a $410,000 warranty accrual. However, the company highlighted progress on a 32-burner California refinery order, a new M1 burner order, and successful Gen 2 technology demonstrations. Cash stands at $7.7M.
Key Financial Metrics
Key Facts
- Q1 2026 revenue: $200,000 (down 50% YoY from $400,000)
- EPS: -$0.39 vs consensus -$0.28 (miss of 39%)
- Gross profit decreased $589,000 YoY due to lower revenue and $410K warranty accrual
- Cash: $7.7M at March 31, 2026
- Received next phase order for 32-burner California refinery project (engineering & testing ~$500K)
- New M1 burner order for West Texas midstream heater
- Successful Gen 2 process burner demonstration at Zeeco with 23 attendees from 8 refiners
- Reverse stock split (1:10) effective March 16, 2026
Financial Impact
Revenue miss of ~$1.1M vs consensus; EPS miss of $0.11; warranty accrual of $410K affecting gross margin
Risk Factors
- Revenue lumpiness and dependency on large project timing
- Warranty exposure from installed equipment in California refinery
- Cash runway: $7.7M implies ~6 quarters at current burn rate without revenue growth
- Reverse stock split may affect liquidity and institutional ownership
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-065175 |
| Document: tm2615171d1_8k.htm | 0001104659-26-065175 |
| Document: tm2615171d1_ex99-1.htm | 0001104659-26-065175 |
| Document: 0001104659-26-065175-index-headers.html | 0001104659-26-065175 |
| Document: 0001104659-26-065175-index.html | 0001104659-26-065175 |
| Document: 0001104659-26-065175.txt | 0001104659-26-065175 |
| 8-K Data (Synthetic) | 0001104659-26-065175 |
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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