ClearSign designs, develops and markets technologies that aim to improve the key performance characteristics of combustion systems, including emission, operational performance, energy efficiency and overall cost effectiveness.
SEATTLE, Nov. 8, 2018 /PRNewswire/ -- ClearSign Combustion Corporation (Nasdaq: CLIR) ("ClearSign" or the "Company"), an emerging leader in industrial combustion technologies that improve energy and operational efficiencies while dramatically reducing emissions, today announced its results for the third quarter ended September 30, 2018.
"The Company continues to move forward on many fronts, the most important of which is expanding our pipeline of commercial opportunities," said Steve Pirnat, CEO of ClearSign. "We are now working on 75 active opportunities, up from 68 last quarter, with a wide range of customers from large refiners to global supermajors to leading industrial boiler manufacturers. While we have not disclosed the revenue potential associated with this growing pipeline, I can report it increased 45% since our last update and provides a clear path to breakeven and ultimate profitability, if successful."
Pirnat continued, "These figures, of course, do not include the prospects for our Duplex technology in China. I'm equally encouraged by our progress in this key market and look forward to providing important updates on this potentially transformative project in the coming weeks."
"Last, but not least, the regulatory environment continues to support reduced emissions levels and greater fines for non-compliance as people demand a cleaner, healthier environment for themselves and their children. These regulations will vary by geographic area, and the size and type of the asset like fired heaters or industrial boilers. While the regulators are actively seeking proven solutions to improve air quality, projects like the recently announced collaboration among Clearsign Combustion, a southern California refiner and the SCAQMD are excellent examples of proactive efforts to reduce emissions to BACT using ClearSign's patented Dulpex technology," concluded Mr. Pirnat.
Recent strategic and operational highlights during and subsequent to the third quarter included:
The net loss for the second quarter was $2.3 million compared to $2.5 million a year ago. The difference was primarily due to a decrease in general and administrative costs.
On July 20, 2018, ClearSign received approximately $11.7 million in net cash proceeds from the closing of a private placement of its common stock.
Cash and cash equivalents totaled $18.1 million as of September 30, 2018, with no long-term debt outstanding.
Shares outstanding at September 30, 2018 were 26,660,980.
Third Quarter 2018 Conference Call
A conference call discussing the release of the Company's results for the third quarter ending September 30, 2018 will be held today, November 8, 2018, at 5:00PM Eastern Time. Investors interested in participating can dial 1-866-372-4653 within U.S. or 1-412-902-4217 from abroad. Investors can also access the call online through a listen-only webcast at https://www.webcaster4.com/Webcast/Page/987/27900 or on the investor relations section of the Company's website at http://ir.clearsign.com/overview.
The webcast will be archived on the Company's investor relations website for at least 90 days and a telephonic playback of the conference call will be available by calling 1-877-344-7529 within U.S. or 1-412-317-0088 from abroad. Conference ID 10125487. The telephonic playback will be available for 7 days after the conference call.
About ClearSign Combustion Corporation
ClearSign Combustion Corporation designs and develops products and technologies for the purpose of improving key performance characteristics of combustion systems, including emissions and operational performance, energy efficiency and overall cost-effectiveness. Our patented Duplex™, Duplex Plug & Play™ and Electrodynamic Combustion Control™ platform technologies enhance the performance of combustion systems in a broad range of markets, including the energy (upstream oil production and down-stream refining), commercial/industrial boiler, chemical, petrochemical, and power industries. For more information, please visit www.clearsign.com.
Cautionary note on forward-looking statements
All statements in this press release that are not based on historical fact are "forward-looking statements." You can find many (but not all) of these statements by looking for words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "would," "should," "could," "may," "will" or other similar expressions. While management has based any forward-looking statements included in this press release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of our control, which could cause actual results to materially differ from such statements. Such risks, uncertainties and other factors include, but are not limited to, general business and economic conditions, the performance of management and our employees, our ability to obtain financing, competition, whether our technology will be accepted and other factors identified in our Annual Report on Form 10-K filed with the Securities & Exchange Commission and available at www.sec.gov and other factors that are to be detailed in our periodic and current reports available for review at www.sec.gov. Furthermore, we operate in a competitive environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. We disclaim any intention to, and undertake no obligation to, update or revise forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
ClearSign Combustion Corporation
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Common stock, $0.0001 par value, 26,660,980 and 15,608,853 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively
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SOURCE ClearSign Combustion Corporation