ClearSign Technologies (CLIR)
Market Price (5/7/2026): $4.87 | Market Cap: $273.1 MilSector: Industrials | Industry: Environmental & Facilities Services
ClearSign Technologies (CLIR)
Market Price (5/7/2026): $4.87Market Cap: $273.1 MilSector: IndustrialsIndustry: Environmental & Facilities Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 46% Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, and Hydrogen Economy. Themes include Decarbonization Technologies, Industrial Energy Efficiency, Show more. | Weak multi-year price returns2Y Excs Rtn is -85%, 3Y Excs Rtn is -129% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -5.9 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -113% Expensive valuation multiplesP/SPrice/Sales ratio is 53x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 17% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -90%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -92% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 3554% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.2% High stock price volatilityVol 12M is 917% Key risksCLIR key risks include [1] significant liquidity challenges due to persistent cash burn and an inability to generate predictable revenue, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 46% |
| Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, and Hydrogen Economy. Themes include Decarbonization Technologies, Industrial Energy Efficiency, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -85%, 3Y Excs Rtn is -129% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -5.9 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -113% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 53x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 17% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -90%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -92% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 3554% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.2% |
| High stock price volatilityVol 12M is 917% |
| Key risksCLIR key risks include [1] significant liquidity challenges due to persistent cash burn and an inability to generate predictable revenue, Show more. |
Qualitative Assessment
AI Analysis | Feedback
ClearSign Technologies (CLIR) stock has lost about 20% since 1/31/2026 because of the following key factors:
1. Reverse Stock Split and Negative Investor Sentiment.
ClearSign Technologies Corporation implemented a 1-for-10 reverse stock split, effective March 16, 2026, primarily to comply with Nasdaq's minimum bid price requirements. While intended for compliance, reverse stock splits are often perceived negatively by investors, signaling underlying financial challenges or struggles to maintain stock value.
2. Increased Net Loss and Operating Cash Burn.
Despite reporting record revenues of approximately $3.7 million for Q4 2025 and $5.2 million for the full year 2025 (a 44% increase year-over-year), the company's net loss increased by approximately $197,000 in 2025 compared to 2024, largely due to approximately $746,000 in nonrecurring legal fees. Furthermore, net cash used in operations for the full year 2025 grew to approximately $4.7 million, up from $4.4 million in 2024, indicating continued cash utilization.
Show more
1. Reverse Stock Split and Negative Investor Sentiment.
ClearSign Technologies Corporation implemented a 1-for-10 reverse stock split, effective March 16, 2026, primarily to comply with Nasdaq's minimum bid price requirements. While intended for compliance, reverse stock splits are often perceived negatively by investors, signaling underlying financial challenges or struggles to maintain stock value.
2. Increased Net Loss and Operating Cash Burn.
Despite reporting record revenues of approximately $3.7 million for Q4 2025 and $5.2 million for the full year 2025 (a 44% increase year-over-year), the company's net loss increased by approximately $197,000 in 2025 compared to 2024, largely due to approximately $746,000 in nonrecurring legal fees. Furthermore, net cash used in operations for the full year 2025 grew to approximately $4.7 million, up from $4.4 million in 2024, indicating continued cash utilization.
Show more
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The -18.3% change in CLIR stock from 1/31/2026 to 5/6/2026 was primarily driven by a -90.1% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 1312026 | 5062026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.01 | 4.91 | -18.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2 | 5 | 143.1% |
| P/S Multiple | 15.6 | 52.6 | 238.1% |
| Shares Outstanding (Mil) | 6 | 56 | -90.1% |
| Cumulative Contribution | -18.3% |
Market Drivers
1/31/2026 to 5/6/2026| Return | Correlation | |
|---|---|---|
| CLIR | -18.3% | |
| Market (SPY) | 3.6% | 14.9% |
| Sector (XLI) | 7.2% | 8.8% |
Fundamental Drivers
The -43.6% change in CLIR stock from 10/31/2025 to 5/6/2026 was primarily driven by a -90.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312025 | 5062026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.70 | 4.91 | -43.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3 | 5 | 75.5% |
| P/S Multiple | 16.1 | 52.6 | 226.7% |
| Shares Outstanding (Mil) | 6 | 56 | -90.2% |
| Cumulative Contribution | -43.6% |
Market Drivers
10/31/2025 to 5/6/2026| Return | Correlation | |
|---|---|---|
| CLIR | -43.6% | |
| Market (SPY) | 5.5% | 12.0% |
| Sector (XLI) | 14.8% | 6.6% |
Fundamental Drivers
The -17.1% change in CLIR stock from 4/30/2025 to 5/6/2026 was primarily driven by a -41.7% change in the company's P/S Multiple.| (LTM values as of) | 4302025 | 5062026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.93 | 4.91 | -17.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4 | 5 | 45.6% |
| P/S Multiple | 90.3 | 52.6 | -41.7% |
| Shares Outstanding (Mil) | 55 | 56 | -2.3% |
| Cumulative Contribution | -17.1% |
Market Drivers
4/30/2025 to 5/6/2026| Return | Correlation | |
|---|---|---|
| CLIR | -17.1% | |
| Market (SPY) | 30.4% | 9.5% |
| Sector (XLI) | 36.6% | 6.2% |
Fundamental Drivers
The -53.7% change in CLIR stock from 4/30/2023 to 5/6/2026 was primarily driven by a -95.1% change in the company's P/S Multiple.| (LTM values as of) | 4302023 | 5062026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.60 | 4.91 | -53.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 5 | 1299.5% |
| P/S Multiple | 1,078.4 | 52.6 | -95.1% |
| Shares Outstanding (Mil) | 38 | 56 | -32.2% |
| Cumulative Contribution | -53.7% |
Market Drivers
4/30/2023 to 5/6/2026| Return | Correlation | |
|---|---|---|
| CLIR | -53.7% | |
| Market (SPY) | 78.7% | 7.1% |
| Sector (XLI) | 85.0% | 5.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CLIR Return | -53% | -61% | 107% | 30% | -61% | -12% | -83% |
| Peers Return | 9% | -13% | 15% | 18% | 8% | 3% | 43% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 6% | 93% |
Monthly Win Rates [3] | |||||||
| CLIR Win Rate | 42% | 17% | 42% | 67% | 42% | 40% | |
| Peers Win Rate | 52% | 42% | 46% | 50% | 54% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| CLIR Max Drawdown | -58% | -61% | -1% | -42% | -65% | -92% | |
| Peers Max Drawdown | -19% | -26% | -13% | -12% | -25% | -6% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FTEK, HON, GTLS, KAI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/6/2026 (YTD)
How Low Can It Go
| Event | CLIR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -42.0% | -18.8% |
| % Gain to Breakeven | 72.4% | 23.1% |
| Time to Breakeven | 185 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -23.0% | -7.8% |
| % Gain to Breakeven | 29.9% | 8.5% |
| Time to Breakeven | 43 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -35.7% | -9.5% |
| % Gain to Breakeven | 55.4% | 10.5% |
| Time to Breakeven | 25 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -51.4% | -24.5% |
| % Gain to Breakeven | 105.7% | 32.4% |
| Time to Breakeven | 206 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.0% | -33.7% |
| % Gain to Breakeven | 100.2% | 50.9% |
| Time to Breakeven | 5 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -44.8% | -19.2% |
| % Gain to Breakeven | 81.2% | 23.7% |
| Time to Breakeven | 537 days | 105 days |
In The Past
ClearSign Technologies's stock fell -42.0% during the 2025 US Tariff Shock. Such a loss loss requires a 72.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | CLIR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -42.0% | -18.8% |
| % Gain to Breakeven | 72.4% | 23.1% |
| Time to Breakeven | 185 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -23.0% | -7.8% |
| % Gain to Breakeven | 29.9% | 8.5% |
| Time to Breakeven | 43 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -35.7% | -9.5% |
| % Gain to Breakeven | 55.4% | 10.5% |
| Time to Breakeven | 25 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -51.4% | -24.5% |
| % Gain to Breakeven | 105.7% | 32.4% |
| Time to Breakeven | 206 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.0% | -33.7% |
| % Gain to Breakeven | 100.2% | 50.9% |
| Time to Breakeven | 5 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -44.8% | -19.2% |
| % Gain to Breakeven | 81.2% | 23.7% |
| Time to Breakeven | 537 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -44.6% | -12.2% |
| % Gain to Breakeven | 80.5% | 13.9% |
| Time to Breakeven | 207 days | 62 days |
| 2013 Taper Tantrum | ||
| % Loss | -35.5% | -0.2% |
| % Gain to Breakeven | 55.1% | 0.2% |
| Time to Breakeven | 17 days | 1 days |
In The Past
ClearSign Technologies's stock fell -42.0% during the 2025 US Tariff Shock. Such a loss loss requires a 72.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About ClearSign Technologies (CLIR)
ClearSign Technologies Corporation designs and develops products and technologies to enhance operational performance, energy efficiency, emission reduction, safety, and overall cost-effectiveness of industrial and commercial systems in the United States and the People's Republic of China. Its ClearSign Core Burner Technology consists of an industrial burner body and a downstream porous ceramic structure or metal flame stabilizing device; ClearSign Core Plug & Play technology provides direct burner replacement for traditional refinery process heaters; and ClearSign Eye Flame Sensor, an electrical flame sensor for industrial applications. The company also provides ClearSign Core Boiler Burner; and ClearSign Core Flaring Burners technologies. It serves energy, institutional, commercial and industrial boiler, chemical, and petrochemical industries. The company was formerly known as ClearSign Combustion Corporation and changed its name ClearSign Technologies Corporation in November 2019. ClearSign Technologies Corporation was incorporated in 2008 and is headquartered in Tulsa, Oklahoma.
AI Analysis | Feedback
Here are 1-3 brief analogies for ClearSign Technologies (CLIR):
- ClearSign Technologies is like Intel for industrial burners and flame sensors, providing advanced core technology for essential industrial equipment.
- ClearSign Technologies is like a specialized Johnson Controls for cleaner and more efficient industrial furnaces and boilers, focused on making heavy industry combustion processes environmentally better and more cost-effective.
- ClearSign Technologies is like Gore-Tex for industrial combustion components, providing specialized technology for enhanced performance, safety, and emission reduction in industrial systems.
AI Analysis | Feedback
```html- ClearSign Core Burner Technology: An industrial burner technology consisting of a burner body and a downstream porous ceramic or metal flame stabilizing device.
- ClearSign Core Plug & Play technology: A direct burner replacement solution designed for traditional refinery process heaters.
- ClearSign Eye Flame Sensor: An electrical flame sensor specifically developed for industrial applications.
- ClearSign Core Boiler Burner: Burner technology designed for use in industrial and commercial boilers.
- ClearSign Core Flaring Burners technologies: Burner technologies engineered for flaring applications.
AI Analysis | Feedback
```htmlClearSign Technologies (CLIR) operates in a business-to-business (B2B) model, selling its products and technologies to other companies within industrial sectors. While the company has installed its technologies at various facilities globally, based on publicly available information, ClearSign Technologies does not specifically identify individual "major customers" (i.e., named customer companies that consistently account for a substantial portion of their revenue) in its public filings or investor communications.
Instead, ClearSign Technologies serves a diverse range of industrial companies across several sectors. The primary categories of customer companies it serves include:
- Energy and Petrochemical Companies: This includes operators of refineries, chemical plants, and other petrochemical facilities that utilize ClearSign's burner technologies for process heaters, reducing emissions, and improving efficiency.
- Industrial and Commercial Boiler Operators/Manufacturers: Companies that operate large industrial boilers for power generation, steam production, or heating, as well as original equipment manufacturers (OEMs) that integrate ClearSign's burner solutions into their boiler products.
- Institutional and Commercial Facilities: Certain larger institutional or commercial facilities requiring industrial-grade combustion solutions for heating or process applications.
AI Analysis | Feedback
nullAI Analysis | Feedback
```htmlDr. Jim Deller, Chief Executive Officer
Dr. Deller joined ClearSign in 2019 and was appointed CEO on April 1, 2019. He brings 28 years of burner experience and over a decade of operating and sales experience in China. Prior to ClearSign, he spearheaded the Honeywell UOP Callidus burner sales division, where he led international teams in developing and introducing new technologies, expanding into new markets, and increasing global burner sales. From 2010 until he left Callidus, following its acquisition by Honeywell, Dr. Deller served as General Manager with full profit and loss accountability for the Honeywell UOP Callidus burner business worldwide.
Brent Hinds, Chief Financial Officer
Mr. Hinds was promoted to Chief Financial Officer in August 2023. He previously served as Vice President of Finance and Controller at ClearSign, which he joined in October 2021. Prior to ClearSign, Mr. Hinds was Vice President of Finance at Enovation Controls, Inc., a subsidiary of Helios Technologies, where he focused on global sales, manufacturing, and application engineering operations. His responsibilities at Enovation Controls included consolidation of reporting across four legal entities and managing significant revenues and assets.
Matthew Martin, Chief Technology Officer
Mr. Martin has over 20 years of experience in combustion-related industries, with expertise in product development, business development, sales, and marketing. He is the inventor or co-inventor for over 25 patents related to combustion, heat transfer, sensors, and data analysis for combustion.
Jeff Lewallen, VP of Burners
Mr. Lewallen joined ClearSign with 27 years of experience in the burner industry, including the management of product development and sales teams. He is responsible for implementing growth strategies for low emission process burner technology for applications in refineries and ethylene plants, and he leads Research & Development for process burners.
Dr. Venkatesh Iyer, Engineering Manager
Dr. Iyer joined ClearSign in 2017 and has 9 years of combustion experience. He previously worked on thermoelectric regeneration for recycling waste heat from biomass combustion systems to provide electricity and reduce harmful particulate emissions. He has played a vital role in the development of ClearSign's Process Burners and Boiler Burners.
```AI Analysis | Feedback
The key risks to ClearSign Technologies (CLIR) are:
- Challenges in Profitability and Financial Health: ClearSign Technologies faces significant profitability challenges, as evidenced by its negative operating margin of -322.11% and net margin of -294.89%. The company's Altman Z-Score of -7.27 places it in the distress zone, implying a potential risk of bankruptcy within the next two years, and its Piotroski F-Score of 3 suggests poor business operations. While the company maintains a strong liquidity position with a current ratio of 3.28, its operational expenses exceed its revenue, leading to a pre-profitability cash burn. Investors should anticipate the need for future funding, likely through additional equity offerings, which could dilute existing shareholders.
- Lumpy and Concentrated Revenue: The company experiences erratic quarterly revenue growth, characteristic of a capital equipment business that relies on large, infrequent orders. This revenue volatility is further exacerbated by extreme customer concentration, with the two largest customers accounting for a staggering 86% of total revenue in 2024. This high dependency on a limited number of clients presents a substantial risk to the company's financial stability.
- Competition and Market Adoption of New Technology: ClearSign Technologies operates in a competitive industrial sector where technological advancements and regulatory changes pose ongoing challenges. The company's long-term success hinges on its ability to innovate and adapt, successfully complete field testing and sales of its products, and expand the market for its technologies. While ClearSign's technology aims to reduce emissions and enhance efficiency, it must continually prove its value against existing alternatives and unforeseen market risks.
AI Analysis | Feedback
null
AI Analysis | Feedback
ClearSign Technologies (CLIR) operates in several significant addressable markets related to industrial combustion and emission reduction technologies.
ClearSign Core Burner Technology (Industrial Burners)
- The global industrial burner market was valued at approximately USD 6.8 billion in 2024 and is projected to reach USD 11.1 billion by 2034, growing at a compound annual growth rate (CAGR) of over 5.1% from 2025 to 2034.
- In the United States, the industrial burner market size reached USD 1.5 billion in 2024 and is expected to grow at a CAGR of 5.1% from 2025 to 2034.
- The industrial burner market in China was valued at USD 633.96 million in 2024 and is projected to grow at a CAGR of 8.0% during the forecast period.
- The Asia Pacific industrial burner market, which includes China, was valued at USD 1,408.80 million in 2024 and is expected to expand at a CAGR of 8.5% from 2024 to 2031.
ClearSign Core Plug & Play Technology (Refinery Process Heaters/Industrial Boilers)
- While a specific market size for "refinery process heater burners" is not explicitly provided, the refining and petrochemicals sector is a key application for industrial burners and boilers. The global refinery industrial boiler market is projected to exceed USD 1.5 billion by 2035.
- More broadly, the global industrial boilers market was valued at approximately USD 16.70 billion in 2024 and is expected to reach USD 21.65 billion by 2032, with a CAGR of 3.30%. Other estimates place the global industrial boiler market at USD 17.44 billion in 2025, growing to USD 24.09 billion by 2034 at a CAGR of 3.66%.
ClearSign Eye Flame Sensor (Industrial Flame Detectors)
- The global flame detector market size was valued at USD 1.36 billion in 2024 and is anticipated to reach USD 2.55 billion by 2032, exhibiting a CAGR of 7.72% from 2025 to 2032.
- North America holds the largest share of the flame detector market, with the U.S. being a leading adopter. The U.S. flame detector market itself was reflected in the global market valued at USD 1.8 billion in 2023. ClearSign Technologies notes that the addressable market for its ClearSign Eye sensors is "vastly" larger than for process burners, as these sensors apply to every process burner equipped with a flame sensor.
ClearSign Core Boiler Burner (Industrial Boiler Burners)
- The global industrial burner on boiler market was estimated at USD 1.27 billion in 2025 and is projected to grow to USD 2.67 billion by 2035, at a CAGR of 7.9% from 2026 to 2035.
- The industrial boiler market in the U.S. was valued at USD 1.8 billion in 2024 and is expected to reach USD 3.1 billion by 2034, with a CAGR of 5.3% from 2025 to 2034.
- The China industrial burner on boiler market was valued at USD 179 million in 2025 and is estimated to grow at a CAGR of 8.1% from 2026 to 2035.
ClearSign Core Flaring Burners Technologies (Flare Gas Recovery Systems and Flare Monitoring)
- The global flare gas recovery system market was valued at over USD 2.32 billion in 2025 and is projected to reach USD 4.61 billion by 2035, demonstrating a CAGR of around 7.1% from 2026 to 2035.
- The U.S. flare gas recovery system market reached USD 203.2 million in 2025 and is anticipated to grow to USD 324.2 million by 2035, with a CAGR of 6.8%.
- The global flare monitoring market, which includes systems relevant to flaring burners, was valued at USD 1.33 billion in 2024 and is estimated to reach USD 2.95 billion by 2035, growing at a CAGR of 7.6%.
- The U.S. flare monitoring market size was valued at USD 0.26 billion in 2024.
AI Analysis | Feedback
ClearSign Technologies Corporation (CLIR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Increasing Adoption of Low-NOx Burner Technologies in Refining and Petrochemical Industries: ClearSign anticipates significant growth from the continued adoption of its ClearSign Core Burner Technology in the refining and petrochemical sectors. The company has secured and completed substantial orders for process burners in California refineries and has successfully entered the U.S. Gulf Coast market with major engineering orders for petrochemical facilities. This expansion is driven by the demand for emission reduction and enhanced operational performance in these heavy industries.
- Expansion of the ClearSign Core Flaring Burners Product Line: The company is experiencing a resurgence in its flare product line, fueled by evolving regulatory requirements for ultra-low nitrogen oxide (NOx) emissions and repeat orders from existing customers. This focus on advanced flaring solutions provides a distinct revenue stream as industries seek to comply with stricter environmental standards.
- Commercialization of New and Hydrogen-Capable Burner Technologies: ClearSign is poised for growth with the introduction and commercialization of new product innovations. Notably, this includes their Department of Energy-tested, 100% hydrogen-capable flexible fuel process burners and the new "M" Series burner line, which targets the midstream sector. These advancements position the company to capitalize on the shift towards cleaner fuels and decarbonization efforts.
- Leveraging Strategic Partnerships and Expanded Sales Channels: ClearSign aims to broaden its market reach and accelerate customer acquisition through strategic partnerships and a growing sales network. Collaborations, such as the co-branding agreement with global combustion leader Zeeco, and the engagement of third-party sales consultants and agents are crucial to extending the company's presence and efficiency in securing new business.
- Growth in Aftermarket Services and Spare Parts: As the installed base of ClearSign's technologies continues to expand across various industrial applications, the demand for aftermarket parts and services is expected to become a significant and profitable revenue stream. This recurring revenue component provides stability and growth opportunities as more of their systems are deployed and require ongoing support.
AI Analysis | Feedback
Capital Allocation Decisions for ClearSign Technologies (CLIR)
Share Issuance
- ClearSign Technologies' shares outstanding increased from 0.031 billion in Q3 2021 to 0.056 billion in Q3 2025.
- The number of shares outstanding increased by 22.92% in one year as of March 10, 2026.
Inbound Investments
- ClirSPV LLC, a significant shareholder, purchased $3.05 million worth of ClearSign Technologies common stock on June 24, 2024, at a price of $0.91 per share.
- In conjunction with the stock purchase, ClirSPV LLC also acquired redeemable warrants to buy up to 7,039,500 shares and pre-funded warrants to buy up to 1,343,000 shares.
- The company is developing a hydrogen burner with the aid of a $2 million Department of Energy grant.
Capital Expenditures
- ClearSign Technologies reported capital expenditures of $0.22 million in 2021 and 2022, $0.20 million in 2023, and $0.16 million in 2024.
- In the last 12 months as of March 10, 2026, capital expenditures were -$25,000.
- Capital expenditures in the most recent quarter totaled $0.000 million USD.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| ClearSign Technologies Earnings Notes | 12/16/2025 | |
| With ClearSign Technologies Stock Sliding, Have You Assessed The Risk? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to CLIR.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | GEO | GEO | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | RUN | Sunrun | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | 0.0% | 0.0% | 0.0% |
| 04172026 | RSG | Republic Services | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.8% | 0.8% | -1.1% |
| 04102026 | VRSK | Verisk Analytics | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 12.3% | 12.3% | 0.0% |
| 04102026 | UHAL | U-Haul | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.3% | 0.3% | -1.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 207.76 |
| Mkt Cap | 3.9 |
| Rev LTM | 1,052 |
| Op Inc LTM | 159 |
| FCF LTM | 77 |
| FCF 3Y Avg | 70 |
| CFO LTM | 86 |
| CFO 3Y Avg | 82 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.5% |
| Rev Chg 3Y Avg | 5.2% |
| Rev Chg Q | 2.4% |
| QoQ Delta Rev Chg LTM | 0.6% |
| Op Inc Chg LTM | -3.6% |
| Op Inc Chg 3Y Avg | -0.2% |
| Op Mgn LTM | 14.6% |
| Op Mgn 3Y Avg | 14.0% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 4.7% |
| CFO/Rev 3Y Avg | 2.9% |
| FCF/Rev LTM | 1.9% |
| FCF/Rev 3Y Avg | 0.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.9 |
| P/S | 3.7 |
| P/Op Inc | 15.2 |
| P/EBIT | 23.4 |
| P/E | 33.6 |
| P/CFO | 27.4 |
| Total Yield | 0.4% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -0.3% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.1% |
| 3M Rtn | -1.6% |
| 6M Rtn | 4.1% |
| 12M Rtn | 14.1% |
| 3Y Rtn | 23.6% |
| 1M Excs Rtn | -11.1% |
| 3M Excs Rtn | -8.6% |
| 6M Excs Rtn | -3.3% |
| 12M Excs Rtn | -18.2% |
| 3Y Excs Rtn | -54.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Design, development and sale of combustion technologies that improve the performance and cost | 2 | 0 | |||
| Total | 2 | 0 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Design, development and sale of combustion technologies that improve the performance and cost | 9 | 11 | 11 | ||
| Total | 9 | 11 | 11 |
Price Behavior
Price Behavior
| Market Price | $4.91 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 04/25/2012 | |
| Distance from 52W High | -53.7% | |
| 50 Days | 200 Days | |
| DMA Price | $4.65 | $6.39 |
| DMA Trend | down | down |
| Distance from DMA | 5.7% | -23.1% |
| 3M | 1YR | |
| Volatility | 1,828.7% | 919.1% |
| Downside Capture | 8.96 | 3.52 |
| Upside Capture | 1294.50 | 466.82 |
| Correlation (SPY) | 15.2% | 9.9% |
CLIR Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.34 | 22.73 | 18.24 | 11.64 | 7.03 | 2.51 |
| Up Beta | 2.72 | 18.86 | 18.80 | 19.84 | 10.13 | 2.58 |
| Down Beta | -17.24 | -13.08 | -9.35 | -4.75 | -1.56 | 1.12 |
| Up Capture | 501% | 7911% | 6412% | 3060% | 3815% | 1078% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 12 | 20 | 29 | 55 | 113 | 325 |
| Down Capture | 1666% | 735% | 503% | 310% | 217% | 113% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 10 | 22 | 34 | 69 | 137 | 410 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLIR | |
|---|---|---|---|---|
| CLIR | -17.5% | 917.3% | 0.92 | - |
| Sector ETF (XLI) | 33.3% | 15.6% | 1.65 | 6.3% |
| Equity (SPY) | 28.5% | 12.5% | 1.78 | 9.6% |
| Gold (GLD) | 40.6% | 27.2% | 1.23 | -0.3% |
| Commodities (DBC) | 50.9% | 18.0% | 2.20 | -10.3% |
| Real Estate (VNQ) | 12.8% | 13.5% | 0.65 | 5.7% |
| Bitcoin (BTCUSD) | -14.2% | 42.1% | -0.25 | 13.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLIR | |
|---|---|---|---|---|
| CLIR | -36.6% | 417.7% | 0.37 | - |
| Sector ETF (XLI) | 13.2% | 17.4% | 0.60 | 6.1% |
| Equity (SPY) | 12.7% | 17.1% | 0.58 | 7.1% |
| Gold (GLD) | 21.0% | 17.9% | 0.96 | 0.4% |
| Commodities (DBC) | 13.9% | 19.1% | 0.60 | -2.3% |
| Real Estate (VNQ) | 3.5% | 18.8% | 0.09 | 5.1% |
| Bitcoin (BTCUSD) | 8.7% | 56.1% | 0.37 | 5.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLIR | |
|---|---|---|---|---|
| CLIR | -19.8% | 309.0% | 0.34 | - |
| Sector ETF (XLI) | 14.0% | 20.0% | 0.62 | 6.9% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 7.2% |
| Gold (GLD) | 13.7% | 16.0% | 0.71 | 0.5% |
| Commodities (DBC) | 9.5% | 17.7% | 0.45 | 0.1% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 6.4% |
| Bitcoin (BTCUSD) | 68.4% | 66.9% | 1.07 | 4.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/25/2026 | -3.1% | -6.8% | -35.8% |
| 11/21/2025 | -4.4% | -11.7% | -25.1% |
| 8/15/2025 | -0.4% | 5.0% | -10.4% |
| 4/4/2025 | -18.4% | -10.3% | -3.0% |
| 11/21/2024 | 4.4% | 4.4% | -4.9% |
| 8/23/2024 | 14.8% | 3.1% | 17.5% |
| 4/25/2024 | -8.3% | 5.3% | 11.5% |
| 2/7/2024 | 5.0% | -4.0% | 13.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 10 | 6 |
| # Negative | 9 | 7 | 11 |
| Median Positive | 4.0% | 6.9% | 13.2% |
| Median Negative | -3.5% | -6.8% | -14.3% |
| Max Positive | 17.8% | 32.5% | 42.1% |
| Max Negative | -18.4% | -17.4% | -35.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.