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ClearSign Technologies (CLIR) Provides Updates on Q1 Operations
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ClearSign Technologies Corporation (CLIR - Free Report) provides updates on first-quarter 2024 operations prior to hosting its investors' call.
During the quarter ended on Mar 31, 2024, the company received two further purchase orders to finish the entire engineering of burners for the conversion of two more process heaters at the California refinery, bringing the total to four burners. This initial engineering is expected to be followed by purchase orders for burner manufacturing and supply.
ClearSign Technologies also announced the successful start-up of a second multi-burner heater at Kern Energy's refinery site. In January, the company announced the successful installation and operation of the first eight-burner heater.
A letter of intent for four boilers to be equipped with ClearSign Core (Rogue) burners and the purchase order for the first boiler in the series were received by California Boiler, a partner of ClearSign Technologies. In response, California Boiler ordered the first burner from ClearSign Technologies.
Following the quarter, ClearSign Technologies completed an equity offering, raising a net of $8.7 million, including the entire amount allotted, which was fully exercised on May 10, 2024. As of Mar 31, 2024, there were 39,043,023 shares of the company's common stock issued and outstanding. The company ended the quarter with cash, cash equivalents and short-term investments of $4.6 million.
It reported first-quarter revenues of $1.1 million, fairly flat with the first quarter of 2023. Revenues were in line with the Zacks Consensus Estimate. The company reported an adjusted loss of 3 cents in the quarter, in line with the Zacks Consensus Estimate. It posted an adjusted loss of 4 cents in the year-ago quarter.
Price Performance
CLIR shares have lost 51.3% in the past year against the industry’s growth of 5.1%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
ClearSign Technologies currently carries a Zacks Rank #3 (Hold).
The Zacks Consensus Estimate for Intellicheck’s 2024 earnings is pegged at 2 cents per share. The consensus estimate for 2024 earnings has been unchanged in the past 60 days. The company has a trailing four-quarter average earnings surprise of 28.9%. IDN shares have gained 13.7% in the past year.
Applied Industrial has an average trailing four-quarter earnings surprise of 8.2%. The Zacks Consensus Estimate for AIT’s 2024 earnings is pinned at $9.62 per share, which indicates year-over-year growth of 9.9%. Estimates have moved north by 2% in the past 60 days. The company’s shares have gained 60.1% in the past year.
The Zacks Consensus Estimate for ACCO Brands’ 2024 earnings is pegged at $1.07 per share. The consensus estimate for 2024 earnings has been unchanged in the past 60 days. The company has a trailing four-quarter average earnings surprise of 25.9%. ACCO shares have gained 1.5% in the past year.
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ClearSign Technologies (CLIR) Provides Updates on Q1 Operations
ClearSign Technologies Corporation (CLIR - Free Report) provides updates on first-quarter 2024 operations prior to hosting its investors' call.
During the quarter ended on Mar 31, 2024, the company received two further purchase orders to finish the entire engineering of burners for the conversion of two more process heaters at the California refinery, bringing the total to four burners. This initial engineering is expected to be followed by purchase orders for burner manufacturing and supply.
ClearSign Technologies also announced the successful start-up of a second multi-burner heater at Kern Energy's refinery site. In January, the company announced the successful installation and operation of the first eight-burner heater.
A letter of intent for four boilers to be equipped with ClearSign Core (Rogue) burners and the purchase order for the first boiler in the series were received by California Boiler, a partner of ClearSign Technologies. In response, California Boiler ordered the first burner from ClearSign Technologies.
Following the quarter, ClearSign Technologies completed an equity offering, raising a net of $8.7 million, including the entire amount allotted, which was fully exercised on May 10, 2024. As of Mar 31, 2024, there were 39,043,023 shares of the company's common stock issued and outstanding. The company ended the quarter with cash, cash equivalents and short-term investments of $4.6 million.
It reported first-quarter revenues of $1.1 million, fairly flat with the first quarter of 2023. Revenues were in line with the Zacks Consensus Estimate. The company reported an adjusted loss of 3 cents in the quarter, in line with the Zacks Consensus Estimate. It posted an adjusted loss of 4 cents in the year-ago quarter.
Price Performance
CLIR shares have lost 51.3% in the past year against the industry’s growth of 5.1%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
ClearSign Technologies currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the Industrial Products sector are Intellicheck, Inc. (IDN - Free Report) , Applied Industrial Technologies (AIT - Free Report) and ACCO Brands Corporation (ACCO - Free Report) . IDN currently sports a Zacks Rank #1 (Strong Buy), and AIT and ACCO carry a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Intellicheck’s 2024 earnings is pegged at 2 cents per share. The consensus estimate for 2024 earnings has been unchanged in the past 60 days. The company has a trailing four-quarter average earnings surprise of 28.9%. IDN shares have gained 13.7% in the past year.
Applied Industrial has an average trailing four-quarter earnings surprise of 8.2%. The Zacks Consensus Estimate for AIT’s 2024 earnings is pinned at $9.62 per share, which indicates year-over-year growth of 9.9%. Estimates have moved north by 2% in the past 60 days. The company’s shares have gained 60.1% in the past year.
The Zacks Consensus Estimate for ACCO Brands’ 2024 earnings is pegged at $1.07 per share. The consensus estimate for 2024 earnings has been unchanged in the past 60 days. The company has a trailing four-quarter average earnings surprise of 25.9%. ACCO shares have gained 1.5% in the past year.