Q1 2024 Clearsign Technologies Corp Earnings Call Transcript
Key Points
- ClearSign Technologies Corp (CLIR) reported a revenue increase to approximately $1.1 million for Q1 2024, up from $900,000 in Q1 2023.
- Gross margin significantly improved to 39.7% in Q1 2024 from 11.9% in Q1 2023, driven by higher-margin product sales.
- Net loss decreased by approximately $300,000 compared to the prior year, attributed to increased sales volume and gross profit.
- The company received repeat orders from Kern Energy, indicating customer satisfaction and trust in ClearSign's technology.
- ClearSign's hydrogen burner project, funded by a $2 million Department of Energy grant, showed promising initial results, potentially accelerating commercial availability.
- Net cash used in operations increased to approximately $1 billion in Q1 2024 from $500,000 in Q1 2023, due to customer collections.
- Despite revenue growth, ClearSign Technologies Corp (CLIR) still reported a net loss of approximately $1.1 million for Q1 2024.
- Operations in China faced delays, impacting the burner certification process and overall project timelines.
- The company acknowledged that a portion of the industry remains unfamiliar with ClearSign's progress and technology, posing a challenge for market penetration.
- The commercialization of sensor technology with Narion Corporation is a long-term prospect, with no expected revenue in the next 24 months.
Good afternoon and welcome to the ClearSign Technologies first-quarter 2024 conference call. (Operator Instructions)
Please note this event is being recorded, and I would now like to turn the conference over to Mr. Matthew Selinger of Firm IR Group. Thank you. Please go ahead.
Good afternoon, and thank you, operator. Welcome, everyone, to the ClearSign Technologies Corporation first-quarter 2024 results conference call.
During this conference call, the company will make forward-looking statements. Any statement that is not a statement of historical fact is a forward-looking statement. This includes remarks about the company's projections, expectations, plans, beliefs, and prospects. These statements are based on judgments and analysis as of the date of this conference call and are subject to numerous important risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.
The risks and uncertainties associated
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