Persistent cash burn is evident as the company has failed to generate positive free cash flow in any of the last ten quarters, with FCF margins frequently dipping below -80%.
ClearSign Technologies Corporation (CLIR) cash flow statement — 17-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Cash from Operations | -5.7M | -4.74M | -4.37M | -3.23M | -4.99M | -6.71M | -5.96M | -6.9M | -8.38M | -8.26M | -8.67M | -6.26M | -5.47M | -4.3M | -3.19M | -1.69M | -129.97K | -293.01K |
| Operating CF Margin % | - | -90.49% | -121.61% | -134.54% | -1334.76% | -1104.94% | - | - | -1581.89% | -1529.26% | -1396.46% | -10263.93% | - | -4620.43% | - | - | - | - |
| Operating CF Growth % | -400.14% | -8.3% | -35.26% | 35.24% | 25.57% | -12.46% | 13.59% | 17.68% | -1.53% | 4.77% | -38.51% | -14.48% | -27.27% | -34.79% | -88.79% | -1199.32% | 55.65% | - |
| Net Income | -5.24M | -5.5M | -5.3M | -5.19M | -5.76M | -7.89M | -6.89M | -8.48M | -9.5M | -9.68M | -11.17M | -7.9M | -7.3M | -5.29M | -4.19M | -2.98M | -395.59K | -528.77K |
| Depreciation & Amortization | 261K | 277K | 272K | 424K | 292K | 448K | 210K | 240K | 271K | 297K | 208K | 200K | 243K | 209K | 99K | 27.88K | 19.03K | 11.34K |
| Stock-Based Compensation | 953K | 893K | 528K | 614K | 373K | 680K | 800K | 685K | 224K | 369K | 645K | 797K | 365K | 146K | 310K | 187.1K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 322K | 0 | 1.97M | 0 | 0 | 0 | 0 | 2.98M | 0 | 0 |
| Other Non-Cash Items | 106K | 68K | 46K | 7K | -38K | 266K | 17K | 747K | 242K | 342K | 177K | 737K | 486K | 252K | 17K | -1.94M | 118.67K | 102.84K |
| Working Capital Changes | -1.78M | -478K | 80K | 916K | 139K | -209K | -105K | -92K | 57K | 414K | -500K | -97K | 733K | 381K | 575K | 34.13K | 127.92K | 121.58K |
| Change in Receivables | -269K | -1.2M | 117K | -376K | -27K | 20K | -53K | 0 | 145K | 103K | -103K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -15K | -1.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -173K | 378K | 816K | -57K | -125K | -393K | 0 | 0 | 312K | 13K | 260K | 242K | -44K | 21K | 274K | 349.27K | 4.7K | 42.22K |
| Cash from Investing | -133K | -101K | -218K | 2.49M | -2.69M | -213K | -194K | 6.5M | -7.42M | -421K | -1.05M | -1.16M | -1.25M | -1.08M | -868K | -217.72K | 0 | -19.93K |
| Capital Expenditures | -133K | -101K | -39K | -200K | -10K | -73K | -17K | -20K | -502K | -421K | -1.05M | -1.16M | -1.25M | -1.08M | -868K | -217.72K | 0 | -19.93K |
| CapEx % of Revenue | 2.44% | 1.93% | 1.08% | 8.32% | 2.67% | 12.03% | - | - | 94.72% | 77.96% | 169.73% | 1904.92% | - | 1162.37% | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -179K | 5K | -115K | -140K | -177K | -398K | -7.33M | -327K | -917K | -1.11M | -1.18M | -845K | -531K | 0 | 0 | 0 |
| Cash from Financing | 3.38M | -21K | 12.95M | -15K | 6.54M | 5.69M | 6.43M | 0 | 23.51M | 8.67M | 194K | 16.56M | 5.88M | 39K | 11.15M | 2.84M | 129.94K | 312.21K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 251K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -48K | 0 | 0 | 0 |
| Equity Issued (Net) | 3.41M | 24K | 12.97M | 0 | 6.54M | 5.31M | 6.05M | 0 | 23.51M | 8.67M | 0 | 16.28M | 5.78M | 39K | 11.2M | 2.84M | 129.94K | 312.21K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.84M | 129.94K | 312.21K |
| Other Financing | -33K | -45K | -21K | -15K | 0 | 385K | 126K | 0 | 0 | 0 | -194K | 284K | 100K | 0 | 0 | 338 | 0 | 0 |
| Net Change in Cash | -2.45M | -4.86M | 8.35M | -767K | -1.16M | -1.22M | 272K | -397K | 7.7M | -12K | -9.73M | 9.14M | -843K | -5.34M | 7.1M | 929.94K | -24 | -733 |
| Free Cash Flow | -5.74M | -4.84M | -4.59M | -3.43M | -5.16M | -6.92M | -6.16M | -7.32M | -8.89M | -8.68M | -9.73M | -7.42M | -6.72M | -5.38M | -4.06M | -1.91M | -129.97K | -312.94K |
| FCF Margin % | -105.34% | -92.42% | -127.67% | -142.86% | -1378.61% | -1140.03% | - | - | -1676.6% | -1607.22% | -1566.18% | -12168.85% | - | -5782.8% | - | - | - | - |
| FCF Growth % | -58.27% | -5.36% | -33.73% | 33.42% | 25.49% | -12.37% | 15.87% | 17.62% | -2.39% | 10.76% | -31.03% | -10.41% | -25.01% | -32.59% | -112.76% | -1366.85% | 58.47% | - |
| FCF per Share | -0.97 | -0.87 | -0.94 | -0.89 | -1.46 | -2.22 | -2.21 | -2.74 | -3.90 | -5.65 | -7.52 | -5.96 | -7.07 | -6.11 | -5.34 | -4.30 | -0.50 | -1.01 |
| FCF Conversion (FCF/Net Income) | 1.10x | 0.86x | 0.83x | 0.62x | 0.87x | 0.85x | 0.87x | 0.82x | 0.88x | 0.85x | 0.78x | 0.79x | 0.75x | 0.81x | 0.76x | 0.57x | 0.33x | 0.55x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CLIR stock.
ClearSign Technologies Corporation (CLIR) generated $-4.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ClearSign Technologies Corporation (CLIR) reported negative free cash flow of $4.8M in 2025, indicating capital requirements exceeded cash from operations.
ClearSign Technologies Corporation (CLIR) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Persistent cash burn trajectory
Metrics are mathematically derived from official filings.
Earnings Disconnect and Cash Quality
As reported in financial statements, CLIR consistently records net losses that exceed operating cash outflows, with the OCF/NI ratio frequently oscillating above 1.0, suggesting that non-cash charges and working capital swings are masking the underlying reality of a business that is fundamentally unable to self-fund operations.
The persistent gap between net income and operating cash flow indicates that the company's accounting earnings are heavily influenced by non-cash items rather than operational efficiency. Investors should monitor this divergence, as it suggests that the reported net losses may actually understate the true cash-consuming nature of the current business model.
Negative Free Cash Flow Persistence
Based on recent SEC filings, CLIR has failed to generate positive free cash flow in any of the last ten quarters, with FCF margins frequently dipping below -80%, highlighting a structural inability to cover even minimal capital expenditures through its current project-based revenue generation efforts.
The consistent negative FCF trajectory underscores the company's reliance on external capital to sustain its R&D and operational overhead. This trend appears to be a structural feature of the business rather than a temporary phase, warranting further investigation into when, or if, the company can reach a cash-flow-neutral state.
Volatile Working Capital Management
According to quarterly cash flow data, working capital changes have been highly erratic, swinging from a $1.3M outflow in 2025Q3 to a $1.0M inflow in 2025Q2, which suggests significant instability in the timing of customer collections and the management of project-related inventory and payables.
Such volatility in working capital often reflects the lumpy nature of project-based revenue recognition and the challenges of managing supply chains for specialized industrial components. This inconsistency complicates cash forecasting and may indicate that the company lacks the leverage to dictate favorable payment terms with its industrial clients.
Hidden Cash Flow Realities
Based on reported figures, the cash flow statement obscures the impact of stock-based compensation, which reached $347K in 2024Q2, effectively acting as a non-cash expense that dilutes shareholders while failing to address the underlying cash burn required to maintain the company's specialized engineering and R&D infrastructure.
While SBC is a standard tool for talent retention in technology firms, its presence in a cash-burning entity suggests that the true cost of operations is higher than the cash flow statement might imply. Investors should consider the dilutive impact of these equity-based incentives alongside the ongoing operational cash deficit.