Revenue volatility remains extreme, with gross margins collapsing from 93.3% in 2024Q2 to a negative 2.1% in 2026Q1, indicating a lack of pricing power.
ClearSign Technologies Corporation (CLIR) annual income statement — 17-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 5.45M | 5.23M | 3.6M | 2.4M | 374K | 607K | 0 | 0 | 530K | 540K | 621K | 61K | 0 | 93K | 0 | 0 | 0 | 0 |
| Revenue Growth % | 82.74% | 45.55% | 49.65% | 542.51% | -38.39% | - | - | -100% | -1.85% | -13.04% | 918.03% | - | -100% | - | - | - | - | - |
| Cost of Goods Sold | 4.44M | 3.81M | 2.48M | 1.59M | 258K | 1.06M | 279K | 1K | 427K | 380K | 485K | 50K | 0 | 88K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 72.79% | 68.91% | 66% | 68.98% | 174.46% | - | - | 80.57% | 70.37% | 78.1% | 81.97% | - | 94.62% | - | - | - | - |
| Gross Profit | 1.01M | 1.42M | 1.12M | 817K | 116K | -452K | -279K | -1K | 103K | 160K | 136K | 11K | 0 | 5K | 0 | 0 | 0 | 0 |
| Gross Margin % | 18.49% | 27.21% | 31.09% | 34% | 31.02% | -74.46% | - | - | 19.43% | 29.63% | 21.9% | 18.03% | - | 5.38% | - | - | - | - |
| Gross Profit Growth % | - | 27.37% | 36.84% | 604.31% | 125.66% | -62.01% | -27800% | -100.97% | -35.63% | 17.65% | 1136.36% | - | -100% | - | - | - | - | - |
| Operating Expenses | 6.93M | 7.36M | 7.61M | 6.8M | 6M | 7.69M | 6.65M | 8.58M | 9.67M | 9.87M | 11.34M | 7.95M | 7.3M | 5.3M | 4.21M | 2.98M | 395.34K | 528.77K |
| OpEx % of Revenue | - | 140.6% | 211.51% | 282.9% | 1604.55% | 1267.38% | - | - | 1825.28% | 1828.15% | 1826.25% | 13037.7% | - | 5700% | - | - | - | - |
| Selling, General & Admin | 5.94M | 6.67M | 6.13M | 6.06M | 5.73M | 5.01M | 4.62M | 5.53M | 5.62M | 5.16M | 6.51M | 5.02M | 5.08M | 3.45M | 3.03M | 2.52M | 395.34K | 526.34K |
| SG&A % of Revenue | - | 127.49% | 170.61% | 252.14% | 1531.55% | 825.86% | - | - | 1060.75% | 955.56% | 1048.31% | 8231.15% | - | 3709.68% | - | - | - | - |
| Research & Development | 1.43M | 1.42M | 1.47M | 739K | 505K | 2.68M | 2.03M | 3.06M | 4.05M | 4.71M | 4.83M | 2.93M | 2.22M | 1.85M | 1.18M | 463.08K | 0 | 2.44K |
| R&D % of Revenue | - | 27.17% | 40.91% | 30.75% | 135.03% | 441.52% | - | - | 764.53% | 872.59% | 777.94% | 4806.56% | - | 1990.32% | - | - | - | - |
| Other Operating Expenses | -429K | -736K | 0 | 0 | -232K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11K | 0 | 0 | 0 | 0 |
| Operating Income | -5.92M | -5.93M | -6.49M | -5.98M | -5.88M | -8.14M | -6.93M | -8.58M | -9.57M | -9.71M | -11.21M | -7.94M | -7.3M | -5.3M | -4.21M | -2.98M | -395.34K | -528.77K |
| Operating Margin % | -108.68% | -113.39% | -180.42% | -248.9% | -1573.53% | -1341.85% | - | - | -1805.85% | -1798.52% | -1804.35% | -13019.67% | - | -5694.62% | - | - | - | - |
| Operating Income Growth % | - | 8.52% | -8.48% | -1.63% | 27.75% | -17.5% | 19.24% | 10.32% | 1.45% | 13.32% | -41.09% | -8.78% | -37.86% | -25.8% | -41.3% | -653.65% | 25.23% | - |
| EBITDA | -5.53M | -5.66M | -6.22M | -5.56M | -5.59M | -7.88M | -6.72M | -8.34M | -9.3M | -9.41M | -11M | -7.74M | -7.06M | -5.09M | -4.11M | -2.95M | -376.3K | -517.44K |
| EBITDA Margin % | -101.5% | -108.1% | -172.86% | -231.25% | -1495.45% | -1299.01% | - | - | -1754.72% | -1743.52% | -1770.85% | -12691.8% | - | -5469.89% | - | - | - | - |
| EBITDA Growth % | 19.97% | 8.98% | -11.86% | 0.64% | 29.07% | -17.3% | 19.43% | 10.29% | 1.22% | 14.39% | -42.04% | -9.69% | -38.75% | -23.74% | -39.28% | -684.36% | 27.28% | - |
| D&A (Non-Cash Add-back) | 200K | 277K | 272K | 424K | 292K | 260K | 210K | 240K | 271K | 297K | 208K | 200K | 243K | 209K | 99K | 27.88K | 19.03K | 11.34K |
| EBIT | -5.24M | -5.5M | -5.82M | -5.73M | -5.76M | -7.89M | -6.89M | -8.48M | -9.57M | -9.71M | -11.21M | -7.94M | -7.3M | -5.3M | -4.19M | -2.98M | -395.34K | -528.77K |
| Net Interest Income | 314K | 439K | 516K | 0 | 83K | 1K | 2K | 101K | 71K | 32K | 32K | 44K | 0 | 11K | 21K | 3.17K | 0 | 0 |
| Interest Income | 314K | 439K | 516K | 0 | 83K | 1K | 2K | 101K | 71K | 32K | 32K | 44K | 5K | 11K | 22K | 3.32K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 158 | 0 | 0 |
| Other Income/Expense | 687K | 439K | 1.19M | 787K | 127K | 253K | 46K | 101K | 71K | 32K | 32K | 44K | 5K | 11K | 21K | 3.46K | -249 | 0 |
| Pretax 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 | 0 | -395.59K | 0 |
| Pretax Margin % | -96.07% | -105.01% | -147.36% | -216.15% | -1539.57% | -1300.16% | - | - | -1792.45% | -1792.59% | -1799.19% | -12947.54% | - | -5682.8% | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22K | -3.17K | 249 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.53% | - | -0.06% | - |
| Net Income | -5.24M | -5.5M | -5.3M | -5.19M | -5.76M | -7.89M | -6.84M | -8.38M | -9.5M | -9.68M | -11.17M | -7.9M | -7.3M | -5.29M | -4.19M | -2.98M | -395.59K | -528.77K |
| Net Margin % | -96.07% | -105.01% | -147.36% | -216.15% | -1539.57% | -1299.84% | - | - | -1792.45% | -1792.59% | -1799.19% | -12947.54% | - | -5682.8% | - | - | - | - |
| Net Income Growth % | 13.79% | -3.72% | -2.02% | 9.8% | 27.02% | -15.38% | 18.38% | 11.81% | 1.86% | 13.36% | -41.47% | -8.25% | -38.05% | -26.16% | -40.75% | -652.37% | 25.19% | - |
| Net Income (Continuing) | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.88 | -0.99 | -1.10 | -1.30 | -1.50 | -2.50 | -2.50 | -3.10 | -4.20 | -6.30 | -8.60 | -6.30 | -7.70 | -6.00 | -5.50 | -6.70 | -1.50 | -1.70 |
| EPS Growth % | 18.82% | 10% | 15.38% | 13.33% | 40% | 0% | 19.35% | 26.19% | 33.33% | 26.74% | -36.51% | 18.18% | -28.33% | -9.09% | 17.91% | -346.67% | 11.76% | - |
| EPS (Basic) | - | -0.99 | -1.10 | -1.30 | -1.50 | -2.50 | -2.50 | -3.10 | -4.20 | -6.30 | -8.60 | -6.30 | -7.70 | -6.00 | -5.50 | -6.70 | -1.50 | -1.70 |
| Diluted Shares Outstanding | 5.93M | 5.55M | 4.89M | 3.85M | 3.53M | 3.12M | 2.78M | 2.67M | 2.28M | 1.54M | 1.29M | 1.25M | 950.72K | 879.58K | 759.7K | 443.58K | 258.09K | 308.38K |
| Basic Shares Outstanding | 5.93M | 5.55M | 4.89M | 3.85M | 3.53M | 3.12M | 2.78M | 2.67M | 2.28M | 1.54M | 1.29M | 1.25M | 950.72K | 879.58K | 759.7K | 443.58K | 258.09K | 308.38K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CLIR stock.
For fiscal year 2025, ClearSign Technologies Corporation (CLIR) reported total revenue of $5.2M.
ClearSign Technologies Corporation (CLIR) reported a net loss of $5.5M for the fiscal year ending 2025.
ClearSign Technologies Corporation (CLIR) reported an operating income of $-5.9M, resulting in an operating profit margin of -113.4%. This margin reflects the operational efficiency of the business before interest and taxes.
ClearSign Technologies Corporation (CLIR) generated $1.4M in gross profit for the year, representing a gross profit margin of 27.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High revenue volatility
Metrics are mathematically derived from official filings.
Erratic Revenue Growth Patterns
As evidenced by the quarterly data, CLIR's revenue trajectory remains highly inconsistent, with a 52.4% contraction in 2026Q1 following a 5.2% increase in 2025Q4, highlighting the inherent instability of a project-based business model that lacks recurring revenue streams or predictable long-term contract cycles.
The extreme quarterly fluctuations suggest that revenue recognition is heavily dependent on the timing of specific industrial installations rather than a steady commercial pipeline. Investors should monitor whether the company can transition from sporadic project wins to a more repeatable licensing model, as the current volatility makes forecasting future performance difficult.
Structural Margin Volatility Persists
According to the provided income statement data, gross margins have fluctuated wildly from a high of 93.3% in 2024Q2 to a negative 2.1% in 2026Q1, indicating that the company lacks the pricing power or cost stability required to maintain consistent profitability in its core operations.
This margin instability likely reflects the high variability in project-specific fabrication costs and the potential for cost overruns on early-stage technology deployments. The inability to sustain positive gross margins suggests that the company's current manufacturing or procurement strategy may be ill-equipped to handle the complexities of industrial-scale combustion retrofits.
Operating Leverage Remains Deeply Negative
Based on reported financial figures, CLIR's operating margin of -113.39% in 2024Q1 and persistent losses demonstrate a failure to achieve operating leverage, as SG&A expenses consistently dwarf gross profit, leaving the company unable to scale its infrastructure effectively relative to its current revenue base.
The company appears to be burdened by a fixed-cost structure that is disproportionate to its current commercial output, suggesting that significant revenue growth is required just to reach break-even. Without a substantial increase in top-line volume, the current overhead levels may continue to erode shareholder value through persistent operating losses.
Sustainability of Current Business Model
As reported in financial statements, the company's reliance on project-based revenue and its inability to generate positive operating income raise significant questions regarding the long-term viability of its current cost structure, particularly given the recurring net losses observed over the last ten quarters.
Short-sellers would likely focus on the persistent cash burn and the lack of a clear path to profitability, which may necessitate further dilutive capital raises. The reliance on specialized engineering talent and R&D suggests that the company may remain in a perpetual state of high-cost development unless it can successfully pivot to a more scalable, lower-overhead licensing model.