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.
| 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 | 5.02M | 5.23M | 3.6M | 2.4M | 374K | 607K | 0 | 0 | 530K | 540K | 621K | 61K | 0 | 93K | 0 | 0 | 0 | 0 |
| Revenue Growth % | 73.54% | 45.55% | 49.65% | 542.51% | -38.39% | - | - | -100% | -1.85% | -13.04% | 918.03% | - | -100% | - | - | - | - | - |
| Cost of Goods Sold | 4.19M | 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 | 835K | 1.42M | 1.12M | 817K | 116K | -452K | -279K | -1K | 103K | 160K | 136K | 11K | 0 | 5K | 0 | 0 | 0 | 0 |
| Gross Margin % | 16.62% | 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 | 7.1M | 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 | 6.3M | 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 | 1.22M | 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 | -6.26M | -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 % | -124.68% | -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 | -5.99M | -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 % | -119.25% | -108.1% | -172.86% | -231.25% | -1495.45% | -1299.01% | - | - | -1754.72% | -1743.52% | -1770.85% | -12691.8% | - | -5469.89% | - | - | - | - |
| EBITDA Growth % | 17.01% | 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) | 273K | 277K | 272K | 424K | 292K | 260K | 210K | 240K | 271K | 297K | 208K | 200K | 243K | 209K | 99K | 27.88K | 19.03K | 11.34K |
| EBIT | -5.9M | -5.93M | -5.82M | -5.73M | -5.88M | -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 | 368K | 439K | 516K | 0 | 83K | 1K | 2K | 101K | 71K | 32K | 32K | 44K | 0 | 11K | 21K | 3.17K | 0 | 0 |
| Interest Income | 368K | 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 | 654K | 439K | 1.19M | 787K | 127K | 253K | 46K | 101K | 71K | 32K | 32K | 44K | 5K | 11K | 21K | 3.46K | -249 | 0 |
| Pretax Income | -5.61M | -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 % | -111.66% | -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 | -5.61M | -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 % | -111.66% | -105.01% | -147.36% | -216.15% | -1539.57% | -1299.84% | - | - | -1792.45% | -1792.59% | -1799.19% | -12947.54% | - | -5682.8% | - | - | - | - |
| Net Income Growth % | 10.48% | -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) | -5.61M | -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) | -1.00 | -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 % | 18.06% | 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 | 5.63M | 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 | 5.63M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High revenue volatility
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.
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.
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.
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.
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.