ClearSign Q2 Revenue Misses Estimates, Loss Narrows; Board Adds Exxon Veteran
CLIR sits 35% above its 52-week low of $3.16.
Summary
ClearSign reported Q2 revenue of $560,000, up year-over-year but below the $612,500 consensus, and a net loss of $0.22 per share, narrower than the prior year. The company did not provide guidance. Burner sales are gaining traction with six M Series units sold to two major operators in West Texas, and the company advanced to the next phase of a 32-burner project for a California refinery. The board added former ExxonMobil executive Larry Saddler. This follows the 10-Q filed August 14 that showed a 321% revenue increase but a gross loss due to warranty accruals. The revenue miss and lack of guidance are the key negatives, while the board appointment and pipeline progress offer some offset.
At the time of this announcement, CLIR was trading at $4.27 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $30M. The 52-week trading range was $3.16 to $11.20. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.