olivLaw · US equity research
ClearSign Technologies Corporation CLIR
Industrial Instruments For Measurement, Display, and Control · SIC 3823 · Vertical: Industrial Instruments For Measurement, Display, and Control (SIC 3823)
ClearSign Technologies develops combustion and sensing technologies for industrial equipment, aiming to cut NOx emissions and energy use. The company still has very small revenue against its costs and relies on equity financing, and with environmental rules tightening, its M Series burners and orders for refineries and midstream facilities are the main points of attention. Revenue for fiscal 2025 was 5.2 million USD, and cumulative losses reached 108.0 million USD by June 30 2026.
At the close of 04 Nov 2026, ClearSign Technologies Corporation (CLIR) stock was 2.43 USD (−0.21% on the day), with market capitalisation 16.5 m USD, beta 1.42, 52-week range 2.30–9.30 USD. Latest reported quarter (Q2 2026): revenue of 560.0 k USD (+321.1% YoY), net income of -1.3 m USD, diluted EPS -0.22 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 36.2
- weak (30–45)
- Bollinger (20, 2)
- 2.01 – 3.08
- in the lower half of the band · %B 0.39 · band width 41.8%
- SMA 50 / 200
- 3.36 / 4.47
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.28 / -0.32
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −26.5% | −1.1% | −25.4 pp | — |
| 3 months | −37.7% | −0.5% | −37.2 pp | — |
| 6 months | −50.6% | +4.4% | −55.0 pp | — |
| Year to date | −56.7% | +12.3% | −69.0 pp | — |
| 1 year | −71.8% | +13.5% | −85.3 pp | +27.8% |
| 3 years | −73.1% | +76.4% | −149.5 pp | +26.5% |
| 5 years | −84.2% | +63.7% | −147.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.9 m | 590.0 k | 401.0 k | 133.0 k | 1.0 m | 3.7 m | 191.0 k | 560.0 k |
| Cost of revenue | 1.3 m | 502.0 k | 205.0 k | 78.0 k | 661.0 k | 2.9 m | 584.0 k | 332.0 k |
| Gross profit | 551.0 k | 88.0 k | 196.0 k | 55.0 k | 368.0 k | 805.0 k | -393.0 k | 228.0 k |
| Research & development | 329.0 k | 459.0 k | 447.0 k | 247.0 k | 310.0 k | 418.0 k | 249.0 k | 448.0 k |
| Operating income | -1.4 m | -1.7 m | -2.3 m | -1.8 m | -1.8 m | -826.0 k | -2.3 m | -1.5 m |
| Net income | -1.2 m | -1.2 m | -2.1 m | -1.7 m | -1.4 m | -311.0 k | -2.2 m | -1.3 m |
| Diluted EPS | -0.20 | -0.25 | -0.38 | -0.30 | -0.26 | -0.06 | -0.39 | -0.22 |
| Operating cash flow | -1.4 m ≈ | -415.0 k | -1.1 m | -511.0 k ≈ | -1.8 m ≈ | -1.3 m | -1.3 m | -1.2 m ≈ |
| Capex | 0 ≈ | 21.0 k | 4.0 k | 0 ≈ | 0 ≈ | 0 | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 530.0 k | 0 | 0 | 607.0 k | 374.0 k | 2.4 m | 3.6 m | 5.2 m |
| Revenue YoY | −1.9% | −100.0% | unavailable | unavailable | −38.4% | +542.5% | +49.6% | +45.6% |
| Net income | -9.5 m | -8.5 m | -6.9 m | -7.9 m | -5.8 m | -5.2 m | -5.3 m | -5.5 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | -0.25 | -0.16 | -0.13 | -1.08 | -0.99 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -1,792.5% | unavailable | unavailable | -1,300.0% | -1,539.6% | -216.1% | -147.4% | -105.0% |
| Free cash flow | -8.5 m | -6.9 m | -6.0 m | -6.8 m | -5.0 m | unavailable | -4.4 m | -4.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 9.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 9.5 m USD
- Total assets
- 12.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 4.34x
- ROE
- -47.2%
- ROA
- -38.6%
- FCF margin
- -90.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 0 | 607.0 k | 374.0 k | 2.4 m | 3.6 m | 5.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 279.0 k | 1.1 m | 258.0 k | 1.6 m | 2.5 m | 3.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | -279.0 k | -452.0 k | 116.0 k | 817.0 k | 1.1 m | 1.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Research & development | 2.0 m | 2.7 m | 505.0 k | 739.0 k | 1.5 m | 1.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | -6.9 m | -8.1 m | -6.1 m | -6.0 m | -6.5 m | -6.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 210.0 k | 260.0 k | 161.0 k | — | — | — | SEC (XBRL)· 31 Mar 2023verified |
| EBITDA | -6.7 m ≈ | -7.9 m ≈ | -6.0 m ≈ | — | — | — | SEC (XBRL)· 31 Mar 2023derived |
| Pre-tax income | — | -7.9 m | -5.8 m | -5.2 m | -5.3 m | -5.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | — | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 31 Mar 2026verified |
| Net income | -6.9 m | -7.9 m | -5.8 m | -5.2 m | -5.3 m | -5.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | — | -0.25 | -0.16 | -0.13 | -1.08 | -0.99 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | 2.8 m | 31.2 m | 35.3 m | 38.5 m | 4.9 m | 5.6 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 8.8 m | 7.6 m | 6.5 m | 5.7 m | 14.0 m | 9.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Receivables | — | 33.0 k | 79.0 k | 287.0 k | 165.0 k | 1.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 9.4 m | 8.0 m | 9.7 m | 6.5 m | 15.2 m | 11.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 427.0 k | 530.0 k | 384.0 k | 275.0 k | 238.0 k | 195.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Intangibles (excl. goodwill) | 1.3 m | 799.0 k | 798.0 k | 836.0 k | 830.0 k | 760.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Total assets | 11.1 m | 9.4 m | 10.9 m | 7.6 m | 16.3 m | 12.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 435.0 k | 224.0 k | 296.0 k | 366.0 k | 1.2 m | 1.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Long-term debt | 251.0 k | — | — | — | — | — | SEC (XBRL)· 31 Mar 2021verified |
| Current liabilities | 1.1 m | 731.0 k | 1.1 m | 2.3 m | 2.4 m | 2.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 1.6 m | 1.1 m | 1.4 m | 2.4 m | 2.5 m | 2.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 9.5 m | 8.3 m | 9.6 m | 5.2 m | 13.8 m | 9.5 m | SEC (XBRL)· 31 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -6.0 m | -6.7 m | -5.0 m | -3.2 m | -4.4 m | -4.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 17.0 k | 73.0 k | 10.0 k | — | 39.0 k | 4.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | -6.0 m ≈ | -6.8 m ≈ | -5.0 m ≈ | — | -4.4 m ≈ | -4.7 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | -194.0 k | -213.0 k | -2.7 m | 2.5 m | -218.0 k | -101.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | 6.4 m | 5.7 m | 6.5 m | -15.0 k | 12.9 m | -21.0 k | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 16.5 m USD
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -96.1% | 20 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 141.0% | 100 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 4.8x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -34.5% | 0 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial20/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CLEARSIGN TECHNOLOGIES CORPORATION (CLIR). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 5.2 m USD in 2025; YoY growth 45.6%; net margin -96.1%; ROE -51.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 141.0%
- Current ratio: 4.8x
What contradicts it
- Net margin: -96.1%
- FCF yield: -34.5%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Industrial Instruments For Measurement, Display, and Control (SIC 3823) · same industry (4-digit SIC) · compared with 15 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DHRDanaher Corporation | 165.3 bn | 38.4 | 8.3% | 16.9% | +2.9% | +4% / +5% |
| AMEAMETEK, Inc. | 54.4 bn | 33.4 | 14.7% | 19.9% | +6.6% | +20% / +53% |
| ROPRoper Technologies, Inc. | 48.7 bn | 19.4 | 13.2% | 30.7% | +12.3% | +10% / −9% |
| KEYSKeysight Technologies, Inc. | 48.7 bn | 39.2 | 20.6% | 19.1% | +8.0% | +44% / +110% |
| FTVFortive Corporation | 20.3 bn | 32.5 | 10.5% | 14.8% | +1.9% | +28% / +31% |
| MKSIMks Inc. | 13.2 bn | 31.1 | 15.9% | 10.1% | +9.6% | +25% / +136% |
| CGNXCognex Corp | 8.9 bn | 51.3 | 11.1% | 16.1% | +8.7% | +39% / +41% |
| RALRalliant Corporation | 7.9 bn | — | -51.8% | -52.1% | −4.0% | +45% / unavailable |
| STSensata Technologies Holding PLC | 6.0 bn | 16.5 | 12.7% | 9.5% | −5.8% | +28% / +26% |
| MLABMesa Laboratories Inc | 706.1 m | 148.1 | 2.7% | 1.9% | +3.4% | +57% / +48% |
| SENSSenseonics Holdings, Inc. | 476.9 m | — | -118.2% | -225.3% | +56.9% | +46% / −24% |
| HURCHurco Companies, Inc. | 137.6 m | — | -3.3% | -3.6% | −4.3% | +31% / +1% |
| SYPRSypris Solutions, Inc. | 29.2 m | — | -69.9% | -9.2% | −14.5% | −42% / −33% |
| CLIRClearsign Technologies Corporation | 16.5 m | — | -51.7% | -96.1% | +45.6% | −72% / −73% |
| FCUVFocus Universal Inc. | 2.2 m | — | -106.0% | -637.2% | −35.9% | −98% / −99% |
| POASPhaos Technology Holdings (Cayman) Limited | — | — | -363.8% | -4,662.3% | −19.3% | −98% / unavailable |
1- and 3-year price returns: for CLIR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
ClearSign Technologies develops combustion and sensing technologies for industrial equipment, aiming to cut NOx emissions and energy use. The company still has very small revenue against its costs and relies on equity financing, and with environmental rules tightening, its M Series burners and orders for refineries and midstream facilities are the main points of attention. Revenue for fiscal 2025 was 5.2 million USD, and cumulative losses reached 108.0 million USD by June 30 2026 12.
SWOT
Strengths
- The patented ClearSign Core technology shortens the flame and reduces emissions without costly auxiliary systems, making it attractive for retrofits 1. Recent orders for the M1 series and the California project show real customer interest 3.
- The company has demonstrated the technology in full-scale industrial test furnaces and has installations in commercial operation 12. Partnerships with OEMs allow distribution through existing channels 1.
- Adding a former ExxonMobil technology leader to the board brings experience in refining and fired equipment management 3.
Weaknesses
Opportunities
- Stricter NOx rules in California and the proposal in Texas could create new demand for retrofits and flares 1. If these rules apply, the number of large projects could increase 1.
- The shift to hydrogen could open new markets for burners able to fire pure hydrogen, and the company has already demonstrated a prototype 13.
- If the ClearSign Eye sensor is certified and accepted in transportation, the business could diversify beyond industrial combustion 1.
Threats
- Changes or relaxation of environmental rules could reduce the value of the technology, and the EPA published in 2026 a rule rescinding the greenhouse gas endangerment finding 1.
- Industrial markets are reluctant to adopt new technologies, which could lengthen the sales cycle and delay revenue 1.
- Competition from established solutions and large equipment suppliers could limit market penetration 1.
Risks
- Lack of profitabilityhigh
The company is not yet profitable and expects operating losses and negative cash flow for the foreseeable future, which could make additional financing necessary 12. If that financing is unavailable, operations could be scaled back 1.
- Need for capitalhigh
The company has no committed source of financing and could be forced to issue new shares, diluting existing shareholders 12. Volatility in capital markets could make access to funds more difficult 2.
- Customer concentrationhigh
Revenue depends on a small number of large customers, and losing one important customer could affect results and cash flow 1.
- Protection of intellectual propertymedium
The company relies on patents and trade secrets, and if protection is insufficient, competitors could use its research 1. Intellectual property litigation could be costly 1.
- Regulatory and policy changesmedium
Environmental rules could be relaxed or enforced less strictly, and anti-ESG sentiment could reduce demand for decarbonization technologies 1.
Investment thesis
What would need to be true (bull case)
- If NOx rules keep tightening and orders for the M1 series and the California project continue, ClearSign technology could become a practical retrofit standard in refineries and midstream facilities 13.
- If the shift to hydrogen accelerates, burners able to fire pure hydrogen could open a new market where the company already has a technological lead 13.
- If the ClearSign Eye sensor is certified and accepted in transportation, the business could diversify and reduce its dependence on industrial combustion 1.
What would break the thesis
- The company could remain with small revenue and persistent losses if industrial customers adopt the technology more slowly than expected, while financing could become more expensive 12.
- Revenue concentration on a few customers means that a single lost contract could significantly affect results 1.
- If environmental rules are relaxed or enforced less strictly, demand for ClearSign technology could fall and past investments could remain unrecovered 1.
What to watch
- Delivery of the M1 burners ordered for West TexasQ3 2026
- Delivery of the three M1 burners for midstream heatersQ4 2026
- Use of the ATM program and other equity issuances2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company designs and develops technologies aimed at decarbonization and at improving the performance of industrial and commercial combustion systems, including emissions, energy efficiency and overall cost 1. Its primary technology, ClearSign Core, uses a porous ceramic or metal structure placed at a distance from the burner injection planes to reduce flame length and achieve low emissions without external flue gas recirculation, selective catalytic reduction or high excess air 1. Products are generally integrated into partners' OEM equipment, which allows sales through existing channels 13.
The company has commercialized process burners, boiler burners and flaring burners under the ClearSign Core name, and the ClearSign Eye flame sensor, which is still in pilot installations 1. Beyond the energy sector, ClearSign pursues transportation applications with Narion Corporation, but commercializing these products requires certifications and more time 1. It had 16 full-time employees in 2026 2.
Recent activity centers on the M Series midstream burners, with orders in West Texas and a 32-burner retrofit project for a California refinery, whose second phase was ordered in 2026 3. The company completed a public offering in June 2026, and its cumulative losses and need for capital remain key conditions for continuing operations 23.
Segments
Process and boiler burners
ClearSign Core burners for refineries, petrochemical plants and boilers are the main product, designed as standardized direct replacements that reduce engineering costs for retrofits 1. Recent orders for the M1 series and the California project point to demand for this line 3.
Low-emission flare systems
The flaring technology uses the same mechanisms as the burners and is offered in standardized configurations, and the company aims to sell complete flare systems rather than only components 1. Demand rose after new California NOx rules for flares, which generated orders from an energy company 1.
Market context
The combustion and emissions control market is large, both in the number of industries using combustion systems and in the capital spent installing and upgrading them 1. U.S. NOx standards overseen by the EPA are becoming stricter, and rules in California and Texas are seen as a key driver of demand for reduction technologies 1. Companies operate in a market with long adoption cycles, because industrial customers are generally slow to adopt new technologies 1.
Markets in Europe, the Middle East, parts of Asia and Canada could become more receptive if emission standards tighten, and the company already has one installation at a European refinery 1. If the Texas TCEQ proposal, which includes fees for major NOx emitters, is approved, interest in reduction technologies could increase 1.
Trends
- Stricter NOx rules in Californiatailwind
New rules in the Los Angeles area and the San Joaquin Valley sharply reduce emission targets for furnaces and boilers, which could generate additional demand for ClearSign technology 1. If these rules remain in force, they would support orders for retrofit projects 1.
- Flare rules and the TCEQ proposaltailwind
New rules on NOx emissions from enclosed flares and the TCEQ proposal on fees for major emitters could increase demand for low-emission solutions if adopted 1. The company cannot predict when they will be approved 1.
- Political shifts and anti-ESG sentimentheadwind
Anti-ESG sentiment and policy changes by the current U.S. administration could reduce demand for decarbonization products, especially if environmental rules are relaxed or enforced less strictly 1. The company notes that the exact effects cannot be predicted 1.
- Shift toward hydrogenmixed
Interest in burners that use hydrogen as fuel is growing, and the company demonstrated an ultra-low NOx burner firing pure hydrogen in 2025 under a DOE grant 1. This could open opportunities if the market adopts cleaner fuels 13.
Competitive position
The main alternatives used in industry are selective catalytic reduction, low and ultra-low NOx burners, external flue gas recirculation and other similar pollution control systems 1. The company argues its technology is more effective and cost-efficient than these solutions, but this remains to be shown at scale 1.
The company works with OEM partners and distributors, and in some segments a limited number of firms resell to its target customers 1. The co-branded process burner line with Zeeco is an example of collaboration to reach the market 3.
- Selective catalytic reduction systems
Selective catalytic reduction is cited as the standard industrial NOx control technology competing with ClearSign burners 1.
- Low and ultra-low NOx burners
Low NOx burners are the traditional alternative for installations that must meet strict emission rules 1.
- External flue gas recirculation systems
These systems are an alternative emission reduction method but require additional plant investment 1.
- Zeeco
Zeeco is a partner for a co-branded burner line but also appears as a provider of combustion equipment in this market 3.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report14 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report20 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report14 Aug 2026
- Current report11 Aug 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report23 Jul 2026Material agreement · Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
- Current report06 Jul 2026Other events · Financial statements and exhibits
- Current report18 Jun 2026Other events · Financial statements and exhibits
- Current report09 Jun 2026Shareholder vote · Financial statements and exhibits
- Current report01 Jun 2026Material agreement · Other events · Financial statements and exhibits
- Current report28 May 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / ClearSign Technologies Corporation · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / ClearSign Technologies Corporation · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / ClearSign Technologies Corporation · 20 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.