ClearSign Technologies Corporation

CLIR

Industrial - Pollution & Treatment Controls · Industrials

Price

$3.49

+0.14 (+4.18%)

Market Cap

$22.0M

Exchange

NASDAQ Capital Market

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Jul 26, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+77.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 3.1M (2021) → 5.6M (2025)

ClearSign Technologies is a small American company that makes technology to reduce pollution from industrial burners and combustion systems. Its main product is a system that uses electric fields to control flames, making them burn cleaner and produce fewer harmful emissions like nitrogen oxides (NOx). Its target customers are oil refineries, petrochemical plants, and other heavy industrial facilities that must meet strict environmental regulations.

The company earns revenue by licensing its patented flame-control technology and selling systems to industrial operators, though it is still in an early commercial stage and spends far more than it earns. ClearSign operates primarily in the United States and has been pursuing opportunities in China through partnerships. Its main competitive advantage is its patented technology, but the biggest risk is that it continues to burn through cash with limited revenue, making it dependent on raising new funding to survive while it tries to win larger commercial contracts.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-52.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-3.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$1M/ year

→ Flat (-3% vs prior year)

27.2% of revenue

6.8x the sector average (4%)

Steady R&D investment year-over-year

Insider Activity

29.3%ownership

Insiders own a meaningful stake in the company

Cash Runway

~17 months

$8M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Adequate runway but may need to raise capital within 2 years

Revenue declining

ClearSign Technologies Corporation's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

-205.8%

Thin — -205.8% gross margin

Operating Margin

-1193.2%

Losing money on operations — -1193.2%

ROCE

-29.5%

Weak — -29.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+73.5%

Fast-growing sales (73.5% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-101.5%

Burning cash (-101.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.01

Conservative — low debt load (0.01)

Interest Cover

N/A

—

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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