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ClearSign Technologies Corporation,(CLIR) a leading provider of industrial combust ion and emissions control solutions, has released its condensed consolidated financial statements for the second quarter of 2023. The report reveals a net loss of $1.48 million for the quarter, with revenues totaling $150,000. This article will delve into the details of the financial statements, including key balance sheet items, income statement figures, and stockholders' equity changes.
Balance Sheet Highlights
ClearSign Technologies Corporation's balance sheet as of June 30, 2023, shows total assets of $10.4 million, a slight decrease from $10.9 million at the end of 2022. The company's current assets amount to $9.1 million, including $7.6 million in cash and cash equivalents. Notably, short-term held-to-maturity investments have decreased from $2.6 million to $0.9 million.
For the three months ended June 30, 2023, ClearSign reported revenues of $150,000, marking a significant increase from the previous quarter, where no revenues were recorded. However, the cost of goods sold amounted to $21,000, resulting in a gross profit of $129,000.
The company's operating expenses for the quarter stood at $1.76 million, with research and development accounting for $187,000, and general and administrative expenses totaling $1.57 million. These expenses contributed to an operating loss of $1.63 million.
ClearSign managed to generate other income of $151,000, primarily from interest income and government assistance. After considering other income and expenses, the company reported a net loss of $1.48 million for Q2 2023.
The company's stockholders' equity as of June 30, 2023, is $7.16 million. Common stock, with a par value of $0.0001, has 38,562,086 shares issued and outstanding. Additional paid-in capital amounts to $98.6 million, reflecting the company's fundraising activities.
Accumulated other comprehensive loss stands at ($20,000), and the accumulated deficit increased to ($91.43 million), primarily due to the net loss reported for the quarter. Overall, ClearSign's stockholders' equity decreased from $9.55 million at the end of 2022 to $7.16 million in the second quarter of 2023.
ClearSign Technologies Corporation continues to work towards its mission of providing innovative combustion and emissions control solutions, despite the reported losses in this quarter.
The company's financial performance will be closely monitored as it strives to achieve its strategic goals and deliver value to its shareholders.