ClearSign Technologies Corporation (CLIR): Business Model Canvas [Dec-2025 Updated]

You're analyzing ClearSign Technologies Corporation (CLIR) and wondering how a company with patented, sub-5 ppm NOx combustion tech-a real game-changer for compliance-is actually building its business, especially with revenue at only $\mathbf{\$1.56 \text{ million}}$ for the first nine months of 2025. Honestly, the strategy hinges on deep channel partnerships like Zeeco and leveraging that $\mathbf{\$10.5 \text{ million}}$ in cash (as of Q3 2025) to scale their retrofit solutions before the next compliance deadline hits. To see the full blueprint for how they plan to convert that intellectual property into sustained sales, check out the nine building blocks of their Business Model Canvas below.

ClearSign Technologies Corporation (CLIR) - Canvas Business Model: Key Partnerships

You're looking at how ClearSign Technologies Corporation (CLIR) builds its value by relying on established players for market access and technology enhancement as of late 2025. This network of partners is crucial because it lets ClearSign Technologies Corporation scale its specialized combustion and sensing tech without needing to build out massive, parallel sales and manufacturing infrastructure.

The relationship with Zeeco, Inc. is central to the sales channel strategy, especially for the co-branded product lines designed for ultra-low emissions, capable of firing 100% hydrogen while maintaining sub 5 ppm NOx. This partnership is moving from initial launch to active revenue generation, as evidenced by Q3 2025 revenue being partially generated by completing a customer witness test at the Zeeco test facility for the large 26-burner order. Honestly, the success of this channel directly impacts the conversion of the quote pipeline.

Here's a look at the quantifiable aspects of the Zeeco, Inc. collaboration:

Beyond the primary burner sales channel, ClearSign Technologies Corporation is diversifying its revenue streams through specific equipment manufacturers, which helps them target different market segments like midstream and boiler retrofits. The M-Series technology is key here.

For heater manufacturers and boiler supply, the focus is on distributing the M-Series technology:

• Secured repeat orders and sales opportunities with heater manufacturers for the new M Series burners targeting the midstream market.
• Received a purchase order for a 500HP boiler burner from Rogue Combustion, a subsidiary of California Boiler, for installation in a rental boiler in the second half of 2025, featuring the M-Series technology.
• A second M1 sale to Devco Process Heaters was due to start later in 2025, demonstrating traction for the M-Series process burner which showed SCR-level NOx and improved heat transfer performance.

The collaboration with Narion Corp. is focused on developing next-generation sensor technology, which is an enabling technology for optimizing flare gas destruction and waste gas capture value. This R&D effort has external validation:

• Narion, in partnership with ClearSign Technologies Corporation, was awarded a Department of Energy SBIR Phase I grant of $250,000 in July 2023.
• The grant is for developing a novel combustion characterization sensor for optimizing methane destruction in flared waste gas.

Engineering firms and direct project orders provide project-specific design and integration support, often for flare solutions, which are gaining traction. The value of these flare/systems proposals is substantial, showing approximately 10x Year-over-Year growth in proposal value as of Q2 2025. For instance, the company received a second engineering order for a flare retrofit burner from a repeat energy company client in California. Furthermore, the 26-burner retrofit project for the Fortune 500 global chemical company is being installed by engineering and heater manufacturer Birwelco USA Inc.

The overall financial health, supported by these partnerships, shows a cash position of approximately $10.5 million as of September 30, 2025, with 52.5 million shares outstanding, which supports ongoing development and partner engagement. The gross profit margin improvement to a target range between 40% and 45% is partly reinforced by the shift toward higher-margin activities like finalizing tests for large orders through partners.

ClearSign Technologies Corporation (CLIR) - Canvas Business Model: Key Activities

Research and development (R&D) of new hydrogen-capable burner technology

ClearSign Technologies Corporation secured a $400,000 federal grant from the U.S. Department of Energy's Energy Efficiency and Renewable Energy Industrial Efficiency and Decarbonization Office to advance its ultra-low NOx industrial hydrogen burner technology. This project is focused on developing innovative computer modeling techniques using high-performance computing to simulate and optimize burner design for 100% hydrogen fuel. The ultimate goal of this R&D is to provide solutions that could reduce greenhouse gas emissions by up to 276 metric MMtpy. R&D spending in the second quarter of 2025 fell by approximately $155,000 year-over-year.

Computational Fluid Dynamics (CFD) analysis and custom engineering for retrofits

The Company received multiple direct engineering orders for retrofits, which include the initial CFD analysis phase. These engineering activities are a direct precursor to product delivery.

The Company finalized a CFD analysis for a flare order in the third quarter of 2025.

Manufacturing and delivery of process burner and flare systems

Revenue in the third quarter of 2025 was generated in part by delivering a flare order and multiple spare parts orders. The Company expects to deliver two ClearSign Core™ M25 burners, ordered from Devco Process Heaters, in the first quarter of 2026. One order included upgraded flare structure components and control systems.

Securing commercial installations and customer witness testing

ClearSign Technologies Corporation received an order for comprehensive process burner testing from a major petrochemical customer, with results expected in the fourth quarter of 2025. This testing involves collecting operational data across various fuel blends, including up to 100% hydrogen. In the third quarter of 2025, the Company completed a customer witness test at the Zeeco test facility for a large 26 burner order.

The Company is installing four 'ClearSign Eye' sensors on each burner of a multi-burner process heater at a U.S. Gulf Coast supermajor refinery, with installation expected in the second quarter of 2025.

The co-branded Zeeco CS5 and Zeeco Hydrogen CS5 Burners can fire 100% natural gas and 100% hydrogen while maintaining sub 5 ppm NOx levels.

Global sales and marketing efforts with channel partners

The Company expanded its sales channels by launching co-branded process burner lines, the Zeeco CS5 and Zeeco Hydrogen CS5 Burners, in collaboration with Zeeco, Inc., with both companies collaborating on global sales and marketing.

The Company received an order for 36 ClearSign Core™ burners from an integrated petroleum producer for their U.S. Gulf Coast refinery.

• Third quarter 2025 revenue included delivery of a midstream order.
• The Company is marketing the M25 burner to meet a perceived gap in the midstream market.

ClearSign Technologies Corporation (CLIR) - Canvas Business Model: Key Resources

You're looking at the core assets ClearSign Technologies Corporation relies on to execute its strategy, the stuff that truly backs up their value proposition. These aren't just line items; they're the proprietary engines driving their market position.

The foundation rests on the Patented ClearSign Core™ and ClearSign Duplex™ combustion technologies. The Duplex™ architecture, for instance, was demonstrated to achieve an 85% reduction in NOx emissions, dropping from 50ppm down to 8ppm using Electrodynamic Combustion Control™ technology. That's the kind of performance that gets noticed in regulated industries.

Financially, the immediate resource strength is clear. ClearSign Technologies Corporation reported cash and cash equivalents of approximately $10.5 million as of September 30, 2025, with a slightly more precise figure being $10.49 million at that date. This compares to $14 million at the end of 2024. Still, this working capital positions the company well to scale, they believe.

The human capital is deep, bringing decades of relevant experience to the table. Here's a snapshot of the specialized engineering and combustion science personnel:

• CEO Jim Deller: 28 years in burners, over a decade in China sales.
• CTO Matthew Martin: Over 20 years in combustion-related industries.
• VP of Burners Jeff Lewallen: 27 years of experience in the burner industry.
• CTO Matthew Martin is an inventor or co-inventor on over 25 patents related to combustion and sensors.

The intellectual property portfolio is a major barrier to entry. It's designed to protect that ultra-low NOx performance across various applications. Here's a look at the IP footprint:

Finally, ClearSign Technologies Corporation doesn't need to own every piece of heavy equipment; they access partner testing facilities. You saw this in action when they completed a customer witness test for a large 26 burner order at the Zeeco test facility. This access, supported by a formal collaboration agreement with Zeeco, Inc., allows them to validate their technology, like the co-branded Zeeco CS5 and Zeeco Hydrogen CS5 Burners, without the massive capital outlay.

ClearSign Technologies Corporation (CLIR) - Canvas Business Model: Value Propositions

You're looking at the core value ClearSign Technologies Corporation delivers to its industrial customers. It centers on meeting strict environmental mandates while improving the bottom line, which is a tough balance for any operator.

Ultra-low NOx emissions (sub 5 ppm) without expensive Selective Catalytic Reduction (SCR)

The primary value is achieving extremely low Nitrogen Oxide (NOx) emissions without needing the capital expenditure and operational complexity of a Selective Catalytic Reduction (SCR) system. Testing on the M Series process burner demonstrated SCR-level nitrogen oxide (NOx) emissions. Furthermore, co-branded burner lines, like the Zeeco Hydrogen CS5 Burner, are designed to fire 100% natural gas and 100% hydrogen while maintaining sub 5 ppm NOx to comply with tough regulations.

Decarbonization support, including 100% hydrogen-capable burner systems

ClearSign Technologies Corporation supports decarbonization by enabling the use of cleaner fuels. The company received an order for comprehensive testing of a 100% hydrogen capable burner, with results expected in the fourth quarter of 2025. This technology aims to facilitate large-scale hydrogen adoption in industrial furnaces. The potential environmental impact is significant; one estimate suggests a reduction of 500+ tons of CO2 emissions per year per burner.

Improved operational efficiency and reduced maintenance via shorter flames

The technology offers improved heat transfer efficiency within the heater, as shown in testing of the M Series process burner. For operations in California, the estimated energy cost savings per burner is around $80k per year. The value proposition includes a cost-effective solution versus additional capital expenditure (cap-ex) compared to incumbent, post-combustion solutions like SCR.

Retrofit solutions for existing industrial process heaters and boilers

A key offering is the ability to retrofit existing equipment to meet new standards. ClearSign Technologies secured an engineering order for a retrofit burner for a flare from an energy company in California, marking their fourth low-emission flare burner order from a major energy producer. The company also received two separate orders for the new ClearSign Core™ M25 burner for installation as a retrofit in an existing hot oil heater at a gas processing facility in West Texas. The estimated total number of process burners installed worldwide is cited as 280,000.

ClearSign Eye™ sensor technology for enhanced flame safety and monitoring

The ClearSign Eye™ sensor is embedded in established OEM products to enhance the performance of fuel safety systems. Commitments for the first commercial installation of the ClearSign Eye™ Sensor included installing four sensors on each burner of a multi-burner process heater at a supermajor refinery on the U.S. Gulf Coast, expected to be installed in the second quarter of 2025.

Here's a quick look at the company's financial standing as of the end of the third quarter of 2025, which underpins the resources available to deliver these value propositions:

Looking at the recent operating performance for the third quarter ended September 30, 2025:

For the first nine months of 2025, the cumulative net loss reached $5.19 million on revenue of $1.56 million. The stock was trading at $0.72 as of December 02, 2025.

ClearSign Technologies Corporation (CLIR) - Canvas Business Model: Customer Relationships

You're looking at how ClearSign Technologies Corporation (CLIR) manages its key client interactions as of late 2025. It's all about deep integration and proving the technology works under the toughest conditions.

Dedicated account management for supermajor energy and chemical clients

ClearSign Technologies Corporation is actively securing and servicing high-value clients in the energy and chemical sectors. The company received commitments for the first commercial installation of its 'ClearSign Eye' Sensor at a supermajor refinery during the first quarter of 2025. Furthermore, in the third quarter of 2025, the company announced an order for comprehensive testing from a major petrochemical customer, with results expected by the fourth quarter of 2025. This type of engagement suggests a high-touch relationship focused on long-term validation and future deployment across multiple sites.

High-touch, consultative selling for complex, custom retrofit projects

The nature of the projects indicates a consultative sales approach, especially for retrofits. For instance, one energy company in California received an engineering order for an additional flare retrofit burner, marking the third overall burner sold to that specific customer. Another significant engagement involved an order to install 36 ClearSign Core burners at an integrated petroleum producer's U.S. Gulf Coast refinery, announced in September 2025. The completion of a customer witness test for a large 26 burner order in Q3 2025 also points to extensive, hands-on engineering involvement with the client.

Long-term engineering and service contracts for installed base

The financial structure reflects commitments extending beyond the initial sale. As of September 30, 2025, ClearSign Technologies Corporation reported $1.15 million in contract liabilities, which represents customer prepayments for projects not yet completed. This figure is a proxy for future service and installation revenue tied to current customer commitments. The company's Q3 2025 revenue itself was driven by delivering multiple spare parts orders, a midstream order, and a flare order.

Repeat orders from existing customers, showing strong product validation

Evidence of product validation comes through repeat business. The California flare customer mentioned above received its second burner within the year. ClearSign Technologies Corporation also noted securing repeat orders and sales opportunities with heater manufacturers in the first quarter of 2025. The Q3 2025 revenue of $1.03 million was generated from executing several orders from the backlog, including these repeat elements.

Direct engagement with heater manufacturers (OEMs) for product integration

ClearSign Technologies Corporation actively integrates its technology through established Original Equipment Manufacturers (OEMs). A key relationship is with partner Zeeco, Inc., with whom they launched co-branded process burner lines, the Zeeco CS5 and Zeeco Hydrogen CS5 Burners. Furthermore, in the third quarter of 2025, the company received two separate ClearSign Core™ "M" Series Burner Orders from heater manufacturer Devco Process Heaters. This OEM channel is a critical part of scaling the installed base.

Here's a quick look at the customer-related financial snapshot as of the end of Q3 2025:

The company's strategy relies on these deep technical relationships to drive adoption, which is reflected in the $1.15 million in contract liabilities showing future work already paid for.

You'll want to track the conversion rate of the testing orders into full deployment contracts; that's where the big revenue step-up happens.

Finance: draft 13-week cash view by Friday.

ClearSign Technologies Corporation (CLIR) - Canvas Business Model: Channels

You're looking at how ClearSign Technologies Corporation gets its products and services to the customer base across its various go-to-market strategies as of late 2025.

The channel strategy relies on a mix of direct engagement for large projects and leveraging established partners for broader equipment sales.

Co-branded sales channels with global combustion equipment providers (e.g., Zeeco)

• Launched co-branded process burner lines, Zeeco CS5 and Zeeco Hydrogen CS5 Burners, in March 2025.
• This partnership includes collaboration on global sales and marketing efforts.

Direct sales team for initial engineering orders from end-user refiners

• Secured commitments for the first commercial installation of the 'ClearSign Eye' Sensor at a supermajor U.S. Gulf Coast refinery.
• This initial sensor deployment involves four sensors on each burner of a multi-burner process heater.
• Received an engineering order for a Low Emissions Flare Burner for an energy company in California; this was the third burner sold to this customer overall.

Heater manufacturer partners (OEMs) for new equipment sales

• Secured repeat orders and sales opportunities with heater manufacturers during the first quarter of 2025.
• The new M Series burners technology debuted with an installation into a U.S. Gulf Coast facility of a global chemical company.

Regional distributors and boiler service companies (e.g., California Boiler)

• The M Series (M1) burner technology saw traction through Tulsa Heaters Midstream for a midstream market installation.

Direct-to-customer sales of spare parts and engineering services

Revenue in the third quarter of 2025 was generated predominantly by execution across several smaller streams, highlighting the importance of aftermarket and service revenue.

• Q3 2025 revenue included delivery of multiple spare parts orders.
• Q3 2025 activities also included finalizing a CFD analysis for a flare order and providing engineering services.
• Q1 2025 quarterly sales were skewed toward spare parts orders.

The following table summarizes the financial scale related to these activities as of the latest reported periods in 2025.

The year-over-year revenue comparison for Q3 shows a decrease to approximately $1 million in Q3 2025 from approximately $1.9 million in Q3 2024, which was driven by a large order in the prior year. Finance: draft 13-week cash view by Friday.

ClearSign Technologies Corporation (CLIR) - Canvas Business Model: Customer Segments

You're looking at the specific groups ClearSign Technologies Corporation targets with its advanced combustion and sensing technologies. Based on late 2025 activity, the focus remains heavily on large-scale industrial energy users facing tightening environmental scrutiny.

Downstream refining and petrochemical companies, especially in California and the US Gulf Coast represent a key segment, driven by regulatory pressure. For instance, ClearSign Technologies Corporation received an initial engineering order for a process heater retrofit involving a total of 36 ClearSign Core™ burners at a U.S. Gulf Coast refinery belonging to an integrated petroleum producer, as reported in the third quarter of 2025. Furthermore, the company debuted its new M Series technology with an installation at a U.S. Gulf Coast facility of a global chemical company in the first quarter of 2025.

Midstream oil and gas operators requiring M-Series burners for gas processing are adopting the new product line. ClearSign Technologies Corporation secured two separate ClearSign Core™ "M" Series burner orders for gas processing facilities in the third quarter of 2025. One order is for installation in a hot oil heater at a New Mexico gas processing facility, and the other is a retrofit for a gas processing facility of a multinational energy company in West Texas.

For industrial and commercial boiler operators needing ultra-low emissions compliance, the market context is set by state mandates. The California Energy Commission, the state's primary energy policy and planning agency, is implementing 2025 updates to the Energy Code effective January 1, 2026, which drives demand for low-emission solutions.

Global supermajor energy companies with strict environmental mandates are engaging with ClearSign Technologies Corporation for advanced sensor and burner retrofits. The company received commitments for the first commercial installation of its 'ClearSign Eye' Sensor at a supermajor refinery located on the U.S. Gulf Coast during the first quarter of 2025. This segment also includes the multinational energy company in West Texas mentioned previously.

Energy companies needing low-emission flare solutions for production sites are showing renewed interest. ClearSign Technologies Corporation received an order for its fourth low-emission flare burner from a leading energy producer in California following the third quarter of 2025. This indicates repeat business within this specific application for this customer, as it is the third burner sold to this California energy company within the year.

The following table summarizes recent customer-related order activity relevant to these segments as of late 2025:

It's worth noting the historical context of order lumpiness; the large order shipped in the third quarter of 2024 accounted for approximately 50% of the entire 2024 annual revenue. As of September 30, 2025, ClearSign Technologies Corporation had approximately 52.5 million shares of common stock outstanding, supporting its ability to execute on these customer commitments. The company is working toward a long-term target gross profit margin between 40% and 45%.

• Downstream Refining/Petrochemical: Focus on U.S. Gulf Coast and California.
• Midstream Gas Processing: Targeting adoption of the new M Series burners.
• Supermajors: Securing initial sensor deployments at major refinery sites.
• Flare Solutions: Securing repeat orders to meet emissions compliance.

Finance: draft 13-week cash view by Friday.

ClearSign Technologies Corporation (CLIR) - Canvas Business Model: Cost Structure

You're looking at the cost side of ClearSign Technologies Corporation's operations as of late 2025. It's a mix of heavy upfront investment in technology and the day-to-day costs of running a specialized manufacturing and engineering firm. Honestly, for a company focused on deep tech like this, the fixed costs are where the real commitment lies.

High fixed costs in Research and Development (R&D) for technology advancement

• R&D spending is a structural necessity to maintain the competitive edge of the ClearSign Core™ and ClearSign Eye™ technologies.
• For context on R&D fluctuation, in Q2 2025, research and development expenses saw a year-over-year reduction of approximately $155,000, driven by reduced product development work in that specific quarter.
• The company's long-term strategy hinges on successful product advancements, which inherently carry high, often fixed, R&D overhead.

General and Administrative (G&A) expenses, totaling $1.81 million in Q3 2025

The prompt specifies the General and Administrative (G&A) expense figure for Q3 2025 as $1.81 million. Separately, the company reported that its net cash used in operations for the third quarter of 2025 was approximately $1.8 million, up from approximately $1.4 million for the same period in 2024. This cash usage reflects the overall operating burn before factoring in financing or investing activities.

Costs of goods sold (COGS) for burner and flare system components

Specific Cost of Goods Sold (COGS) figures for Q3 2025 components aren't explicitly broken out in the readily available summaries, but the gross margin performance gives us a view of the cost relationship to revenue. For Q3 2025, the gross profit was approximately $0.37 million on revenues of approximately $1.03 million. This implies COGS was around $0.66 million for the quarter (Revenue minus Gross Profit). The company is targeting gross margins between 40% and 45%.

Legal and regulatory compliance costs, including shareholder actions

These costs can be lumpy, hitting the income statement hard when specific events occur. For example, in Q1 2025, legal expenses totaled approximately $581,000, which was cited as a driver for the year-over-year increase in net loss for that period, related to regulatory inquiries and shareholder actions. Increased regulatory pressures in key markets are also noted as a factor influencing customer interest.

Sales channel development and partner support expenses

Direct, itemized costs for sales channel development and partner support for Q3 2025 are not explicitly listed in the financial summaries. However, the business model relies on expanding these channels, such as the collaboration on global sales and marketing with Zeeco, which represents an ongoing, variable cost tied to sales execution.

Here's a quick look at key Q3 2025 balance sheet context that frames the cost structure:

The company's cost structure is currently supported by this cash position, which totaled approximately $10.5 million as of September 30, 2025. Finance: draft 13-week cash view by Friday.

ClearSign Technologies Corporation (CLIR) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of ClearSign Technologies Corporation (CLIR) as of late 2025, and the numbers show a shift in the mix of how they are bringing in money compared to the prior year.

The total revenue for the first nine months of 2025 was $1.56 million. This figure is down significantly from the $3.01 million recognized for the same nine-month period in 2024. For context, the third quarter of 2025 alone brought in $1.03 million in sales, which was a drop from the $1.86 million in sales recorded in the third quarter of 2024.

The revenue generation is clearly tied to the delivery and servicing of their core technology platforms. Here is a breakdown of the streams that contributed to that $1.56 million year-to-date figure:

• Sales of ClearSign Core™ and Duplex™ process burner and flare systems
• Engineering and computational modeling services for initial project phases
• Revenue from spare parts orders to existing customers
• Licensing fees or royalties from channel partners (implied by co-branding)

To give you a clearer picture of the activities driving the Q3 2025 revenue, which was $1.03 million, the execution came from several areas:

The emphasis on spare parts in the third quarter is notable; management indicated that Q3 2025 revenue was generated predominantly by delivering multiple spare parts orders, which can compress scale benefits compared to large system sales. Also, remember the co-branding launch with Zeeco for the CS5 and Hydrogen CS5 burners, which expands their sales channels and suggests a structure where licensing fees or royalties could become a more material stream as those partnerships mature.

The company maintained a strong balance sheet to support these activities, holding approximately $10.5 million in cash and cash equivalents as of September 30, 2025, against approximately 52.5 million shares of common stock outstanding.