ClearSign Combustion Corporation (CLIR) saw its loss widen to $11.17 million, or $0.86 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $7.90 million, or $0.63 a share.
Revenue during the year surged 918.03 percent to $0.62 million from $0.06 million in the previous year.
Operating loss for the year was $11.20 million, compared with an operating loss of $7.94 million in the previous year.
"I am pleased with the progress ClearSign has made in furthering our Duplex™ technology and demonstrating its merits with commercial installations in the field,” said Steve Pirnat, ClearSign chairman and chief executive officer. "We are at an exciting time where we can now leverage our success of reducing emissions and improving operational performance and launch our first off the shelf product. Our Duplex Plug & Play solution is like nothing else in the market and is a leap forward for us in terms of commercial advancement."
Working capital drops significantly
ClearSign Combustion Corporation has witnessed a decline in the working capital over the last year. It stood at $0.36 million as at Dec. 31, 2016, down 96.29 percent or $9.21 million from $9.56 million on Dec. 31, 2015. Current ratio was at 1.23 as on Dec. 31, 2016, down from 6.89 on Dec. 31, 2015.
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