ClearSign Combustion Corporation (CLIR) saw its loss widen to $3.85 million, or $0.30 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $1.96 million, or $0.15 a share.
Revenues for the quarter were $0.26 million. The company has not recorded any revenues for the previous year period. Gross margin for the quarter was at 81.92 percent.
Operating loss for the quarter was $3.85 million, compared with an operating loss of $1.97 million in the previous year period.
"The Company continues to make monumental progress in commercial acceptance of our DuplexTM technology" said Steve Pirnat, ClearSign chairman and chief executive officer. "We have announced the completion and acceptance of two refinery installations as well as the first of six enclosed wellhead flare projects. These successful applications of Duplex have been verified by third parties and confirm the performance of our technology in reducing emissions and improving operational performance over multiple vertical markets."
Working capital drops significantly
ClearSign Combustion Corporation has witnessed a decline in the working capital over the last year. It stood at $2.43 million as at Sep. 30, 2016, down 78.98 percent or $9.14 million from $11.58 million on Sep. 30, 2015. Current ratio was at 2.38 as on Sep. 30, 2016, down from 9.64 on Sep. 30, 2015.
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