ClearSign Technologies Corporation
CLIR Industrials Pollution & Treatment Controls
ClearSign Technologies Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.2 million, up 45.6% from fiscal 2024. In the quarter to June 2026, revenue grew 321.1%, EPS grew 26.7% and free cash flow fell 137.5%, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.
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ClearSign Technologies Corporation (CLIR) Altman Z-score
ClearSign Technologies Corporation's Altman Z-score for fiscal 2025 is −5.50, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −5.50 | (13.62) |
| FY2024 | 8.12 | 16.38 |
| FY2023 | −8.26 | (4.39) |
| FY2022 | −3.88 | (13.55) |
| FY2021 | 9.68 | 6.77 |
| FY2018 | 2.91 | 7.97 |
| FY2017 | −5.06 | 3.62 |
| FY2016 | −8.68 | (27.10) |
| FY2015 | 18.42 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.71 | — | 0.85 | |
| Retained earnings / total assets | (8.58) | — | −12.01 | |
| EBIT / total assets | (0.55) | — | −1.81 | |
| Market value of equity / total liabilities | 11.73 | — | 7.04 | |
| Sales / total assets | 0.43 | — | 0.43 | |
| Altman Z-score | Distress zone | −5.50 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −23.22 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CLWT Euro Tech Holdings Company Limited compare | 2.4× |
| FTEK Fuel Tech, Inc. compare | 1.3× |
| LIQT LiqTech International, Inc. compare | −4.3× |
| CLIR ClearSign Technologies Corporation | −5.5× |
| BCHT Birchtech Corp. compare | −7.4× |
| SCWO 374Water Inc. compare | −8.1× |
| DEVSF DevvStream Corp. compare | −8.6× |
| TOMZ TOMI Environmental Solutions, Inc. compare | −10.9× |
| RAIN Rain Enhancement Technologies Holdco, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets