Core Insights - ClearSign Technologies Corporation has received a purchase order for its ClearSign Core™ M25 burner from Devco Process Heaters, indicating strong market interest in its products [1] - This order marks the second purchase from Devco within a week, highlighting the rapid adoption of ClearSign's "M" Series burner line [1] Company Summary - ClearSign Technologies Corporation specializes in advanced combustion and sensing technologies aimed at reducing emissions and increasing efficiency in industrial operations [1] - The company supports the use of cleaner fuels, including hydrogen, which aligns with current trends towards sustainability in the energy sector [1] Industry Context - The growing interest in cleaner combustion technologies reflects a broader industry shift towards reducing environmental impact and enhancing operational safety [1] - The demand for products like the ClearSign Core™ M25 burner suggests a positive market outlook for companies focused on innovative and sustainable energy solutions [1]

Core Insights - ClearSign Technologies Corporation has received a purchase order for its "M" Series process burner, the ClearSign Core™ M25, from Devco Process Heaters [1] - The company is experiencing increasing interest in its new "M" Series process burner line, which is positioned as a strong product for the midstream market [1] Company Overview - ClearSign Technologies Corporation specializes in advanced combustion and sensing technologies aimed at reducing emissions, enhancing efficiency and safety, and facilitating the use of cleaner fuels such as hydrogen [1] Market Context - The growing interest in the "M" Series process burner indicates a positive trend in the midstream market, suggesting potential for further sales and market penetration [1]

Core Insights - ClearSign Technologies Corporation (CLIR) has secured an initial CFD and engineering order from a leading global refining company for the installation of 32 ClearSign Core burners at a California refinery, marking the first phase of a process heater retrofit [1][10] - The project is expected to commence imminently and will be executed in phases over the next 15 to 18 months [2][10] Recent Orders - In late September, ClearSign Technologies received an order from a major petrochemical customer for process burner testing services, which will demonstrate the operating range and robustness of its burners [3] - The testing process is anticipated to be completed by the fourth quarter of 2025, with the customer evaluating the technology for potential future deliveries at multiple facilities [4] Additional Engineering Orders - On September 17, ClearSign Technologies announced an initial engineering order for the installation of 36 ClearSign Core burners at a U.S. Gulf Coast refinery, indicating growing momentum for its technology in the petroleum industry [5][6] - The project will be executed in multiple phases, with the final delivery of the burners expected in the second half of 2026 [7] Financial Performance - In Q2 2025, ClearSign Technologies reported an adjusted loss of 3 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 4 cents, and an increase in revenues to $0.13 million from $0.04 million in the year-ago quarter, although it missed the consensus estimate of $1 million [8] Stock Performance - ClearSign Technologies' shares have increased by 10.8% over the past year, outperforming the industry growth of 9% [9]

Core Insights - ClearSign Technologies Corporation has received an initial CFD and engineering order for a retrofit project involving 32 ClearSign Core™ burners at a California refinery, marking a significant step in the adoption of its low-emission combustion solutions [1] Company Developments - The order comes from a supermajor refiner, indicating strong demand for ClearSign's advanced combustion technologies that aim to reduce emissions and enhance efficiency [1] - The project underscores the company's commitment to supporting cleaner fuel usage, including hydrogen, which aligns with industry trends towards sustainability [1] Industry Trends - The retrofit of process heaters reflects a growing trend in the refining industry towards higher efficiency and lower emissions, driven by regulatory pressures and market demand for cleaner energy solutions [1] - ClearSign's technologies are positioned to play a crucial role in helping industrial operators meet these evolving standards [1]

Core Insights - ClearSign Technologies Corporation (CLIR) received an order from a major petrochemical customer for process burner testing services, which will demonstrate the burners' operating range and robustness [1][9] Group 1: New Orders and Projects - The company will conduct testing to gather operational data under various conditions and fuel blends, with results expected by the fourth quarter of 2025 [2] - An initial engineering order was received on September 17 for the installation of 36 ClearSign Core burners at a U.S. Gulf Coast refinery, indicating growing momentum in the petroleum industry [3][4] - A purchase order was secured in August for engineering and modeling services to enhance ClearSign process burner technology, potentially for use in a California refinery's process heater [5] Group 2: Financial Performance - In Q2 2025, the company reported an adjusted loss of 3 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 4 cents, and an improvement from a loss of 4 cents in the same quarter last year [6] - Revenues for Q2 2025 were $0.13 million, up from $0.04 million in the year-ago quarter, but missed the Zacks Consensus Estimate of $1 million [6]

Core Insights - ClearSign Technologies Corporation has received an order for a comprehensive range of process burner testing from a major petrochemical customer, indicating strong demand for its advanced combustion technologies [1] Company Summary - ClearSign Technologies Corporation specializes in advanced combustion and sensing technologies aimed at reducing emissions, increasing efficiency and safety, and supporting cleaner fuel usage, including hydrogen [1] - The order from the petrochemical client reflects the company's capability and reputation in the industry, as noted by Jim Deller, Ph.D., who expressed encouragement regarding the extensive range of testing requested [1]

Core Insights - ClearSign Technologies Corporation (CLIR) received an initial engineering order to install 36 ClearSign Core burners at a U.S. Gulf Coast refinery, indicating growing momentum in the petroleum industry [1][7] - The order expands ClearSign's customer base with a major operator and positions the company for further large-scale deployments, with final burner delivery expected in the second half of 2026 [2][7] Financial Performance - In Q2 2025, ClearSign incurred an adjusted loss of $0.03 per share, which is an improvement from the Zacks Consensus Estimate of a loss of $0.04 per share and the loss of $0.04 per share in the same quarter last year [4] - The company reported revenues of $0.13 million in Q2 2025, up from $0.04 million in the year-ago quarter, but missed the Zacks Consensus Estimate of $1 million [4] Stock Performance - ClearSign's shares have declined by 31% over the past year, contrasting with the industry's growth of 8.4% [5] Additional Orders - In August, ClearSign secured a purchase order for engineering and modeling services aimed at enhancing its burner technology, with potential applications in a California refinery's process heater [3]

Group 1 - ClearSign Technologies has received an initial engineering order for 36 ClearSign Core™ process burners [1] - The order is part of a multi-burner heater retrofit at a U.S. Gulf Coast refinery [1]

Core Insights - ClearSign Technologies Corporation has received an initial engineering order for a retrofit project involving 36 ClearSign Core™ burners for a U.S. Gulf Coast refinery [1] Company Developments - The retrofit project is part of a collaboration with an integrated petroleum producer, indicating strong demand for advanced combustion technologies [1] - The installation aims to enhance efficiency, reduce emissions, and support cleaner fuel usage, including hydrogen [1] Industry Context - The project reflects a growing trend in the petroleum industry towards adopting technologies that improve environmental performance and operational efficiency [1]

[Introduction](index=1&type=section&id=Introduction) This section introduces the key participants of the conference call and outlines the standard forward-looking statements disclaimer [Call Participants & Disclaimer](index=1&type=section&id=Call%20Participants%20%26%20Disclaimer) The conference call commenced with an introduction of key participants and a standard forward-looking statements disclaimer, emphasizing the inherent risks and uncertainties associated with future projections - The call included Matthew Selinger (Investor Relations), Brent Hinds (CFO), and Jim Deller (CEO)[1](index=1&type=chunk)[4](index=4&type=chunk) - Forward-looking statements are based on current judgments and subject to numerous risks and uncertainties, including successful field testing, market expansion, and other risks detailed in SEC filings[2](index=2&type=chunk)[3](index=3&type=chunk) [Q2 2025 Financial Performance](index=2&type=section&id=Q2%202025%20Financial%20Performance) This section details ClearSign's Q2 2025 financial results, highlighting revenue growth, reduced net loss, and a strong cash position with improved operational cash flow [Key Financial Highlights](index=2&type=section&id=Key%20Financial%20Highlights) ClearSign Technologies Corporation reported a **significant year-over-year increase** in Q2 2025 revenues, primarily driven by spare parts and a boiler burner sale. The **net loss decreased** due to a **substantial reduction in research and development expenses** | Metric | Q2 2025 | Q2 2024 | YoY Change | | :----- | :------ | :------ | :--------- | | Revenues | \$133,000 | \$45,000 | +195.56% | | Net Loss | (Decreased by ~\$200,000) | | | | R&D Expenses | (Reduced by \$155,000) | | | - The year-over-year increase in revenues was largely driven by spare parts orders and a boiler burner sale to existing customers[7](index=7&type=chunk) - The **decrease in net loss** was predominantly due to a **\$155,000 reduction in research and development expenses**, resulting from reduced product development work[8](index=8&type=chunk) [Cash Position & Capital Management](index=2&type=section&id=Cash%20Position%20%26%20Capital%20Management) The company achieved a **favorable year-over-year reduction** in net cash used in operations, primarily attributed to customer cash collections. ClearSign maintains a **strong working capital position**, which is believed to **support business scaling** and **foster confidence among customers and suppliers** | Metric | Q2 2025 | Q2 2024 | YoY Change | | :----- | :------ | :------ | :--------- | | Net Cash Used in Operations | ~\$511,000 | ~\$1.5 million | ~\$1 million favorable reduction | | Cash & Cash Equivalents (as of June 30, 2025) | ~\$12.3 million | | | | Common Stock Outstanding | ~52.4 million shares | | | - The **million-dollar favorable year-over-year reduction** in net cash used in operations was predominantly driven by customer cash collections during the quarter[9](index=9&type=chunk) - A Form S-1 registration statement was filed to re-register outstanding redeemable warrants from an April 2024 public offering, with no new securities being offered or sold[10](index=10&type=chunk) - The company believes its current working capital position is **well-suited to scale the business** and **provides confidence to customers and suppliers** for long-term engagement[11](index=11&type=chunk) [Business Updates & Strategic Initiatives](index=2&type=section&id=Business%20Updates%20%26%20Strategic%20Initiatives) This section provides updates on board changes, progress on major projects, new product developments, strategic partnerships, and the expanding sales pipeline [Board of Directors Transition](index=2&type=section&id=Board%20of%20Directors%20Transition) ClearSign completed a Board reconstitution, reducing its size to **five members** with **one open position**, following the resignations of prior directors. The new Board is described as **energized and focused on the company's future growth** - The Board size was reduced to **five members**, with **one position open**, following the resignation of prior directors[12](index=12&type=chunk) - The Board has been reconstituted with new members who are **energized to help ClearSign grow** in the future[13](index=13&type=chunk) [Major Project Updates](index=3&type=section&id=Major%20Project%20Updates) Despite market uncertainty and **delayed timelines**, ClearSign has made significant progress on two large process burner orders for major refiners and chemical companies. The California **20-burner project** is **nearing startup**, and the Gulf Coast **26-burner project** has **completed testing** and is moving to manufacturing - **Significant uncertainty** in the market has led to **delayed timelines** for orders, but **no orders have been lost**[14](index=14&type=chunk) - The **20-burner order** in California for a major refiner is about to start up in the next couple of **weeks**, expected to be a **very significant reference**[14](index=14&type=chunk) - The **26-burner order** for a Gulf Coast chemical company has **completed technology-stretching burner testing**, **meeting all requirements**, and is **awaiting authorization to move into the manufacturing phase** for shipment this year[15](index=15&type=chunk) - The Texas Commission on Environmental Quality extended the timeline for the Gulf Coast project, with startup now expected in **early 2026**[16](index=16&type=chunk) [Advanced Engineering Order](index=3&type=section&id=Advanced%20Engineering%20Order) ClearSign received an advanced engineering order from an existing customer to enhance their furnace productivity by optimizing existing ClearSign burner technology through computer modeling. This project is **customer-driven** and allows for **new technology development** - An advanced engineering order was received from a frequent existing client to help increase the throughput of one of their heaters[17](index=17&type=chunk)[19](index=19&type=chunk) - The order involves using computer modeling to enhance ClearSign's own burner technology to enable the customer's furnace to operate more effectively, **driven by customer demand**[18](index=18&type=chunk) - This is an actual order, not an R&D project, and provides an **opportunity to develop new technology or enhancements** to existing technology[18](index=18&type=chunk)[19](index=19&type=chunk) [DoE Hydrogen Burner Development](index=4&type=section&id=DoE%20Hydrogen%20Burner%20Development) The Department of Energy hydrogen burner development project is in its final stages, with new large and small burner designs currently in manufacture. These burners are scheduled for installation and demonstration at the Zeeco test facility in the coming months and have garnered **significant industry interest** - The DoE hydrogen burner project is in its final stages, **progressing very well with an extension**[20](index=20&type=chunk) - New large and small burner designs are currently in manufacture and scheduled for installation and demonstration at the Zeeco test facility in the coming **months**[20](index=20&type=chunk) - These burners offer the ability to operate through the range of refinery customer fuel gases and have received **significant interest from household name end-users**, with discussions for witness testing[21](index=21&type=chunk) [Strategic Partnership with Zeeco](index=4&type=section&id=Strategic%20Partnership%20with%20Zeeco) ClearSign continues daily collaboration with Zeeco on marketing, sales, engineering, and testing for their co-branded burners. While no orders have materialized yet, Zeeco's sales team is **actively promoting ClearSign opportunities** to their customers - ClearSign works with Zeeco almost daily across their marketing, sales, engineering, and testing teams[24](index=24&type=chunk) - Zeeco's sales team is **actively promoting ClearSign opportunities** with their customers, though orders typically take time to ramp up[24](index=24&type=chunk) [M-Series Product Line Expansion](index=5&type=section&id=M-Series%20Product%20Line%20Expansion) The M-Series product line continues to see **strong interest** in the midstream sector, with **successful M1 installations**. ClearSign is developing a new M25 burner, a 'detuned' version of the M1, to target a **larger volume market segment** requiring good low NOx but not ultra-low NOx, aiming to expand market reach - **Strong interest continues** from the midstream sector for the M-Series, with the first M1 installation **operating flawlessly** and another due to start up later this year[25](index=25&type=chunk) - ClearSign is developing an 'M25 burner' from the M1, **targeting a slightly higher NOx level market** within midstream, which is perceived as a **much bigger volume part of the market**[26](index=26&type=chunk)[28](index=28&type=chunk)[30](index=30&type=chunk) - The M25 aims to provide a reduced price and scope burner to meet a **broader market need for good low NOx**, rather than exclusively the ultra-low NOx niche[26](index=26&type=chunk)[28](index=28&type=chunk)[30](index=30&type=chunk) [Flares and Systems Projects](index=6&type=section&id=Flares%20and%20Systems%20Projects) Interest in flares has remained strong, with the first new flare design awaiting installation and a second order in the computer modeling phase. ClearSign is **expanding its scope** from replacement burners to entire flare systems and thermal oxidizers, with proposals for these larger projects (valued at **\$0.5 million-\$1 million each**) showing a **10x increase in value year-over-year** - The first of the new flare designs is out in the field waiting to be installed later this year, and a second order from the same client is in the computer modeling phase, expected to roll into a detailed engineering order in Q4 and equipment supply in **early 2026**[32](index=32&type=chunk) - ClearSign is receiving inquiries not just for replacement burners but to supply entire flare systems (burner, surrounding vessel, and structure) and thermal oxidizers, **significantly expanding its scope**[33](index=33&type=chunk)[35](index=35&type=chunk) - The technology offers **significant cost savings** for customers by burning hard-to-burn fuel gas without the need to purchase additional natural gas[34](index=34&type=chunk) | Project Type | Estimated Value | | :----------- | :-------------- | | Flare Replacement Burners (with engineering & supply) | \$200,000 - \$300,000 | | Systems Projects (flare style or thermal oxidizer style) | \$0.5 million - \$1 million per unit | - The value of proposals for flare and systems products combined is **approximately 10x higher year-to-date** compared to the same period last year, driven by increased interest and scope[37](index=37&type=chunk) [ClearSign Eye Sensor Technology](index=7&type=section&id=ClearSign%20Eye%20Sensor%20Technology) ClearSign is advancing its ClearSign Eye sensor technology with multiple field demonstrations. The first commercial installation for a super major refiner is nearing shipment for a **3-6 month evaluation**, with a second commercial proposal pending. Additional installations are planned for Los Angeles and the Zeeco test facility, showcasing the sensor on both regular and ClearSign burners - The ClearSign Eye sensor confirms the presence of a flame on the pilot in a burner, which is a **critical part of control systems** for refinery heaters[39](index=39&type=chunk) - Sensors for the first commercial installation at a super major refiner (Texas Gulf Coast) are almost complete and ready to ship for a **3-6 month evaluation period**[39](index=39&type=chunk)[40](index=40&type=chunk) - A commercial proposal for another heater's worth of these sensors for the same refiner at a different facility is pending the evaluation of the first installation[40](index=40&type=chunk) - Additional sensor installations are planned for a Los Angeles refinery (on ClearSign burners) and on the DoE hydrogen burner at the Zeeco test facility, providing **multiple demonstration sites by year-end**[41](index=41&type=chunk)[43](index=43&type=chunk) - The sensor product helps demonstrate ClearSign as a **technology solutions provider**, opening doors for discussions about other products like M1 burners[44](index=44&type=chunk) [Sales Pipeline and Market Traction](index=8&type=section&id=Sales%20Pipeline%20and%20Market%20Traction) ClearSign's sales pipeline has **maintained its strength**, with proposals at **2x the amount** and project value at **5x the previous year**. The company is increasingly being included as a requested technology by heater manufacturers for new projects, indicating **growing market acceptance** - The sales pipeline has **maintained its strength**, with proposals at **2x the amount** and project value at **5x the previous year**[45](index=45&type=chunk) - ClearSign's technology is now being included as a requested technology for evaluation by heater manufacturers for new projects, rather than the company solely finding clients in need[45](index=45&type=chunk) [Outlook and Strategic Vision](index=8&type=section&id=Outlook%20and%20Strategic%20Vision) This section outlines key growth catalysts, addresses market challenges, and concludes with the CEO's encouraging remarks on recent developments and future prospects [Key Catalysts and Future Growth Drivers](index=8&type=section&id=Key%20Catalysts%20and%20Future%20Growth%20Drivers) ClearSign anticipates several **significant catalysts for growth**, including the **imminent startup** of major refinery heater projects in LA and the Gulf Coast, the installation of new flare technology, the launch of the M25 burner for a broader market, and **potential regulatory changes** in Texas - Upcoming catalysts include the startup of the delayed LA heaters project (major refinery, two heaters), which will serve as a **very significant reference**[47](index=47&type=chunk) - The Gulf Coast order, involving a leading heater manufacturer (Birwelco), will provide another **significant market reference** upon manufacturing, delivery, and **early 2026** startup[48](index=48&type=chunk) - The startup of new flare technology and the potential for systems projects are expected to demonstrate the company's ability to deliver large-scale technology[49](index=49&type=chunk) - The launch of the M25 burner is anticipated to be **significant for revenue and market penetration** into a broader, higher-volume market segment beyond the ultra-low NOx niche[49](index=49&type=chunk) - **Potential changes** in Texas Commission on Environmental Quality regulations regarding low NOx burners could generate more opportunities in the U.S. Gulf Coast market[50](index=50&type=chunk) [Market Environment and Challenges](index=9&type=section&id=Market%20Environment%20and%20Challenges) The company acknowledges ongoing market uncertainty, including concerns about tariffs and reciprocal tariffs, and delays due to unclear environmental requirements. ClearSign expects these conditions to stabilize, leading to a **positive impact on business** - Market uncertainty, including concerns about tariffs and reciprocal tariffs, and unclear environmental requirements, is **causing delays in orders**[51](index=51&type=chunk) - The company believes that **market conditions will settle down** and return closer to normal, which is expected to have a **positive impact for ClearSign**[51](index=51&type=chunk) [CEO's Concluding Remarks](index=9&type=section&id=CEO%27s%20Concluding%20Remarks) The CEO expressed **strong encouragement** regarding recent startups, references, and technology developments, particularly highlighting the **dedication and effort** of the engineering team in **bringing new technologies to market**, which are expected to form the **foundation for future growth** - The CEO is **very encouraged** about the startups, references, and technology developments made over the last few months[52](index=52&type=chunk) - Recognition was given to the ClearSign engineering team for their focus, grit, and **dedication** in getting new technologies out to the market[52](index=52&type=chunk)[53](index=53&type=chunk) - These new technologies are believed to **set the foundation for ClearSign's future growth**[53](index=53&type=chunk) [Investor Q&A](index=10&type=section&id=Investor%20Q%26A) This section addresses investor questions, providing deeper insights into the Zeeco partnership, computational fluid dynamics, and financial clarifications [Deep Dive: Zeeco Partnership](index=10&type=section&id=Deep%20Dive%3A%20Zeeco%20Partnership) Zeeco, a global combustion equipment company with approximately **\$1 billion in revenue**, is a **crucial partner** for ClearSign, providing **access to world-class test facilities and manufacturing capabilities**. The partnership **extends Zeeco's product portfolio** into ultra-low NOx ranges, offering a **significant financial incentive** and **broader market exposure** for ClearSign - Zeeco is a global combustion equipment company with revenues around **\$1 billion**, possessing the **world's biggest industrial test facility** and sophisticated manufacturing capability near ClearSign's office in Tulsa[57](index=57&type=chunk)[58](index=58&type=chunk) - The partnership provides ClearSign with the credentials and essential capabilities (testing, manufacturing) to bring its technology to market[59](index=59&type=chunk) - ClearSign's product line **extends Zeeco's portfolio** into NOx levels that compete with selective catalytic reduction systems, offering Zeeco additional capabilities[60](index=60&type=chunk) - Zeeco's motivation includes a **significant financial incentive** from the high-margin ClearSign products and expanded commercial conversations due to the extended capability of the Zeeco range[61](index=61&type=chunk) [Deep Dive: Computational Fluid Dynamics (CFD)](index=11&type=section&id=Deep%20Dive%3A%20Computational%20Fluid%20Dynamics%20%28CFD%29) Computational Fluid Dynamics (CFD) modeling is a **critical tool** for ClearSign, enabling computer simulations to predict complex flow fields, interactions, and heat transfer within combustion systems. This '**computer-generated MRI**' allows for **rapid design optimization** and **new technology development**, as demonstrated by the M1 burner and recent advanced engineering order - CFD (Computational Fluid Dynamics) is a computer simulation that predicts gas flow, interactions, turbulence, chemistry, and heat transfer within complex combustion systems, acting as a '**computer-generated MRI**'[63](index=63&type=chunk) - CFD is **crucial for technology development**, allowing **rapid optimization of designs** and comparison of different proposals before physical construction[64](index=64&type=chunk) - ClearSign utilizes **world-class engineers** and CFD capabilities, which enabled the **successful development** of the M1 burner without modification and the recent advanced engineering order[65](index=65&type=chunk) - Matt Martin, ClearSign's Chief Technology Officer, brings **world-class skill and experience** in CFD to the team[65](index=65&type=chunk) [Financial Clarifications](index=11&type=section&id=Financial%20Clarifications) ClearSign's cash and cash equivalents decreased by **\$0.5 million** from Q1 to Q2 2025, **primarily due to cash used in operations**, which was **largely offset by substantial customer cash collections** during Q2. The company also noted a **steady stream of unannounced aftermarket, service, and engineering orders** contributing to ongoing work and receipts | Metric | Q1 2025 | Q2 2025 | Sequential Change | | :----- | :------ | :------ | :---------------- | | Cash & Cash Equivalents | ~\$12.8 million | ~\$12.3 million | -\$0.5 million | - The **\$0.5 million** difference in cash balance represents cash used in operations, **largely offset by substantial customer cash collections** in Q2[66](index=66&type=chunk) - ClearSign receives a **steady stream of unannounced aftermarket, service, and engineering orders** (e.g., replacement parts, engineering studies) that **contribute to ongoing work and receipts**[67](index=67&type=chunk)[68](index=68&type=chunk) [Conclusion](index=12&type=section&id=Conclusion) This section provides closing remarks from the CEO and details upcoming company events and communication channels [Closing Remarks and Upcoming Events](index=12&type=section&id=Closing%20Remarks%20and%20Upcoming%20Events) The CEO concluded the call by thanking participants and expressing anticipation for future updates. ClearSign will be attending the H.C. Wainwright conference next month in New York City and encourages stakeholders to follow developments on their website and LinkedIn - ClearSign will be attending the H.C. Wainwright conference next month in New York City[71](index=71&type=chunk) - Stakeholders are encouraged to check the company's website for developments and follow them on LinkedIn for behind-the-scenes updates[71](index=71&type=chunk)