ClearSign Technologies Corporation Provides Second Quarter 2024 Update

Core Insights - ClearSign Technologies Corporation has made significant advancements in operations, including new orders, product development, and increased customer engagement [2] - The company is experiencing growth in its installation base and receiving orders from larger global collaborators [2] - ClearSign has successfully completed a large product demonstration and is set to unveil independent data on emissions performance and fuel savings [2] Operational Highlights - The company announced an initial engineering order for a multi-heater project in Texas, involving the installation of 26 ClearSign Core™ burners for a Fortune 500 global chemical company [3] - ClearSign sold its largest boiler burner to date, with a capacity of nearly 90 million BTU/hr, which is almost double the size of its previous largest burner [4] - The successful start-up of a five-burner heater at Kern Energy confirmed emissions levels below guarantees, following the installation of an eight-burner heater earlier in the year [7] Financial Performance - As of June 30, 2024, ClearSign reported cash and cash equivalents of approximately $16 million [9] - For the second quarter of 2024, the company generated revenues of $45,000, a decrease from $150,000 in the same period of 2023 [16] - The net loss for the second quarter of 2024 was $1.872 million, compared to a net loss of $1.478 million in the second quarter of 2023 [16] Corporate Developments - ClearSign appointed David Maley and G. Todd Silva to its Board of Directors, with Silva replacing Robert T. Hoffman, Sr. [5] - The company closed a public offering and a concurrent private placement, resulting in gross proceeds of approximately $9.3 million [6]