Q4 2025 ClearSign Technologies Corp Earnings Call

February 24, 2026

Operator: Greetings! Welcome to the ClearSign Technologies corporate update call. At this time, all participants are on a listen-only mode. I will now turn the conference over to your host, Matthew Selinger, Investor Relations. You may begin.

Speaker #2: You may begin. Good afternoon, and thank you, operator. Welcome, everyone, to the ClearSign Technologies Corporation's update call. ClearSign does have a special meeting later this week, so the purpose of this call is to give a business update ahead of that meeting.

Matthew Selinger: Good afternoon, and thank you, operator. Welcome everyone to the ClearSign Technologies Corporation's Update Call. ClearSign does have a special meeting later this week, so the purpose of this call is to give a business update ahead of that meeting. I want to note that we will continue our normal practice of regularly scheduled quarterly conference calls. During this conference call, the company will make forward-looking statements. Any statement that is not a statement of historical fact is a forward-looking statement. This includes remarks about the company's projections, expectations, plans, beliefs, and prospects. These statements are based on judgments and analysis as of the date of this conference call and are subject to numerous important risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.

Speaker #2: I want to note that we will continue our normal practice of regularly scheduled quarterly conference calls. During this conference call, the company will make forward-looking statements.

Speaker #2: Any statement that is not a statement of historical fact is a forward-looking statement. This includes remarks about the company's projections, expectations, plans, beliefs, and prospects.

Speaker #2: These statements are based on judgments and analysis as of the date of this conference call and are subject to numerous important risks and uncertainties, including those described in the forward-looking statements.

Speaker #2: The risks and uncertainties associated with the forward-looking statements made in this conference call include but are not limited to whether field testing and sales of ClearSign products will be successfully completed, whether ClearSign will be successful in expanding the market for its products, and other risks that are described in ClearSign's filings with the SEC, including those discussed under the risk factor section of the annual report on Form 10-K for the period ended December 31, 2024.

Matthew Selinger: The risks and uncertainties associated with the forward-looking statements made in this conference call include, but are not limited to, whether field testing and sales of ClearSign products will be successfully completed, whether ClearSign will be successful in expanding the market for its products, and other risks that are described in ClearSign's filings with the SEC, including those discussed under the Risk Factors section of the annual report on Form 10-K for the period ended 31 December 2024. Except as required by law, ClearSign assumes no responsibility to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so. With me on the call today are Jim Deller, ClearSign's Chief Executive Officer, and Brent Hinds, ClearSign's Chief Financial Officer. With that, I'm going to hand it over to Jim.

Speaker #2: Except as required by law, ClearSign assumes no responsibility to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so.

Speaker #2: So with me on the call today are Jim Deller, ClearSign's Chief Executive Officer; and Brent Hines, ClearSign's Chief Financial Officer. So with that, I'm going to hand it over to Jim.

Speaker #3: Thank you, Matthew. As always, I'd like to thank everyone for joining us on the call today and for your continued interest in ClearSign. We have received some questions which we will work into the conversation today.

Jim Deller: Thank you, Matthew. As always, I'd like to thank everyone for joining us on the call today and for your continued interest in ClearSign. We have received some questions which we will work into the conversation today. Matthew will lead the call and go through the Q&A session. With that, I'm going to hand it back to Matthew.

Speaker #3: Matthew will lead the call and go through the Q&A session, and with that, I'm going to hand it back to Matthew.

Speaker #2: Great. Jim, Brent, thank you again for taking the time to do this. Brent, the company finished the year strong. And you released preliminary Q4 and full-year results over a month ago, back on January 7.

Matthew Selinger: Great. Jim, Brent, thank you again for taking the time to do this. Brent, the company finished the year strong, and you released preliminary Q4 and full-year results over a month ago, back on 7 January. Would you mind kind of just giving an overview of those preliminary results?

Speaker #2: Would you mind kind of just giving an overview of those preliminary results?

Speaker #4: Yes, Matthew. Thank you. Our preliminary revenues that we released reported approximately $3.6 million for Q4. And a full-year revenue number of $5.2 million. And I recall we reported $3.6 million for the full year of 2024.

Brent Hinds: Yes, Matthew. Thank you. Our preliminary revenues that we released, reported approximately $3.6 million for Q4, and a full year revenue number of $5.2 million. You now recall, we reported $3.6 million for the full year of 2024. It's very fair to say that Q4 was a record revenue quarter for us. I also believe it's important to note that we've consistently reported double-digit year-over-year growth for the past three years, and we're reporting a three-year compound annual growth rate of approximately 141%.

Speaker #4: So it's very, fair to say that Q4 was a record revenue quarter for us. I also believe it's important to note that we've consistently reported double-digit year-over-year growth for the past three years.

Speaker #4: And reporting a three-year compound per annual growth rate of approximately 141%.

Speaker #2: Okay. Great. And that was full-year revenues were up approximately 44% year over year?

Matthew Selinger: Okay, great. That was full year revenues, we're up approximately 44% year-over-year?

Speaker #4: Yes, that's correct.

Brent Hinds: Yes, that's correct.

Speaker #2: Okay. So Brent, again, what product lines were the drivers of that record Q4 revenue?

Matthew Selinger: Great. Brent, again, what product lines were the drivers of that record Q4 revenue?

Speaker #4: The majority of the record revenue was from our 26-burner order for that petrochemical company down in the Gulf Coast. But I think it's more important to note that our fourth-quarter revenues also included revenues from our other offerings, like FLAIR offering.

Brent Hinds: ... The majority of the record revenue was from our 26 burner order to that petrochemical company down on the Gulf Coast. I think it's more important to note that our Q4 revenues also included revenues from our other offerings, like flare offering. We were able to execute engineering services like CFD studies and installation service revenue. We also recognized other process burner revenues from customer witness tests, 2 CFD studies, with 2 unrelated customers. We also delivered some spare parts orders as well. I believe this shows progression on our 2 strategic initiatives, one, diversification, and the other one, market penetration. Jim could talk to that in more detail.

Speaker #4: We were able to execute engineering services like CFD studies and installation service revenue. We also recognize other process burner revenues from customer witness tests to CFD studies with two unrelated customers.

Speaker #4: We also delivered some spare parts orders as well. I believe this shows progression on our two strategic initiatives. One diversification and the other one market penetration.

Speaker #4: But Jim can talk to that in more detail.

Speaker #3: Yeah, I can just give a little bit of color. I mean, that trend is certainly continuing. We've recently launched what we're calling the Gen 2, the new ClearSign core burner technology.

Jim Deller: Just to give, I don't know what to call it. I mean, that trend is certainly continuing. We've recently launched what we're calling the Gen two, the new ClearSign Core burner technology. This was the result of the DOE SBIR funding program, the flexible fuel burner. I think the combination of that technology and the experience people in the industry have had from our recent orders, have led to a significant uptick in the inquiries and engagement in our process burner line. The midstream industry continues to be strong. We've seen, you know, a very healthy income of inquiries for the M-Series burners, and our flare product line has continued to grow, both in the number of opportunities and in the scope of those opportunities.

Speaker #3: This was the result of the DOE, SBIR funding program, the flexible fuel burner, I think a combination of that technology and the experience people in the industry have had from our recent orders have led to a significant uptick in the inquiries and engagement in our process burner line.

Speaker #3: The midstream industry continues to be strong. We're seeing a very healthy income of inquiries for the M-series burners and our FLAIR product line has continued to grow both in the number of opportunities and in the scope of its opportunities.

Speaker #3: And just to follow on from what Brent was saying for everyone, I mean, amongst all of those, we continue the services and, very importantly, as we get equipment out in the field, it continues to generate aftermarket business for us, especially in the part sales.

Jim Deller: Just to follow on from what Brent was saying to everyone, I mean, amongst all of those, we continue the services, and very importantly, as we get equipment out in the field, it continues to generate aftermarket business for us, especially in the parts sales. As we get more equipment out into the market, that will only increase and will continue to become an increasingly meaningful revenue stream for ClearSign.

Speaker #3: And as we get more equipment out into the market, that will only increase and will continue to become an increasingly meaningful revenue stream for ClearSign.

Speaker #2: Great. So going back to that 26-burner order, Jim, could you remind us who that was for?

Matthew Selinger: Great. Going back to that 26 burner order, Jim, could you remind us who that was for?

Speaker #3: Yeah, that was going down to a major petrochemical company down on the Texas Gulf Coast.

Jim Deller: That was going down to a major petrochemical company down on the Texas Gulf Coast.

Speaker #2: Great. And when will this be installed and fired up?

Matthew Selinger: Great. When will this be installed and fired up?

Speaker #3: So the order was completed. That was ready to ship by the end of last year. That was a comment, I think, is shipped down early this year.

Jim Deller: The order was completed. That was ready to ship by the end of last year. That was our comment, to get shipped down early this year. It's due to be installed, I believe, late Q2. We don't have exact dates for the startup, but I expect it to be around the middle of the year.

Speaker #3: It's due to be installed, I believe, late Q2. We don't have exact dates to start up, but I expect it to be around the middle of the year.

Speaker #2: Okay. But Brent, you mentioned, though, we were able to book the majority of the revenue for this.

Matthew Selinger: Okay. Brent, you mentioned, though, we were able to book the majority of the revenue for this?

Speaker #4: That's correct.

Brent Hinds: That's correct.

Speaker #2: Okay, great. And keeping with this customer then—and we did discuss some of this on our last call back in Q3—the same petrochemical client had ordered comprehensive testing of the new 100% hydrogen-capable burner. So Jim, why would a company do this?

Matthew Selinger: Okay, great. Keeping with this customer then, we did discuss some of this on our last call back in Q3. The same petrochemical client had ordered comprehensive testing of the new 100% hydrogen-capable burner. Jim, why would a company do this?

Speaker #3: Well, I obviously can't speak for the customer. But from what we've obviously talked about it with them in informal conversations, what we know is the this testing was truly comprehensive.

Jim Deller: Well, I obviously can't speak for the customer, but we've obviously talked about it with them in informal conversations. What we know is this testing was truly comprehensive. We had a wide range of different fuel gases we had to demonstrate the burner across, those fuel gases were chosen to represent the fuel gases of this client's facilities around the world. It's definitely looking wide range. They were with us for about a week, so we spent a lot of time looking at this burner. It's truly a very comprehensive testing, and I believe that they are assessing this new technology. They've got experience of this technology from the job going down to the Gulf Coast. They were very involved in that.

Speaker #3: We had a wide range of different fuel gases. We had to demonstrate the burner across and the those fuel gases were chosen to represent the fuel gases of this client's facilities around the world.

Speaker #3: So it's definitely looking wide-range. They were with us for about a week. So we spent a lot of time looking at this burner as a truly a very comprehensive testing and I believe that they are assessing this new technology.

Speaker #3: They've got experience of this technology from the job going down to the Gulf Coast. They were very involved in that. And at this stage, I believe they're looking at their technology upgrades and their plans and scheduling.

Jim Deller: You know, at this stage, I believe they're looking at their technology upgrades and their plans and scheduling for their fleet, and as part of their planning, they're looking for the role of ClearSign technology in those plans.

Speaker #3: For their fleet and as part of their planning, they're looking for the role of ClearSign Technology in those plans.

Speaker #2: Right. So, again, you ran the fuel specs from kind of their global fleet, if that's correct.

Matthew Selinger: Right. again, you ran the fuel specs from kind of their global fleet, if that's correct?

Speaker #3: I mean, we are they represented the extremes of the global fleet, right? You don't there's a don't do all of them, but a summary of them.

Jim Deller: I mean, they represented the extremes of the global fleet, you don't just do all of them, but a summary of them. You, right, take the blends of the fuels available, you mimic the fuels of the different sites.

Speaker #3: You take the blends of the fuels available and you mimic the fuels of the different sites.

Speaker #2: All right. And was this testing completed?

Matthew Selinger: All right. Was this testing completed?

Speaker #3: It went really well. Yes, it was completed. We've gone through a thorough report that's been submitted. And they were in attendance through this testing.

Jim Deller: It went really well. Yes, it was completed. We've gone through a thorough report that's been submitted, and they were in attendance through this testing. As I said, they were with us for about a week, and put the burners through its paces.

Speaker #3: As I said, they were with us for about a week and for the burner to its paces.

Speaker #2: Great. And that was all in Q4. And then so are there discussions going on with this customer regarding additional deployments?

Matthew Selinger: Great, and that was all in Q4. Are there discussions going on with this customer regarding additional deployments?

Speaker #3: Yeah. I mean, I need to be careful because obviously, a lot of this is a considered confidential. I think it's fair to say that we are in good faith planning.

Jim Deller: Yeah. I mean, I need to be careful because obviously, a lot of this is considered confidential. I think it's fair to say that we are in good faith planning. To be clear, we are not working on any specific orders at this time. Obviously, we wouldn't be working in this nature with a client if we didn't believe that there was future interest in it for ClearSign.

Speaker #3: We do not to be clear, we are not working on any specific orders at this time. But obviously, we wouldn't be working in this nature with the client if we didn't believe that there was future interest in it for ClearSign.

Speaker #2: Okay. So moving away from that one customer, let me ask about process burners from a larger market perspective. And let's start with the announced orders in terms of kind of getting into the pipeline here.

Matthew Selinger: Okay. moving away from that one customer, let me ask about process burners from a larger market perspective. Let's start with the announced orders in terms of kind of getting into the pipeline here. I know we've announced two large orders, one from a super major and one from, we're calling it a name brand, and we describe it as such, since you could, for instance, see this name maybe when you're driving around to fill your gas.

Speaker #2: I know we've announced two large orders. One from a super major and one from we're calling it a name brand. And we describe it as such, since you could, for instance, see this name maybe when you're driving around and fill your gas.

Speaker #2: Would you mind diving in and talking about those two orders, Jim?

Jim Deller: Yeah.

Matthew Selinger: Would you mind diving in and talking about those two orders, Jim?

Speaker #3: Yeah. I think there's a really good starting point. So these are both very well-known major refiners. The first so these orders we have to date, the orders we get often progress from an engineering phase through a testing phase and then into the manufacturing equipment.

Jim Deller: I think it's a really good starting point. These are both very well-known major refiners. These orders we have to date, and the orders we get often progress from a engineering phase to a testing phase, and then into the end manufacturing equipment. The first, we're in that first phase, yes. This is early engineering. The first is 36 burners. This is going down to a single heater on a Gulf Coast refiner, and the second is the 32 burners going out to a California refiner. I think one of the amps I want to put here is, you know, when we start, well, these are bigger clients. These are globally known household name clients. These refineries process a lot more oil into gasoline. The heaters are a lot bigger.

Speaker #3: So the first we're in that first phase here. So this is the early engineering. The first is 36 burners. This is going down to a single heater.

Speaker #3: On a Gulf Coast refiner. And the second is the 32 burners going out to a California refiner. I think one of the Ms I want to put here is when we start these are bigger clients.

Speaker #3: These are globally known household name clients. These refineries process a lot more oil and gasoline. The heaters are a lot bigger. They've got a lot more heaters.

Jim Deller: They've got a lot more heaters. As we're moving into this type of customer, a single order can encompass a lot more burners. Here, right, one, the 36 burners going out to a single heater in Texas, this is a significant, right, development for ClearSign and the same for the 32 going out to California.

Speaker #3: So as we're moving into this type of customer, a single order can encompass a lot more burners. So here, the 36 burners going down to a single heater in Texas.

Speaker #3: This is a significant development for ClearSign. And the same for the 32 going out to California.

Speaker #2: And the 32 is two heaters from one order. Yeah. So both in a sense are much bigger.

Matthew Selinger: The 32 is 2 heaters for 1 order?

Jim Deller: It is, yes.

Matthew Selinger: Yeah. Yeah. Bigger, both in a sense, are much bigger.

Speaker #3: That's correct.

Speaker #2: Than anything we've announced. In the past. Yeah. Great. And then so can we talk more about the pipeline, if you don't mind, besides the announced orders?

Jim Deller: That's correct.

Matthew Selinger: than any we've announced in the past.

Jim Deller: Yes.

Matthew Selinger: Yeah.

Jim Deller: Yeah.

Matthew Selinger: Great. Can we talk more about the pipeline, if you don't mind, besides the announced orders? You know, are you talking to other companies? Perhaps give us what visibility you can to that pipeline.

Speaker #2: Are you talking to other companies? And perhaps give us what visibility you can to that pipeline.

Speaker #3: Yeah. I mean, yeah, there's a whole range of different ways that these inquiries come to us. But I think one of the big shifts for ClearSign is just the number of major clients that are now coming to us for inquiries.

Jim Deller: Yeah. I mean, yeah, there's a whole range of, like, different ways that these inquiries come to us. I think one of the big shifts for ClearSign is just the number of major clients that are now coming to us for inquiries, right, just from these. I mean, there are sister sites of some of the existing customers that we have inquiries with them. We have other clients that have come to us, through our own sales outreach. I think they obviously talk to the other people within the industry. We've been inquiries now, and what's really interesting is we've had, there are some major clients out there that we've not been able to get to talk to personally, yet we have those clients, through engineering companies, still coming back and asking for, like, ClearSign solutions to be included in their future planning.

Speaker #3: There's just from these I mean, there are sister sites of some of the existing customers that we have inquiries with them. We have other clients that have come to us through our own sales outreach.

Speaker #3: I think they obviously talk to the other people within the industry. We've been inquiring to them. And we actually what's really interesting is we've had there are some major clients out there that we've not been able to get to talk to personally, yet we have those clients through engineering companies still coming back and asking for ClearSign solutions to be included in their future plannings.

Speaker #3: It's a really good sign. I think the industry is quite tight-knit. But the fact that we've had people from the industry spend a lot of time looking at this burner, we've completed the manufacturing and the shipping of the burners going down to the Gulf Coast.

Jim Deller: It's a really good sign. I think, you know, the industry is quite tight-knit, but the fact that we've, like, we've had people from the industry spend a lot of time looking at this burner. We've completed the manufacturing and the shipping of the burners going down to the Gulf Coast. I think that is getting recognized and leading to a lot more confidence with the, rather, big decision makers within the industry to start to engage us in their planning process.

Speaker #3: I think that is getting recognized and leading to a lot more confidence with the rather big decision-makers within the industry to start to engage us in their planning process.

Speaker #2: And then so would you be willing to go out and let them maybe quantify some of this kind of prospect pipeline?

Matthew Selinger: Would you be willing to go out on a limb and maybe quantify some of this kind of, you know, prospect pipeline?

Speaker #3: I can. I mean, these are they're not we don't have all of the spec sheet, but they're known opportunities for us. And let me just get an idea of where these numbers come from.

Jim Deller: I can. I mean, these are. Right, they're known. We don't have all the specs yet, but they're known opportunities for us. To get an idea of where these numbers come from, as an example, one of these clients, right, through our sales outreach, has reached out to others in the industry that have had personal experience with our burners, and as a result, have identified, I believe, it's about 10 heaters within their, right, global refiners or refineries that would need burners, and that ClearSign should be a good solution for. We've not received all those specifications yet, but that's one particular, just from one particular company. We do actually have the first of those 10. We're still waiting for the rest.

Speaker #3: As an example, one of these clients through our sales outreach, has reached out to others in the industry that have had personal experience with our burners.

Speaker #3: And as a result, have identified, I believe it's about 10 heaters within their global refiners or refineries that would need burners. And the ClearSign should be a good solution for.

Speaker #3: We've not received all those specifications yet, but that's one particular just from one particular company. We do actually have the first of those 10.

Speaker #3: We're still waiting for the rest. But it's not just how these numbers have recently built up. And from my side, why we're getting so excited about what we're seeing for the long-term prospects of ClearSign.

Jim Deller: It's not just a how these numbers have recently built up, and from my side, why we're getting so excited about what we're seeing for the long-term prospects of ClearSign. You asked for our numbers. With that understood, I mean, aggregating the numbers we've got, I believe the inquiries on our horizon that we're aware of, are totaling between 2 and 300 burners.

Speaker #3: But you asked about numbers. So with that understood, I mean, aggregating the numbers we've got, I believe the inquiries on our horizon that we're aware of are totaling between 2 and 300 burners.

Speaker #2: Burners. Right.

Speaker #3: 2 and 300 burners. And they're probably spread over about 15 to 20 heaters is our estimate from what we've been told and been able to pick up.

Matthew Selinger: Burners, right.

Jim Deller: 2 and 300 burners, and they're probably spread over about 15 to 20 heaters, is our estimate from what we've been told and been able to pick up to date.

Speaker #3: To date.

Speaker #2: Okay. Great. So you mentioned, again, one potential client may actually have up to 10 heaters themselves. And then the market dynamic that you addressed earlier, I wanted maybe to kind of go back and highlight is that you mentioned obviously we're working with bigger and bigger customers.

Matthew Selinger: Okay, great. You mentioned, again, one potential client may actually have up to 10 heaters themselves. The market dynamic that you addressed earlier, I wanted maybe just kind of go back and highlight is that you mentioned, obviously, we're working with bigger and bigger customers. These customers have bigger facilities, thus they have bigger heaters. In the past, again, we've talked about, you know, multiple burners in a heater, maybe being four to five. You just said a while back that these heaters, for instance, their current order flow, one is 36, and there's 32 divided over 2.

Speaker #2: These customers have bigger facilities. Thus, they have bigger heaters. In the past, again, we've talked about multiple burners in a heater, maybe being four to five.

Speaker #2: You just said a while back that these heaters, for instance, their current order flow. One is 36. Then there's 32 divided over 2. So again, we are now dealing with bigger and bigger companies.

Jim Deller: Yeah.

Matthew Selinger: Again, we are now dealing with bigger and bigger companies, thus, in a sense, potential bigger and bigger projects.

Speaker #2: Thus, in a sense, potential bigger, bigger projects. Is that?

Speaker #3: That's right. And I think, on top of that, the key people we're working with work across multiple refineries within that same customer. So, as they get experience with ClearSign technology, it's not only that one refinery that gets experience, effectively.

Jim Deller: That's right. I think on top of that, right, the key people we're working with work across multiple refineries within that same customer. As they get experience of ClearSign technology, it's not only that one refinery that gets experienced effectively, it's by pass through. They are responsible for working on projects across the other refineries within that company at the same time.

Speaker #3: It's passed through. They are responsible for working on projects across the other refineries within that company at the same time.

Speaker #2: Okay. Well, and then I'm going to ask a high-level question. And I hope it doesn't come across as silly by any means. But is ClearSign a known entity in the process burner world?

Matthew Selinger: Well, then I'm going to ask a high-level question. I hope it doesn't come across as silly by any means, but is ClearSign a known entity in the process burner world, in your opinion?

Speaker #2: In your opinion.

Speaker #3: Yeah. It's hard. So I think the evidence that we have supports that. The shift in the opportunities that we're getting especially the fact that we're getting inquiries from end users that we have not been able to talk to directly that they still ask for our technology to be included.

Jim Deller: Yeah, it's hard. I think the evidence that we have supports that.

Matthew Selinger: Okay.

Jim Deller: The shift in the opportunities that we're getting, especially the fact that we are getting inquiries, right, from end users that we have not been able to talk to directly, that they have still asked for our technology to be included in their projects. I think there's another data point, if you like. Also, we're very proud of this new burner we've got. I think it's an incredible thing for the industry. We're putting on a demonstration day at Zeeco in April. You know, previously, there are a number of key people within the major refiners and petrol companies who have tried to get in. While, you know, we get time, we talk to them, we've not really got serious consideration for them. We have those people coming into this demonstration, right?

Speaker #3: In their projects. And I think there's another data point, if you like. We are obviously, we're very proud of this new burner we've got.

Speaker #3: I think it's an incredible thing for the industry. We're putting on a demonstration day at Zico in April. Previously, there are a number of key people within the major refiners and petrochemical companies that have tried to get in.

Speaker #3: And while we get time, we talk to them, we've not really got serious consideration for them. We have those people coming into this demonstration.

Speaker #3: They've taken their time out. They're flying into Tulsa. They're going to spend a day with us. So the fact that we're it looks like that everyone is starting to understand and to have confidence in what ClearSign can offer and to give it enough consideration to be able to carve time out of their schedule I think is very supportive of us being recognized in the industry for what we can actually do.

Jim Deller: They've taken their time out, they're flying us to also to spend a day with us. It looks like that everyone is starting to understand and to have confidence in what ClearSign can offer, and to give it enough consideration to be able to carve time out of their schedule, I think is very supportive of, you know, recognizing the industry for what we can actually do.

Speaker #2: Yeah. That's great qualitative information. Let's shift. The conversation here to an adjacent product, the M series. Which, again, is focused on the midstream. We had an initial flurry of orders when I was first announced.

Matthew Selinger: Yeah, that's great qualitative information. Let's shift the conversation here to an adjacent product, the M-Series, which again, is focused on the midstream. You know, we had an initial flurry of orders when it was first announced, and then towards the end of the year, we had a few more. This product's mainly been sold through channel partners like heater manufacturers, THM, Devco. What are we seeing with this product line, Tim?

Speaker #2: And then towards the end of the year, we had a few more. And this product's mainly been sold through channel partners like heater manufacturers, THM, Devco.

Speaker #2: What are we seeing with this product line, Jim?

Speaker #3: Yeah. We're actually seeing a lot of activity in the midstream, and the gas pipeline industry has been very buoyant, admittedly. We have not seen a lot of orders in the last few months.

Jim Deller: Yeah. We're actually seeing a lot of activity, and the midstream and the gas pipeline industry has been very buoyant. Admittedly, we have not seen a lot of orders in the last few months, but that does not reflect what we're seeing in the interest in the industry. I mean, just to, like, put some round numbers to this, well, we have about 50 active proposals for M-Series burners at this time. In the last week or so, we've had another 12 inquiries come in, we've not yet had the chance to quote. They're coming in rapidly, with that, there's a lot of interest.

Speaker #3: But that does not reflect what we're seeing in the interest in the industry. I mean, just to put some round numbers to this, we have about 50 active proposals for M series burners at this time.

Speaker #3: And in the last week or so, we've had another 12 inquiries come in that we've not yet had the chance to quote. So they're coming in rapidly.

Speaker #3: There's a lot of interest. So while there's not been a lot of orders, the fact that we've got that number of quotes out there, I am very optimistic that these will obviously come through the system and turn into purchase orders at some point in the future.

Jim Deller: While there's not been a lot of orders, the fact we've got that number of quotes out there, I am very optimistic that these, you know, will obviously come through the system and turn into purchase orders at some point in the future.

Speaker #2: Okay. And are you in any potential ballpark price tag on those 50?

Matthew Selinger: Okay. Are you willing to put a potential ballpark price tag on those 50?

Speaker #3: Yeah, I did. Some of them up. It's in the region of 10. 10 million, if you look at the sales price. I mean, clearly, they're not all going to come in.

Jim Deller: Yeah, I did. I, you know, some of them, it's in the region of $10 million, if you look at the, well, the sales price.

Matthew Selinger: Okay. Yeah.

Jim Deller: Clearly, they're not all gonna come in, they do tend to move out, but having that many out there gives us very good confidence that we're gonna get a very meaningful stream.

Speaker #3: And they do tend to move out. But having that many out there gives us a very good confidence that we're going to get a very meaningful stream.

Speaker #2: Yeah, it's a healthy sales funnel.

Matthew Selinger: Yeah, it's a healthy sales funnel.

Speaker #3: Coming from. Yeah. Exactly.

Jim Deller: Coming from. Yeah, exactly.

Speaker #2: Yeah. I did mention Devco. In the previous remarks there, and many of our investors and this was an investor question as well, by the way.

Matthew Selinger: I did mention Devco in the, in the previous remarks there. Many of our investors, and this is an investor question as well, by the way. Thank you. It was in the news that Devco has recently been acquired by Zeeco. You know, what do you think this means for us?

Speaker #2: So thank you. It was in the news that Devco has recently been acquired by Zico. What do you think this means for us?

Speaker #3: I'm actually quite excited about it. We obviously saw the news. We're watching in close contact with Devco, so we can talk to Devco. In fact, as I was reaching out to Zico to ask about how this relationship develops, they were actually reaching out to us at the same time with the same question about how they can continue to buy the ClearSign M Series burners for the Devco business.

Jim Deller: I'm actually quite excited about it. We obviously saw the news and you know, we're actually in close contact with Devco, so we can talk to Devco, we're talking... In fact, as I was reaching out to Zeeco to ask about how this relationship develops, they were actually reaching out to us at the same time with the same questions about how can they continue to buy the ClearSign M-Series burners for their business. That was very positive. What I've been led to believe is, you know, Zeeco bought Devco to invest in that business and to grow it. Zeeco have huge resources, so I believe that they're, like, looking to put more resources on the Devco business and actually bring in more business.

Speaker #3: So that was very positive. What I've been led to believe is Zico bought Devco to invest in that business and to grow it. Zico have huge resources.

Speaker #3: So I believe that they're looking to put more resources on the Devco business and actually get bring in more business. And through the conversations about them continuing to use the ClearSign burners, I'm actually I think this is going to be very good for us.

Jim Deller: Through the conversations about them continuing to use the ClearSign burners, I'm actually, I think this is gonna be very good for us. We also have a very good relationship with Zeeco. We had a good relationship with Devco as well, but from that perspective, I don't think there's anything but good news in this for ClearSign.

Speaker #3: We also have a very good relationship with Zico. We had a good relationship with Devco as well. But from that perspective, I don't think there's anything but good news in this for ClearSign.

Speaker #2: Okay. But going back to some of the early comments, about Q4, that Brent mentioned. Having revenue contribution from multiple product lines. One of them was flares.

Matthew Selinger: Okay. Going back to some of the early comments, about Q4 that Brent mentioned, having revenue contribution from multiple product lines. One of them was flares. We did just announce another flare order, and in fact, a flare system. Tim, could you give more color on what this order is, and what is a system compared to just a flare burner?

Speaker #2: We did just announce another flare order. And in fact, a flare system. Jim, could you give more color on what this order is? And what does a system compare to just a flare burner?

Speaker #3: Yeah. Maybe if I can, it makes sense. Just to take it back one step further and explain what the flare burner is. And where this is going.

Jim Deller: Yeah. Maybe I can, it makes sense, you know, just to take you back 1 step further and explain what the flare burner is and where this is going. I mean, there are many types of flare in the industry. This particular type that we sell is going into clients like the oil companies, pulling oil out of the ground. There is a, often a low-quality waste gas that comes out of those oil fields that they have to, if it's out in a remote area, it has to be disposed of cleanly. That's the flare that we sell allows them to do that. It's an enclosed flare. It burns in a big vessel.

Speaker #3: I mean, these so the there are many types of flare in the industry. This particular type that we sell is going into clients like the oil companies pulling oil out of the ground.

Speaker #3: There is often a low-quality waste gas that comes out of those oil fields that they have to—if it's out in a remote area, it has to be disposed of cleanly.

Speaker #3: And that's the flare that we sell allows them to do that. It's an enclosed flare. It burns in a big vessel. The key or a couple of key features of the ClearSign technology is we can do that and guarantee low NOx emissions, which is a requirement that's increasing in the Western states.

Jim Deller: The key or a couple of key features of the ClearSign technology is we can do that and guarantee low NOx emissions, which is a requirement that's increasing in the western states. We also have the ability to burn completely a very low-quality gas. The gas can have a lot of inerts in it, a lot of things that don't burn very easily. We're able to handle that. The flare burners that we've been selling was our special burner element that could be, at that point, be fitted into somebody else's flare, maybe replacing a burner that wasn't working properly or had some other problems. We could upgrade the existing equipment to meet that performance criteria. What we've found recently is the clients have often a need to upgrade the entire system.

Speaker #3: We also have the ability to burn completely a very low-quality gas. The gas can have a lot of inerts in it—a lot of things that don't burn very easily.

Speaker #3: We're able to handle that. The flare burners that we've been selling were the special burner elements that could, at that point, be fitted into somebody else's flare, maybe replacing a burner that wasn't working properly or had some other problems.

Speaker #3: We could upgrade the existing equipment to meet that performance criteria. But what we've found recently is the clients have often a need to upgrade the entire system and we've developed that from selling just that burner technology and order to be in the ballpark 150, 200 thousand dollars.

Jim Deller: We've developed that from selling just that burner technology, an order that being in the ballpark, $150,000, $200,000, into supplying more and more components of the complete system, which would include the vessel and the controls and the fuel control systems that go in, into that flare. That takes a single order of what would have been a 200-pound burner. We're able to leverage that into about a $1 million-dollar systems order.

Speaker #3: Into supplying more and more components of the complete system, which would include the vessel, and the controls, and the fuel control, systems that go into that flare.

Speaker #3: And that takes a single order of what would have been a 200-pound burner. We're able to leverage that into about a million dollar systems order.

Speaker #2: All right. So this order was closer to that. By the way, it was the fifth order from the same customer. So now we're really a supplier to them.

Matthew Selinger: Okay. This order was closer to that. By the way, it was the fifth order from the same customer. Now we're really a supplier to them. You would suffice to say that this would be closer to that latter number you just quoted?

Speaker #2: But you had suffice to say that this would be closer to that latter number you just quoted.

Speaker #3: It's actually right around in that range, yes.

Jim Deller: It's actually right around in that range, yes.

Speaker #2: Oh, that's great. And then, so what does the pipeline look like in regards to this product line?

Matthew Selinger: That's great. What does the pipeline look like in regards to this product line?

Speaker #3: It's actually looking quite healthy. This is a product that's continued to grow. So this particular client, obviously, has experience of ClearSign flares. This is their fifth order.

Jim Deller: It's actually looking quite healthy. This is a product that's continued to grow. This particular client obviously has experience of ClearSign flares. This is their fifth order. We believe that they have the need for, or very likely the need for more flares in their future. Well, these regulations are in the western states. We believe that also that there's more opportunities outside of this one client for us to grow into. As we supply more of the equipment, I think the scope is going to get bigger. We're going to be selling more of the systems. There's other variations of it as well. I think another interesting feature is essentially, if you take the flare structure and you turn it horizontally, it becomes a thermal oxidizer, which we can also make and sell as the systems.

Speaker #3: We believe that they have the need for or very likely the need for more flares in their future. These regulations are in the Western states.

Speaker #3: So we believe that also that there's more opportunities outside of this one client. For us to grow into. And as we supply more of the equipment, I think the scope's going to get bigger.

Speaker #3: We're going to be selling more of the systems. But there's other variations of it as well. I think another interesting feature is essentially if you take the flare structure and you turn it horizontally, it becomes a thermal oxidizer.

Speaker #3: Which we can also make and sell as systems. And we actually have some very solid proposals out and leads for thermal oxidizer systems in the future as well.

Jim Deller: We actually have some very solid proposals out and leads for thermal oxidizer systems in the future as well. In terms of growth, I think there's more with this client, there's more clients, there's more states. We've taken the technology and We've also got it adapted as a thermal oxidizer configuration as well, and have clients for that type of system.

Speaker #3: So in terms of growth, I think there's more with this client. There's more clients, there's more states. And then we've taken the technology and we've also got it adapted as a thermal oxidizer.

Speaker #3: Configuration as well, and have clients for that type of system.

Speaker #2: Interesting. So again, this is a product line that for a while was kind of quiet. But it sounds like it's a product line that's growing quite healthily for us.

Matthew Selinger: Interesting. Again, this is a product line that for a while was kind of, call it, you know, quiet, but it sounds like it's a product line that's growing quite healthily for us. Could be quite a contributor going forward.

Speaker #2: It could be quite a contributor going forward.

Speaker #3: I believe. So, especially when the orders are coming in and they're, let's say, $500,000 to $1 million apiece, it has the ability to be a very significant revenue stream for ClearSign.

Jim Deller: I believe so, especially when the orders are coming in and the, let's say, $500,000 to 1 million dollars piece, it has the ability to be a very significant revenue stream for ClearSign.

Speaker #2: All right. Good to hear. So speaking of revenues, I'm going to pivot to some financial details Brent. What was the approximate cash balance at year-end?

Matthew Selinger: Right. Great to hear. Speaking of revenues, I'm gonna pivot to some financial details, Brent. What was the approximate cash balance at year-end?

Speaker #4: It was approximately $9 million.

Brent Hinds: It was approximately $9 million.

Speaker #2: It was $9 million? Great. And that's down from just over $10 million at Q3.

Matthew Selinger: It was $9 million?

Brent Hinds: That's correct.

Matthew Selinger: That's down from just over $10 million at Q3.

Speaker #4: Yes, that's correct. Now recall we started the year in 2025 with approximately $14 million in cash. So we ended the year with approximately $9 million cash.

Brent Hinds: Yes, that's correct. Now, recall, we started the year in 2025 with approximately $13 million in cash. We ended the year with approximately $9 million in cash. That brings our average quarterly burn rate to about $1.25 million.

Speaker #4: That brings our average quarterly burn rate to about 1.25 million.

Speaker #2: Okay. Great. That's great information. I'm going to go ahead and bring in another question here from one of our investors. So thank you. Investors again for sending questions in ahead of time.

Matthew Selinger: Okay, great. That's great information. I'm gonna go in and bring in another question here from one of our investors. Thank you, investors again, for sending questions in ahead of time. Jim, there's been some news recently about federal regulation changes, and in particular, the recent repeal of the Endangerment Finding. Is this affecting your business, now, or do you see that it may?

Speaker #2: But Jim, there's been some news recently about federal regulation changes. And in particular, the recent repeal of the endangerment finding. Is this affecting your business now?

Speaker #2: Or do you see that it may?

Speaker #3: First of all, yeah. One hundred percent of this question is thank you. We've actually heard from other investors as well, and it's always good to know what your interest is.

Jim Deller: First of all, yeah, person who sent this question, thank you. We've actually heard from other investors as well, and we, it's always good to know all your interests. Back to the question, I think there's 2 elements. There's both, but the short answer is no, we don't. I think the, well, the technical reason is the Endangerment Finding regards, like, CO2 emissions, and predominantly, you know, the right vehicle emissions, right? That in itself does not affect ClearSign. The main driver for ClearSign is the NOx emissions, which is a criteria pollutant, one of the emissions that were, right, at the basis of the EPA regulations. We've seen no indication that there's any pressure or question as to why the NOx regulations should be reduced. In fact, we continue to see them be tightened up.

Speaker #3: Back to the question. I think that there's two elements. There's both—the short answer is no, we don't. I think the technical reason is the engagement finding regards CO₂ emissions.

Speaker #3: And predominantly the vehicle emissions, so that in itself does not affect ClearSign. The main driver for ClearSign is the NOx emissions, which is a criteria pollutant.

Speaker #3: One of the emissions that were at the basis of the EPA regulations. And we've seen no indication that there's any pressure or question as to why the NOx regulation should be reduced.

Speaker #3: In fact, we continue to see them be tightened up. We see that Texas is in the process of finalizing their plan. Of course, we've recently seen the regulations updated in California.

Jim Deller: We see them, like, Texas is in the process of finalizing their plan. Of course, we've recently seen the regulations updated in California, and from, like, general news in the industry, it, it's a continuing trend, so we're not seeing that reduced. Right, the other answer, the other way to look at this is, we talked about the amount of work that's out there for ClearSign, the amount of projects that the refiners are asking for ClearSign solutions for. We're seeing the same in the midstream, that our low NOx burners are getting a lot of inquiries, a lot of traction. The reason we're talking to Zeeco about continuing to supply our burners into Devco, now part of the Zeeco business, all of those are driven by NOx emissions.

Speaker #3: And from general news in the industry, it's a continuing trend. So we're not seeing that reduced. I think the other answer, or the other way to look at this, is we talked about the amount of work that's out there for ClearSign.

Speaker #3: The amount of projects that the refiners are asking for ClearSign solutions for—we're seeing the same in the midstream, that our low NOx burners are getting a lot of inquiries, a lot of traction.

Speaker #3: The reason we're talking to Zico about continuing to supply our burners into DEFCO now part of the Zico business. All of those are driven by NOx emissions.

Speaker #3: That's not just from us. Just the feedback from the market is suggesting that no one has taken the foot off the gas—maybe that's a bad pun.

Jim Deller: That's not just from us, just the feedback from the market is suggesting that no one has taken their foot off the gas. Maybe that's a bad pun, regarding NOx emissions. Yeah, at this point, I'm seeing no reasons to be concerned or any effects-

Speaker #3: Regarding NOx emissions, yeah, so at this point, I'm seeing no reason to be concerned or any effects of that on ClearSign.

Speaker #2: Great. I'm going to bring in another question. That came in from an investor that I still get quite a bit. And we did address a bit of this on the Q3 call, Jim.

Matthew Selinger: Okay.

Jim Deller: Of that on ClearSign.

Matthew Selinger: Great. I'm gonna bring in another question that came in from an investor that I still get quite a bit. We did address a bit of this on the Q3 call, Jim, but as you know, why don't we give the names of customers?

Speaker #2: But why don't we give the names of customers?

Speaker #3: Okay. This is vague. Believe me, if we could do this, we are not holding this back. We would absolutely love to reduce these names.

Jim Deller: Okay. Believe me, if we could do this, if we have this, we are not holding this back. We would absolutely love to use these names. I absolutely understand that it's a common question. Well, we get it. It comes up. The short answer, we have, you know, very extensive contracts, as you'd imagine, when you're dealing with companies like the major oil companies and petrochemical companies. Within those, right, there's NDAs, and there's very strict language around disclosures, and they're very protective of the use of their name. The short answer is, we're actually prohibited by those contracts we have to sign with them or our purchase orders that prevents us from using their name.

Speaker #3: I absolutely understand that it's a common question—something people, we get it. It comes up for you. The short answer: we have very extensive contracts, as you'd imagine, when you're dealing with companies like the major oil companies and petrochemical companies.

Speaker #3: And within those, there's NDAs. And there's very strict language around disclosures. And they're very protective of the use of their name. And that prohibits us from the short answer is we're actually prohibited by those contracts.

Speaker #3: We have to sign with them, or our purchase orders, that prevents us from using their name. We would very much like to do so.

Matthew Selinger: Yeah.

Speaker #3: But we have to abide and want to abide by the contracts because we want to be continued suppliers to them. They have to trust us.

Jim Deller: We'd very much like to do so, you know, we have to abide and want to abide by their contracts because we want to be continued suppliers to them. They have to trust us.

Speaker #2: Yeah. And I'll give you a little color too. I mean, on the Q3 call, we did address this as well. And I think on the Q3 call, as a reiteration, we mentioned that we're working with three out of the call, five to seven super majors, right, depending on whose definition you use.

Matthew Selinger: Yeah, I'll give you a little color, too. I mean, on the Q3 call, we did address this as well. I think on the Q3 call, as a reiteration, we mentioned that we're working with 3 out of the call, 5 to 7 super majors, right? Depending on whose definition you use. We mentioned other companies as household names. Again, the term we're using is, we should probably use it as called drive time name. If you're driving around and maybe you need to fill your gas, you may see these, or fill your gas up at 1 of these companies or things like global petrochemical companies, right? The point is that we're working with bigger and bigger companies, like you said, Jim.

Speaker #2: We mentioned other companies as household names. And again, a term we're using—or we should probably use—is called 'drive-time name.' If you're driving around and maybe need to fill your gas, you may see these or fill your gas up at one of these companies.

Speaker #2: Or things like global petrochemical companies, right? So the point is that we're working with bigger and bigger companies like you said, Jim.

Speaker #3: Yeah. And when we I think it's important to be able to categorize the companies, things from an investor to understand the prominence, significance of the customers that we're maybe to assess the potential future work that they may have.

Jim Deller: Yes, I think it's important to be able to categorize the companies, I think from an investor, to understand the prominence, significance of the customers that we're with, maybe to assess the potential for future work that they may have, and to gauge the development of ClearSign, the fact that we are getting orders now, and engagement from like top tier global super major companies, that has been one of our, something we've talked about doing for a long time, but we're finally getting the inquiries. When they're coming, they've really just started to come.

Speaker #3: And to gauge the development of ClearSign, the fact that we are getting orders now and engagement from top-tier global super major companies, that has been one of our something we've talked about doing for a long time.

Speaker #3: We're finally getting these inquiries. And when they're coming, they've really just started to come.

Speaker #2: Yeah.

Speaker #3: I want to say all at once. But very quickly.

Matthew Selinger: Yeah.

Jim Deller: Like, I won't say all at once, but it's very quickly.

Speaker #2: And the dynamics which you just mentioned, the dynamics that come with these larger customers, to break it down simply, larger companies have larger facilities.

Matthew Selinger: The dynamics which you just mentioned, the dynamics that come with these larger customers. To break it down simply, larger companies have larger facilities. These facilities have larger heaters, right? These heaters hold more burners on average, right? We're talking about maybe what, ten average or upwards?

Speaker #2: These facilities have larger heaters, right? These heaters hold more burners on average, right? We're talking about maybe, what, 10 average or upwards.

Speaker #3: Or more. Yeah.

Speaker #2: Yeah, so thus, larger projects for us. I mean, that's the dynamic that comes attached to, and again, these names or non-names that we're giving you, or descriptors, is what it means for our business.

Jim Deller: More, yeah.

Matthew Selinger: Yeah. Thus, larger projects for us. That's the dynamic that comes attached to, and again, these names or non-names that we're giving you, or descriptors, and what it means for our business.

Speaker #3: That's right. So yeah, while we can't name them, it's very important to understand the size of these companies and the fact that when we get an order from them, it's typically not going to be for three or five burners.

Jim Deller: That's why I say, yeah, while we can't name them, it's very important to understand the size of these companies and the fact that when we get an order from them, it's typically not going to be for 3 or 5 burners. It may be for 36, in the case going down to Texas, or 20, but at a significantly bigger number. When we put numbers out there for ClearSign to get a break-even, about 160 burners of the process burner type was that number. This is where that comes from. You start to see a heater coming in at 30 plus burners, it's very easy to see how you get that number. Maybe you add an affair at $1 million, that's worth 10 of those burners in revenue.

Speaker #3: It may be for 36 is the case going down to Texas or 20, but at a significantly bigger number. And we've put numbers out there for ClearSign to get to break even in the past 160 burners of the process burner type was that number.

Speaker #3: This is where that comes from. When you start to see a heater coming in at 30-plus burners, it's very easy to see how you get to that number.

Speaker #3: Maybe you add in a flare at a million dollars that's worth 10 of those burners in revenue.

Speaker #2: Yeah.

Speaker #3: Those numbers add up very quickly. So there is a this is where there is a lot of business. We just have to get to the point that we're getting into this type of work that we can now start and see is really building up in our pipeline.

Matthew Selinger: Yeah.

Jim Deller: Those numbers add up very quickly. This is where there's a lot of business. We just have to get to the point-

Matthew Selinger: Right.

Jim Deller: where we're getting into this type of work that we can now start to see is really building up in our pipeline.

Speaker #2: This is that road or that path. Those numbers you're talking about. Great. Last one on this though. Do you believe there'll be opportunities in the future that we may hear any of these companies' names as we may be able to use them or they may even release their name in conjunction with our technology?

Matthew Selinger: This is that road or that path.

Jim Deller: Yes.

Matthew Selinger: these numbers you're talking about.

Jim Deller: Yeah.

Matthew Selinger: Great. Last one on this, though: Do you believe there'll be opportunities in the future that we may hear any of these companies' names, we may be able to use them, or they may even release their name in conjunction with our technology?

Speaker #3: I do. And my past experience supports that. I think the it's very likely once we get these projects that we're now excited because we're getting to quote and get involved in as these projects go through the process and get to be installed and successful, typically at that point, in fact, it's not just mentioning their names.

Jim Deller: I do, and my past experience supports that. I think it's very likely once we get these projects that we're now excited because we get into quote, unquote, "involved," as these projects go through the process and get to be installed and successful. Typically at that point, in fact, it's not just mentioning their names. We get to jointly present, we're expecting to jointly present with those clients at tech conferences. They may be putting their own publicity out because being involved in ClearSign shows them going the extra mile to provide clean air to their local constituents.

Speaker #3: We get to jointly present or expect to jointly present with those clients our technical conferences. They may be putting their own publicity out because being involved in ClearSign shows them going the extra mile to buy clean air to their local constituents.

Speaker #2: Yep.

Speaker #3: It's good news for everybody involved. It's good news for local regulators. They can show that they're doing their job. So I think it's nothing's guaranteed, but I think it's very likely that in the future, we will be able to use their names.

Matthew Selinger: Yep.

Jim Deller: It's good news for everybody involved. It's good news for local regulators. They can show that they're doing their job. I think it's nothing's guaranteed, but I think it's very likely that in the future, we will be able to use their names. They will actually be promoting their engagement with ClearSign.

Speaker #3: They will actually be promoting their engagement with ClearSign.

Speaker #2: Yeah.

Speaker #3: Until we get there, we're going to have to just try and give a fair description of the magnitude and really how important these clients are to ClearSign at this time.

Matthew Selinger: Yeah.

Jim Deller: until we get there, we're gonna have to just try and give a fair description.

Matthew Selinger: Yep

Jim Deller: of the magnitude and really how important these clients are to ClearSign at this time.

Speaker #2: Okay. So we've gone through then all the questions obviously that have been submitted ahead of time and that I had. So Jim, at this point, would you give a summary or maybe a state of the union of the ClearSign business?

Matthew Selinger: Okay. We've gone through then all the questions, obviously, that have been submitted ahead of time and that I had. Jim, at this point, would you give a summary or maybe a state of the union of the ClearSign business?

Speaker #3: Yeah. I mean, I think the emphasis this is a very although it's not a typically scheduled quarter call, I think based on what we've been seeing recently, it's a very timely call.

Jim Deller: Yeah, I mean, it's. I think the answer to this is, although it's not a typically scheduled quarter call, I think based on what we've been seeing recently, this is a very timely call. The combination of the SBIR/DOE-funded burner, what we've labeled that the Gen two. You see ClearSign call it Gen two. This is the new flexible fuel burner.

Speaker #3: The combination of the SBIR, DOE-funded burner, what we've labeled at the Gen II, you see ClearSign called Gen II. This is the new flexible fuel burner.

Speaker #3: The combination of having that burner properly developed and being able to demonstrate it and spend time with some very respected and key people within the industry and then in conjunction with that working with Zico and completing the testing, the manufacturer, and the shipping the burners down to that Gulfco project and having that go as well as it has done, I believe just the conversations with that information disseminating in industry has really led to a growth in confidence of ClearSign within the industry and the serious buildup of high-profile, very large opportunities for ClearSign to fit in.

Jim Deller: The combination of having that burner, properly developed and being able to demonstrate it and spend time with some very respected and key people within the industry, and then in conjunction with that, working with Zeeco and completing the testing, the manufacturer, and the shipping the burners down to that Gulf Coast project and having that go as well as it has done, I believe just the conversation, that information disseminating in the industry has really led to a growth in confidence of ClearSign within the industry. That's, right, there's a serious buildup of high-profile, very large opportunities for ClearSign to fit in. This is very significant for us. Well, the midstream business we talked about continues to be strong. We've had a very steady loading load for there.

Speaker #3: This is very significant for us. The midstream business we talked about continues to be strong. We've had a very steady quantity load for there.

Speaker #3: I'm very excited about the joining of Devco with Zico. Zico has been a fantastic partner for them to bring that Devco business within Zico.

Jim Deller: I'm very excited about the joining of Devco with Zeeco. Zeeco has been a fantastic partner. For them to bring that Devco business within Zeeco, I think can only be good news for ClearSign. We talked about the steady increase of our player business, not only the number of opportunities, but the increasing scope. Going from a burner sale to a full system sale, I believe that has got great potential for the ClearSign. I'm actually going to loop back right to the start of this conversation. We talked about the aftermarket.

Speaker #3: I think it can only be good news for ClearSign. We talked about the steady increase of our flare business, not only the number of opportunities, but the increasing scope going from a burner sale up to a full system sale.

Speaker #3: I believe that has got great potential for ClearSign. And I'm actually going to loop back right to the start of this conversation. We talked about the aftermarket.

Speaker #2: Yeah.

Speaker #3: It is a significant revenue stream for us right now, but it's not a huge revenue stream for us right now. When you look at the ClearSign business, truly what gets me excited is all of these orders that go out.

Matthew Selinger: Yeah.

Jim Deller: It's, it is a significant revenue stream for us right now, but it's not a huge revenue stream for us right now. When you look at the ClearSign business, truly what gets me excited is all these orders that go out, I see these as being continuing support that ClearSign provides to our clients. What that means for ClearSign is that is a continuing aftermarket business, and that will continue to grow as we get this equipment out. Getting these bigger orders out, more burners out in the field, means more aftermarket. Our clients want the aftermarket service. That's us supporting our clients. It's also great business for ClearSign, and that is a very big part of the growth of the burner company. It's a very big stream of not just revenue, but there's a lot of profit margin in the aftermarket parts for us as well.

Speaker #3: I see these as being continuing support that ClearSign provides to our clients. But what that means for ClearSign is that is a continuing aftermarket business, and that will continue to grow as we get this equipment out.

Speaker #3: So getting these bigger orders out, more burners out in the field means more aftermarket. Our clients want the aftermarket service. That's us supporting our clients.

Speaker #3: It's also great business for the ClearSign, and that is a very big part of the growth of the burner company and its very big stream of not just revenue, but there's a lot of profit margin.

Speaker #3: In the aftermarket parts for us as well.

Speaker #2: Okay. And then maybe the very last thing, Jim, are there any sort of acknowledgments you'd want to send out there to some of these partners or collaborators?

Matthew Selinger: Okay. Maybe the very last thing, Jim, are there any sort of acknowledgments you'd want to send out to some of these partners or collaborations?

Speaker #3: Yeah. There are. Thank you. There's I'll say two. I just want to flag three things, and I'll do the first one. We are a small company.

Jim Deller: Yeah, there are. Thank you. There's, I'll say 2. I just want to flag 3 things, and I'll do the first one. We are a small company. We built ClearSign to be, we treat it as an asset-light company. We have a team of very talented people, but you can see here we're having to get involved in many things. We change our technology very quickly. We develop our market very quickly. They've had to be very adaptable. They've had to work well as a team, and I'm very appreciative of the work of the ClearSign team. 2 other call outs. I actually want to call out the deal in and the SBIR program. That program has contributed about $2 million to the development of our flexible fuel burner. We now labeled as Gen two.

Speaker #3: We've built ClearSign to be a we treat it as an asset-like company. We have a team of very talented people. You can see here we're having to get involved in many things.

Speaker #3: We change our technology very quickly. We develop our market very quickly. They've had to be very adaptable. They've had to work well as a team.

Speaker #3: I'm very appreciative of the work of the ClearSign team. But two other callouts. I actually want to call out the DOE and the SBIR program.

Speaker #3: That program has contributed all but $2 million, to the development of our flexible fuel burner with now labeled as Gen II. The specifications for that project, I think, were spot on with the industry needs.

Jim Deller: The specifications for that project, I think, were spot on with the industry needs, so a very well-positioned product. This is a burner that can operate across all of the fuel gases currently being consumed today, and is capable to be ready for a fuels of tomorrow, the hydrogen fuels, when they're needed. That means we've got a burner that the clients can put in now that does everything they need and meets, right, the most stringent NOx emissions that we are seeing in the industry. After they've done that, they are ready to accept the fuels of tomorrow. This, it's a very well-positioned burner, and that project worked wonderfully. That is a fantastic burner that we've ended up with. That SBIR program has really done a good job here, and I just want to acknowledge that.

Speaker #3: So a very well-positioned product. This is a burner that can operate across all of the fuel gases currently being consumed today and is capable to be ready for a fuel tomorrow, the hydrogen fuels when they're needed.

Speaker #3: That means we've got a burner that the clients can put in now that does everything they need and meets the most stringent NOx emissions that we are seeing in the industry.

Speaker #3: And after they've done that, they are ready to accept the fuels for tomorrow. So it's a very well-positioned burner. And that project worked wonderfully.

Speaker #3: That is a fantastic burner that we've ended up with. So that SBIR program has really done a good job here, and I just want to acknowledge that.

Speaker #3: And to for those involved, just to say I really appreciate what they're doing. And the second is our relationship with Zico has been strong.

Jim Deller: To, like, for those involved, just say, I really appreciate what they're doing. The second is, you know, our relationship with Zeeco has been strong. They've been an incredible partner for us. They've quite supported us through R&D testing. They support us through customer demonstrations. They obviously manufacture the process burners for us, you know, potentially manufacturing the midstream burners for us as well, especially for the Devco business. I want to point out the burners going down to the Gulf Coast Petrochemical Company. From the top ownership of Zeeco down to the guys doing the crating and getting that product done on time for us, they worked with us step by step, working up toward that deadline at the end of last year as the holidays were approaching.

Speaker #3: They've been an incredible partner for us. They've supported us through R&D testing. They've supported us through customer demonstrations. They obviously manufactured the process burners for us, potentially actually manufactured the midstream burners for us as well, especially for the Devco business.

Speaker #3: But I want to point out the burners going down to the Gulf Coast, petrochemical company. From the top ownership of Zico down to the guys doing the crating and getting that product done on time for us, they worked with us step by step, working up towards that deadline at the end of last year as the holidays were approaching.

Speaker #3: They worked through weekends. They worked long hours to make sure they met those dates. And I really think they show their character and their attitude towards this partnership.

Jim Deller: They worked through weekends, they worked long hours to make sure they met those dates, and I really think they showed their character and, like, their attitude towards this partnership in getting that done. For all those guys involved, I, you know, we've obviously said thank you to the public, personally, but I'd like to publicly just acknowledge what they've done and call out Zeeco for doing a fantastic job for us.

Speaker #3: In getting that done, and for all those guys involved, we've obviously said thank you to the public personally, but I'd like to publicly just acknowledge what they've done and call out Zico for it's been a fantastic job for us.

Speaker #2: Great. Great. Well, Jim, Brent, thank you guys for taking the time to do this on behalf of the investors as well. Again, thank you so much for taking the time to do an extra kind of update call here.

Matthew Selinger: Great. Great. Well, Tim, Brent, thank you guys for taking the time to do this on behalf of the investors as well. Again, thank you so much for taking the time to do an extra kind of update call here. Thank you, all the investors, for taking the time to listen to the update. We look forward to updating you on future developments and speaking with you on our regularly scheduled calls. The next one will be the full year call in April. In the meantime, please check in other developments, either on our website, and behind the scenes updates, follow us on LinkedIn if you don't already. Thank you.

Speaker #2: Thank you, all the investors, for taking the time to listen to the update. We look forward to updating you on future developments and speaking with you on our regularly scheduled calls. The next one will be the full-year call in April.

Speaker #2: But in the meantime, please check in other developments either on their website and behind the scenes updates follow us on LinkedIn if you don't already.

Speaker #2: So thank you.

Speaker #3: Thank you, everyone.

Speaker #1: Thanks.

Jim Deller: Thank you, everyone.

Operator: Thanks. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

Q4 2025 ClearSign Technologies Corp Earnings Call

Request a DemoDemo

CLIR

ClearSign Technologies

Earnings