ClearSign Technologies Corporation

Hello and welcome to the ClearSign Technologies third quarter 2022 conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to Matthew Selinger of Firm IR Group. Please go ahead.

Good afternoon and thank you, Operator. Welcome, everyone, to the Clearsight Technologies Corporation third quarter 2022 results conference call. 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. 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 describing ClearSign's public periodic filings with the SEC, including the discussion in the risk factor section of the 2021 annual report on Form 10-K. 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. So on the call with me today are Jim Deller, ClearSign's President and Chief Executive Officer, and Brent Hinds, ClearSign's Vice President of Finance and Controller. So at this point, I would like to turn the call over to Brent Hinds. Please go ahead, Brent.

Thank you, Matthew. And thanks, everyone, for joining us today. Before I begin, I would like to note that our financial results on Form 10Q were filed with the SEC on November 14th. and with that, I would like to give an overview of the financials for the third quarter of 2022. The company recognized $324,000 in revenues during the three months ended September 30th, 2022, as compared to revenues of $190,000 for the same time period in 2021. During the three months ended September 30th, 2022, we invested $3.9 million of cash in the short-term U.S. Treasuries to improve the overall effective interest income as compared to our money market account. If you add our cash and short-term investment balances together, the net result would amount to approximately $9.8 million. Our net cash used in operations for the quarter ended September 30th, 2022 was approximately $0.9 million compared to approximately $1.9 million for the same time period in 2021. This favorable variance of $1 million was driven in large part by cash receipts from customer collections of approximately $440,000. The million-dollar decrease in net loss during the three months ended September 30, 2022 is primarily attributable to decreased R&D expenses. If you recall from prior investor calls, during the same period in 2021, We incurred R&D expenses to demonstrate our boiler burners in both California and China. For the nine months ended September 30, 2022, our net loss decreased $2.2 million as compared to the same time period in 2021. As noted earlier, the decrease in net loss is primarily attributable to decreased R&D costs coupled with an increase in our gross profit. There were 38,019,951 shares of our common stock issued and outstanding as of September 30, 2022. We have confidence in our financial position, and with our quarter-ending balances, we have sufficient working capital available to cover us through to 2024. And that is without revenue from any other sources. And with that, I would like to turn our call over to our CEO, Jim Deller. Jim.