ClearSign Technologies Corporation

Good afternoon and welcome to the ClearSign Technologies fourth quarter and full year 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 touchtone phone. 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 ClearSign Technologies Corporation fourth quarter and full year 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 statement made in this conference call include, but are not limited to, whether field testing and sales of ClearSign's 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 public periodic filings with the SEC, including the discussion in the risk factors section of the 2022 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. 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. At this point in the call, I would like to turn the call over to the VP of Finance, Brent Hines. So Brent, please go ahead.

Thank you, Matthew. And thank you to everyone joining us here today. Before I begin, I'd like to note that our financial results for the year ended December 31st, 2022, were included in our 2022 Annual Report on Form 10-K. It was filed with the SEC on March 31st. With that, I'd like to give an overview of the financials for the year ended December 31st, 2022. The company recognized $374,000 in revenues during the 12 months ended December 31st, 2022. Compared to revenues of $607,000, the 12 months ended December 31st, 2021. Our net cash used in operations for the year ended December 31st, 2022 was approximately 4.9 million. compared to approximately 6.7 million for the same period in 2021. That is a year-over-year decrease of approximately 1.8 million. With the recent news and fears about liquidity, I think it is only fair to mention that we do not foresee risk, specifically banking risk with our cash. Our cash is held at a large national U.S. institution, and we invest a substantial portion of our cash in U.S. government-backed securities. Now turning our focus from cash to profit, our net loss for the 12 months ended December 31st, 2022 was approximately 5.8 million compared to approximately 7.9 million for the same period in 2021. That is a year-over-year improvement of approximately 2.1 million. This favorable improvement was driven in large part to our reduced R&D costs as we shifted from R&D activities to commercialization efforts. We have approximately 9.1 million in cash in short-term investments as of December 31st, 2022. And there were 38,023,701 shares of our common stock issued and outstanding as of December 31st, 2022. We have confidence in our financial position and balance sheet. And with our year-ending balances, we have sufficient working capital available to carry us through to 2024. And that is without cash from any other sources. Nevertheless, I think it is fair to mention that given our current backlog of customer projects, we expect customer cash collections to significantly increase in 2023 as compared to 2022. And that increase will begin in the first quarter of this year. And with that, I would like to turn our call over to our CEO, Jim Delos.