ClearSign Technologies Corporation

Good day and welcome to the ClearSign Technologies first quarter 2023 conference call. All participants will be in a listen only mode. If 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 a touch tone 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 first quarter 2020-3 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 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 described with 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 and the quarterly report on Form 10-Q for the quarterly period ended March 31st, 2023. So 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 with me on the call today are Jim Deller, ClearSign's President, Chief Executive Officer, and Brent Hines, ClearSign's Vice President of Finance and Controller. So 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 for joining us here today. Before I begin, I'd like to note that our financial results on Form 10-Q were filed with the SEC on May 15th. And with that, I'd like to give an overview of the financials for the first quarter of 2023. The company recognized approximately $900,000 in revenues during the three months ended March 31st, 2023, as compared to zero revenues for the same period in 2022. The majority of our revenues for this quarter were derived from a burner performance test. As you may recall from discussions in our last investor call, we had success ZCO test facility during Q1. Completing this work satisfied a contractual performance obligation, which allowed us to recognize the associated revenues. We also had a favorable quarter from a cash perspective. Our net cash used in operations for the quarter ended March 31, 2023, was approximately $554,000, compared to approximately $1.5 million for the same period in 2022. That is a year-over-year decrease of approximately $1 million. Now turning our focus from cash to profit and loss, our net loss for the three months ended March 31, 2023, was approximately $1.4 million, which is relatively consistent when compared to the same quarter in 2022. We have approximately $8.5 million in cash and short-term investments as of March 31, 2023. There were approximately 38.5 million shares of common stock outstanding as of March 31st, 2023. We have confidence in our financial position and balance sheet, and with our quarter ending balances, we have sufficient working capital available to carry us to 2024, and that is without cash from any other sources. Nevertheless, we do expect customer cash collection to continue in 2023. As we have said on prior calls, Customer cash collections will often begin prior to revenue recognition. With that, I would like to turn the call over to our CEO, Jim Deller. Jim?