ClearSign Technologies Corporation

Good day, and welcome to the ClearSign Technologies third quarter 2023 conference call. All participants will be in a listen-only mode, and should you need any assistance during the call, 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 a question, you may press star, then two. Please also note that this event is being recorded today. I would now like to turn the conference over to Matthew Selinger of Firm IR Group. Please go ahead, sir.

Good afternoon, and thank you, operator. Welcome, everyone, to the ClearSign Technologies Corporation third quarter 2023 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 by 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's products will be successfully completed, whether ClearSign will be successful in expanding the market for its products, 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 and a quarterly report on the Form 10-Q for the quarterly period ended September 30, 2023. 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 Chief Executive Officer, and Brent Hines, ClearSign's Chief Financial Officer. So, at this point, I would like to turn the call over to CFO Brent Hines.

Brent, please go ahead. Brent Hines Thank you, Matthew, and thank you, 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 earlier today after the market closed. With that, I'd like to give an overview of the financials for the third quarter of 2023. The company recognized $85,000 in revenue during the third quarter of 2023, compared to $324,000 for the comparable period in 2022. Revenues recognized year-to-date in 2023 were $1.1 million compared to $324,000 for the same period in 2022. The increase in year-over-year revenues are driven in large part by our two ongoing California process burner refinery projects. Now I'd like to shift our focus from revenue to cash. Our net cash used in operations for the quarter ended September 30, 2023 was approximately $1.3 million compared to approximately $900,000 for the same period in 2022. This $400,000 year-over-year increase was driven by project execution costs related to our California refinery projects. As noted in prior conference calls, many of our contracts are set up so as to allow us to collect meaningful amounts of cash before we recognize revenues. As we continue to work through these contracts, we will hit contract milestones in the coming months that will allow us to collect more cash from our customers. Now turning focus from cash to the income statement. Our net loss for the third quarter in 2023 was approximately 1.3 million, which is essentially the same for the comparable period in 2022. Our year-to-date net loss for 2023 was approximately $4.2 million, which is approximately a $200,000 decrease year-over-year compared to the prior year. This year-over-year decrease was predominantly due to our change in gross profit, which improved due to sales volume. As of September 30, 2023, we have $7.2 million in cash and cash equivalents, with 38.6 million shares of common stock outstanding. And with that, I'd like to turn the call over to our CEO, Jim Deller.