ClearSign Technologies Corporation

Good afternoon and welcome to the ClearSign Technologies third quarter 2024 conference call. All participants will be in a 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 the number one on your touchtone phone. To withdraw your question, please press star, then the number two. Please note that this event is being recorded. I would now like to turn the conference over to Matthew Selinger of Firm IRO Group. Please go ahead.

Good afternoon and thank you, operator. Welcome everyone to the ClearSign Technologies Corporation third quarter 2024 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 ClearSense 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 risks discussed under the risk factors section of the annual report on Form 10-K for the period ended December 31, 2023, and the quarterly reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024, and September 30, 2024. 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. 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 in the call, I would like to turn the call over to Brent Hines. So, Brent, would you 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 quarter period ended September 30, 2024, was included on our Form 10-Q filed with the SEC on November 14. And with that, I'd like to give an overview of the financials for the third quarter of 2024. For the third quarter of 2024, the company recognized approximately $1.9 million in revenues, compared to $85,000 for the same comparable period in 2023. The year-over-year increase in revenues was driven predominantly by the shipment of multiple process burners to a California refinery customer. I would like to note that this quarter's revenue is the largest quarterly revenue figure ever reported by the company. Our year-to-date revenues for the nine months ended September 30, 2024, was approximately 3 million, which is a 1.9 million increase over the prior comparable period in 2023. This is also the largest year-to-date revenue figure reported by the company since inception. Our year-to-date gross profit margin also increased year-over-year by 11%, from 22% in 2023 to 33% in 2024, adding approximately $340,000 in profit compared to the prior period. This profit was offset by 394,000 as a result of a one-time accrual estimate related to the decision to suspend our China operations. Jim will give more color about our China decision and suspension in a few moments. Our year-to-date net loss for the nine months ended September 30th, 2024 decreased by 104,000, which is an improvement of 2.5% over the comparable period in 2023. I need you to keep in mind this net loss improvement includes the 394,000 from our one-time China approval estimate. Now I'd like to shift our focus from the income statement to the balance sheet, more specifically cash. Our ending cash balance for September 30th, 2024 was approximately 14.5 million. Our net cash used in operations for the quarter ended September 30th, 2024 was approximately $1.4 million compared to approximately $1.3 million for the same period in 2023. With that, I'd like to turn the call over to our CEO, Jim Deller. Jim?