ClearSign Technologies Corporation

Welcome to the ClearSign Technologies 2Q 2025 Earnings Conference Call. At this time, all participants have been placed on a listen-only mode, and we will open the floor for your questions and comments after the presentation. Should you require operator assistance during today's call, you may press star zero on your telephone keypad. It is now my pleasure to turn the floor over to your host, Matthew Selinger. Please go ahead.

Good afternoon. Thank you, operator. Welcome, everyone, to the Clearsight Technologies Corporation second quarter 2025 results conference call. During this conference call, the company will make forward-looking statements. Any statement that is not a statement's 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 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 risk 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 in ClearSign's filings with the SEC, including those discussed under the risk factors section of the annual report on Form 10-K, the period ended December 31, 2024. 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 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, 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 on Form 10-Q was filed today with the SEC. With that, I'd like to give an overview of the financials for the second quarter of 2025. For the second quarter of 2025, the company recognized approximately $133,000 in revenues, compared to $45,000 for the same period in 2024. This year-over-year increase in revenues was driven in large part by spare parts orders to our existing customers and a boiler burner sale to an existing customer. Now for the full income statement. Our net loss decreased by approximately $200,000 compared to the same period in 2024. This year-over-year decrease was predominantly driven by a $155,000 reduction in research and development expenses as compared to the same period in 2024. Our decreased research and development expense was driven in large part by reduced product development work. Now I'd like to shift the focus to cash. Our net cash use and operations for the second quarter was approximately $511,000 compared to approximately $1.5 million for the same period in 2024. This million-dollar favorable year-over-year reduction was predominantly driven by customer cash collections during the quarter. As of June 30, 2025, we had approximately $12.3 million in cash and cash equivalents, with approximately 52.4 million shares of common stock outstanding. I want to explain a registration statement on Form S-1 that was filed on Tuesday, August 12, 2025. This filing was simply an administrative task to re-register our outstanding redeemable warrants issued in our underwritten public offering in April 2024. It is important to note we are not offering or selling any new securities in this filing. From an overall financial perspective, we believe our current working capital positions as well to scale our business. We also believe our working capital gives our customers and suppliers confidence to do business with us in the long term. And with that, I'd like to turn the call over to our CEO, Jim Deller. Jim?