ClearSign Technologies Corporation

Good day, everyone, and welcome to the ClearSign Technologies First Quarter 2026 Earnings Conference Call. At this time, all participants are placed on a listen-only mode. If you have any questions or comments during the presentation, you may press star 1 on your phone to enter the question queue at any time, and we will open the floor for your questions and comments after the presentation. It is now my pleasure to hand the floor over to your host, Matthew Selinger, Investor Relations at ClearSign Technologies. Sir, the floor is yours.

Good afternoon and thank you, Operator. Welcome, everyone, to the ClearSight Technologies Corporation first quarter 2026 corporate update 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 can 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's product will be successfully completed, whether ClearSign will be successful in extending 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 for the period ended December 31, 2025. Except as required by law, ClearSign receives 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, Christmas Chief Executive Officer, and Brent Hines, Christmas Chief Financial Officer. So with that, I'm going to turn the call over to Jim.

Thank you, Matthew. As always, I'd like to thank everyone for joining us on the call today and for your continued interest in ClearSign. Like our more recent quarterly calls, we will use a Q&A format for this session. Some of you have sent in questions ahead of time, And we're going to simulate those questions into the materials that we will cover today. So for the call today, Matthew will lead a Q&A session where we'll go through the different business units, much like our previous calls. If you wish, you can send in questions to our investor relations at mselinger at firmirgroup.com. So to start us off today, I'm going to hand over to Brent Hines, who will go over the financial numbers for first quarter for 2026. Thank you, Jim, and thank you to everyone joining us here today. Before I begin, I'd like to note that our financial results on full review was filed last week with the SEC. With that, I'd like to give an overview of our financial results for the first quarter of 2026. For the first quarter of 2026, the company recognized approximately $200,000 in revenues, compared to approximately $400,000 for the same period in 2025. This year's decrease in revenues was predominantly driven by a decrease in spare part deliveries during the first quarter this year. Our gross profit for the quarter decreased compared to the same period in 2025. This decrease is mainly due to lower revenues and a warranty rule of $410,000 made in anticipation of potential modifications to some installed equipment in a California refinery. As a result, the year-over-year decrease in gross profit was approximately $589,000. Our net loss for the first quarter increased by $114,000 compared to the same period in 2025. The impact from the gross profit on our net loss was offset by a $369,000 decrease in general and administrative expenses. Our GNA expenses increased in comparison to 2025, in large part due to reduced legal fees that were incurred during 2025 for a special committee of our board of directors that was decommissioned after our 2025 stock holdings. Now let's shift focus to cash. Our net cash used in operations in the first quarter of 2026 was approximately $1.3 million, compared to approximately $1.1 million in the same period in 2025. This year-over-year change was predominantly driven by a reduction in our current liabilities. As of March 31, 2026, we had approximately $7.7 million in cash and cash equivalents, with approximately 5.4 million shares of common stock outstanding. And with that, I'd like to turn the call over to our CEO, Jim Deller. Jim. Thank you, Bransky. Again, thank you, everyone, for joining us today. I'm actually going to hand it over to Matthew Selinger, who's going to lead the question and answer session. But just to remind us, we go through this. If you do have questions, you can send those in to mselinger at firmirgroup.com. With that, Matthew, I'll hand it over to you.

Great. Jim, Brent, thanks for joining me here today. You know, we did just have a call a few weeks ago, However, we have been busy between now and then, and we do have some significant events in development to discuss. So with that, let's kind of dive right in. Jim, just last week, we announced an order for the next phase of a 30-seat burner project for a California refinery. So could we dive into this and talk about what do we mean by the next phase of this order?

Yeah, I think this is good, especially with investors new to ClearSign. So we – were given by the start of actually two orders late in 2035. Almost four top six burners going down to a Texas refinery and then one for 32 burners destined for a refinery out in California. As is common with our projects, these are released in phase. The first phase was for quite the initial engineering and the computation modeling where we simulate the burners and the burners effects and flow and performance on a computer modeling system. That phase is now complete for the California border. The next phase of the project is then for us to fabricate or do the detailed engineering and fabricate the first article of those burners. We will then install that and demonstrate it. We'll make any optimizations necessary, but show it performing in a full-scale test burners at the Zika facility.

Okay. And Jim, this is a ClearSign Core Gen 2 technology?

Yes, in a modified form. So what's actually interesting about this order is the burner that was developed, the round burner that was developed as part of the SBIR program was that standard shape, but what we actually developed was a configurable architecture that we could then adapt to flat flames or different burn shapes or formats to fit into the variety of different heaters you find on a refinery, rather than just being restricted to the heaters that needed a round burner. So this particular order is for a heater that needs a long, thin burner that actually fires up against a wall to make this heater work. That's just the type of heater that works. This is.

And this is then that, in the press release, we referred to it as a flat flame application. Yes. And so this then, I'm going to go jump back a little bit. The Crystalline Core Gen 2 is really, and we referred to it as such in the past, as a burner platform. Yep. Is that right? And you just mentioned the word there, which has configurable architecture. Is that correct?

That's what we refer to it, yes. I think that's a good description. I mean, the way that the burner works is a series of components that creates the flow field that controls the NOx and allows the burner to operate the way it does. But we can arrange those components to control the flame shape and the shape of the burner depending on the needs of time. So it's a very flexible technology that gives us that ability to adapt it to the different types of heaters. They can do different processes on the binaries and chemical plants or wherever they need.

Okay, so back to the discussion of the order. So the progression of this order, can you quantify what this might mean in terms of dollars?

I can. I mean, this is a – there's more engineering in this particular project because it is – one, it's a very technical computer, and it's also the first flat-blank configuration or this type of thing we've done. So the engineering and testing portion, in fact, is just shy of half a million dollars for this. It's part of the order. And the order received.

All right. So with that, can we then, let's take a step back, can we break down kind of, you know, call it an average process burner order by the phases and maybe the potential dollars on each phase? Can we map this out?

I think we can. It's probably useful. I know we have a lot of new investors in ClearSign. I'm going to make this easier. Let's talk about a hypothetical project. The orders we started at the end hypothetical 30 burner order. And we've given guidance that an average price of a process burner is about $100,000. So for 30 burner order, the equipment is going to be about $3 million. On top of that, there is typically about $300,000 in engineering, computer modeling, and testing that goes into the initial phase of the product as we dial the burn details in. So we walk through The typical process, as we've seen in this California order, typically about $150,000 would be the initial engineering and modeling the burners on the computational platform, showing the customer how they work, how they operate, and what they should expect. The next phase is typically about $250,000. $100,000 of that would be the first burner because that next phase is going to take that first production article, put it into the test burners, and then demonstrate that to the customer. That's their chance to come and see it firing for real. Put the burner through spaces, check emissions, check the operation, make sure it does everything they need. And then the completion of that phase, we will then be released for the fabrication. So in this case, it was a 30 burner order. We've manufactured one for the test. We've been released and manufactured the other 29. And of course, we refurbish the log with the support testing.

And that last phase I know we've referred to in the past as kind of the equipment order, the bulk of the equipment order.

Yes. Yeah. And that's the, in terms of finance and revenue, that's the bulk of the project for us. Initially, in certain phases, we are diving that design in. And, of course, the manufacturing is quite a large part of the large revenue driver.

And on that equipment manufacturer, what are the terms we tend to get? Is it 50% up front of that?

Yeah, I think a good... We often get stage payments. They can vary. A good approximation is 50% of the payment at the point of release. Obviously, our process funds are fabricated by Zika. They have to go out and buy materials, and then they start working with those. And then we get the other 50% of the payment for that part of the project, typically when a product is created and ready to be collected on Zika.

Okay. So, Brent, I'll turn to you. So then these projects are basically self-funding, is that right?

Yes, that's correct. to augment the costs that may occur.

Great, but we're not... And then, just to add to what you mentioned at the end, what's keeping my perspective is we're typically able to collect cash ahead of our expenditures on a project. So when we look, especially projects in the $3 million range, we don't have to dig into our through the project.

Okay, fantastic. Let's move then forward into the other large project you mentioned, the 36 burn order. And this one, as you mentioned in the last call, differs as well. It differs from the 32. It differs from what we previously announced. Is that correct?

Could you kind of describe what's going on with this? It is. I mean, from a technical perspective, with our burner technology, we really offer two different things to our customers. Our burner technology allows them to do this for a much lower cost than the company technology that's buying a selective catalytic production. So all emissions were a much more economical option, but our clients comply. Our burner technology gives us the ability to structure flames and shape them so that we can control what the flames shape, how they interact, and how they transfer heat to the client's heater. What that means in the real perspective is it gives us the ability to make heaters operate better for the best to reduce maintenance requirements or in some cases to increase the throughput of a heater. On projects like that, we can actually offer our clients a very positive return on investment. They're not just buying burners to meet emissions requirements. We're actually enabling them to either, say, downsizing through through reduced maintenance, or to get more production through their heaters, i.e. make more money. What's exciting about this 36 burner oil going up to Texas is while there is a, obviously, an emissions limit on that job, the driver is actually increased performance of that highest heater. The configuration of the burners in this case, again, is different. You think of this particular heater as being a a series of square boxes pushed up against each other, and burners are firing horizontally through opposing walls, so they're on side walls of the heater firing in towards each other. So this, again, is another adaption of the burner technology to fit this need, with the benefit that the objective is actually increased performance of the heater, in addition to controlling the oxygen emission.

So then is this getting us into, you know, a larger market and or larger heaters, or maybe larger heaters and or a larger market? How's that kind of working for us?

There's some of both. The getting, the heaters that use the flat flames, there's some processes with a lot of burners that use a flat flame technology. You know, I've read when looking up the process, you might look at a delayed coke as one example in refineries. There's lots of flat flame burners typically in a delayed So being able to put burners into heaters that we would not have been able to do before we completed the SPAR program with this Gen 2 technology essentially expanded the addressable market for ClearSign. The other phenomenon that we've seen recently is there's been a lot more interest in ClearSign. We've got true engagement from the majors in the industry, the household names, the global refiners. These refineries have a much bigger throughput, essentially means their heat is much bigger, they have a lot more burners in them. So, the orders we just talked about, the one going to California has 32 burners in it, the one we have going down to Texas has 36. The previous orders to ClearSign have been five burners, eight burners, much more heat. So, getting involved just in these bigger projects means there's a lot more revenue in these orders as they flow through the orders and we get to process them.

Okay. So one of the events I'd like to bring up and talk about is, you know, you highlighted this on the last call, was the process burner demonstration at Zico, and that was getting to happen on the 23rd. So can you give some discussion of how that event went? I know you can't name names, but perhaps you can describe the attendees.

I can. And just, you know, for anyone not on the last call, two of the major events this year in the process that we identified was this launch and demonstration of our new Gen 2 process technology. And then the second is the startup of a major order that we shipped at the end of last year. Those burners are down on the client sites in the U.S. Gulf Coast where it's been stored. The startup is critical and is scheduled for October. So at the time of the last call, we were getting ready for the first of those two, which was this demonstration. So we can now talk about that as a past event. It was really successful. The burner ran through all of its paces, the MOX was good, we managed 100% natural gas, 100% hydrogen, demonstrated that transitioning smoothly back to 100% natural gas. We've got the burner through its paces, we demonstrated some other criteria, showing safety in yacht, operated the burner along with some demonstration information sessions for the customers. The attendance was one of the major things for me, just looking at our traction in the industry. We had about 100% of the people that responded, not quite 100%, but almost there. But the people that responded, they would come as you showed up. That's a really big deal. I believe you had 23 people in attendance on the day. Amongst those 23 were representatives from states, like large refiners or national energy companies, along with consultants and heat manufacturers. I think Also, what was really pleasing to type in, we have a collaborative partnership with Zeek, a very important partner for us, a billion dollar plus company that they manufacture at Burners, that's where we did the demonstration. Don Zink, the president and CEO of Zeek, actually came down and gave a welcome and an introduction to ClearSign as a start of that demonstration to our customers, so showing their buying and his interest in what we're doing and the technology that we're developing. I think it's very pleasing to us and a very powerful message to the clients and attendants.

And then what sort of feedback have you received post the event?

So it's been positive. I think too, right, so we actually had a chance to talk with customers that were there and also people they'd spoken to. We regularly attended, there's a, twice a year there's an Open Petroleum Institute API conference where we review and update the refining equipment standards. That conference was the week after our demonstration. So I was there personally, and while there, we got to meet after the fact people who had been attending our demonstration and people who had talked to people who had been there at the demonstrations. We got a general feedback from the industry, and that was very positive. So I'm quite confident that we hit the mark with this demonstration. I think it was a great success.

And are these customers, or are they kind of discussing the regulatory environment right now?

They are. I mean, that was the reason that a lot of the refineries and Consulate Keaton and the other attendees were there at the demonstration. Many of them we're talking to about projects that they have. They came to check out the technology. This was a great chance for them to see some technology they had not seen before and check that out. So, yes, they're very much welcome. as plans to meet the regulatory compliance and the new regulations that are being formalized for Texas and, of course, the requirements in California already know may have plans in place to get their refineries to the state they need to be.

And one of the projects you didn't address or you mentioned then is that 26th Burnt Water. That was shipped back in December.

Yes.

And that's on schedule then to be installed coming up?

Yes, that's right. To just clarify, the project was completed in September. It actually shifted early in January. Our conclusion was to correct the burdens. That's just for details. Those burdens are down on site. They're due to be installed. Things change right now. They're due to be installed around the middle of the year, between July and the project due to start up in October.

And that's for a petrochemical company, we've always said. Now, does that get us into kind of the chemicals, the chemical market?

It does. It's actually the second... chemical festival we had. The first was a mystery that we found also on the Gold Coast of Texas. If I can, I think a bit of clarity is worthwhile. As we look to the rather long-term, the big picture for Clairsign, part of our future plan is to get into high-temperature applications, and by that I mean ethylene furnaces, downpipe reforms. That is a very big potential market for Clairsign. Those are our chemical processes. Also on the chemical plant, there are more refinery-type heaters that are a stepping stone towards those high-tech applications. The heaters that we are starting up in October are refinery-processed-type heaters, but they are in a chemical plant. And with the flat-plane configurations we talked about for the California project, we do see that as a great signal. work that we might plan for long-term growth of PlaySight.

Well, this is when you brought up, Jim, the M1 installation in a chemical plant, and that was about a year ago, and that was through Tulsa Midstream.

Tulsa Midstream, yes.

And then we just announced today another M1 order from them. Is that correct? That's correct, yes. And they were the first adopter of the M1 series product?

That is correct. In fact, that heater down on the U.S. Gold Coast was the very first M1 that was shipped.

Great. I'd like to see them come back, I'll say, a year later. So how are you feeling about the M-Series products in general?

I'm feeling very good. I know there's not been a lot of orders coming in. We talk about it frequently. But I've been worried if there wasn't interest and inquiries. But we have had a lot of interest and a lot of inquiries about water, even coming in this week. So we have an M-Walk. We have a M25 stock that's down in Midland. We have an M1 already out of the ship waiting to be installed. We have another M25 that's out of the ship waiting to be installed. There are a lot of M1 quotes and M25 quotes, and they continue to come in. So I'm feeling very good about that market. I think it's just time as it starts to move. I'll do it a lot more quicker. But in terms of the interest, there's a lot of interest, and I'm quite confident that market's there for this day and age.

And you mentioned a couple of startups. And speaking of startups, there's also a Flare project poised to start up very soon. Is that correct?

There is. Well, to clarify, the formal source testing gets started. So we've already run this equipment, but we couldn't do the formal source testing until a particular component outside of our scope was in and installed. I believe that's in and installed right now. And the latest we've heard is the source testing is scheduled for next month. So that will be the first source testing of a new generation of players out in the California market. And this has been a good product line for us. We've talked about systems projects. We've taken our burner technology and we're going to expand that into a full system in the $750 to $1 million range. This burner that's starting up is of that order. At the same time, we have our first full system project actually. well as the fabrication right now that's due to ship later on this year. But getting the source testing done and having that as a kind of formal recognition of the performance of our technology I think is very powerful enough there.

Yeah, and I think we've mentioned on a previous call that I believe that last one is the fifth installation. So we're seeing repeat orders from our customers. And again, could you say that's a similar conversation you're having with our other customers in the other product lines as well too? I know we've mentioned even at some of the process firms that while we're working on, I believe it was a 32 burner order that you're already even having conversations with that customer about potential future products.

Yeah, we do believe that this a player client does have future needs. And then in that same industry, there's other clients. These are going to the California market predominantly. We believe that there's other applications outside of this customer as well. That's great.

I want to ask you this one, Jim. Are you still confident in the, you know, first of all, how do you feel about the status of Chris on business? And I'll maybe give a follow-up. And then are you still confident in the proposal pipeline that we discussed in previous calls?

Which, to be honest with you, the answer to the second is also the answer to the first. I appreciate the orders have been fairly slow over the last few months. The inquiries and the customer engagement have not. We continue to have inquiries for process burners. We've got a lot coming in for the headstream. We continue to be active with players. With the recent M1, with the player startup next week, process further demonstration just a couple of weeks ago. And I'm looking at the big picture. I do think our revenues are going to be lumpy. Our order intake has been lumpy. But saying that, we do have, we've got the 36-burner order, we've got the 32-burner order. Those orders are in-house and being processed at this time. There is a substantial backlog in the price for process burners. We know a lot of those Customers are also looking to the installation down on the U.S. Gold Coast to start up in October. So while we have a few orders right now, I think we're going to see a significant pickup after that project is up and running. And clients that are talking to us right now that have not engaged will see that as a vote of confidence once that has started up. And that's aligned with the conversation you've actually had with them.

Fantastic. So with that, Jim, is there any sort of kind of last comments or any items you'd like to bring up before we bring on questions?

There is one. And this is more general. We talk about highlights on these calls. We talk about the purchase orders come in and the rather big events. I've talked about a lot of sales activities, getting ready for demonstration, a lot of customer events. There's a lot of engineering. There is a... There's a lot of work going on within ClearSign, a lot within the financing, and in the function of just keeping the business running. We do keep our headcount down. There's not a lot of us here at ClearSign. And I just want to probably take this chance just to extend my thanks and appreciation to the staff here at ClearSign for everything they do. They truly believe in ClearSign, and I really appreciate their efforts. I'd like to say that for people. I think that's great. Yes, sir.

Fantastic. So with that, we will take the time then to open up for questions and also review and read off some questions that were sent in ahead of time. So with that, operator?

Certainly. Everyone at this time will be conducting a question and answer session. If you have any questions or comments, please press star 1 on your phone at this time. We do ask that while posing your question, please pick up your handset if you're listening on speakerphone to provide optimum sound quality. And once again, if you have any questions or comments, please press star 1 on your phone. Please hold while we poll for questions. Thank you. There are no questions in the queue at this time. Apologies. Your first question is coming from Amit Dial from H.C. Wainwright. Your line is live.

Hey, good afternoon, guys. Thanks for taking my question. Matt went through pretty much a lot of the things I had, you know, was going to bring up, but just one clarification, Jim. It looks like you have five or six project starts between 1Q and 2Q. Are some of these at least underway already at this point?

I am sorry. Could you repeat that question, please?

I was saying it seems you may have like five or six project starts between 1Q and 2Q. Are these underway at this point? Or some of these are at least going for you?

They are... We're actually working on... I think the big startups for us at this time, you know, we have a flair for source testing. You know, we're trying... The actual events when you start giving it up typically happen over just a few days, but there's a lot of preparation going into that and planning. That flare will be a significant event for us. The big burner start-up down at the Gulf Coast will be later on this year. That will be down in October, but we will be supporting the installation that's scheduled to occur in July. So just that because of what that project is and how large it is, that would be very significant for us. The M-series startups, we do help with... We are getting to the point with our repeat customers where they are getting quite familiar with those products. So whilst we give them technical support, they do not always require us to be out on the job site. So we're a way to hear from them. We have other... work in progress. We have a very large player order in production also. So we've got the one starting up next month. We also have the second large one that's due to complete fabrication later on in Q3 and be out on the job site. So we're expecting that start up later on this year as well.

So those are... Sorry, just...

Talking through those, the startups are a significant force, but most of these customers, if you think of the flair, we actually have, in our proposal pipeline, we have additional quotes out to those customers. The startup expecting next month and the source testing, we believe is going to be a last checkmark for them before they look at their futures. We have one other quote. We believe they have additional ones permitted waiting to be moved on as well. We do see a very big significance in these startups, not just for completing those individual projects, but what it means for our future orders and growth.

Gauraji, thank you. That's all I have. Thank you, Mike. You got it.

Thank you. Your next question is coming from Peter Gastridge from Water Tower Research. Your line is live. And once again, Peter, your line is live. And Peter, please double check your line to ensure you're not muted on your end. There are no further questions in the queue at this time.

Okay, operator?

I can read a couple. We've got one actually that's coming from New Zealand. And the question is, there's been some announced reductions in EPA regulations across a wide range of areas. Jim, do you view that negatively for adoption going forward?

So for clear signs, I mean, it According to the reduction, as in the easing of the regulations for ClearSign, the CO2 emission regulations do not really affect us. They have an impact on hydrogen consumptions of fuel, but the ClearSign technology is focused on LOX emissions, and those have continued to be pushed. They're largely regulated by the states, driven in the U.S. by the EPA and ground-level ozone regulations. I think from what we've seen generally around the world, emissions continue to be timed. Everyone values clean air as population grows. And we, while our businesses are predominantly in the United States at this time, we have one installation in Europe. We are very much looking at the wider global market in our future plans. Our relationship with Zico, Zico is a global company with support and manufacturing around the world. So through them, we definitely have the ability to serve a global market. And we actually benefited from that Zico relationship when we served as the one installation we have out in Europe. So that is a proven model for us. So, yes, we do watch the global market. The regulations do change as do the types of equipment that the clients use. But I... I generally see the tightening of emissions now in the Far East and in Europe as a very positive sign for baseline.

Okay. Here's another question, kind of a simple one. Jim, what does an average M-series burner sell for?

That's a great question. We've given a general guidance of an average burner price of $100,000. We like to keep things simple until now, easy math. I think that number holds for the N series, but as you asked the question, there's obviously a variation. The M1 is the low-emissions burner. That's our higher technology, and it does sell for a premium price, and there's actually a bit more engineering and manufacturing that goes into that burner. But the common sizes of that burner range from somewhere in the region of $80,000 up to north of $200,000. The M25 is a detuned version with less engineering, less IP to leverage. Those will sell for a lower price point. Again, the common size is ranging from probably $50,000 up to $150,000 to $200,000 for the common sizes. So I think the $100,000 average is good. One other thing to consider with the M-series, while we're talking about those, is these are standard burners. So unlike the process burners that go through a lot of engineering and have to get dialed in in the test furnace and the very long duration of the orders, the M-series are a standard burner configuration. And what we're finding is that also amongst those sized ranges, there are common sizes. What that means is once we have built, say, a if you take this reason order, as we build this one and one for this application for total heaters midstream, as we have further applications for that same burner, we already have the drawings and the engineering done. It's just a case of manufacturing those same burners. So that enables us to have a very high degree of efficiency and really focus on the profitability for ClearSign. So this is a, it's a, we can talk about the revenue and the sales price, but when we look at the profitability of what this means for ClearSign, I, I really like the M-Series Bendis.

That's a great operator. I have no more questions coming in. I'll turn it back to you.

Certainly. And once again, everyone, if you have any questions or comments, please press star then one on your phone. Your next question is coming from Peter Gestrick from Water Tower Research. Your line is live.

Thank you very much. Apologies. Before there, I had muted my line, but congratulations on the results. It's great to see the momentum in the orders this month. Also appreciate the comprehensive presentation, and you have answered a few of the questions I've had, so I really appreciate that. I just want to ask a kind of a industry-wide sort of question. You talk a lot about the comparisons versus the incumbent technologies and that the advantage there is very clear. I'm just curious if you could share any thoughts about how you would describe the landscape for any competing new technologies, if any, that are out there. Thank you.

Thank you, Peter, and thank you for your question and comments.

I mean, I definitely see the incumbent SCR, selective cardiac reduction technology, as the main competition for ClearSign. I think we have a much more efficient product and certainly much more economical for the customer. So very simply, when we look at the market, our objective is to displace SCRs going forwards. There... There's a lot of the other burner manufacturers trying to come up with products. We don't see a lot from others. There's obviously with the advertising and marketing. But at this time, I do believe that ClearSign very much has the dominant share and the main name recognition in the SCR-level NOx burner market in the industry. For somebody new starting up with a burner technology, there are some significant barriers. One, you have to have people expert in the industry. It is a very specialized field of engineering. But beyond that, the customers have certain needs. One is to demonstrate burners in a full-scale furnace. They have very specific manufacturing needs. ClearSign has overcome that barrier through our collaborative arrangement with Zico. But for somebody else without those connections, I think just for that getting into this market would be very difficult.

Thank you. That concludes our Q&A session. I'll now hand the conference back to Jim Diller, Chief Executive Officer, for closing remarks. Please go ahead.

Thank you, Operator. Thank you, everyone, for your interest in ClearSign and taking the time to join our call today. I do thank you also for the questions that you've sent in and for the questions that you've asked live here. It is always good to get some feedback. We'll keep updating you regarding our developments and speaking with you on our next call. In the meantime, we do update LinkedIn. We do send less formal messages out That way, please keep checking for our developments on our websites, and please follow us on LinkedIn.

Thank you. Everyone, this concludes today's event. You may disconnect at this time and have a wonderful day. Thank you for your participation.