ClearSign Technologies Corporation (CLIR) Q1 2026 Earnings Report, Transcript and Summary

Good day, everyone, and welcome to the ClearSign Technologies First Quarter 2026 Earnings Conference Call. [Operator Instructions] 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 ClearSign 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 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 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 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 Chief Executive Officer; and Brent Hinds, ClearSign's 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 did assimilate those questions into the materials that we will cover today. So the call today, Matthew will lead a Q&A session where we will 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@firmirgroup.com. So to start us off today, I'm going to hand over to Brent Hinds, who will go over the financial numbers for the first quarter of 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 Form 10-Q 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-over-year 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 was mainly due to lower revenues and a warranty accrual 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 G&A expenses decreased 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 stockholder meeting. Now let's shift focus to cash. Our net cash used in operations for the first quarter of 2026 was approximately $1.3 million compared to approximately $1.1 million for 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, Brent. And again, thank you, everyone, for joining us today. I'm actually going to hand over to Matthew Selinger, who's going to lead the question-and-answer session. But just a reminder, as we go through this, if you do have questions, you can send those into mselinger@firmirgroup.com. So with that, Matthew, I'll hand it over to you.

Great. Jim, Brent, thanks for joining me here today. We did have a call a few weeks ago; however, we have been busy between now and then, and we do have some significant events and developments 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 32-Burner Project for a California refinery. So can we dive into this and talk about what do we mean by the next phase of this order?

Yes. I think it's good, especially investors new to ClearSign. So we were given the start of actually two orders late in 2025, almost 4 -- 6 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 phases. The first phase was for initial engineering and the computational modeling, where we basically simulate the burners and the burners effects and flow and performance on a computer modeling system. That phase is now complete for the California order. 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. And we will then install that and demonstrate it. We will make any optimizations necessary but show it performing in a full-scale test furnace at the Zeeco facility.

Okay. And Jim, this is the 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 our standard shape. But what we actually developed was a configurable architecture that we could then adapt to flat planes or different burner shapes or formats to fit into the variety of different heaters you find 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 this is.

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

That's what we referred 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 the client. So it's a very flexible technology that gives us that ability to adapt it to the different types of heaters into different processes on refineries and chemical plants wherever they need.

Okay. So let's move 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 is a very technical heater and it's also the first flat configuration of this type of thing we've done. So the engineering and testing portion is just shy of $0.5 million for this part...

Of the order...

And the order we received.

Okay. So with that, let's -- can we take a step back. Can we break down kind of, 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 think to make this let's talk of a hypothetical project. The orders we started at the end of last year, we got one was for 36 burners going down Texas, was 32 California. So let's take a hypothetical 30 burner order. And we've given guidance for 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 burner details in. So as 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 in, what they should expect. The next phase is typically about $250,000, $100,000 of that will be the first burner because that next phase is going to take that first production article, put it into the test furnace and then demonstrate that to the customer. That's their chance to come and see it firing for real, put the burner through its paces, check the emissions, check the operation, make sure it does everything they need. And then the completion of that phase, we would then be released for the fabrication orders. So in this case, this was a 30 burner order, we've manufactured one for the test. We'd be released to manufacture the other 29 and of course, refurbish along with the one we use for 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. Yes. And that's the -- in terms of finance and revenue, that's the bulk of the project for us. The initial engineering phases really are dialing that design and then of course, the manufacturing is the large part, the large revenue driver.

And on that equipment manufacture, what are the terms? We tend to get 50% upfront of that?

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

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

Yes, that's correct. Before we recognize revenue, we'll receive cash from the customer to augment the costs that we incur.

Great. But we're not...

Just to point, you mentioned it key from my perspective is we're typically able to collect cash ahead of our expenditures on a project. So when we look at especially projects in the $3-plus million range, we don't have to dig into our cash reserves to execute those projects. We get cash in from the customer ahead of our cash going out to actually execute the projects. They're essentially self-funding through the project.

Okay. Fantastic. Let's move then into the other large project you mentioned, the 36-burner order. And this one, as we mentioned in the last call, differs as well, differs from the 32 and differs than what we previously announced. Is that correct? Could you kind of describe what's going on here?

Yes. I mean from a technical perspective, with our burner technology, we really offer two different things to our customers, right? The first is the obvious. Our customers have to meet new aggressive emissions regulations. Our burner technology allows them to do this for a much lower cost than the incumbent technology than buying a selective catalytic reduction. So for the emissions, we're a much more economical option for our clients to comply. Our burner technology gives us the ability to structure flame and shape them so that we can control the flame shape, how they interact and how they transfer the heat to the client's heater. What that means in a real perspective is it gives us the ability to make heaters operate better, whether that's 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, they're actually -- and we're actually enabling them to either save downtime through reduced maintenance or to get more production through their heaters, i.e., make more money. What's exciting about this 36 burner order going out to Texas is while there is obviously an emissions limit on that job, the driver is actually increased performance of that client's heater. The configuration of the burners in this case, again, is different. If you think of this particular heater as being a series of square boxes pushed up against each other, our burners are firing horizontally through opposing walls. So they're on sidewalls of heater firing in towards each other. So this again is a another adoption of the burner technology to fit this need just with the benefit that the objective is actually increased performance of the heater in addition to controlling NOx emissions.

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

I mean there's some of both. The -- getting the heaters that use the flat flames, there are some processes with a lot of burners in that use a flat flame technology. For anyone looking at 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 coking unit. So being able to put burners into heaters that we would not have been able to do before we completed the SBIR 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, and we've got true engagement from the majors in the industry, right, the household names, the global refineries. These refineries have a much bigger throughput, essentially means the heaters is much bigger. They have a lot more burners in them. So the orders we just talked about, the one going in California has 32 burners and the one we have going down in Texas has 36. The previous orders to ClearSign have been 5 burners, 8 burners, much smaller heaters. So getting involved in 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 -- and we highlighted this on our last call, was the process burner demonstration at Zeeco, and that was scheduled 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 for anyone on the last call, two of the major events for this year in the process burner business we identified was this launch and demonstration of our new Gen 2 process burner technology. And then the second is the start-up 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 waiting to be installed and start-up is scheduled for October. So at the time of the last call, we were getting ready for the first of those 2, 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 NOx was good. It ran from 100% natural gas to 100% hydrogen demonstrated that transitioning smoothly back to natural gas. We put the burner through its paces. We demonstrated some other criteria, showing safety in 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 who responded, they would come -- actually showed up. That's a really big deal. I believe we had 23 people in attendance on the day. Amongst those 23 were representatives from 8 large refiners or national energy companies, along with consultants and heater manufacturers. I think also what was really pleasing to, we have a collaborative partnership with a very important partner for us. They're a $1 billion-plus company that they manufacture furnaces. That's where we did the demonstration, Darton Zink, the President and CEO of Zeeco actually came down and gave a welcome introduction to ClearSign as a start of that demonstration to our customers. So showing their buy-in and his interest in what we're doing and the technology that we're developing, I think it was very pleasing to us and a very powerful message to the clients in attendance.

And then what sort of feedback are you receiving post the event?

So it's been positive. I think to -- we actually had a chance to talk with customers that were there and also people I've spoken to. We attend -- there's -- twice a year, there's an American Petroleum Institute, API conference where we review and update the refining equipment standards. That conference was the week after our demonstration. So we were there -- I was there personally. And while there, we got to meet after the fact people who have been attendance at our demonstration and people who have talked to people who have been there at the demonstration. So 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 others kind of discussing the regulatory environment right now?

They are -- I mean that was the reason that a lot of the refineries and consequently, 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. It was a great chance for them to see some technology they did not see before and check that. So yes, they're very much looking at what they have to do, trying to work out their best plans to meet the regulatory compliance and the new regulations that are being formalized for Texas. And of course, the requirements in California, they already know they have plans in place to get their refineries to the state they need to be.

And one of the projects you did address or you mentioned then is that 26-burner order that was shipped back in December.

Yes.

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

Yes. Just clarification, the project was completed in September. It actually shipped early in January. Our completion was to create the burners. Those burners are down on site. They're due to be installed. Things change, but right now they're due to be installed around the middle of the year, we think in 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 customer we had. The first was a midstream heater down also on the Gulf Coast of Texas. If I can, I think a bit of clarity is worthwhile. As we look to the long term, the big picture for ClearSign. Part of our future plan is to get into high-temperature applications. And by that, I mean ethylene furnaces, downside reforms. That is a very big potential market for ClearSign. Those are hot chemical processes. Also on the chemical plant of the more refinery type heaters that are a stepping stone towards those high-temperature applications. The heaters that we are starting up in October are refinery process type heaters, but they are in a chemical plant. And with the flat flame configurations we've talked about for the California project, we do see that as a very significant stepping stone towards getting into the high temperature work that we plan for the long-term growth of ClearSign.

Well, it's interesting 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 Heaters Midstream.

Yes. And then we just announced today another M1 order from them. Is that correct?

That's correct. Yes.

And he was the first adopter of the M1 Series product.

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

Correct. I expect to see them come back, let's 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've talked about it frequently, but I'd be worried if there wasn't the interest and inquiries. We have had a lot of interest, a lot of inquiries about more even coming in this week. So the -- what we have M1 -- we have M25 started up that's down in Midland. We have an M1 already out and shipped waiting to be installed. We have another M25 that's shipped 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 they start to come in. Obviously, we'd like more quicker. But in terms of the interest, there's a lot of interest, and I'm quite confident that market is there.

And you mentioned a couple of startups pending. Speaking of startups. There's also a flare projects poised to start up very soon. Is that correct?

There is to clarify the formal source testing started. So we may run this equipment, but we couldn't do the formal source testing until a particular component outside of our scope was 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 our new generation of flaresplayers out in the California market. This has been a good product line for us. We talked about systems projects where we've taken our burner technology and been able to expand that into a full system in the $750,000 to $1 million range. This burner starting up is of that order. At the same time, we have our first full system project actually, well, on its way in fabrication right now that's due to ship later on this year. So -- but getting the source testing done and having that as a signed-off formal recognition of the performance of our technology, I think is going to be powerful in that flare market.

Yes. And I think we've mentioned on the previous call that -- I believe that last one is the fifth installation. So we're seeing repeat orders from a customer. And again, could you say that's a similar conversation you're having with our other customers and the other product lines as well, too? I know we mentioned even some of the process burners 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.

Yes. And we do believe that this flare front 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 -- first of all, how are you feeling about the status of ClearSign business? And I'll maybe give a follow-up. And then are you still confident in the proposal pipeline that we've discussed in previous calls?

To be honest, the answer to the second is also the answer to the first one. I appreciate the orders have been fairly slow over the last few months. The inquiries and the customer engagements have not. We continue to have inquiries for process burners. We've got a lot coming in for midstream. We continue to be active players with the recent M1 with the flare startup next week, with the success of the process burner 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, right? Our order intake has been lumpy. But saying that, we do have -- what we've got a 36-burner order, we've got a 32-burner order. Those orders are in-house and being processed at this time. There is a substantial backlog in process burners. We know a lot of those customers are also looking to the installation down on the U.S. Gulf Coast due 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 our clients that are talking to us right now that are not engaged, we'll see that as a vote of confidence once that has started, and that's aligned with the conversation we'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. I just -- and this is more in general, but just -- we talk about the highlights on these calls. We talk about the purchase orders come in and the rather big events. I've talked a lot of sales activities getting ready for demonstration, a lot of customer events. There's a lot of engineering. There is a lot of work going on within ClearSign, a lot within the finance and a function 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. And just I'd like to say that publicly. I think that's necessary and appropriate.

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 ahead of time. So with that, operator?

[Operator Instructions] There are no questions in the queue at this time. Apologies. Your first question is coming from Amit Dayal from H.C. Wainwright.

Matt went through pretty much a lot of the things I was going to bring up. But just one clarification, Jim. It looks like you have 5 or 6 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 that you may have like 5 or 6 projects 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 start-ups for us at this time, we have a flare for the source testing. We're planning that. The actual events when you start a unit up typically happen over just a few days. But there's a lot of, obviously, preparation going into that and planning. But that flare will be a significant event for us. The big burner startup down in the Gulf Coast will be later on this year. That will be down in October, but we will be supporting the installation scheduled to occur in July. So just that -- because of what that project is and how large it is, that will be very significant for us. The M-Series start-ups, 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 will wait to hear from them. We have other work in progress. We have a very large flare 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 just talking through those -- just the start-ups are significant for us, but most of these customers, if you think of the flare, we actually have in our proposal pipeline, we have additional quotes out to those customers. The start-up we're expecting next month and the source testing, we believe is going to be a large checkmark for them before they look at their future. We have one other quote, we believe they have additional ones permitted waiting to be moved on as well. So 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.

Your next question is coming from Peter Gastreich from Water Tower Research. 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.

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 ClearSign, we -- I mean, referring 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 NOx 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. I think from what we've seen generally around the world, the emissions continue to be tightened. 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. So our relationship with Zeeco. Zeeco 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 Zeeco relationship when we serviced 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 generally see the tightening timing of emissions out in the Far East and in Europe as a very positive sign for ClearSign.

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

That's a great question. So we've given general guidance of an average burner price of $100,000, right, to keep things simple and to allow easy math. I think that number holds for the M-Series. But as you ask 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. The common size 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 points. Again, the common size is ranging from probably $50,000 up to somewhere in the region of $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 burners 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 size ranges, there are common sizes. What that means is once we have built a -- say, if you take this recent order, as we build this M1 for this application for Tulsa Heaters Midstream, as we have further applications for that same burner, we already have the drawings and the engineering done. It's just the 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 -- it's a -- we can talk about the revenue and the sales price, but when we look at the profitability and what this means for ClearSign, I really like the M-Series burners.

Great. Operator, I have no more questions coming in. I'll turn it back to you.

[Operator Instructions] Your next question is coming from Peter Gastreich from Water Tower Research.

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 an 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'd just be 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, Peter. Thanks for your question and comments. I mean, I definitely see the incumbent SCR or Selective Catalytic Reduction technology as the main competition for ClearSign. I think we have a much more efficient product, and it's certainly much more economical for the customers. So very simply, when we look at the market, our objective is to displace SCRs going forward. There's obviously other burner manufacturers trying to come up with products. We don't see a lot from others. There's obviously we see 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 with 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 capital arrangement with Zeeco. But for somebody else without those connections, I think just for that getting into this market would be very difficult.

That concludes our Q&A session. I'll now hand the conference back to Jim Deller, 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's always good to get some feedback. We look forward to 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. So please keep checking for our developments on our website, 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.