[Management View]
ClearSign Technologies Corporation advanced two cornerstone burner projects for major refining and chemical customers, with one major California installation near start-up and the other on track for early 2026 deployment after meeting technical milestones. New product development is anchored by both a recently announced advanced engineering order from a recurring client and the nearing completion of a Department of Energy-backed hydrogen burner, which has drawn direct industry interest. Management detailed critical commercial demonstrations of ClearSign Eye sensor technology in multiple refinery and test settings by year-end. Business development initiatives include a recently reconstituted board, a deepening distribution relationship with ZECO, and active development of the new M25 burner to address incremental market segments.

[Outlook]
ClearSign expects significant progress in the coming months, including the start-up of major installations, further development of the M25 burner, and multiple demonstrations of the ClearSign Eye sensor. The company is also anticipating potential regulatory changes in Texas that could drive demand for low-NOx solutions.

[Financial Performance]
- Revenue: $133,000, up from $45,000 YoY
- Net Loss Reduction: Decreased by approximately $200,000
- Net Cash Used in Operations: Reduced to approximately $511,000 from $1,500,000 YoY
- Cash and Cash Equivalents: $12,300,000 as of June 30, 2025

[Q&A Highlights]
Question 1: There were some announcements about board transitions over the last couple of months. Is this anything to be concerned about?
Answer: No, the board has been reconstituted with new members who are energized to help ClearSign grow. The current board situation is very positive.

Question 2: The company has been quiet in terms of news. Can you talk about what's been going on behind the scenes?
Answer: Significant work has been ongoing, including two large process burner orders for major refiners and chemical companies. The 20-burner project in California is about to start up, and the 26-burner Gulf Coast project is through testing and pending final manufacturing authorization.

Question 3: Can you give more color about the advanced engineering order announced recently?
Answer: The order involves applying computer modeling to enhance productivity for a client’s existing ClearSign burners. This is a client-driven order, not categorized as R&D, and it allows ClearSign to develop new technology and solve the customer's problem.

Question 4: Can you give a status update on the DOE hydrogen burner development project?
Answer: The project is in its final stages, with large and small burners scheduled for demonstration installation at ZECO’s test facility in the coming months. There is significant industry interest and discussions for witness testing.

Question 5: Can you give any color on the relationship with ZECO and what you're hearing from them?
Answer: ClearSign works with ZECO almost daily. ZECO's sales team is promoting ClearSign burners, and while there are no orders yet, they are pursuing opportunities and talking to customers.

Question 6: What are we seeing with the M Series product line?
Answer: Continued strong interest from the midstream sector. The first M1 installation is operational, and the newest M1 is slated to start up soon. Development of the M25 burner is underway to capture a larger market segment.

Question 7: What's the status of flare orders and has the resurgence of interest remained?
Answer: The first new flare design is pending installation, with a follow-on engineering order in process. There is also interest in supplying complete flare systems, which could significantly enhance ClearSign's product line.

Question 8: Where is the first commercial installation of the ClearSign Eye sensor and any other developments with this product line?
Answer: The first installation is ready to ship and awaiting the client’s installation schedule. Additional installations are planned for later this year, and there is significant interest from other clients.

Question 9: How is the company utilizing CFD for current product lines and day-to-day business?
Answer: CFD (Computational Fluid Dynamics) allows ClearSign to optimize designs quickly and develop new technology. It is a significant part of the company's product development process.

Question 10: Can you confirm the sequential cash balance from Q1 to Q2?
Answer: Cash and cash equivalents were $12,800,000 in Q1 and $12,300,000 in Q2, driven by customer cash collections.

[Sentiment Analysis]
The tone of the management was optimistic and confident, highlighting significant progress and future potential. Analysts' questions focused on understanding the company's strategic moves and the status of ongoing projects.

[Quarterly Comparison]
| Metric | Q2 2025 | Q2 2024 |
|----------------------------|---------------|---------------|
| Revenue | $133,000 | $45,000 |
| Net Loss Reduction | $200,000 | - |
| Net Cash Used in Operations| $511,000 | $1,500,000 |
| Cash and Cash Equivalents | $12,300,000 | - |

[Risks and Concerns]
- Market uncertainty causing delays in order timelines
- Potential regulatory changes in Texas impacting demand
- Dependence on successful demonstration and adoption of new technologies

[Final Takeaway]
ClearSign Technologies Corporation is making significant strides in advancing its major projects and product developments. The company is poised for growth with upcoming installations, new product lines, and strategic partnerships. While market uncertainties and regulatory changes pose risks, the management's proactive approach and strong industry interest in their technologies provide a positive outlook for the future.