Q2 2024 Clearsign Technologies Corp Earnings Call Transcript
Key Points
- ClearSign Technologies Corp (CLIR) added approximately $13 million in cash to its balance sheet in Q2 2024, resulting in a total of $16 million in cash and cash equivalents.
- The company received significant follow-on orders from Kern Energy, indicating strong customer satisfaction and repeat business.
- ClearSign Technologies Corp (CLIR) secured an engineering order for a project involving 26 burners for a Fortune 500 global chemical company in Texas, highlighting its expanding market reach.
- The company successfully demonstrated its hydrogen burner technology, which can operate with both current fuel gases and 100% hydrogen, attracting significant interest from industry stakeholders.
- ClearSign Technologies Corp (CLIR) is actively engaged in regulatory discussions in Texas and Colorado, positioning itself to benefit from upcoming stricter emissions regulations.
- ClearSign Technologies Corp (CLIR) experienced a significant decrease in revenues, from $150,000 in Q2 2023 to $45,000 in Q2 2024.
- The company reported a net loss of approximately $1.9 million for Q2 2024, an increase of $400,000 compared to the same period in 2023.
- Net cash used in operations was approximately $1.5 million in Q2 2024, compared to a generation of $50,000 in Q2 2023.
- The resignation of a Board member led to a one-time non-cash event costing $260,000, impacting financial results.
- Revenue flow is expected to remain 'lumpy' due to the nature of contractual milestones and project timelines, potentially causing future financial volatility.
Good afternoon and welcome to the ClearSign Technologies second-quarter 2024 conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Matthew Selinger of Firm IR Group. Please go ahead.
Good afternoon, and thank you, operator, and welcome, everyone, to the ClearSign Technologies Corporation second-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
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