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    Matthew Selinger

    Research Analyst at Firm IR Group

    Matthew Selinger's questions to ClearSign Technologies (CLIR) leadership

    Matthew Selinger's questions to ClearSign Technologies (CLIR) leadership • Q2 2025

    Question

    Matthew Selinger of Firm IR Group asked for a confirmation of the sequential change in the company's cash balance from Q1 to Q2 2025.

    Answer

    VP - Finance Brent Hinds confirmed the cash balance decreased from approximately $12.8 million in Q1 to $12.3 million in Q2, a net cash use of about $500,000. He attributed this low cash burn to significant customer cash collections during the quarter. CEO Jim Deller added that unannounced aftermarket and engineering orders also contribute to cash flow.

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    Matthew Selinger's questions to ClearSign Technologies (CLIR) leadership • Q2 2025

    Question

    Matthew Selinger of Firm IR Group asked for an update on the co-branding and sales agreement with Zico, inquiring about the relationship's progress and activity since its launch.

    Answer

    CEO Jim Deller described the relationship with Zico as a daily collaboration across marketing, sales, and engineering. He confirmed Zico's sales team is actively promoting the co-branded burners to customers and, while no orders have been finalized yet due to typical sales cycle lengths, they are actively pursuing opportunities.

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    Matthew Selinger's questions to ClearSign Technologies (CLIR) leadership • Q2 2025

    Question

    Matthew Selinger from Firm IR Group inquired about the M-Series product line for the midstream market, asking about current activity and the status of recent orders.

    Answer

    CEO Jim Deller reported continued strong interest in the M-Series. He also announced a new product initiative, the M25 burner, which is a variation of the M1 designed to meet a market need for a lower-priced, slightly higher NOx burner. Deller stated he believes this addresses a much larger market segment than the ultra-low NOx niche.

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    Matthew Selinger's questions to ClearSign Technologies (CLIR) leadership • Q2 2025

    Question

    Matthew Selinger of Firm IR Group asked for an update on the sales pipeline and the previously noted resurgence of interest in the flares market.

    Answer

    CEO Jim Deller confirmed that the overall proposal pipeline remains strong, holding at 2x the number of proposals and 5x the value year-over-year. He highlighted a 10x year-over-year increase in the value of proposals for the flare and systems product line, noting a trend towards selling complete systems valued at $0.5M to $1M each.

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    Matthew Selinger's questions to ClearSign Technologies (CLIR) leadership • Q2 2025

    Question

    Matthew Selinger from Firm IR Group asked about the status of the first commercial installation of the ClearSign Eye sensor project at a super major's refinery.

    Answer

    CEO Jim Deller reported that the sensors for the Texas Gulf Coast refinery demonstration are nearly fabricated and will ship soon, pending the client's installation schedule. He noted a commercial proposal for a second heater is pending the 3-6 month evaluation of this first install. In parallel, another installation is planned for a Los Angeles refinery, and a unit will be demonstrated at the Zico test facility.

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