ClearSign provides operational update for Q2 2023

ClearSign provided an update on operations for Q2 2023. “Our order flow increased in Q2, both in process burners and our boiler burner line,” said Jim Deller, CEO. “The execution of these initial sales, for both boiler burners and process burners, will set the stage for our future growth…We are very encouraged by the engagement we are receiving in the industry regarding our technologies and we believe that our recently announced Phase 2 government grant award through the Small Business Innovative Research program with the Department of Energy, which provides direct support for the engineering and commercialization of our 100% hydrogen burner products, will further enhance our visibility in the industry”. Q2 operational highlights include: completed successful Phase 1 testing of ultra-low NOx 100% hydrogen burner, awarded Phase 2 SBIR grant for $1.65M; received engineering order and follow on order for two multi burner heaters from a California refinery; entered the Texas Gulf Coast market with burner sale to global chemical company scheduled to be installed in Q3; recognized approximately $150K in revenue during the three months ended June 30, 2023, as compared to zero revenue for the same period of 2022. Cash, cash equivalents and short-term investments were approximately $8.5M as of June 30, 2023. There were 38,562,086 shares of the Company’s common stock issued and outstanding as of June 30, 2023.