ClearSign Technologies Corp (CLIR) 2025 Q2 法說會逐字稿

Good afternoon. Welcome to the ClearSign Technologies 2Q 2025 earnings conference call. (Operator Instructions)

午安.歡迎參加 ClearSign Technologies 2025 年第二季財報電話會議。（操作員指示）

It is now my pleasure to turn the floor over to your host, Matthew Selinger. Please go ahead.

現在我很高興將發言權交給主持人馬修·塞林格 (Matthew Selinger)。請繼續。

Good afternoon, and thank you, operator. Welcome, everyone, to the ClearSign Technologies Corporation second-quarter 2025 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.

下午好，謝謝接線生。歡迎大家參加 ClearSign Technologies Corporation 2025 年第二季業績電話會議。在本次電話會議中，本公司將發表前瞻性聲明。任何非歷史事實陳述均為前瞻性陳述。這包括有關公司的預測、期望、計劃、信念和前景的評論。

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.

這些聲明是基於本次電話會議之日的判斷和分析，並受到許多重要風險和不確定性的影響，可能導致實際結果與前瞻性聲明中所述的結果有重大差異。

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 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, 2024.

與本次電話會議中的前瞻性陳述相關的風險和不確定性包括但不限於 ClearSign 產品的現場測試和銷售是否能夠成功完成、ClearSign 是否能夠成功擴大其產品的市場，以及 ClearSign 向美國證券交易委員會提交的文件中描述的其他風險，包括截至 2024 年 12 月 31 日的 10-K 表中討論的風險因素。

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 on the call with me today are Jim Deller, ClearSign's Chief Executive Officer; and Brent Hinds, ClearSign's Chief Financial Officer.

除法律要求外，ClearSign 不承擔更新這些前瞻性聲明以反映未來事件或實際結果的責任，也不打算這樣做。今天與我一起通話的是 ClearSign 的執行長 Jim Deller 和 ClearSign 的財務長 Brent Hinds。

So at this point in the call, I would like to turn the call over to Brent Hinds. So Brent, please go ahead.

現在，我想把電話轉給布倫特·海因茲 (Brent Hinds)。請布倫特繼續發言。

Thank you, Matthew, 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 today with the SEC. With that, I'd like to give an overview of the financials for the second quarter of 2025.

謝謝你，馬修，也謝謝今天在座的各位。在我開始之前，我想指出，我們今天已向美國證券交易委員會提交了 10-Q 表上的財務結果。在此之前，我想先概述一下 2025 年第二季的財務狀況。

For the second quarter of 2025, the company recognized approximately $133,000 in revenues compared to $45,000 for the same period in 2024. This year-over-year increase in revenues is driven in large part by spare parts orders to our existing customers and a boiler burner sale to our existing customer.

2025 年第二季度，該公司營收約 133,000 美元，而 2024 年同期為 45,000 美元。營收年增率很大程度上得益於我們向現有客戶訂購的備件以及向現有客戶銷售的鍋爐燃燒器。

Now for the full income statement. Our net loss decreased by approximately $200,000 compared to the same period in 2024. This year-over-year decrease was predominantly driven by $155,000 reduction in research and development expenses, as compared to the same period in 2024. Our decreased research and development expense was driven in large part by reduced product development work.

現在來看完整的損益表。與 2024 年同期相比，我們的淨虧損減少了約 20 萬美元。與 2024 年同期相比，這一同比下降主要是由於研發費用減少了 155,000 美元。我們研發費用的減少很大程度是因為產品開發工作的減少。

Now, I'd like to shift the focus to cash. Our net cash used in operations for the second quarter was approximately $511,000 compared to approximately $1.5 million for the same period in 2024. This $1 million favorable year-over-year reduction was predominantly driven by customer cash collections during the quarter. As of June 30, 2025, we had approximately $12.3 million in cash and cash equivalents, with approximately 52.4 million shares of common stock outstanding.

現在，我想把重點轉移到現金。我們第二季的營運淨現金使用量約為51.1萬美元，而2024年同期約為150萬美元。與去年同期相比，這 100 萬美元的減幅主要得益於本季客戶現金收款。截至 2025 年 6 月 30 日，我們擁有約 1,230 萬美元的現金及現金等價物，流通普通股約 5,240 萬股。

I want to explain our registration statement on Form S-1 that was filed on Tuesday, August 12, 2025. This filing was simply an administrative task to reregister our outstanding redeemable warrants issued in our underwritten public offering in April 2024.

我想解釋一下我們在 2025 年 8 月 12 日星期二提交的 S-1 表格註冊聲明。此項申請只是一項行政任務，旨在重新登記我們在 2024 年 4 月承銷公開發行中發行的未償還可贖回認股權證。

It is important to note, we are not offering or selling any new securities in this filing. From an overall financial perspective, we believe our current working capital positions us well to scale our business. We also believe our working capital gives our customers and suppliers confidence to do business with us in the long term.

值得注意的是，我們不會在此文件中提供或出售任何新證券。從整體財務角度來看，我們相信目前的營運資金足以讓我們擴大業務規模。我們也相信，我們的營運資金使我們的客戶和供應商有信心與我們進行長期合作。

And with that, I'd like to turn the call over to our CEO, Jim Deller. Jim?

接下來，我想將電話轉給我們的執行長吉姆·戴勒 (Jim Deller)。吉姆？

Thank you, Brent, for the financial overview. As always, I'd like to thank everyone for joining us on the call today and your interest in ClearSign. For the call today, Matthew will lead a question-and-answer session, we will go through the different business units much like our previous calls. We will end with an outlook for the rest of 2025 and then open up the call for question-and-answer from our investors. Many of you may have seen this, but you can send questions in ahead of time to our Investor Relations at mselinger@firmirgroup.com.

謝謝布倫特提供的財務概覽。像往常一樣，我要感謝大家今天參加我們的電話會議以及對 ClearSign 的關注。在今天的電話會議上，馬修將主持問答環節，我們將像以前的電話會議一樣討論不同的業務部門。最後，我們將對 2025 年剩餘時間進行展望，然後開放投資者問答環節。你們中的許多人可能已經看到了這一點，但您可以提前將問題發送給我們的投資者關係部門 mselinger@firmirgroup.com。

So with that, Matthew?

那麼，馬修？

Great, Jim. And thank you ahead of time to our investors that have sent in questions. We really do appreciate that. It helps us kind of formulate some of the path of the materials that we'll go over here.

太好了，吉姆。並提前感謝向我們提問的投資者。我們對此非常感激。它可以幫助我們制定一些我們將在這裡討論的材料的路徑。

So Jim, very recently, there have been some announcements about Board transitions over the last couple of months. Is this anything to be concerned about?

吉姆，最近幾個月，董事會已經發布了一些關於過渡的公告。這有什麼值得擔心的事嗎？

The short answer is no. A lot of this has been covered in previous calls, so I won't go over that. A quick update. Leading up the last AGM, we had one of our prior directors step down. Following the AGM, we did dissolve the special committee and, following that, an additional two of our prior directors did resign.

簡短的回答是「否」。之前的電話會議已經討論過很多內容了，所以我就不再贅述了。快速更新。在上次年度股東大會召開前，我們的一位前董事辭職。在年度股東大會之後，我們解散了特別委員會，隨後，我們之前的另外兩名董事也辭職了。

That enabled us to reduce the Board size back down to five, which leaves us with one position open that we will fill in due course, but there's no rush to do that. What I can say is the Board has been reconstituted with new members, who are energized to help ClearSign, and for the company to grow in the future. From a personal perspective, this has been significant changes. I'm very pleased with the current Board situation. I'm really looking forward to the future.

這使我們能夠將董事會規模縮減至五人，留下一個空缺職位，我們將在適當的時候填補，但並不著急這樣做。我可以說的是，董事會已經重組，新成員將積極幫助 ClearSign，並推動公司未來的發展。從個人角度來說，這是一個重大的改變。我對董事會目前的狀況非常滿意。我真的很期待未來。

Great. So with that housekeeping done, Jim, it's been about three months since our last call. Frankly, the company has been quiet in terms of news. Now with that, there seems to be a perceived impression of a lack of progress, right, with a lack of news. Can you talk about what's been going on behind the scenes that people don't see day to day?

偉大的。吉姆，事情處理完畢後，距離我們上次通話已經過了三個月。坦白說，該公司在新聞方面一直很安靜。現在，人們似乎感覺到缺乏進展，對，缺乏新聞。您能談談人們日常看不到的幕後發生的事情嗎？

Certainly. And I understand there has not been a lot of order announcing press releases out. There's been significant uncertainty in the market. No orders have gone away, but we have seen timelines delayed. To get to the major -- we've had a lot of very significant work actually going on.

當然。據我所知，目前還沒有發布太多有關該命令的新聞稿。市場存在很大的不確定性。訂單沒有消失，但我們看到時間表被推遲了。為了達到這一目標——我們實際上已經做了很多非常重要的工作。

I think the majors, we've two very large process burner orders that are for household name refiners and chemical companies. The first of those, the 20 burner order out in California. We've been working on that project. We've actually been out on that job site over the last week overseeing the installation. That project finally is about to start up, we believe, in the next couple of weeks.

我認為，我們有兩個非常大的工藝燃燒器訂單，它們是為家喻戶曉的煉油廠和化學公司提供的。其中第一個訂單是加州的 20 個燃燒器。我們一直在致力於該項目。事實上，我們上週就一直在該工地監督安裝情況。我們相信，該項目最終將在未來幾週內啟動。

We're very much looking forward to getting that installation up and running. That will be a very significant reference for us. And from the time of what we've been doing, the 26-burner order for the Gulf Coast chemical company, we've gone through the testing on that. This was a technology stretching project. We believe we have met all the requirements.

我們非常期待裝置的啟動和運作。這對我們來說將是一個非常重要的參考。從我們為墨西哥灣沿岸化學公司訂購 26 個燃燒器開始，我們就對其進行了測試。這是一個技術延伸項目。我們相信我們已經滿足了所有要求。

We're through the burner testing phase. We met all the criteria. We're waiting on a couple of signatures to authorize us to move into the manufacturing phase, but we expect to be doing that shortly. We expect to have those burners built and shipped this year, which will drive the revenue for that project. Just a note on that project, the original timeline was for first burners to be installed and started up by the end of 2026.

我們已完成燃燒器測試階段。我們滿足所有標準。我們正在等待一些簽名以授權我們進入製造階段，但我們預計很快就會這樣做。我們預計這些燃燒器將在今年製造並發貨，這將為該項目帶來收入。關於該項目，需要說明的是，最初的時間表是到 2026 年底安裝並啟動第一批燃燒器。

The Texas Commission on Environmental Quality has extended the timeline that client has to get the heaters up with the new technology. So I believe right now, that start-up will be early 2026. I don't have an exact date at this time. Just generally for the period, the quote work has been strong. We've actually spent significant time as well developing our new products, especially focused on our diversification initiative.

德州環境品質委員會已延長客戶安裝採用新技術的加熱器的期限。所以我現在相信，這項計畫將在 2026 年初啟動。我目前還沒有確切的日期。總體而言，就該時期而言，報價工作一直很強勁。我們實際上花了大量時間開發新產品，尤其註重多元化計劃。

Okay. Fantastic. And you're developing new projects, so there was an announcement very recently about an advanced engineering order. And to some people that may be kind of nebulous. What does that mean, kind of advanced engineering? Could you give more color about that announcement we just put out?

好的。極好的。而且你們正在開發新項目，所以最近發布了有關先進工程訂單的公告。對某些人來說，這可能有點模糊。那是什麼意思？先進的工程嗎？您能否詳細介紹一下我們剛發布的公告？

I can. And I'm prepared to -- so this announcement was put out August 7. We are a technology company. We have world-level engineers, and tools like our computer modeling capability that enables us to bring new products to market and to push the technology forwards. A big part of doing that is always getting the first adopter customers to take these new products and install them in their equipment to get that first operational reference out in the field.

我可以。我已經做好準備——所以這項公告是在 8 月 7 日發布的。我們是一家科技公司。我們擁有世界級的工程師和電腦建模能力等工具，使我們能夠將新產品推向市場並推動技術進步。這樣做的很大一部分是讓第一批採用這些新產品的客戶將其安裝在他們的設備上，以便在現場獲得第一個操作參考。

And to be frank, that was the reason why we put this announcement out. The announcement is for the engineering. We have a customer who is looking for us to help them with the productivity from one of the heaters.

坦白說，這就是我們發布此公告的原因。該公告針對的是工程。我們有一位客戶希望我們幫助他們提高其中一台加熱器的生產力。

We have the capability to do that. We're able to explain what we're doing, and this order was for the computer modeling for us to basically -- it's already got ClearSign burners, but for us to enhance our own burner technology to enable their [furnace] to operate more effectively to meet their needs.

我們有能力做到這一點。我們可以解釋我們正在做的事情，這個訂單基本上是為了給我們進行電腦建模——它已經有了 ClearSign 燃燒器，但是為了讓我們增強自己的燃燒器技術，使他們的 [爐子] 能夠更有效地運行，以滿足他們的需求。

So this was driven by a customer demand. It gave us the chance to develop new technology and, assuming everything goes forward, to actually get an installation that solves the customer's problem and for us allows us to bring a new technology or an enhancement to our own technology to market at the same time.

這是由客戶需求所驅動的。它為我們提供了開發新技術的機會，並且假設一切順利，實際上可以獲得解決客戶問題的安裝，同時讓我們能夠將新技術或我們自己的技術的增強功能推向市場。

And it's probably a -- a good emphasize that, this isn't an R&D project. I know to dovetail on what Brett said, R&D spending was actually down. This is an actual order and from an existing client. Is that correct, it's a previous client?

這可能是個很好的強調，這不是一個研發項目。我知道與布雷特所說的相吻合，研發支出其實是下降的。這是來自現有客戶的實際訂單。對嗎？是之前的客戶嗎？

Yeah. This has been a very frequent client of ours, one we've got a very good relationship with. They came to us with a challenge that they're having to increase the throughput of one of their heaters. And this order and this technology is something that we are working with them to deliver to them to solve that problem of theirs.

是的。這是我們的一個非常常客，我們與他的關係非常好。他們向我們提出了一個挑戰，必須提高其中一台加熱器的吞吐量。我們正在與他們合作，向他們提供這份訂單和技術，以解決他們的問題。

Okay. Fantastic. So we're in August 2025. So approximately two years ago, back in August 2023, there was a DOE, Department of Energy, hydrogen burner development project. So can you give a status update of where that project is at today?

好的。極好的。現在是 2025 年 8 月。大約兩年前，也就是 2023 年 8 月，美國能源部 (DOE) 啟動了氫燃燒器開發計畫。那麼，您能否介紹一下該專案目前的進度？

Yes, I can. I think the first thing, as you noted, the order was -- or the grant was received in August, two years from that date is actually now. We do have an extension to that project. So that project is going ahead. It's actually in the final stages. It's progressing very well.

是的，我可以。我認為，正如您所說，第一件事是命令——或者說撥款是在八月收到的，從那時到現在實際上已經兩年了。我們確實對該專案進行了擴展。因此該項目正在進行中。目前它已進入最後階段。一切進展順利。

The culmination of this project is we have a brand-new burner. We have a large burner and a small burner design. They are in manufacture right now and scheduled for installation and demonstration in the Zeeco test facility in the coming months. Just to add to that, I'm actually very excited about this because these burners give us the ability to operate through the range of the refinery customer fuel gases.

這個計畫的最終成果是我們擁有了一個全新的燃燒器。我們有大燃燒器和小燃燒器設計。它們目前正在生產中，並計劃在未來幾個月內在 Zeeco 測試設施中進行安裝和演示。補充一點，我對此感到非常興奮，因為這些燃燒器使我們能夠在煉油廠客戶燃料氣體範圍內進行操作。

And we received a lot of interest from the industry from household name end users in these burners. We are in discussions with them to actually come in and see this -- witness testing of these Department of Energy burners in the Zeeco test facility.

我們從業內知名終端用戶那裡獲得了對這些燃燒器濃厚的興趣。我們正在與他們討論實際進入 Zeeco 測試設施見證這些能源部燃燒器的測試。

So this project is getting industry attention as well?

那麼這個計畫也引起了業界的關注？

Very much so, yes.

是的，非常如此。

That's exciting to hear. The other topic I want to move into and probably on top of a lot of investors' minds is we had an exciting development back in December and then the co-branding launched a few months after that, so just back in March. And this was the agreement with Zeeco to start marketing and selling the co-branded burners. Now you've previously said that this is going to take some time to ramp up, maybe 9 months to 12 months. Can you give any color on kind of the relationship and what you're hearing from them?

聽到這個消息真令人興奮。我想談的另一個話題，也可能是許多投資人最關心的，就是我們在去年 12 月取得了令人興奮的進展，然後在幾個月後，也就是 3 月份，我們推出了聯名品牌。這是與 Zeeco 達成的協議，開始行銷和銷售聯合品牌的燃燒器。您之前說過，這需要一些時間才能實現，大概需要 9 個月到 12 個月。您能否介紹一下這種關係以及您從他們那裡聽到的消息？

Yes, certainly. I mean, at a high level, we work with Zeeco almost daily from their marketing team and the sales team, obviously, through to their engineering and their testing team. They are just minutes away from our office. The sales team are out promoting our burners. We've got their feedback. We've worked with them and developed their marketing materials.

是的，當然。我的意思是，從高層來看，我們幾乎每天都與 Zeeco 合作，從他們的行銷團隊和銷售團隊，當然還有他們的工程和測試團隊。他們距離我們的辦公室只有幾分鐘的路程。銷售團隊正在推銷我們的燃燒器。我們收到了他們的回饋，並與他們合作開發了他們的行銷資料。

We've recently -- we do follow up with them, but they are pursuing ClearSign opportunities with their customers as a lot of the opportunities that we chase in general, whether it's through Zeeco or through our other channels, even directly, they do take some time. So there's nothing through to the point that we've got a quote pursuit to an order yet, but they are pursuing orders and talking to their customers about the Zeeco ClearSign burners.

我們最近確實在跟進他們，但他們正在與客戶一起尋求 ClearSign 機會，就像我們通常追逐的許多機會一樣，無論是透過 Zeeco 還是透過我們的其他管道，即使是直接的，都需要一些時間。因此，我們尚未獲得訂單的報價追踪，但他們正在追踪訂單並與客戶討論 Zeeco ClearSign 燃燒器。

Great. So I'd like to shift to the M-Series product line, which we focused the past couple of calls, I think, fairly extensively. This product line is focused on the midstream. When it was released, there was an initial flurry of orders, and I believe some additional inquiries and quotes. What are we seeing here with this product line?

偉大的。因此我想轉到 M 系列產品線，我認為我們在過去的幾次電話會議中對該產品線進行了相當廣泛的關注。此產品線專注於中游。當它發佈時，最初出現了大量訂單，我相信還有一些額外的詢問和報價。我們在這條產品線上看到了什麼？

That has continued. We've continued to see strong interest from the midstream sector in general, both for the M-Series and outside of that. The first installation we had is into a Tulsa Heaters Midstream heater down on the US Gulf Coast. That continues to operate flawlessly.

這種情況一直持續著。我們持續看到中游產業對 M 系列及其他領域表現出濃厚興趣。我們的第一個安裝項目是在美國墨西哥灣沿岸的 Tulsa Heaters Midstream 加熱器中。它繼續完美地運行。

The most recent M1 that we've sold has gone to another heater manufacturer, Devco. That is out and due to start-up later this year in the coming months. And the inquiries for the M1 burner have continued to be strong.

我們最近售出的 M1 已賣給了另一家加熱器製造商 Devco。該項目已完成，並將於今年稍後的未來幾個月內啟動。對 M1 燃燒器的詢問持續強勁。

But in general, the midstream industry has been a very buoyant industry for us. And we've had a lot of feedback from our customers and others we've talked with the industry that there's actually another market within the midstream industry for us at a slightly higher NOx level.

但整體而言，中游產業對我們來說是一個非常活躍的產業。我們從客戶和與業內其他人士那裡得到了很多反饋，他們表示，在中游行業中，我們實際上還有另一個市場，其氮氧化物水平略高。

It will be a reduced price burner, a reduced scope, but there appears to be a gap in the market that I believe that's going to be very good for ClearSign. So we're marketing this as a M25 burner that's going to be developed from the M1 to meet that new need because we've had a number of inquiries for it.

它將是一款降價產品，其範圍也會縮小，但市場上似乎存在一個空白，我相信這對 ClearSign 來說非常有利。因此，我們將其作為 M25 燃燒器進行行銷，該燃燒器將從 M1 開發而來，以滿足新的需求，因為我們已經收到大量有關它的詢問。

We've had a lot of customers asking us, do we have a burner product to help them in this slightly not so low NOx market. We have a product out. We've got quotes. I'm actually very excited about what this will bring for ClearSign. I think it can really get us into a whole new segment of the market.

很多客戶問我們，我們是否有燃燒器產品可以幫助他們應對這個氮氧化物含量不太低的市場。我們有一個產品問世了。我們有報價。我實際上對這將給 ClearSign 帶來的影響感到非常興奮。我認為它確實可以讓我們進入一個全新的市場領域。

Let me explore that briefly. So M25, so would that be, for lack of a better term, kind of a D2 version of maybe the M1?

讓我簡單探討一下。那麼 M25，由於缺乏更好的術語，它是否是 M1 的 D2 版本？

Yes. The M1 simply is a, call it, a single-digit NOx burner that is perfectly suited for the customers that have no other alternative than putting an SCR on the heater. It's a very high-value product that solves a high technology need for the customers.

是的。M1 簡單來說就是一種單位數 NOx 燃燒器，它非常適合那些除了在加熱器上安裝 SCR 之外別無選擇的客戶。這是一款高價值產品，可以滿足顧客的高科技需求。

What we're seeing is that product is not needed everywhere, and there is a substantial market that needs a good low NOx burner, but not one of that pedigree. And there appears to be an opportunity for us in the market, where we can provide a burner to meet that slightly lower spec need as well.

我們看到的是，並非所有地方都需要該產品，而且有很大的市場需要優質的低氮氧化物燃燒器，但不需要這种血統的產品。市場上似乎存在一個機會，我們可以提供燃燒器來滿足稍低規格的需求。

And I believe, this is actually a much bigger volume part of the market. That's why I'm so excited because we've got to adapt ClearSign. So we have products that make sense in all of the combustion technology areas that make sense for us. And I think just streamlining only on that very high-tech ultra-low NOx segment isn't in our best interest when we have a much bigger market that we can add to our portfolio. So this is a targeted product for a slightly detuned burner for the midstream market.

我相信，這實際上是市場中一個更大的部分。這就是我如此興奮的原因，因為我們必須採用 ClearSign。因此，我們在所有對我們有意義的燃燒技術領域都擁有有意義的產品。我認為，當我們擁有更大的市場可以添加到我們的產品組合中時，僅僅精簡高科技超低氮氧化物領域並不符合我們的最佳利益。因此，這是一款針對中游市場的略微失諧燃燒器的目標產品。

Yeah. I think we might have referred to it on a previous call, some analogy and the fact that instead of being a Ferrari, maybe you'd need a Ford F-150.

是的。我想我們可能在之前的電話中提到過，一些類比以及這樣一個事實：也許你需要的是福特 F-150，而不是法拉利。

Yeah. We'd love to sell Ferrari, but there's a whole lot of people who want Ford F-150.

是的。我們很樂意出售法拉利，但很多人想要福特 F-150。

Yeah. Got it. Okay. On the last call, we discussed flares having a resurgence of interest in our target markets. What's the status of those orders? And has this resurgence of interest remained?

是的。知道了。好的。在上次通話中，我們討論了目標市場對火炬重新燃起的興趣。這些訂單的狀態如何？這種興趣的復甦是否還持續下去呢？

It has definitely remained. And I'll expand this. I've talked in the past also about our systems projects, which will roll in -- really follows on from the flares. But getting back specifically to the flare burners first. Our first of the new flare design is out in the field waiting to be installed. We're expecting to be out there and having that installed later on this year.

它確實仍然存在。我將進一步闡述這一點。我過去也曾談論過我們的系統項目，這些項目將會陸續推出——實際上是在信號彈之後。但首先讓我們具體回到火炬燃燒器。我們首款全新設計的火炬目前已投入使用，等待安裝。我們預計今年稍晚就能完成安裝。

And additionally, we have a second order from that same client that is currently in the first phase, which is the computer modeling. We're expecting that to roll into a detailed engineering order in Q4. And of course, we're expecting from that an equipment supply order to come out early into 2026. So the client that's got the first has already come back to us to progress the second.

此外，我們還有來自同一客戶的第二個訂單，目前處於第一階段，即電腦建模。我們預計這將在第四季度形成詳細的工程訂單。當然，我們預計設備供應訂單將在 2026 年初下達。因此，已經獲得第一個訂單的客戶已經回來找我們進行第二個訂單。

What we're also seeing those burners go into existing flares, they're retrofitting the flare, the burner part of existing flare bodies. We're also getting our inquiries not just to supply a replacement burner, but to supply the entire flare system.

我們也看到這些燃燒器進入現有的火炬，他們正在改造火炬，現有火炬體的燃燒器部分。我們收到的詢問不僅是提供替換燃燒器，而且是提供整個火炬系統。

So that will be the burner and including the surrounding vessel and structure that goes with it, which expands our scope greatly into what we're starting to call a system rather than just a burner. We're pursuing those. And when we look at what we're doing with the flare, I think the crux of the technology is we have the ability to burn a very hard to burn fuel gas.

所以那將是燃燒器，包括周圍的容器和與之配套的結構，這大大擴展了我們的範圍，我們開始稱之為系統而不僅僅是燃燒器。我們正在追求這些。當我們審視我們對火炬所做的事情時，我認為這項技術的關鍵是我們有能力燃燒一種難以燃燒的燃料氣體。

Typically, in the industry, you would have to buy natural gas to help you burn that hard to burn gas to make it burn completely. These are waste disposal systems. We can burn that without the clients having to build to -- purchase the additional natural gas. That is a significant cost savings for them, which gives us another value for our customer. And we are able to then build on that in other applications and supply complete systems that would look like a thermal oxidizer as an example.

通常，在工業中，您必須購買天然氣來幫助您燃燒難以燃燒的氣體，使其完全燃燒。這些是廢物處理系統。我們可以燃燒這些天然氣，而客戶無需建造或購買額外的天然氣。這為他們節省了大量成本，也為我們的客戶帶來了另一種價值。然後，我們能夠在其他應用中建構它，並提供完整的系統，例如熱氧化器。

And we have good traction in discussions about that type of product. I'll be clear for everyone, these are proposals. These are not orders, right? There's no guarantee of the timeline, or that these will come in. But we have sufficient traction and engagement with the customers to talk about these that we're actually getting quite excited and see this as a real likely development of the ClearSign business.

我們在有關該類產品的討論中取得了良好的進展。我要向大家明確說明，這些都是提議。這些不是命令吧？沒有人能保證時間表，也無法保證這些是否會實現。但是，我們與客戶有足夠的聯繫和互動來討論這些問題，我們實際上非常興奮，並將此視為 ClearSign 業務的真正發展。

To put some numbers around this, the flare replacement burners with the engineering and the typical supply are going to be in the region of $200,000 to $300,000. When we get into the systems projects, whether it's the flare style or the thermal oxidizer style, each unit there will be in the region of $0.5 million to $1 million ballpark. So it's a significant enhancement to the ClearSign product line.

具體來說，包括工程設計和典型供應在內的火炬更換燃燒器的成本將在 20 萬至 30 萬美元之間。當我們進入系統專案時，無論是火炬式還是熱氧化器式，每個單元的成本大約在 50 萬美元到 100 萬美元之間。因此，這是對 ClearSign 產品線的重大增強。

Just to look at what that does, and I'm talking about the value of proposals that are given out. We talked a little about this on previous calls. Looking at the flare proposals, year-to-date this time last year compared to this year, because of the increased interest and especially the increased scope of these orders, we're looking about 10x the value of proposals out for this, right, for flare and systems product line together.

只是看看它的作用，我正在談論所提出的提案的價值。我們在之前的電話會議上討論過這個問題。看看火炬方案，與今年相比，今年到目前為止，由於關注度增加，尤其是這些訂單的範圍擴大，我們預計火炬和系統產品線的方案價值將增加約10倍。

Okay. Great. And I'll hold you to that, Jim. I do have a question about kind of proposals and pipeline. So I will circle back to that here later.

好的。偉大的。我會堅持這一點，吉姆。我確實對提案和管道有一些疑問。所以我稍後會再回到這個問題。

Yes, certainly.

是的，當然。

Yeah. Previously, we also announced that we're going to be installing the first commercial installation of the sensor project, the ClearSign Eye, in a refinery of a super major. Where is that project? And are there any other color with this product line?

是的。先前，我們也宣布將在超級大型煉油廠安裝該感測器專案的第一個商業裝置 ClearSign Eye。那個專案在哪裡？該產品系列還有其他顏色嗎？

Certainly. So first of all, the sensing technology we have, just for anyone not familiar, allows the presence of a flame on the pilot in a burner to be confirmed. So this is a critical part of a lot of the control systems that go into our refinery heaters.

當然。首先，對於不熟悉的人來說，我們擁有的感測技術可以確認燃燒器中引火物上是否有火焰。這是我們煉油廠加熱器的許多控制系統的關鍵部分。

The order we have is for a super major household name refiner, one of their refineries down on the Texas Gulf Coast. They have asked us to provide these sensors on a demonstration basis to fit onto every burner in one of their heaters. Those sensors are almost complete in fabrication. They'll be ready to ship later this month. We're actually really just waiting on the client to confirm their installation schedule.

我們的訂單是為一家家喻戶曉的超級煉油廠提供的，該煉油廠位於德克薩斯州墨西哥灣沿岸。他們要求我們示範這些感測器，以便安裝在他們每個加熱器的燃燒器上。這些感測器的製造已基本完成。它們將於本月晚些時候準備發貨。實際上，我們只是在等待客戶確認他們的安裝時間表。

In terms of development, we're expecting about a three to six-month evaluation period for them to get a good feel for the reliability and the performance of these sensors. Incidentally, we also have a request for a commercial proposal for another heaters' worth of these sensors for that same refiner for a different facility. We expect that to progress. It's really parked until we've gone through the evaluation period of that first installation.

在開發方面，我們預計大約需要三到六個月的評估期，以便他們充分了解這些感測器的可靠性和性能。順便說一句，我們還請求提供一份商業提案，為同一家煉油廠的另一個設施提供另一台加熱器用的此類感測器。我們期待這項進程能夠取得進展。在我們完成第一次安裝的評估期之前，它確實處於停滯狀態。

In parallel, we have another installation of the sensors going into a Los Angeles refinery this time for them to be fitted on our own burners in a heater down in LA, and those will be out later on this year. So that will give us a demonstration site in LA, one in Texas, one on regular burners and one on ClearSign burners. And in fact, the DOE burner that we talked about shortly before, one of the end user clients coming in or planning to come in to witness that burner has also asked that there'll be a chance for them to see our sensor in operation.

同時，我們還將在洛杉磯的煉油廠安裝另一套感測器，這次是將它們安裝在我們位於洛杉磯的加熱器的燃燒器上，這些感測器將於今年稍後投入使用。這樣，我們就可以在洛杉磯、德州各建立一個示範站點，一個使用常規燃燒器，另一個使用 ClearSign 燃燒器。事實上，我們之前談到的 DOE 燃燒器，一位前來或計劃前來見證該燃燒器的最終用戶客戶也要求有機會看到我們的感測器的運作。

So we're building one that we will install on that burner operating in the Zeeco test facility, and to be able to show that to whoever comes in to see those burners, in addition to showing that to -- Zeeco as one of the world's biggest burner manufacturers.

因此，我們正在建造一個系統，將其安裝在 Zeeco 測試設施中運行的燃燒器上，以便能夠向任何前來查看這些燃燒器的人展示，此外，還可以向 Zeeco（世界上最大的燃燒器製造商之一）展示。

So basically, there's going to be multiple demonstrations of the sensor in the field. Is that correct?

所以基本上，將會在現場對感測器進行多次演示。對嗎？

Yeah. By the end of this year, we should have -- or we expect to have two complete heaters of burners fitted with this sensor in commercial operation, and the demonstration unit in the Zeeco test facility.

是的。到今年年底，我們應該會有——或者我們預計將有兩台配備該感測器的完整燃燒器加熱器投入商業運行，並在 Zeeco 測試設施中安裝演示裝置。

And is this product helping demonstrate to industry that we are a technology solutions provider, and this is opening other doors for us?

該產品是否有助於向業界證明我們是一家技術解決方案提供商，並為我們打開了其他大門？

I think that's fair. Actually, as you bring that up one point, we've had one major refiner customer actually approach us to meet with their engineering team and present the sensor that actually led to conversations about M1 burners for their midstream heaters.

我認為這是公平的。實際上，正如您所提到的這一點，我們有一個主要的煉油廠客戶實際上與我們接洽，與他們的工程團隊會面並展示感測器，這實際上引發了有關中游加熱器的 M1 燃燒器的討論。

So I think definitely, the more we broaden our portfolio of products, the more opportunities we get to go and make sales calls and to answer questions. And as you do that, of course, you talk about everything you can do and you get to find out the multiple ways you can help the customers, more than just that one specific reason that they bought you in. So having more different technologies to talk about is definitely a help from a sales perspective.

因此我認為，我們的產品組合越豐富，我們進行銷售電話和回答問題的機會就越多。當然，當你這樣做的時候，你會談論你能做的一切，你會找到幫助客戶的多種方式，而不僅僅是他們購買你的某個特定原因。因此，從銷售角度來看，討論更多不同的技術肯定是有幫助的。

Okay. And Jim, I told you, I was going to hold you to this, and I think it's a good time to segue now about pipeline. In the last call, I think you were able to quantify the pipeline saying, at that time, it was 2x the amount of proposals from the previous year, at about 5x the project value from a year previous. Has that changed in the three months since the last call?

好的。吉姆，我告訴過你，我會讓你信守諾言，我認為現在是時候討論管道問題了。在上次通話中，我認為您能夠量化頻道，當時，它的提案數量是前一年的 2 倍，專案價值約為前一年的 5 倍。自上次通話以來的三個月裡情況有變化嗎？

Yeah. I've actually gone back and looked at this data. That level has held. We've been consistently receiving quotes and proposing projects at that rate. And what's exciting is we've -- some of these now are requests for burners for super major refineries for typical projects, where we're actually being included as a requested technology to evaluate by the heater manufacturers going to those projects.

是的。我實際上已經回去查看了這些數據。該水平一直維持。我們一直以這樣的速度接收報價並提出專案。令人興奮的是，我們現在已經收到了一些針對典型項目的超級大型煉油廠燃燒器請求，其中我們實際上被列為參與這些項目的加熱器製造商評估所需的技術。

So rather than us finding a client in need, now we've got clients building new heaters that are asking for our technology to be considered in the proposal of those new heaters. That is a big step forward for ClearSign, something I'm very excited about.

因此，我們不再尋找有需要的客戶，而是讓正在建造新加熱器的客戶要求在這些新加熱器的提案中考慮我們的技術。這對 ClearSign 來說是一大進步，我對此感到非常興奮。

Right. So we're already halfway through the year. What do you see looking forward to the rest of the year? And again, what do you feel will be potential market catalysts? And when I say market catalysts, I'm talking about industry, not necessarily financial.

正確的。今年已經過去一半了。您對今年剩餘時間有何期待？再說一次，您認為潛在的市場催化劑是什麼？當我說市場催化劑時，我指的是產業，不一定是金融。

So we've got a lot that's on the horizon. I mean, we've talked about several of them already. The LA heater start, we've been waiting for this heater to start up. It's been delayed and delayed now for over a year.

因此，我們有很多事情即將發生。我的意思是，我們已經討論過其中的幾個了。洛杉磯加熱器啟動了，我們一直在等待這個加熱器啟動。這件事已經拖延了一年多了。

The burner has been on the ground. Getting that up and started is going to be a very significant reference. This is a major refinery. It is two major heaters in that refinery, right? It is way bigger than any other installation that we've had before, and that will be coming up in the next month. We'll be out there on the jobs starting that up.

燃燒器已經落地。如何將其安裝並啟動將是一個非常重要的參考。這是一個大型煉油廠。那個煉油廠有兩個主要加熱器，對嗎？它比我們以前安裝的任何其他裝置都要大得多，而且將於下個月投入使用。我們將全力進行這項工作。

I think secondly, the Gulf Coast order, the heater manufacturing involved in that order, Birwelco, is probably the leading heater manufacturer or certainly one of them in the world. Just the knowledge of what we've demonstrated in those burners and being able to prove what our burners can do is very significant. And as we go through the manufacturing and delivery of those burners in the start of early next year -- I mean, those two references are the type of projects that we've been chasing for years to get references out of that significance in the market.

我認為其次，墨西哥灣沿岸訂單中涉及的加熱器製造企業 Birwelco 可能是世界上領先的加熱器製造商，或者肯定是其中之一。僅僅了解我們在這些燃燒器中所展示的內容以及能夠證明我們的燃燒器可以做什麼是非常重要的。當我們在明年初完成這些燃燒器的製造和交付時——我的意思是，這兩個參考是我們多年來一直追逐的項目類型，以使參考在市場上具有重要意義。

On top of that, I mentioned we've got our new technology flares out. The next one is about to start up. I think we've got a reason to be quite expecting that we will have a systems project coming up on the horizon, just showing that we can deliver technology of that scale will be really big at the M1. And the second one started and particularly the -- getting into that [Dune] higher volume M25 market will be, I think, significant for ClearSign from a revenue perspective and just getting into a much broader market than the low NOx niche.

除此之外，我提到我們已經推出了新技術。下一個即將開始。我認為我們有理由期待即將出現的系統項目，只要證明我們能夠提供這種規模的技術，在 M1 上就會產生巨大的影響。第二個開始了，特別是——進入 [Dune] 更大容量的 M25 市場，我認為，從收入角度來看，對 ClearSign 來說意義重大，而且可以進入比低氮氧化物利基市場更廣闊的市場。

So there's a lot that we're looking forward to that I believe has got -- really got the potential to trigger the growth of ClearSign. Just to know, and I'm not saying these with any quantifiable expectation on the industry, but the Texas Quality Commission of Environmental Quality is talking to them. They're expecting the regulations in Texas to be changed, and the clients they may be facing some fees for low NOx burners that may generate the need or change the finances to lead to more opportunities for ClearSign to help them down.

因此，我們有很多期待，我相信這些期待確實有潛力推動 ClearSign 的發展。只是要了解一下，我說這些並不是對產業有任何量化的期望，但德州環境品質委員會正在與他們溝通。他們預計德州的法規將會改變，客戶可能需要為低氮氧化物燃燒器支付一些費用，這可能會產生需求或改變財務狀況，為 ClearSign 提供更多機會來幫助他們降低氮氧化物排放量。

So I don't know what the effect of that will be, but it's something on the horizon that's going to affect probably our biggest potential market down there on the US, Gulf Coast. And just in general, from talking to customers, we've seen uncertainty. I think the tariffs, what we heard is there's also a concern of reciprocal tariffs that's causing delays, also uncertainty about the need for environmental requirements that's, I think, having a delaying effect on the orders.

所以我不知道這會產生什麼影響，但這是即將發生的事情，可能會影響我們在美國墨西哥灣沿岸最大的潛在市場。總的來說，透過與客戶的交談，我們看到了不確定性。我認為關稅，我們聽到的是，人們也擔心互惠關稅會造成延誤，而且對於環境要求的必要性存在不確定性，我認為這會對訂單產生延遲影響。

I do believe that things will settle down, we'll get back close to normal. So you call it glass half full or glass half empty. I think that -- I'm actually looking forward to that smoothing down, and I believe that that will have a positive impact for ClearSign, as we get back closer to normal.

我確實相信事情會安定下來，我們會恢復正常。所以你可以稱之為半杯滿或半杯空。我認為——我實際上期待著這種平穩，我相信這將對 ClearSign 產生積極的影響，因為我們將恢復正常。

Okay. And before we segue in opening up for other questions from investors, Jim, any other commentary you'd like to give before we move into the Q&A from investors?

好的。在我們開始回答投資者的其他問題之前，吉姆，在我們進入投資者問答環節之前，您還有其他評論嗎？

Yes, I would. I mean, just speak to myself. I'm actually very encouraged about the start-ups and the references and the technology developments that we've made over the long term, especially the developments and advancements we've made over the last few months. And I want to recognize just the team here at ClearSign and the engineering. This has taken a lot of work. It's not a nine to five job.

是的，我願意。我的意思是，就跟我自己說說吧。我對我們長期以來的新創公司、業績以及科技發展感到非常鼓舞，尤其是過去幾個月的進展和進步。我只想稱讚 ClearSign 的團隊和工程人員。這花費了大量的工作。這不是朝九晚五的工作。

This is something that's taken focus and grit and dedication to get through and to get done. And at least for myself and anybody else in the best way, I'd like to recognize the effort that the engineering team here at ClearSign have put into getting these new technologies out in the market in the form that they are today.

這是需要集中註意力、毅力和奉獻精神才能完成的事情。至少對我自己和其他任何人來說，我都以最好的方式認可 ClearSign 的工程團隊為將這些新技術以今天的形式推向市場所付出的努力。

I really believe that these are going to set the foundation for the growth of ClearSign in the future. So yeah, I'd like to personally thank you [for the] team and really just to recognize the effort that they've put in over the last few months.

我堅信這些將為 ClearSign 未來的發展奠定基礎。是的，我謹親自感謝你們的團隊，並真正認可他們在過去幾個月所付出的努力。

Great. Well, it sounds like, again, the continuation of the expanding product line. We talked about in the last call, expanding channels, right? And hopefully, we'll start to see some of that coming more to market traction here very soon.

偉大的。嗯，這聽起來像是產品線不斷擴大的延續。我們在上次通話中談到了擴展管道，對嗎？希望我們很快就能看到其中的一些產品在市場上獲得更大的吸引力。

Absolutely. Great.

絕對地。偉大的。

Okay. So with that, we will open it up, operator, for some other questions.

好的。那麼，接線員，我們接下來將回答一些其他問題。

(Operator Instructions) And I'll pass the floor back to the management team.

（操作員指示）我將把發言權交還給管理團隊。

Great, operator. I'm going to go and read one of the first questions here. There are a lot of questions about -- Jim, a lot of questions about Zeeco. Maybe it makes best sense here is who is Zeeco? And what is their motivation you feel to work with ClearSign?

太好了，接線生。我要去讀這裡的第一個問題之一。有很多關於——吉姆，有很多關於 Zeeco 的問題。也許這裡最有意義的是 Zeeco 是誰？您認為他們與 ClearSign 合作的動機是什麼？

Yeah. I think that's a very observant question. Zeeco is a very big factor in the ClearSign business. To be frank, we moved the business from Seattle to Tulsa, and a very big part of the reason we did that was to be in the center of the industry and to be very close to the partners that we need to work with. And Zeeco is definitely the leading amongst those.

是的。我認為這是一個非常敏銳的問題。Zeeco 對 ClearSign 業務來說是一個非常重要的因素。坦白說，我們將業務從西雅圖遷至塔爾薩，這樣做的很大一部分原因是為了處於行業中心，並與我們需要合作的合作夥伴保持密切聯繫。而 Zeeco 絕對是其中的佼佼者。

So those of you who don't know, Zeeco is a global combustion equipment company. Their revenues are somewhere in the order of a billion with a B. They're present on every continent. They manufacture around the world. Very importantly, for us, they have, I believe, the world's biggest industrial test facility that is here on the outskirts of Tulsa, just minutes away from our ClearSign office.

對於那些不知道的人來說，Zeeco 是一家全球燃燒設備公司。他們的收入大約在十億左右。他們的業務遍布各大洲。他們在世界各地進行生產。對我們來說非常重要的是，我相信他們擁有世界上最大的工業測試設施，位於塔爾薩郊區，距離我們的 ClearSign 辦公室僅幾分鐘路程。

They also have a very large and sophisticated manufacturing capability that has been accredited and is known throughout the refining and petrochemical industry as a very, very trusted manufacturer. Both of those are essential elements of a combustion equipment provider.

他們還擁有非常龐大和先進的製造能力，並且已獲得認可，並在整個煉油和石化行業中被譽為非常值得信賴的製造商。這兩者都是燃燒設備供應商的基本要素。

So for ClearSign, working with Zeeco provided us a way to bring our technology to market with the credentials and these must-have capabilities that are provided through this relationship with Zeeco. When we set the agreement up with Zeeco, the mission was very clear. We wanted to come up with an arrangement that was going to be very profitable and had enormous potential for both companies.

因此，對於 ClearSign 來說，與 Zeeco 合作為我們提供了一種將我們的技術推向市場的方式，並且可以利用與 Zeeco 的合作關係所提供的資格和必備功能。當我們與 Zeeco 達成協議時，使命非常明確。我們希望達成一項對兩家公司都十分有利且具有巨大潛力的協議。

Bear in mind, Zeeco is a billion-dollar company. We had to be relevant to them. The ClearSign product line in the NOx levels that we provide basically extends the Zeeco portfolio, right? It puts another product in their product line and extends the capabilities of burners offered under the Zeeco name down into a range that actually competes with a selective catalytic reduction system, which is the other alternative in the market. So it gives ClearSign additional capability.

請記住，Zeeco 是一家價值數十億美元的公司。我們必須與他們相關。我們提供的 NOx 水平的 ClearSign 產品線基本上擴展了 Zeeco 的產品組合，對嗎？它在其產品線中增加了另一種產品，並將 Zeeco 品牌下提供的燃燒器的功能擴展至實際上與選擇性催化還原系統競爭的範圍，而選擇性催化還原系統是市場上的另一種選擇。因此它為 ClearSign 提供了額外的功能。

When they got to the point that they agreed to basically carry the ClearSign technology under the Zeeco name, that was a huge milestone for us. It introduced us to the Zeeco sales team and very much, I believe, will put ClearSign on the map for a much bigger audience within the market going forward.

當他們同意以 Zeeco 的名義使用 ClearSign 技術時，這對我們來說是一個巨大的里程碑。它向我們介紹了 Zeeco 銷售團隊，我相信，這將使 ClearSign 在未來市場上獲得更廣泛的受眾。

So for Zeeco, you're asking what's in it for Zeeco. Clearly, there is a financial incentive. There's a lot of margin in the high-end ClearSign products sufficient for a mutually beneficial arrangement with Zeeco. And that is their motivation for promoting and growing the ClearSign business, in addition to the extra commercial conversations that they can enter into because of the extended capability of the Zeeco range as that includes the ClearSign technology.

因此對於 Zeeco，您要問的是 Zeeco 能從中得到什麼。顯然，這其中存在著經濟利益。 ClearSign 高階產品的利潤空間很大，足以與 Zeeco 達成互惠互利的協議。這就是他們推廣和發展 ClearSign 業務的動機，此外，由於 Zeeco 系列產品的擴展功能（包括 ClearSign 技術），他們可以參與額外的商業對話。

Great. Operator, can we go ahead and prompt again?

偉大的。接線員，我們可以繼續並再次提示嗎？

(Operator Instructions)

（操作員指示）

Great. Thank you. In the meantime, operator, I'll go ahead and address another question here we had e-mailed in. Jim, we do have a number of questions about CFD. And how is the company -- and I know you addressed this in some of your prepared comments, but how is the company utilizing CFD for some of the current product lines in the day-to-day business? And maybe even explain what CFD is.

偉大的。謝謝。同時，接線員，我將繼續回答我們透過電子郵件發送的另一個問題。吉姆，我們確實對 CFD 有很多疑問。公司情況如何——我知道您在一些準備好的評論中提到了這一點，但是公司如何在日常業務中將 CFD 用於一些現有產品線？甚至可以解釋一下 CFD 是什麼。

Yeah, I think the latter is important. So CFD is obviously an acronym. It's Computational Fluid Dynamic modeling is the full name. In essence, what this is, is it is a simulation or a model that we can build on a computer that allows us to predict the flow of gases and the interactions and turbulence and chemistry and the heat dissipation and thermal transfer, basically all of the physical things that occur in the complex flow field inside a heater and inside a burner.

是的，我認為後者很重要。所以 CFD 顯然是一個首字母縮寫。它的全名是計算流體動力學建模。本質上，這是一種模擬或模型，我們可以在電腦上建立它，它使我們能夠預測氣體的流動、相互作用、湍流、化學、散熱和熱傳遞，基本上是加熱器和燃燒器內部複雜流場中發生的所有物理現象。

If you think of a combustion system, the CFD basically gives the ability to have a computer-generated MRI that allows us to see what's going on inside the heater and inside the burner. From a technology developer, having that insight is incredibly important. It allows us to optimize our designs very quickly.

如果您考慮燃燒系統，CFD 基本上可以提供電腦生成的 MRI 能力，讓我們可以看到加熱器和燃燒器內部發生的情況。對於技術開發人員來說，擁有這種洞察力非常重要。它使我們能夠非常快速地優化我們的設計。

And in terms of product development, the first stage obviously are coming up with the concepts and the theory from the engineering team, but we can then translate that into computer models and compare the different proposals and systems, see how they're working, optimize them rapidly.

就產品開發而言，第一階段顯然是工程團隊提出概念和理論，然後我們可以將其轉化為電腦模型，比較不同的提案和系統，了解它們的運作方式，并快速優化它們。

And then the final stage will be taking that final version out and building a physical version for testing or first installation. For ClearSign, we truly have world-class engineers, and we have a world-class computer modeling capability. And I believe this can be seen.

然後，最後階段將取出最終版本並建立實體版本以進行測試或首次安裝。對於ClearSign來說，我們確實擁有世界一流的工程師，並且擁有世界一流的電腦建模能力。我相信這是有目共睹的。

We have burners like the M1 that was developed and taken from the CFD modeling out and built and installed in a heater and worked without any modification. The order that we announced last week was August 7, was enabled by our ability again to model and to get that detailed information on the flow fields inside the heater and actually develop new technology given the insights that that computer modeling can provide.

我們有像 M1 這樣的燃燒器，它是根據 CFD 模型開發和製作的，並在加熱器中製造和安裝，無需任何修改即可工作。我們上週宣布的訂單是在 8 月 7 日，這得益於我們再次建模的能力，以及獲得加熱器內部流場的詳細信息，並根據計算機建模提供的見解實際開發新技術。

So it's a significant part of what we do. Recruiting Matt Martin, our Chief Technology Officer, was a great [cue] for ClearSign. He brings that world-class skill and experience to ClearSign, and he has become a very big part of the team here.

所以這是我們工作的重要部分。招募我們的技術長 Matt Martin 對 ClearSign 來說是一個很好的[提示]。他為 ClearSign 帶來了世界一流的技能和經驗，並已成為這裡團隊中非常重要的一員。

Okay. I've got another one. This one is probably here for you, Brent, and just came in. Can you confirm the sequential cash balance maybe from Q1 to Q2?

好的。我還有另一個。布倫特，這可能是為你而來的，剛進來。您能否確認從第一季到第二季的連續現金餘額？

Yeah. Great question. So for Q1, our cash and cash equivalents was about $12.8 million. In Q2, it's about $12.3 million. That is a $500,000 difference. That's cash used in operations. The difference there is really driven by customer cash collections. As we've said in the past, cash doesn't always go after revenue recognition. It comes in before revenue recognition. So a substantial amount of cash from projects in process and projects that we've completed and was delivered in Q2.

是的。好問題。因此，對於第一季度，我們的現金和現金等價物約為 1,280 萬美元。第二季約 1230 萬美元。這有 50 萬美元的差額。這是營運中使用的現金。這裡的差異其實是由客戶現金收款造成的。正如我們過去所說的那樣，現金並不總是用於收入確認。它出現在收入確認之前。因此，我們從正在進行的項目和已經完成並於第二季度交付的項目中獲得了大量現金。

Great. Hey, Matt, if I can, I'd like to just add a little to that, and Brent can still have a speak at that too. But we announced the major orders that we get. What is part of these numbers, we do receive a lot of aftermarket orders, service orders, engineering orders for -- I've talked about computer modeling. We don't announce those orders, but we do have a fairly steady stream. And those orders are also quick turning.

偉大的。嘿，馬特，如果可以的話，我想補充一點，布倫特也可以表達意見。但我們公佈了我們收到的主要訂單。這些數字的一部分是什麼？我們確實收到了很多售後訂單、服務訂單、工程訂單——我已經談到了電腦建模。我們沒有公佈這些訂單，但我們確實有相當穩定的訂單流。而且這些訂單的周轉速度也很快。

Often, they're building replacement parts for equipment we have in the field or they are engineering studies that we can turn quite quickly. So we do have ongoing work, even though the -- back to the start of the call, the press releases we put out, there's not been a lot of orders announced. In the last few months, we have received orders of on their own but are less significant, but there is still significant work being done and orders and receipts being received.

通常，他們正在為我們現場的設備製造替換零件，或進行我們可以快速完成的工程研究。因此，我們確實有正在進行的工作，儘管——回到電話會議開始時，我們發布的新聞稿中，還沒有宣布很多訂單。在過去的幾個月裡，我們收到了一些單獨的訂單，但數量較少，但仍有大量工作正在進行，並且收到了訂單和收據。

Okay. Great. So with that, operator, I'll turn it back to you.

好的。偉大的。接線員，就這樣，我就把麥克風轉回給你了。

(Operator Instructions) And I am seeing no questions in queue at this time. And as such, I would now like to pass the floor back to the Chief Executive Officer of ClearSign, Jim Deller, for closing remarks.

（操作員指示）目前我沒有看到隊列中有任何疑問。因此，現在我想將發言權交還給 ClearSign 執行長 Jim Deller，請他作最後發言。

Thank you, operator. Thank you, everyone, for your interest and taking the time to participate today. We look forward to updating you regarding our developments and speaking with you on our next call. For those of you interested, we will be at the H.C. Wainwright Conference next month in New York City.

謝謝您，接線生。謝謝大家今天的關注和抽出時間參加。我們期待向您通報我們的進度並在下次通話中與您交談。對於有興趣的人，我們將於下個月參加在紐約舉行的 H.C. Wainwright 會議。

In the meantime, please keep checking in for developments on our website. And for more behind-the-scenes updates, please follow us on LinkedIn. So with that, thank you very much, and we look forward to speaking to you next time.

同時，請持續關注我們的網站，以了解最新進展。如需了解更多幕後動態，請在 LinkedIn 上關注我們。因此，非常感謝您，我們期待下次與您交談。

Thank you. This does conclude today's conference call. You may disconnect your lines at this time, and have a wonderful day. Thank you once again for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開線路，享受美好的一天。再次感謝您的參與。