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- **Revenue resilience**: Q3 2025 revenue down 47% YoY but gross margin up 6.1ppt to 43.9%
- **Order momentum**: 36-burner Gulf Coast refinery order and 26-burner shipment Q4
- **Product diversification**: M Series burners (2x weekly orders) and flares (4th order)
- **Strategic wins**: 100% hydrogen burner testing success, Zeeco partnership
- **Future growth**: $2.6 million from 26-burner order, spare parts revenue growing 3x YoY

**【CFO Financial Commentary】**
- Q3 2025 revenue: $1 million (down 47% YoY from $1.9 million) due to a large 2024 California refinery order. 
- Gross margin improved 6.1ppt YoY to 43.9%, with year-to-date margin up 5.3ppt.
- Net loss increased $274k YoY to $1.8 million due to lower sales volume.
- Cash balance: $10.5 million as of Sep 30, 2025.

**【CEO Business Update】**
- Diversified order flow across process burners (+36 units for Gulf Coast refinery), flares (4th order for California producer), and M Series burners (2 orders in 1 week).
- Key drivers: regulatory compliance (Texas, California NOx limits), cost efficiency (SCR替代方案节省$40-60 million), and field-tested reliability.
- Notable projects: 
  - 26-burner order for Gulf Coast refinery (shipping Q4)
  - DOE-funded 100% hydrogen-capable burner completed testing
  - M25 retrofit burner with 10-12 week delivery cycle
- Spare parts revenue: $300k in Q3 (30% of total)

**【Q&A Highlights】**
- M Series success: 2 orders in 1 week, targeting midstream gas retrofits
- Flare business: 4th order for California producer to meet NOx limits
- Sensor product: pilot installation at super major refinery
- Zeeco partnership: burner manufacturing and test facility access
- 2026 outlook: 26-burner order (~$2.6 million) and 36-burner order to drive Q4 revenue

ClearSign Technologies Corporation (CLIR) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CLIR

CLIR fundamentals

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