Form 8-K

8-K — ClearSign Technologies Corp

Accession: 0001104659-26-099235

Filed: 2026-08-20

Period: 2026-08-19

CIK: 0001434524

SIC: 3823 (INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — tm2623643d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2623643d1_ex99-1.htm)

EX-99.2 — EXHIBIT 99.2 (tm2623643d1_ex99-2.htm)

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8-K — FORM 8-K

8-K (Primary)

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0001434524

2026-08-19

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported):

August 19, 2026

CLEARSIGN TECHNOLOGIES CORPORATION

(Exact name of registrant as specified in charter)

Delaware

001-35521

26-2056298

(State or other jurisdiction of

incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

8023 E. 63rd Place, Suite 101

Tulsa,

Oklahoma 74133

(Address of principal executive offices

and zip code)

(918) 500-7312

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended

to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2 below).

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).

Pre-commencement communications pursuant to Rule 13e-4(c) under the

Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name

of each exchange on which

registered

Common Stock

CLIR

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth

company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange

Act of 1934 (§240.12b-2 of this chapter).

Emerging growth

company ¨

If an emerging growth company, indicate by check mark if the registrant

has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant

to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition.

the extent required, the information set forth below in Item 7.01 of this Current Report on Form 8-K is incorporated herein by reference

in its entirety.

Item 7.01 Regulation FD Disclosure.

August 19, 2026, ClearSign Technologies Corporation (the “Company”) issued a press release announcing the results of

operations for the quarter ended June 30, 2026 (the “Financial Results”). The press release is furnished as Exhibit 99.1

to this Current Report on Form 8-K and is incorporated by reference in its entirety into this Item 7.01.

Also

on August 19, 2026, the Company held a conference call discussing the Financial Results and other business related information. A

transcript of this conference call is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference

in its entirety into this Item 7.01.

The

information furnished with this Item 7.01, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18

of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section,

nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act,

except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

Description

99.1**

Press Release, dated August 19, 2026.

99.2**

Transcript of Conference Call held on August 19,

2026.

104*

Cover Page Interactive Data File (embedded within

the Inline XBRL document).

* Filed herewith.

** Furnished herewith.

SIGNATURE

Pursuant

to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the

undersigned hereunto duly authorized.

Dated: August 20, 2026

CLEARSIGN TECHNOLOGIES CORPORATION

By:

/s/ Colin James

Deller

Name:

Colin James Deller

Title:

Chief Executive Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2623643d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

ClearSign Technologies

Corporation Provides Second Quarter 2026 Update

TULSA, Okla., August 19, 2026

– ClearSign Technologies Corporation (Nasdaq: CLIR) (“ClearSign” or the “Company”), a leader in advanced

combustion and sensing technologies that help industrial operators dramatically reduce emissions, increase efficiency and support the

use of cleaner fuels including hydrogen, today provides an update on operations for the second quarter ended June 30, 2026.

“We made notable progress across

multiple product lines,” said Jim Deller, Ph.D., Chief Executive Officer of ClearSign. “The M Series midstream burners

appear to be gaining market traction, with six burners sold to two major operators in West Texas. We believe these sales demonstrate

both a significant market need and growing demand for this product line. In addition, we are seeing several larger opportunities across

both our process burner and flare product lines, with increasing customer interest and a growing pipeline of proposals. We believe this

momentum and upcoming installations will position us well for continued growth across our product portfolio.”

Strategic and Operational Highlights

Recent strategic and operational highlights

including, and subsequent to, the second quarter of 2026:

ClearSign Board of Directors Appoints

Former ExxonMobil Global Technology Leader Larry Saddler: Mr. Saddler is a retired ExxonMobil executive that has nearly 40 years

of experience in heat transfer technology, fired equipment engineering, and global operations support. Throughout a distinguished career,

he served in progressively senior technical leadership roles at ExxonMobil, including as Global Technology Sponsor for Heat Transfer,

where he was responsible for, among other things, the oversight of the global fleet management of fired equipment's technology, safety,

environmental, reliability and margin performance.

Receives Order for Three “M1”

Series Burners: The ClearSign Core™ M1 burners will be installed into three new heaters of a Fortune 500

midstream provider in West Texas. The Company expects the burners to be delivered in the third quarter of 2026.

Received Three Separate “M1”

Series Burner Orders for Midstream Heaters in West Texas: Two of the ClearSign Core™ M1 burners, sold

through Tulsa Heaters Midstream, will be installed in twin new heaters at a gas processing facility of a multinational energy company

in West Texas. A third, smaller “M1” Series burner was ordered a few weeks later. The Company expects to deliver all

three of these burners in the fourth quarter of 2026.

Received Order for Next Phase of

32-Burner Project for California Refinery: The Company received a purchase order for the physical testing and demonstration of burners

as the second phase of a process heater retrofit project comprising of a total of 32 ClearSign Core™ burners to

be installed in the customers California refinery.

Financial Information

Cash and cash equivalents were approximately

$9.9 million as of June 30, 2026.

There were 5,328,730 shares of the Company’s

common stock issued and outstanding as of June 30, 2026.

Conference Call

The

Company will be hosting a call at 5:00 PM ET today. Investors interested in participating on the live call can dial 1-888-506-0062

within the U.S. or 1-973-528-0011 from abroad, both using Participant Access Code: 873646 Investors can also access the call online through

a listen-only webcast at https://www.webcaster5.com/Webcast/Page/3133/54357

or on the investor relations section of the Company’s website at http://ir.clearsign.com/overview.

The Company will host a Q&A session

during the call and investors wishing to submit a question ahead of time can do so by emailing questions to mselinger@firmirgroup.com.

The webcast will be archived on the

Company’s investor relations website for at least 90 days and a telephonic playback of the conference call will be available by

calling 877-481-4010 within the U.S. or 919-882-2331 from abroad using Replay Passcode #54357. The telephonic playback will be available

for 7 days after the conference call.

About ClearSign Technologies Corporation

ClearSign Technologies Corporation designs

and develops products and technologies for the purpose of decarbonization and improving key performance characteristics of industrial

and commercial systems, including operational performance, energy efficiency, emission reduction, safety, the use of hydrogen as a fuel

and overall cost-effectiveness. Our patented technologies, embedded in established OEM products as ClearSign Core™ and

ClearSign Eye™ and other sensing configurations, enhance the performance of combustion systems and fuel safety

systems in a broad range of markets, including the energy (upstream oil production and down-stream refining), commercial/industrial boiler,

chemical, petrochemical, transport and power industries. For more information, please visit www.clearsign.com.

Cautionary Note on Forward-Looking

Statements

All statements in this press release

that are not based on historical fact are “forward-looking statements.” You can find many (but not all) of these statements

by looking for words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,”

“estimates,” “projects,” “intends,” “plans,” “would,” “should,”

“could,” “may,” “will” or other similar expressions. While management has based any forward-looking

statements included in this press release on its current expectations on the Company’s strategy, plans, intentions, performance,

or future occurrences or results, the information on which such expectations were based may change. These forward-looking statements

rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many

of which are outside of the Company’s control, that could cause actual results to materially differ from such statements. Such

risks, uncertainties and other factors include, but are not limited to, the Company’s ability to successfully deliver, install,

and meet the performance obligations of the Company’s burners, sensors, flares and any other products it may offer from time to

time in the markets it operate in, and any other markets the Company may sell products in; the performance of the Company’s

products, including its ultra-low NOx burner; the Company’s ability to timely fabricate and ship its burners, sensors, flares and

any other products or technologies it may offer from time to time; the Company’s ability to further expand the sale of ultra-low

NOx process and boiler burners; the Company’s ability to expand its sales of flaring solutions; the Company’s and Zeeco’s

ability to successfully market the co-branded process burner line with Zeeco; the Company’s ability to generate orders from proposals

and quotes sent to potential customers and other participants in the industry; the Company’s ability to market and gain market

acceptance of its fuel flexible 100% hydrogen capable burner; the Company’s ability to effectively compete and gain market acceptance

in the midstream market; the Company’s ability to provide low emissions and system integration solutions based on continuously

changing air permit requirements at the federal and state level; general business and economic conditions; the performance of management

and the Company’s employees; the Company’s ability to obtain financing, when and if needed; whether the Company’s technology

will be accepted and adopted, and other factors identified in the Company’s Annual Report on Form 10-K and other periodic

and current reports filed with the U.S. Securities and Exchange Commission and available for review at www.sec.gov. Furthermore,

the Company operates in a competitive environment where new and unanticipated risks may arise. Accordingly, investors should not place

any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and, except as

may be required by law, undertakes no obligation to, update or revise forward-looking statements to reflect events or circumstances that

subsequently occur or of which the Company hereafter become aware.

For further information:

Investor Relations:

Matthew Selinger

Firm IR Group for ClearSign

+1 415-572-8152

mselinger@firmirgroup.com

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: tm2623643d1_ex99-2.htm · Sequence: 3

Exhibit 99.2

Transcript of

ClearSign Technologies Corporation

2Q 2026 Earnings Conference Call

August 19, 2026

Participants

Matthew Selinger - Investor Relations, Firm IR

Group

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Brent Hinds - Chief Financial Officer, ClearSign

Technologies Corporation

Analysts

Sameer Joshi - H.C. Wainwright & Co.

Peter Gastreich - Water Tower Research

Presentation

Operator

Greetings. Welcome to the ClearSign Technologies

2Q 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow

the formal presentation. [Operator Instructions] Please note this conference is being recorded.

I will now turn the conference over to your host,

Matthew Selinger, Investor Relations. You may begin.

Matthew Selinger - Investor Relations, Firm

IR Group

Good afternoon, and thank you, operator. Welcome

everyone to ClearSign Technologies Corporation’s second quarter 2026 corporate update 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 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 the 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, 2025. Except as required by law, ClearSign assumes no responsibility to

update these forward-looking statements to reflect future events or actual outcomes and is not intended 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.

So with that, I am going to turn the call

over to Jim Deller. So Jim, please go ahead.

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Thank you, Matthew. As always, I’d

like to thank everyone for joining us on the call today and your interest in ClearSign. Like our more recent conference calls, we will

use a Q&A format for this session. Some of you have sent questions ahead of time and we did assimilate those into the questions we

will cover. For the call today, Matthew will lead a question-and-answer session where we’ll go through the different business units

much like our previous calls. Many of you may have seen this, but you can send in questions ahead of time to our Investor Relations at

mselinger@firmirgroup.com. We will start with Brent Hinds going over the company financials for the second quarter of 2026. Brent?

Transcript Provided by

Brent Hinds - Chief Financial Officer, ClearSign

Technologies Corporation

Thank you, Jim, and thank you, everyone, for joining

us here today. Before I begin, I’d like to note that our financial results on Form 10-Q was filed with the SEC last week.

With that, I’d like to give an overview of our financial results for the second quarter of 2026.

For the second quarter of 2026, the company recognized

approximately $560,000 in revenues compared to approximately $133,000 for the same period in 2025. The year-over-year increase in revenues

was predominantly driven by delivering a portion of our flare system order and completing multiple CFD studies and spare parts orders.

Our second quarter gross profit margin was approximately 41%, which was relatively flat year-over-year.

Our net loss for the second quarter decreased

by $373,000 compared to the same period in 2025. The decrease in our net loss was predominantly driven by a $368,000 decrease in general

and administrative expenses. Our general and administrative expenses decreased in comparison to 2025 in large part due to reduced legal

fees that were incurred during 2025 for a special committee of our Board of Directors that was ultimately dissolved after our annual meeting

of stockholders.

Now, let’s shift our focus to cash. Our

net cash used in operations for the second quarter of 2026 was approximately $1.2 million, compared to approximately $511,000 for the

same period in 2025. This year-over-year change was predominantly driven by timing of customer cash collections. As of June 30, 2026,

we had approximately $9.9 million in cash and cash equivalents.

Now, I do believe it’s important to

note that subsequent to June 30, 2026, we raised additional funds through a private equity offering with a long-time investor. We

sold 500,000 shares at market value, or rather $3.54 per share on July 21, 2026. This added approximately $1.7 million in net proceeds

to our cash balance. Considering this addition of cash, our pro forma June 30, 2026 cash balance would be approximately $11.6 million.

As noted on our Form 10-Q, as of August 8, 2026, we have 6.8 million shares of common stock outstanding. This share count includes

our most recent share offerings.

And with that, I’d like to turn the

call over to Matthew Selinger.

Matthew Selinger - Investor Relations, Firm

IR Group

Thank you, Brent, for the financial overview.

Jim and thank you both for joining me today here. Let’s start the call kind of at the corporate level and discuss some recent developments

there, if we could. Jim, Brent mentioned a capital raise recently. Could you shed some color on the decision-making process for the two

raises that just happened?

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Yes, certainly. So for the first, we were approached

by a long-term investor group. They expressed some interest in acquiring some more shares. From the company perspective, having a stronger

balance sheet is always good, especially when talking to large customers. So we went ahead, we arranged a small strategic raise. This

was done at market pricing and was common stock only. Following that, a long-term private investor reached out to us and expressed an

interest in topping up their ownership of the company to maintain their percentage. Again, we raised a simple direct placement. In this

case, it was done at market pricing and, again, it was shares only.

Transcript Provided by

Matthew Selinger - Investor Relations, Firm

IR Group

Okay. Great. Now, the other development was just

announced last week and this was the announcement that former Exxon Global Technology Leader, Larry Saddler, joined the Board of Directors.

And then, Jim, I know you’ve known Larry for a while, so maybe give a little background there on that relationship.

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Yes, certainly. First, I’m really pleased

that Larry has decided to join us at ClearSign. I’ve known Larry, I think I first met him back in the 1990s. He was working

on the Baytown refinery for ExxonMobil. We’ve worked together. I’ve stayed in touch with Larry since joining ClearSign. So

a background, Larry’s career has progressed or had up through the ExxonMobil organization, both with the technical oversight of

fired equipment, which includes heaters and burners, and also up to the corporate level where he’s overseeing policies and how the

company assesses heater performance and new technology.

So from our perspective, his experience and insights

are extremely valuable to ClearSign. And just in general, he is a fantastic guy and has a great reputation within the industry.

Matthew Selinger - Investor Relations, Firm

IR Group

And I know you and I were talking about this and

you mentioned that he wanted an opportunity to see the newest and latest burner technology himself before joining us.

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Yes, that’s correct. I mean, Larry has a

lot of experience, is reasonably very cautious about who he signs on with and prior to agreeing to join us wanted a chance to come and

see the ClearSign technology in action for himself to check that it lived up to reports and advertisements. So Larry actually came in

ahead of the customer demonstration that we did earlier this year in April. He spent a day with us. He had his own testing. We spent a

day with him, basically let him direct the testing, kick the tires on the burner and the technology. He then stayed for the demonstration

day itself. Obviously since then, he has agreed to join the company. So on behalf of all the directors, we are really pleased to have

Larry join us.

Matthew Selinger - Investor Relations, Firm

IR Group

Well, I think it’s a great addition

for the board and the company. So let’s shift now back to ClearSign’s business and into the product lines. The last couple

of calls, I know we’ve endeavored to give some visibility into the pipeline in terms of proposals for the product lines, including

both process burners and the M Series midstream burners. One of the last calls, I think the last call we left off, I’ll

quote you, Jim, is saying we had approximately 50 or so proposals out for the M Series. Now since that last call, we’ve announced

orders for six M Series burners, which is again, back-of-the-envelope numbers, call that 10%, 12% of that backlog converted to orders.

So can we talk about some of these M Series orders first?

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Yeah, certainly.

Matthew Selinger - Investor Relations, Firm

IR Group

Okay. So the first two, in chronological order,

were from Tulsa Heaters Midstream, and they’re slated to go to an operator in West Texas. Could you talk more about these first

two orders?

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Yes. So for those of you, Tulsa Midstream is a

midstream heater manufacturer actually based here, obviously in Tulsa. They were the first company to install one of our new M1 burners,

and that went into a chemical site down on the Texas Gulf Coast. That burner ran fantastically, so they’ve got experience of our

burners. These new orders are going down to a company we describe as a multinational energy company down in the Permian Basin down in

West Texas. This is probably the biggest midstream region for us in the United States. Both of these first two burners, it’s new

heaters, they’re going down to the same customer actually onto the same site.

Transcript Provided by

Matthew Selinger - Investor Relations, Firm

IR Group

Yeah. And these were two, I think, we described

them as large M1s, and they were separate orders, correct?

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

That’s correct. I believe it’s the

same project for the client, but they placed their orders for the heaters one after the other, and that’s Tulsa Heaters Midstream

received. They in turn turned around and placed the order on us.

Matthew Selinger - Investor Relations, Firm

IR Group

Okay. And now after those two separate again for

the same end user customer, we had an order for three burners from a different heater manufacturer. And this also was going to West Texas.

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

That’s correct. This is actually a different

end user. Again, it’s a Fortune 500 midstream customer down in the Permian Basin. So very similar situation. Both of these are absolutely

top-tier customers with lots of assets, lots of needs. These three are going down, right, at the same customer, I believe to the

same site. They’re also very large M1 Series burners.

Matthew Selinger - Investor Relations, Firm

IR Group

So same size. So these first, call it five, are

all these?

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

They actually are. And at ClearSign, for efficiency,

it’s interesting that we have five of the same size burners, two going to Tulsa Midstream and then three going to the second customer.

Matthew Selinger - Investor Relations, Firm

IR Group

Okay. And we’ll talk about size, meaning

dollar amounts here in just a moment. But I know it makes sense to dive into this order too, because this came from a different heater

manufacturer and I know we didn’t mention whom they were, but I know when you and I have talked about this, the processing of this

order is a bit different for us. Is that correct?

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

It is. So for a long time we’ve looked at

the scalability and the growth of ClearSign and recognized that a royalty or licensing type operation gives the great ability to scale.

This order is on that basis. So this customer has the ability to manufacture burners. What they’ve actually purchased is the right

to manufacture these burners themselves from ClearSign drawings. So we are not doing the manufacturing. We’re going to be involved

in the inspection. We’ll obviously make sure they work. But it’s a first step in the direction of actually hopefully getting

a royalty-type business up and going that we can grow in the future.

Matthew Selinger - Investor Relations, Firm

IR Group

Okay. Which is very interesting. And, again, just

to kind of clarify, this is the heater manufacturer that’s going to be manufacturing the burners, not the end-use customer?

Transcript Provided by

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Correct.

Matthew Selinger - Investor Relations, Firm

IR Group

Yeah. Okay. So it is interesting though, Jim,

that ClearSign has been focused on technology, obviously focused on technology-level margins. Does this licensing model, I mean,

how does that look at the profit? And secondly, is this a type of model that we will continue to pursue?

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Yeah. So we leverage our technology. These M1

series burners drive a lot about is the customers in order to be compliant with the tightest NOx regulations. We are able to maintain,

and have maintained, the profit margin dollars on all of these burners, the Tulsa Heater Midstream burners, and the orders that are going

out under this licensing-type agreement. So the margin to ClearSign remains the same. Obviously, on the licensing-type agreements the

revenue is less because rather than ClearSign having the burners fabricated by a third-party fabricator, shipping those to the client,

the client is doing the fabrication themselves. So the revenue is reduced. The profit margin dollars are the same whether we’re

selling the manufactured burner or whether it’s being done under a royalty-sale arrangement.

Matthew Selinger - Investor Relations, Firm

IR Group

Okay. Great. And then, just to kind of round out

these six orders, then just weeks ago we did receive another M Series from, again, Tulsa Heaters Midstream.

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Yes.

Matthew Selinger - Investor Relations, Firm

IR Group

And this order was a little bit different, is

that correct?

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

This is a smaller heater for them, a smaller burner

for us, but going down to that same site and the same client as the first two.

Matthew Selinger - Investor Relations, Firm

IR Group

Great. And so let’s talk about – when

we talk about smaller, larger M1, let’s kind of break these down, if you don’t mind. So what would the price range kind of

be for the M Series, and maybe talk through the model size, M1 or an M25?

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Yeah. So the M1 is our top-tier high-tech burner.

It has great value to the customer in the NOx emissions it allows them to achieve. So the price point for the M Series is luxury

version, it’s higher. The M25 version of the burner is a slightly detuned. It’s targeting a less stringent NOx requirement.

It is priced to be competitive with some other burner products on the market. So the M25 price is less than the M1. For example, the large

M1s will go up north of $200,000 per burner. And down at the bottom-end – by the bottom-end, the small M25s are going to run down

probably in the $40,000 per burner.

Matthew Selinger - Investor Relations, Firm

IR Group

Okay. And five of these are these large M1s, correct?

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Yeah, these are. They’re not the largest

M1s. So, I gave it north of 250, but these were just shy of 200 each as a complete burner. Obviously under the royalty arrangement,

that pricing is less, but the margin is still the same.

Transcript Provided by

Matthew Selinger - Investor Relations, Firm

IR Group

Okay. So the two things that go into kind of,

call it, the cost of these or the sale price is in the model. So on the top-end, right, would be large M1, you said $200,000-ish or north,

and at the bottom of that range would be the smaller M25.

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Yes.

Matthew Selinger - Investor Relations, Firm

IR Group

Okay. So people can at least understand what the

range…

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

That’s right. And we’ve given, without

any details, general guidance for $100,000 per burner. That’s probably representative of the whole range, but typically when we

can identify what they are in the large M1 is obviously towards the upper end of that range.

Matthew Selinger - Investor Relations, Firm

IR Group

And then in lieu of these recent sales, Jim, how

does that continued pipeline still look?

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

It still looks really boring. We continue to get

inquiries in. It’s a little difficult to answer specifically because what we’re seeing is these clients have familiarity now

with ClearSign burners, and they include those burners in their proposals to customers without necessarily coming to us and getting quotes,

because they already have quotes for the size they use commonly. So there are quotes out there to customers that we actually don’t

even know about. And we’re seeing that now in conversations that suddenly things will move very quickly on projects that we’re

not even tracking, because we actually don’t know every application that heater manufacturer customers are using ClearSign burner

technology in their conversations with their end-user customers.

Matthew Selinger - Investor Relations, Firm

IR Group

Got it. So even if we were still to attach maybe

that proposal pipeline of 50, ballpark, that’s still a safe number?

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

I think that’s a good number. Yes.

Matthew Selinger - Investor Relations, Firm

IR Group

Okay, we’ll do it. So then let’s turn

to process burners, Jim, and some of the bigger projects that we’ve had already in process. We previously announced an order for

the next phase of a 32-process-burner project for a California refinery. How is this project progressing? And maybe give a little color

on this one as well.

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Yeah, this one’s right on track. So we actually

announced a detailed engineering and testing order for this project. That work is going well. Obviously, the burner went through computer

modeling and the engineering. It looks great. The client’s seen it; they’re all on board. This burner is in the process of

being manufactured, and it’s scheduled to go in the test furnace within the coming weeks, so we actually get to see this burner

in action for the first time.

Transcript Provided by

But the reason I say for the first time is this

is actually a different burner to anything we’ve put out before. The flexible-fuel technology that we developed under the SBIR grant

gave us a burner platform that was highly configurable. We’ve talked about this on previous calls. This burner is a very different

burner. This is a long, thin burner that’s designed to run the flames up the wall of the client’s heater.

Matthew Selinger - Investor Relations, Firm

IR Group

Call it a flat flame?

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

I generally call it a flat-flame burner. So we’ll

be getting this in the test furnace, we’ll be running it up, and the client will be able to see it. When that’s all approved

and done, we then expect to roll into the manufacturing phase, start building these burners for the first heater retrofit out in California.

Matthew Selinger - Investor Relations, Firm

IR Group

But in this new application, I mean, it grows

our addressable market in twofold, right? One is somewhat immediate; and, two, doesn’t this kind of take us down another potential

pathway?

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Yeah, there is. So, one of the nice things with

the configurable burner technology is it allows us to put burners into types of heaters that we’ve never been able to address with

the ClearSign burners before. So in this case, heaters needing long flat burners, that increases our addressable market, suddenly a whole

range of new heaters become good targets for ClearSign technology. Beyond that, looking further to the future, there are some very large,

more high-tech, high-temperature processes, in particularly like coker furnaces and then into ethylene furnaces, that commonly have flat-flame

burners.

Now, these burners that we’re supplying

for this order going into a refinery, you cannot pick those up and put those directly into those processes. There needs to be some more

development. But this is a very significant step in that direction. One, technically, in developing the burners. I think also you’re

showing the rest of the market that our burner technology is adaptable and it can be developed into these new applications. They are really

important, because if you look at those processes, rather than being a single heater, if you get in something like an ethylene site, there

might be seven or eight or more heaters side by side, all exactly the same. So an order of burners going into that site may be in the

hundreds rather than the tens of burners.

Matthew Selinger - Investor Relations, Firm

IR Group

Tens, twenties? Yeah. Okay. Wow. Well then, switching

projects, the other one we’ve talked about is a 36-burner order slated to go to Texas. And this too differs. So would you mind giving

a little bit of description of how this one differs? And then we need an update on the status of this project.

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

So, again, these burners are different. They’re

different in a different way. These are round burners, but they are fired horizontally, matching in opposite walls on either side of the

heater. So these burners are firing in towards each other. Again, there are a significant number of heaters of this configuration showing

we can do this. I think it’s starting to open up that market for us. A different update on this project, we had the initial order

for the engineering and the CFD. That has gone very well. The burner looked great. Everything’s looking good. Unfortunately, there’s

been some delay in the client financing. It’s something in terms of the company. I can’t say exactly what is going on there,

but the news to us is this project is on hold at this time, waiting the resolution of that financing. So, we will look forward to get

it going again. We’ll have to keep everyone posted, but at this point that project has not progressed as far as it will today.

Transcript Provided by

Matthew Selinger - Investor Relations, Firm

IR Group

Okay. All right. And then last, but I’ll

definitely say not least, is the 26-burner order going to a petrochemical company on the Gulf Coast. We’ve talked about this one

for some time. I think everybody’s been awaiting the installation and firing up of this project. Where is the status of this?

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

It’s right on track. We are currently going

through training for the site specific requirements of people going down to the job site. We’re working through some last minute

spare parts the client likes to have on hand directly with them. Looking forward to the installation and the startup, so everything is

right on track.

Matthew Selinger - Investor Relations, Firm

IR Group

And I know you said to me, too, and we said on

the last call, that we believe there’s a lot of people caught in the industry, including prospects, including other customers, that

are watching this.

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Yes, absolutely.

Matthew Selinger - Investor Relations, Firm

IR Group

Yes. So with that let’s talk about then,

what do you think about the pipeline for the process burners? How do you feel about how that pipeline looks?

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Yeah, I’m really excited. I mean, just

to round this out a little bit, we have a number of projects in progress. Obviously the Gulf Coast project is the most advanced one that’s

going to be installed and started up. We’ve got the refinery project going out to California we just talked about, and some other

startups. But just amongst three sites that are starting up right now, we have been told of over 20 heaters that just three customers

are planning to bring to ClearSign, at least four proposals. It’s a bird in the hand versus a bird in the bush. There are no orders

that we have, but there is a lot of potential work waiting for the experience that’s going to be obtained by our customers in seeing

these projects started up.

Matthew Selinger - Investor Relations, Firm

IR Group

And, Jim, so let’s kind of highlight that

again. So you mentioned just three customers talking about low number 20 heaters amongst three of them. And I know we’ve highlighted

one on past calls, just themselves having about 10. But did you touch a dollar ballpark to the heater-to-heater in this scenario?

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Yeah, I mean, as you see, heaters vary greatly…

Matthew Selinger - Investor Relations, Firm

IR Group

In terms of burners, yeah.

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

…in their size. But I think seeing that

they come with CFD and engineering, and even being conservative, if you say a round number of $2 million on a revenue basis per heater, I

think that’s a safe number.

Transcript Provided by

Matthew Selinger - Investor Relations, Firm

IR Group

Okay. And that’s just a snapshot of what

you’re seeing of kind of the advanced conversations?

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Yes.

Matthew Selinger - Investor Relations, Firm

IR Group

Okay. Well, let’s move to the flare product

line. In the past we’ve talked about how we have some initial installations, some large full-scale products being installed. What’s

a good update on the flare product line?

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

This has been really active for us this last quarter.

The first update is we have a project out in California where we replaced the burner element in an existing flare. So this client had

purchased a flare from a competitor. The flare didn’t work properly. They came to us to fix it basically. We sold a ClearSign flare

burner to install into that flare. That installation went fine. That project has now started up. It’s actually gone through the

source testing. We do not have the formal test report back yet. However, we were there when they took the data, as was the client, and

everyone was really pleased with the results.

Matthew Selinger - Investor Relations, Firm

IR Group

It went really well. Yeah.

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

So, expecting really good news. That client on

a different site is currently receiving the parts for our first full system flare. This is a flare that we’re building from the

ground up for this client. The stack and the bulk of the equipment is there on site. It’s going through the installation process.

There’s still a little bit more to arrive, but that will be starting up in the coming months. That client, we believe, has other

permits in process that they have identified for ClearSign Technologies equipment.

Matthew Selinger - Investor Relations, Firm

IR Group

And then on the flare product line, can we talk

about the evolution, for lack of a better term, of kind of the pricing here? I’m going to say in terms of the project and the project

scope, we start off again for a lot of our products saying, hey, ballpark, $100,000.

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Right. And for the flares, especially, this is

really important. So, using the reference of this first project where we sold a ClearSign special burner going into the flare, just that

flare rest of it was, I forget, $150,000, $200,000, somewhere in that ballpark. But since then we’ve been able to develop this

product line into what we call a full system. So rather than selling just the burner, we’re now selling the stack, the controls,

the blower, and everything else. And those have typically ranged, based on the proposals, in the $750,000 to $1 million range. That will

include the one that’s currently being installed and shipped to that client site.

Looking to our proposal listing, they actually

ran up to about $1.5 million as the large we are quoted. So with that reason, with the quotes we’re getting, it’s actually

turned into a very meaningful product line for ClearSign Technologies. And given the interest we’re getting, it’s turning

into a nice revenue stream as well.

Matthew Selinger - Investor Relations, Firm

IR Group

Yeah, it doesn’t take many of these to kind

of move the needle for us.

Transcript Provided by

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Exactly. Yes.

Matthew Selinger - Investor Relations, Firm

IR Group

Yeah. Well then, so let’s pull back. We’ve

talked about multiple product lines, Jim. I mean, if I was to ask you to describe how do you feel about the overall status of ClearSign’s

business, what is your temperature? How do you feel about it?

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

I am really optimistic. Just going from the recent

discussion here, getting these M1 burner projects down into these top-tier clients down in the Permian Basin, those clients see our technology

and get to favor those burners, and they start to pull ClearSign burner technology through with their heater orders. This is a really

big opening into this market. So that’s a very big development.

Matthew Selinger - Investor Relations, Firm

IR Group

And that’s was only like two customers,

right? I mean, these went three and three. Now, the orders came in differently, but it’s two large customers basically took three

and three at the same site. So you can tell there’s the ability of the appetite.

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Yeah, these clients have many sites and a lot

of assets down in that region. These are very big customers. In addition to that, hopefully the ability to develop the royalty-sale business

and expand on that is very good news for ClearSign. We talked about the flares, obviously, this product line and it’s not only that

one customer, we have bids out to other customers as well. Getting these startups, developing these into full system projects, the flare

product line is getting very meaningful. And then, I can’t say enough about the process burners. We, obviously, have other

proposals out with the process burners. But the big news here is just getting these startups out there, and what we’re hearing from

the customers on their plans for working with ClearSign once they get their first hands-on experience of the equipment themselves is really

encouraging for long-term and long-term revenue for ClearSign.

Matthew Selinger - Investor Relations, Firm

IR Group

Well then, so what should investors focus on for

the rest of the year? I know we’ve highlighted this, but what should people be looking at?

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

First thing’s really easy. This Texas startup

is going to be really important, extremely meaningful for ClearSign. So we’re all very excited. That right now is scheduled to be

in October, and we will let everyone know as soon as we get results from that. Beyond that, we’ve got the large flare that’s

being installed. We’ll get that started up. There’s new permits we believe in progress, so we’re expecting those to

get completed, and after that we’re expecting more orders from the flare product line.

And keep your eyes open for M Series. The M Series turn

quite quickly. We don’t always get the involvement up front on the orders when they come in, and they’ll go from not knowing

about it to finalizing details and an order very quickly. So I think there’s certainly potential for more M Series work coming

in as well.

Matthew Selinger - Investor Relations, Firm

IR Group

Okay. Well then, before we turn over to Q&A,

Jim, is there any other commentary you’d like to give?

Transcript Provided by

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

I would, I think, for everyone just to understand

what we’re doing, but also for a shout-out to the ClearSign team. We are extremely busy this quarter. We have the things we’ve

talked about. We’ve got the startup comp in Texas. We’ve got the flare installation, the startup going on in California. We

have a lot of testing going on. We have some other startups. So we are to the point of scheduling our resources very carefully to make

sure that we keep all of this work covered. I mean, we have a lot of actual work getting done this quarter.

So with that, really from my point, it’s

just a shout-out for the ClearSign team that they’re doing a great job. They’re going to be extremely busy with a lot of site

work and startups and testing. I’d like to thank them for their dedication. They’re all very excited, very focused on what’s

ahead of us.

Matthew Selinger - Investor Relations, Firm

IR Group

Fantastic. So with that, we’re going to

go ahead and open it up for Q&A. So, operator, would you mind taking a moment and polling, and we’ll segue into the question-and-answer

period.

Operator

Certainly. At this time, we’ll be conducting

a question-and-answer session. [Operator Instructions] The first question is from Sameer Joshi with H.C. Wainwright. Please proceed.

Q: Hey, good afternoon, everyone. Thanks,

Jim, Brent, Matthew, for taking my questions. I would like to focus on the M1 Series here. You have three burners to be delivered

in the third quarter and then two plus one to be delivered in the fourth quarter. I would like to understand the difference between the

core M1 versus just a smaller M1 Series burner. What is the difference there in size or even in pricing?

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Thank you, Sameer. So we’ve got a few things

that differentiate. We’ve generally called the ClearSign Core itself the ClearSign IP. That is the structure of the burner that

enables us to get the NOx emissions that we really utilize across our flare burners, our process burners, and the M Series. As your question

relates to the M Series burners, the M1 Series has a very high-tech arrangement of nozzles within the burner to control the

mixing, that controls the chemistry, that allows us to get the NOx emissions down into the low-single-digit range.

The M25, which is the sister product line that

is a more price competitive product, does not get down to the same NOx levels. But we’ve achieved that by simplifying the burner

design. So, essentially, it doesn’t have all of these sophisticated high-tech flow controls in the M25. If you look at it just from

a fabrication perspective, there’s less metal in the M25 and there’s less work. From my perspective when pricing, it does

not include all of the very high-tech IP that we incorporate in the M1, and with the M1 that allows it – the M1 actually has a unique

place in the market. We believe that provides an extreme value to the customer, because it allows them to avoid things like the catalytic

conversion units that they would need otherwise to reduce their NOx levels down to these new modern levels that we’re starting to

see.

Q: Understood. So we can visualize the

California burner 32-burner project. We can visualize some of the other projects, but in the midstream the order sizes are two and three.

How should we visualize them being utilized on site? And what is the maximum size of order, in terms of numbers like 4, 5, 6, or 15, that

you could expect from a single site?

Transcript Provided by

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Yeah, very interesting question. So one of the

key differences with the M Series applications in the midstream industry is that those heaters tend to be a relatively small, simple

heater with a single burner in them. So when we sell one of these midstream burners to a heater company like Tulsa Heaters Midstream,

that is going into an individual burner. When we have an order for two burners or three that means the client is selling two different

heaters or three different heaters to that same customer. They will typically sit side by side on that customer’s site.

And when you ask about the size of the order,

we have inquiries for just shy of 30 burners in a single batch for midstream heaters. So there are opportunities out there where there

are a lot of heaters being considered and requiring the same technology for future projects. So there’s definitely opportunity for

large multi-burner projects just in the midstream industry. They’re typically going one burner into an individual heater, so that

means there’s a lot of small heaters in that order rather than multiple burners going into a single heater, as we would see in the

refinery heater process burner product line.

Q: Understood. That was helpful. So very

clearly you’re accelerating your quote activity is increasing. You’re delivering products scheduled for 3Q, 4Q and more. How

should we look at the run rate exiting 2026? And then maybe I can ask, like, when can we see double-digit million top-line revenues? Is

it 2027 possibility, or is it a later 2028 kind of a timeline for seeing, like, $10-plus-million in revenues?

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Yeah, I think we’re all looking at

the same thing. I don’t think it’s reasonable to give exact numbers because obviously we’re speaking a lot of future

orders and things that we don’t control. What we’re looking at this point, and I really believe is meaningful towards those

double-digit revenues, is the interest and the proposal backlog and inquiry backlog we’re seeing, especially on the process burners

that we believe is going to be opened up as we get these process burner installations up and running, and especially that project down

on the Gulf Coast.

Given that we’re seeing interest in the

flares in the average of $1 million range, and then the interest we’re seeing in the midstream, I think it’s feasible

that we could be up to a run rate of $6 million to $7 million at least on sales on the midstream and the flare product line alone. And

then, seeing that interest in the process burners that we believe is going to get activated as we get these big projects up and running, I

think there is certainly potential to get into those numbers you’re talking about, at least on the sales as we bring the orders

in.

We have to convert those to revenue over time,

and that’s probably the biggest question just the timeline. But in terms of the opportunity, I’m very confident that

a double-digit million opportunity is there for ClearSign.

Q: Yeah, understood. Just one last one.

Maybe this sort of dovetails into what you just spoke about. But for the 32-burner, the flat burner, I think it is the refinery retrofit.

There is the physical testing going on right now and just wanted to see what the timeline of that is. I know you may not be in control

of that, but in terms of what actual physical testing is happening and how long that would take before you start delivering the 32 burners,

and maybe also let us know what the cadence of that will be. Will it be like three burners a quarter, or will it be one whole 32-burner

order that will have to be delivered in a few months’ time?

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Yeah. So I’ll tell you what I know. At this

time, as you said, we’re not in control of all of those dates. But the burner for testing is being manufactured at present. It’s

due to be installed in the next couple of weeks. We’ve got to get the test burners prepared, and then typically the running time,

and we have to coordinate the witness with the customer, will take 3 to 4 weeks. So I’m expecting the customer to witness that burner

in the early October time frame. And, again, this is expectations. It’s not guaranteed, because we’re not in control

of the customer’s schedule. And this is the first time we’ve actually run one of our flat-flame burners.

Transcript Provided by

Following that, the client will need to give us

a purchase order for the fabrication phase of that first heater, and I don’t know the timing for that. The fabrication is probably

going to take in a 3- to 4-month timeframe after we receive that order. We obviously hope that they release that order quite quickly,

but that is outside of our control ultimately. But hopefully that’s enough to start building that timeline. And then what we expect

is the client will actually purchase the fabrication and receive one, there’s two heaters involved in this project, 32 burners spread

across two heaters. What the client’s indicated is that they will buy one heater’s worth of burners first, get those out and

get that done, and then follow on with the second heater. We expect the fabrication to take place in two phases.

Q: Understood. Okay. Thanks. I will step

back in the queue.

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Thank you, Sameer.

Operator

[Operator Instructions] The next question comes

from Peter Gastreich with Water Tower Research. Please proceed.

Q: Thank you. Congratulations on the results.

It’s great to see the momentum building across the M Series process burner and flare lines. Also, I really appreciate

the detail provided in the prepared remarks. I just have a couple of follow-up questions here. The first, your newest board addition,

Larry Saddler, looks like a big positive for the company. You mentioned that he took some time to assess ClearSign Technologies before

joining the board. Could you elaborate on that?

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Thank you, Peter. Yes, I can. I don’t

want to speak too much for Larry, but I did talk to him obviously a lot during the time that we discussed him joining ClearSign and was

down there with him when he took time to visit our test site down at Zeeco and join us. So it’s quite common for people with live

experience in the industry to have certain tests they like to do with burners to validate their ruggedness and how reliable they are that

are outside of the typical customer specifications.

So without getting into detail, one thing he wanted

to do on the time that he came in to spend time with us was to put the burner through what I call these extreme cases and extreme tests

to test both the stability and the ruggedness of the burner, obviously to see the NOx emissions, and the burner operating across a very

wide range of fuels, which is beyond what you would typically demonstrate in a customer job site. So it was a chance to kick the tires

and to really see the burners working outside of, say, the comfort zone of just a typical operating envelope. So he really put the burner

through his tests, and that’s why he came in on his own for a day. And I was really pleased that he actually chose to stay and join

us on the demonstration day when we had a lot of other customers. So he got to talk to a lot of others from industry, actually met with

some old friends. We got to see their reaction to the ClearSign technology as well.

Q: Okay. Thank you. And second, you previously

called this year’s burner wins a stepping stone toward ethylene furnaces and steam methane reforming. I recognize this is a longer-term

ambition for you, but what would be the roadmap from here in terms of R&D, qualifications, partners, or whatever other factors that

we’d be looking at here, and what would be a realistic timeframe for these markets?

Transcript Provided by

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Yeah, thank you, Peter. It’s a good question,

especially looking for the long-term prospects for ClearSign. For a bit of background, the flexible fuel burner we have described is a

burner platform that gives flexibility. And then recently, the burner that’s going into testing is the first flat-flame variant

of the ClearSign technology, demonstrating the flexibility that this new flexible fuel burner offers to us. The investment and the time

to take that burner and then develop it for the higher-tech and the extreme operating conditions such as we would see in a down-fired

methane reformer or ethylene furnace is significant. We do have that on a horizon.

My plan will be to actually find an industry client

who has interest in that technology and work with them as a partner through that process. Because when you’re designing something,

you really want to have an end-user site lined up as early as you can to make sure you have a destination for the project and also to

make sure you have a client involved in the work such that you are developing a product in line with their need, not develop a product

and hope you can find a client for it.

We are open and certainly have initial conversations

with clients who’ve expressed those interests. I think there is an interest in the market. I don’t know a time frame for that.

That’s probably the open end. My estimate then of once we started the SBIR project to develop the flexible fuel burner. It took

about 2 years from start to finish. I would expect that a development of one of these burners, my best estimate will be about a 2-year

period to do that. Once started, I’d look for that to be partially funded by our industrial partner and have a project lined

up at the end of it, assuming everything is good.

And then in terms of resources, well, the test

furnace or the test complex at Zeeco has test furnaces suitable for ethylene burners and down-fired reformer burners. That’s a better

technology that Zeeco has. So in terms of resources, both the testing and the experience of those of us here at ClearSign, we’ve

worked with these technologies before. We’ve just not yet developed the ClearSign technology into that form.

Q: Okay. Got it. Thanks.

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

I’ll say, if I change this around to explain

to everyone why we would do this, because obviously it’s quite an extensive piece of work. The ethylene market is very significant.

From my background, the burner opportunity in the ethylene process alone is about equal to the entire opportunity in the refining business.

And then the down-fired reformers is not quite as big in total, but a single down-fired reformer can have over 100 burners in it. So it’s

also a very significant market. So plans are, obviously, we are not taking our foot off the gas on the process burners. We will continue

to develop the flares and the midstream burners and the process burners. This is something I see as the future development of ClearSign,

how do we expand our markets even more and make ClearSign even bigger and get into more and more opportunities. So it’s not going

to take away from what we’re doing. This is just additional layers of this. How do we grow ClearSign in the future?

Q: Okay. That’s great. Thanks, Jim,

and congrats again to you and the team. And I’ll get back in the queue.

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Thank you, Peter.

Operator

Thank you.

Transcript Provided by

Q: Yeah, operator, I’m going

to go ahead and interject from a question, if I could, that was sent in via email. Jim, we have received a couple questions here about

the sales team and how your outreach works. Would you mind kind of giving an overview of that sales process and outreach?

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Yes, I’ll probably talk about sales

in general. It starts to understand the business, probably how it differs from many businesses. We are providing a technical solution

to our customers that involves us working with them to fit the ClearSign technology into their heaters, their control systems, and to

plan the projects. So a large part of the actual selling process is that collaborative interaction with peers at the engineering companies,

the heater manufacturers, and the technical leads on the refineries.

We have at ClearSign some of the most experienced

engineers and computer modelers in the industry. We have a lot of connections within the industry and certainly a lot of reputations.

That is a very big part of bringing orders in. There’s also, of course, that there is outreach. We’re always looking to make

more people aware of what we do, which is how we start those conversations. So we have one person full time, dedicated, others constantly

out at conferences, reaching out to new clients. We obviously have a very active social media and outreach. I’m sure that many of

you are following us on LinkedIn as well. So they bring the leads in. But the majority of our sales activity is actually very collaborative

sales based on the experience and the connections that we have throughout the industry.

Operator

Okay, we have no further questions in the queue.

I would like to turn the floor back to ClearSign CEO, Jim Deller, for closing remarks.

Jim Deller - Chief Executive Officer, ClearSign

Technologies Corporation

Thank you, operator. And thank you, everyone,

for your interest in ClearSign and taking the time to listen to our call today. We look forward to updating you regarding our developments

and speaking with you on our Q3 2026 call in November. In the meantime, please keep checking in for developments on our website, and also

for more behind-the-scenes updates, please follow us on LinkedIn.

With that, I really appreciate your time.

Thank you very much.

Operator

This concludes today’s conference, and you

may disconnect your lines at this time. Thank you for your participation.

Transcript Provided by

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Entity Registrant Name

CLEARSIGN TECHNOLOGIES CORPORATION

Entity Central Index Key

0001434524

Entity Tax Identification Number

26-2056298

Entity Incorporation, State or Country Code

Entity Address, Address Line One

8023 E. 63rd Place, Suite 101

Entity Address, City or Town

Tulsa

Entity Address, State or Province

Entity Address, Postal Zip Code

74133

City Area Code

918

Local Phone Number

500-7312

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Title of 12(b) Security

Common Stock

Trading Symbol

CLIR

Security Exchange Name

NASDAQ

Entity Emerging Growth Company

false

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Cover page.

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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Address Line 1 such as Attn, Building Name, Street Name

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Name of the City or Town

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Code for the postal or zip code

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Name of the state or province.

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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Indicate if registrant meets the emerging growth company criteria.

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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Two-character EDGAR code representing the state or country of incorporation.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Local phone number for entity.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Title of a 12(b) registered security.

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Name of the Exchange on which a security is registered.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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