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• Ecolab for industrial air emissions. (ClearSign provides specialized solutions to make industrial combustion processes cleaner and compliant, similar to how Ecolab provides solutions for water treatment and hygiene in industrial settings.)

• A specialized Siemens or GE for ultra-low emission industrial burners. (ClearSign develops advanced, high-tech burner systems to reduce pollution from heavy industry, much like industrial giants provide core equipment but with a specific focus on clean combustion technology.)

• Corning for industrial chimneys, making fossil fuel combustion dramatically cleaner. (Similar to how Corning provides advanced materials and components that improve performance or reduce emissions in various applications, ClearSign offers core technology to drastically clean up emissions from large-scale industrial operations.)

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• ClearSign Core™ Burner Technology: This technology provides industrial burners designed for ultra-low NOx emissions and improved efficiency in applications like process heaters, boilers, and power generation.
• ClearSign Eye™ Flame Sensor: This is an advanced vision-based flame monitoring and control system that offers real-time data, diagnostic capabilities, and enhanced safety for industrial combustion processes.

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ClearSign Technologies (CLIR) primarily sells its industrial combustion technology, aimed at reducing emissions and improving efficiency, to other companies (B2B).

Major Customers Identified:

• Chevron USA Inc. (part of Chevron Corp., Symbol: CVX)

  ClearSign announced a first commercial sale of its ClearSign Core™ Process Heater Burner Technology to Chevron USA Inc. in November 2022.

While Chevron USA Inc. has been publicly identified as a customer for a specific technology, ClearSign Technologies typically does not disclose the names of individual major customers. According to its SEC filings (10-K), no single customer accounted for more than 10% of its total revenue in recent fiscal years, indicating a diverse customer base.

However, ClearSign Technologies serves the following categories of industrial companies that integrate their technology into their operations:

• Refining and Petrochemical Companies: Operators of oil refineries, gas processing plants, and petrochemical facilities that utilize process heaters and boilers. These customers seek to reduce NOx and other emissions while optimizing operational efficiency to meet environmental regulations and improve cost-effectiveness.
• Power Generation and Utilities: Companies that operate power plants (e.g., natural gas-fired, industrial-scale waste-to-energy plants) that employ large industrial boilers and furnaces.
• Waste Incineration Facilities: Industrial facilities involved in the thermal treatment of various types of waste, including municipal, hazardous, and industrial waste.
• Engineering, Procurement, and Construction (EPC) Companies and Original Equipment Manufacturers (OEMs): ClearSign also works with EPC firms and OEMs who integrate ClearSign's burners and combustion systems into larger projects or equipment they supply to the end-user industries listed above. While often channel partners, they are also direct customers for ClearSign's products.

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Dr. Jim Deller, Chief Executive Officer, Corporate Secretary & Director

Dr. Jim Deller joined ClearSign Technologies as President in February 2019, transitioning to Chief Executive Officer on April 1, 2019, and was appointed as a director on February 13, 2020. He holds a Bachelor of Engineering in mechanical engineering and a doctorate in flame chemistry from the University of Portsmouth, U.K., and an MBA from The University of London. Dr. Deller began his career at Hamworthy Combustion. In 1996, he joined Callidus, advancing to roles such as Chief Combustion Engineer and Manager of Burner Order Execution, eventually overseeing the entire burner business. After Callidus' acquisition by Honeywell, he served as General Manager for the Honeywell UOP Callidus burner business worldwide, leading teams in developing new international markets, including China. His career has focused on decreasing NOx emissions and boosting operational efficiency.

Brent Hinds, Chief Financial Officer

Brent Hinds was promoted to Chief Financial Officer of ClearSign Technologies Corporation on August 8, 2023, having joined the company in October 2021. He was previously Vice President of Finance and Controller. Prior to ClearSign, Mr. Hinds served as Vice President of Finance at Enovation Controls, Inc., a subsidiary of Helios Technologies, where he focused on global sales, manufacturing, and application engineering operations. His responsibilities at Enovation Controls included the consolidation of reporting across multiple legal entities. He also held positions as Controller and Assistant Controller at Enovation Controls. Before that, Mr. Hinds worked at Stinnett & Associates, LLC, a professional advisory firm, establishing risk-based audit programs for public and private companies. He is a Certified Public Accountant and holds a Bachelor of Science in Accounting from Oklahoma State University.

Matthew Martin, Chief Technology Officer

Matthew Martin possesses over 20 years of experience in combustion-related industries, with a background spanning product development, business development, sales, and marketing. Before joining ClearSign, he served as the Chief Research Scientist at XRG Technologies, LLC.

Jeff Lewallen, VP of Burners

Jeff Lewallen joined ClearSign with 27 years of experience in the burner industry. His expertise includes the management of product development and sales teams.

Dr. Venkatesh Iyer, Engineering Manager

Dr. Venkatesh Iyer joined ClearSign in 2017, bringing 9 years of combustion experience. Before his tenure at ClearSign, he worked on thermoelectric regeneration technology designed to recycle waste heat from biomass combustion systems, which generated electricity while significantly reducing harmful emissions.

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The key risks to ClearSign Technologies (symbol: CLIR) include:

1. Liquidity and Ability to Generate Consistent Revenue: ClearSign Technologies faces significant financial challenges related to its liquidity, persistent cash burn, and the ability to translate its proprietary technology into predictable, high-margin revenue. The company is burning cash to fund product development and its revenue growth is often erratic, dependent on large and infrequent orders. Its net profit margin is substantially negative, and the Altman Z-Score suggests a potential risk of bankruptcy within the next two years. The challenge lies in converting its advanced combustion technology into a sustainable and profitable business model with consistent revenue streams to justify its valuation.
2. Customer Concentration and Market Dependence: The company is heavily reliant on a limited number of industrial clients, making it vulnerable to fluctuations in demand within this sector. In 2024, a significant portion of ClearSign's total revenue, 86%, was generated from just two major customers. This high customer concentration poses a substantial risk, as the loss of one or a few key clients could severely impact its financial performance.
3. Intense Competition and Market Acceptance of Technology: ClearSign Technologies operates in a highly competitive market for combustion and emissions control solutions, facing established players with greater infrastructure, customer support networks, and financial resources. While its patented technology aims to provide superior emissions control and efficiency, the emergence of new technologies or the failure to achieve widespread market acceptance and adoption of its solutions pose ongoing risks to its market position and growth. The company's success depends on its ability to expand its market presence and demonstrate that its technology is more effective and cost-efficient than existing alternatives.

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The clear emerging threat to ClearSign Technologies (CLIR) is the accelerating global shift towards **hydrogen as an industrial fuel source** and the associated demand for specialized **ultra-low NOₓ burners compatible with high-hydrogen fuels.** While ClearSign specializes in ultra-low NOₓ combustion for traditional hydrocarbon fuels, hydrogen combustion presents unique engineering challenges, including higher flame speeds, different heat transfer characteristics, and potential for increased NOₓ formation if not properly managed. If existing competitors or new entrants develop superior, more cost-effective, or more rapidly deployable ultra-low NOₓ combustion solutions specifically tailored for hydrogen-rich environments, ClearSign's core market position could be threatened as industrial processes increasingly adopt hydrogen for decarbonization.

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ClearSign Technologies (symbol: CLIR) primarily operates in the industrial combustion and sensing technologies market, offering solutions such as ClearSign Core™ burner technology and ClearSign Eye™ and other sensing configurations. These technologies are designed for industrial and commercial boilers and furnaces, aiming to improve energy efficiency, reduce emissions, and enhance safety across a range of industries including energy (upstream oil production and downstream refining), commercial/industrial boiler, chemical, petrochemical, transport, and power.

The addressable market for ClearSign Technologies' main products and services can be defined by the global industrial burner market. Here's an overview of its size:

• The global industrial burner market size was valued at approximately $6.8 billion in 2024 and is projected to grow at a Compound Annual Growth Rate (CAGR) of over 5.1% from 2025 to 2034.
• Another estimate places the global industrial burner market at $6.93 billion in 2024, with a projected growth to $11.47 billion by 2034 at a CAGR of 5.2% from 2025 to 2034.
• In 2024, the market size was also reported as USD 6913.8 million, with a projected growth to USD 10409.8 million by 2032, at a CAGR of 5.4% during 2025-2032.
• A separate report estimates the industrial burner market to increase from US$ 7,089.4 million in 2025 to US$ 10,294.1 million by 2032, with a projected CAGR of 5.5% from 2025 to 2032.

For the U.S. market specifically:

• The U.S. industrial burner market size exceeded $1.5 billion in 2024 and is expected to grow at a CAGR of 5.1% from 2025 to 2034.
• The U.S. industrial burner market is also projected to expand at a CAGR of 5.6% through 2032.

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ClearSign Technologies (CLIR) is poised for future revenue growth over the next 2-3 years, driven by several key factors:

1. Expansion of Advanced Product Lines: ClearSign is continuously enhancing and innovating its product offerings, including the new M-Series process burners, hydrogen burners, advanced flares, and improvements to its ClearSign Eye sensor technology. The ClearSign Core™ M-Series burners, for instance, have demonstrated superior NOx emissions reduction and improved heat transfer efficiency, making them suitable for various applications, including boilers and horizontal fired markets. The company also recently debuted the co-branded Zeeco CS5 and Zeeco Hydrogen CS5 Burners, which can operate with 100% natural gas or 100% hydrogen while maintaining ultra-low NOx emissions. These new and enhanced products are expected to broaden the company's scope and total serviceable market.

2. Growth in Key Industrial Markets and Customer Adoption: ClearSign is actively expanding its presence in critical sectors such as power generation, petrochemicals, oil refining, and the commercial/industrial boiler market. The company has secured significant orders and is undertaking installations in these areas, including burner orders for power generation customers in Oklahoma and Missouri, and large retrofit projects involving ClearSign Core burners at refineries in California and Texas. The installation of ClearSign Eye sensors at a supermajor Gulf Coast refinery further demonstrates growing customer confidence and adoption. ClearSign anticipates a healthy and growing project and proposal pipeline in 2025 and beyond.

3. Strategic Partnerships and Expanded Sales Channels: ClearSign is leveraging collaborative relationships and expanding its network of sales channels through original equipment manufacturers (OEMs) and engineering firms. A significant example is the expanded collaboration with Zeeco, a global leader in combustion solutions, to co-brand and globally market new process burner lines. These partnerships are instrumental in broadening ClearSign's market reach and accelerating sales.

4. Demand Driven by Decarbonization and Stricter Emissions Regulations: ClearSign's technologies directly address the global imperative for decarbonization and the increasingly stringent environmental regulations concerning industrial emissions. The company's products enable dramatic reductions in emissions, improve energy efficiency, and facilitate the use of cleaner fuels like hydrogen. This market trend creates a sustained demand for ClearSign's solutions as industries strive to meet environmental compliance and operational efficiency goals.

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Share Issuance

• In August 2020, ClearSign Technologies completed an underwritten public offering of 2,250,000 shares at $2.00 per share, generating gross proceeds of $4.5 million, with a potential to reach $5.175 million if an over-allotment option was fully exercised. The proceeds were intended for working capital, research and development, marketing, and general corporate purposes.
• In May 2022, the company proposed to sell shares of its common stock in an underwritten public offering, with net proceeds planned for working capital, research and development, marketing and sales, and general corporate purposes.
• In April 2024, ClearSign Technologies priced an underwritten public offering of 4.62 million shares of common stock and warrants, alongside a concurrent private placement of 5,405,405 shares and warrants. The aggregate gross proceeds from both offerings were expected to be approximately $9.3 million.
• The number of shares outstanding for ClearSign Technologies increased from 50,285,509 at December 31, 2024, to 52,422,532 at March 31, 2025, and further to 52,426,282 as of June 30, 2025.

Capital Expenditures

• Over the last 12 months (prior to November 2025), ClearSign Technologies reported capital expenditures of -$25,000.
• The company's trailing twelve months (TTM) Capital Expenditures Compound Annual Growth Rate (CapEx CAGR) for one year was -82.54%.