ClearSign Technologies Corporation (NASDAQ:CLIR) Q1 2024 Earnings Conference Call May 23, 2024 5:00 PM ET
Company Participants
Matthew Selinger - IR
Brent Hinds - CFO
Jim Deller - CEO
Conference Call Participants
Operator
Good afternoon, and welcome to the ClearSign Technologies First Quarter 2024 Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded.
And I would now like to turn the conference over to Mr. Matthew Selinger of Firm IR Group. Thank you. Please go ahead.
Matthew Selinger
Good afternoon, and thank you, operator. Welcome, everyone to the ClearSign Technologies Corporation first quarter 2024 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. 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's products will be successfully completed, whether ClearSign will be successful in expanding the market for its products, and other risks that are describing ClearSign's public periodic filings with the SEC, including the discussion in the Risk Factors section of the 2023 Annual Report on Form 10-K for the period ended December 31, 2023. 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.
On the call with me today are Jim Deller, ClearSign's Chief Executive Officer; and Brent Hinds, ClearSign's Chief Financial Officer. At this point in the call, I would like to turn the call over to
CFO, Brent Hinds. So, Brent, please go ahead.
Brent Hinds
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 with the SEC on May 15. With that, I'd like to give an overview of the financials for the first quarter of 2024.
For the first quarter of 2024, the company recognized approximately $1.1 million in revenues compared to approximately $900,000 for the same comparable period in 2023. The increase over the prior year was predominantly driven by two separate performance obligations for two separate customers. One was a shipment of multiple process burners to California refinery. The other was a sign off of a CFD study. Now CFD stands for computational fluid dynamic.