ClearSign Technologies Corporation ($CLIR)

Good day, everyone, and welcome to the ClearSign Technologies First Quarter 2026 Earnings Conference Call. [Operator Instructions] It is now my pleasure to hand the floor over to your host, Matthew Selinger, Investor Relations at ClearSign Technologies. Sir, the floor is yours.

Good afternoon, and thank you, operator. Welcome, everyone, to the ClearSign Technologies Corporation First 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 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 does not intend to do so. So with me on the call today are Jim Deller, ClearSign's Chief Executive Officer; and Brent Hinds, ClearSign's Chief Financial Officer. So with that, I'm going to turn the call over to Jim.

Thank you, Matthew. As always, I'd like to thank everyone for joining us on the call today and for your continued interest in ClearSign. Like our more recent quarterly calls, we will use a Q&A format for this session. Some of you have sent in questions ahead of time. And we did assimilate those questions into the materials that we will cover today. So over the call today, Matthew will lead a Q&A session where we'll go through the different best units, much like our previous calls. If you wish, you can send any questions to our Investor Relations at [email protected]. So it starts off today, I'm going to hand over to Brent Hinds, who will go over the financial numbers for the first quarter to 2026.

Thank you, Jim, 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 last week with the SEC. With that, I'd like to give an overview of our financial results for the first quarter of 2026. For the first quarter of 2026, the company recognized approximately $200,000 in revenues compared to approximately $400,000 for the same period in 2025. This year-over-year decrease in revenues was predominantly driven by the decrease in spare part deliveries during the first quarter this year. Our gross profit for the quarter decreased compared to the same period in 2025. This decrease is mainly due to lower revenues and our warranty accrual of [ $40,000 ] made in anticipation of potential modifications to some installed equipment in a California refinery. As a result, the year-over-year decrease in gross profit was approximately [ $539,000 ]. Our net loss for the first quarter increased by $114,000 compared to the same period in 2025. The impact from the gross profit on our net loss was offset by a $369,000 increase in general and administrative expenses. Our G&A expenses decreased in comparison to 2025, a large part due to reduced legal fees that were incurred during 2025 for a special committee of our Board of Directors that was decommissioned after our 2025 stock Now let's shift focus to cash. Our net cash used in operations in the first quarter of 2026 was approximately $1.3 million compared to approximately $1.1 million for the same period in 2025. This year-over-year gains were predominantly driven by a reduction in our current liabilities. As of March 31, 2026, we had approximately $7.7 million in cash and cash equivalents, with approximately 5.4 million shares of common stock outstanding. And with that, I'd like to turn the call over to our CEO, Jim Deller. Jim?

Thank you, Brent. Again, thank you, everyone, for joining us today. I'm actually going to hand it over to Matthew Selinger, who's going to lead the question-and-answer session. But just remind as we go through this. If you do have questions, you can send those into [email protected]. So with that, Matthew, I'll hand it over to you.

Right. Jim, Brent, thanks for joining me here today. We did just have a call a few weeks ago. However, we have been busy between now and then, and we do have some specific events and to discuss. So with that, let's kind of dive right in. Jim, just last week, we announced an order for the next phase of a 32 burner project for a California refinery. To keep dive into this and talk about what do we mean by the next phase of this order?

Yes. I think it's good, especially investors new to ClearSign. So we were given by the start of actually 2 quarters late in 2025, almost 4 -- 6 burners going down to Texas refinery and then 1 for 32 burns destined for a refinery in California. As is common with our projects, these are released in phase. The first phase was for reinitialengineering and the computation modeling, where we basically simulate the burners and the burners effects and flow performance on a computer modeling system. That phase is now complete for the California order. The next phase of the project is then for us to fabricate or do the detailed engineering and fabricate the first article of those burners we will then install that and demonstrate if we'll make any optimization necessary but show it performing in a for-scale test furnace at the Zika facility.

Okay. And this -- Jim, this is a ClearSign Core Gen 2 technology.

Yes, in a modified form. So what's actually interesting about this order is the burn that was developed -- the round burden was developed as part of the SBIR program was of our standard shape of what we developed was a continuable acid that we could then adapt to flat plans or different shapes or formats to fit into the variety of different heads you find of refinery rather than just being restricted to the hesitated a round burger. So this particular order is for a heater that needs a long thin burn that actually fires up again stay or more. So when you see the work. That's just the type of heat of the -- this is...

And it's been that -- in the press release, we referred to as a flat plane application.

Yes.

And so this then I'm going to jump back a little bit. The ClearSign Core Gen 2 is really -- you referred to it as such in the past, it's a burner platform.

Yes, that's right.

And you just mentioned the word there, which has configurable architecture. Is that correct?

That's what we referred to. Yes. I think that's a good description. I mean -- the way that the burner works is a series of components that create the flow field that controls the ox and allows the burn to operate the way it does. -- but we can arrange those components to control the flame shape and the shape of the burner depending upon the needs of the client further. So it's a very flexible technology that gives us the ability to adapt it to the different types of heaters taking 2 different processes on refineries and chemical plants wherever they be.

Okay. So back to the discussion of the order. So the progression of this order, can you quantify what that -- this might be into the dollars?

I can. I mean this is a there's more engineering in this particular project because it is one is a very technical kite. And it's also the first flat-link configuration what type of bone done. So the engineering and testing portion is just shy of $0.5 million for this is part of the order and the order we received.

Let's can we then step back. Can we break down kind of, call it, an average process burner order by the faces and maybe the potential dollars on each phase. Can we match this out?

I think we can. It's probably useful. I know we have a lot of new investors that in ClearSign. I like to make this Egypt, let's talk about hypothetical project. The orders we started at the end of last year, postaural for 36% is going down Texas 1 the California investor take a hypothetical burner order. And we've given guidance for an average price of a process earnings about $100,000. So with 30 burner order the equipment is going to be about $3 million. On top of that, there is typically about $300,000 in engineering, computer modeling and testing that goes into the initial phase of a product as we dial the further details in. So to walk through the typical process as we've seen in this California order, topic about $150,000 would be the initial engineering and moving the bonus and on the competition platform, showing the customer how they work, how they operate indeed of what they should expect. The next phase is typically about $250,000, $100,000 that will be the first burner because that next phase is going to take our first production article, put it into the test furnace and then demonstrate that to the customer. That's their chance to come and see it firing for real for the burner through spaces, check emissions, check the operation, make sure it does everything they need. And then the completion of that phase, we will then be released for the fabrication orders. So in this case, this 30 burner order we've manufactured on for the test. We'd be raised to manufacture the other 29 and of course, refurbish the word we use for testing.

And the last thing, I know we referred to you in the past as kind of the equipment order, the bulk of the equipment order.

Yes. And that's the -- in terms of finance and revenue, that's the bulk of the project for us. The initial engineering phases really are dialing that design in. And then, of course, the manufacturing is the large part the large revenue driver.

And on that equipment manufacturer, what are the terms we tend to get 50% upfront of that?

Yes, I think a good -- we also get stage payments, they can vary a good approximation is 50% upfront at the point at least you obviously -- our process pens are provocated by Zika they have to go on and buy materials and then they start working with those. And then we get the other 50% of the payment for that part of the project. typically when a product is created and ready to be collected from

Okay. So Brent, I'll turn to you. So then these projects are basically self-funding. Is that right?

Yes, that's correct. Before we recognize revenue, we'll receive cash from the customer to augment the cost that we incur.

Great. But we're not...

Just to add a point you mentioned at the -- as key from my perspective is we're typically able to collect cash ahead of our expenditures on a project. So when we look especially projects in the like $3-plus million range, we don't have to dig into our cash reserves to execute those projects. We get cash in from the customer ahead of our cash going out 2 years to do the project. So essentially self-funding through the project.

Okay. Fantastic. into the other large projects you mentioned, the 36 order. And this one, as we mentioned on the last call, differs as well, differs from the 32. It differs than what we previously announced. Is that correct? Could you kind of describe what's going on this?

I mean from a technical perspective, our without burning, we really offer 2 different things to our customers. The first is the obvious. Our customers have to meet new aggressive emissions regulations, our burner technology allows them to do this for a much lower cost than the incumbent technology that's buying a elected cast reduction. So all emissions were a much more economical option by our clients to comply. Our burner technology gives us the ability to structure frame and shape them so that we can control the plant shape, how they interact and how they transfer heat to the clients' heater -- what that means in a real perspective is it gives us the ability to make Hedis operate better with the best to reduce maintenance requirements or in some cases, to increase the throughput of a heated. On projects like the hands we can actually offer our clients a very positive return on investment. So not just buying burners to meet commission's requirements. They're actually -- and we're actually enabling them to either say, downtime in through just maintenance or to get more production from the heaters, i.e. make more money. What's exciting about this donor going up to Texas is while there is a obviously, an emissions limit on that job, the driver is actually increased performance of that client's heater The configuration of burners in this case, again, is different. If you think of this particular heat as being a series of square boxes pushed up against each other, our burner find hostly through opposing wall. So the on side or petering in toward each other. This again is another adoption of the burn technology to fit this lead just with the benefit that the objective is actually increased performance of the heater in addition to controllable emissions.

So then is this getting us into larger market and/or larger heaters or maybe even larger heaters and/or a larger market? How is that kind of working for...

On this -- there's some of both. The -- getting the heaters that use the platform, there are some processes where a lot of burdens in that use a pipeline technology anyone looking at the process you might look at Delayed Coke as small example of refineries, there's most flatlines typically in a delayed copy unit. So being able to put burners into heaters that we were not have been able to do before we completed the SBA program with this Gen 2 technology to essentially expanded the addressable market for ClearSign. The other phenomenon that we've seen recently is there's been a lot more interest in ClearSign, and we've got true engagement from the majors in the industry, or at the household names, the glovebofiners, these refineries have a much bigger throughput, essentially means the heat is much bigger. They have a lot more -- so the orders we just talked about, the ones are California has 32 beds and have gone down. Texas has 36. The previous orders to ClearSign have been quite beds and much more heater so getting involved and adjusting these bigger projects, is there's a lot more revenue disorders as they flow through the orders and we get to process it.

Okay. So one of the events I'd like to bring up and talk about is, and we highlighted this on our last call, was the process burner demonstration at Zika, and that was good to happen -- so can you give some discussion of how that event went? I know you can't be means, but perhaps you could describe in attendees.

I can. And just for anyone on the last call, 2 of the major events this year in the proton we identified was this launch and demonstration of our new Gen 2 process better technology. And then the second is the start-up of a major order that we shipped at the end of last year. Those firms are down on the client since in the U.S. Gulf Coast, Watson store and start-up is scheduled for October. So at the time of the last call, we were getting ready for the first of those 2, which was this demonstration. So we can now talk about as a past event. It was really successful. The burner ran through all of its paces, the Mox was good. We ramped from 100% natural gas to 100% hydrogen demonstrated that transitioning smoothly back to unnatural gas. We put the further to its case. We demonstrated some other criteria, showing the safety in or the burn along with some demonstration information sessions for the customers. The attendance was 1 of the major things for me, just looking at our traction in the industry. We had about 100% of the people that responded not quite honest, but don't want us there. the people respond they would come actually showed up. That's a really big deal. I believe we had 23 people in attendance on the day. Amongst those 23 were representatives from large refiners on national energy companies along with consultants and to manufacturers. I think also what was really pleasing seven, we have a collaborative partnership with the very imported part for very a $1 billion-plus company that they manufacture our burns. That's where we did the demonstration. Don Zinc, the President and CEO of Zeeco actually came down and gave a welcome and introduction to ClearSign as a start of that demonstration to our customers. So showing thereby in and's interest in what we are doing and the technology that we're developing. I think it was very pleasing with us and a very powerful message to the clients and attendance. And then what sort of feedback have you received that post the event -- so it's been positive. I think to -- right, so we actually had a chance to talk with customers that were there and also people have spoken to. We regulated there's twice a year, there's American Petroleum is due by API conference where we review and update the refining equipment standards. That conference was the week after demonstration. So we were there -- I was there personally, and while there, we got to like meet a hat people who have been attended our demonstration and people who have talked to people who have been there at the demonstration. So we got a general feedback from the industry, and that was very positive. So I'm quite confident that we hit the market this demonstration. I think it was a great success.

And are these customers or others kind of discussing the regulatory environment right now?

They are -- I mean that was the reason that a lot of the refineries and consequent and the other attendings were there at demonstration. Many of them were talking to about projects that they have. They came to check out the technology. So the great chance for them to see some technology they've not seen before, uncheck that follow-up. So yes, they're very much looking at what they have to do, trying to work out their best plans to meet the regulatory compliance and the new regulations that are being formalized for Texas and of course, the refineries in California already know they have. They have plans in place to get there or refineries to the state they need to be.

And then one of the projects you didn't address or you mentioned then is that 26-order, that was shipped back in December.

Yes.

And that's on schedule then to be start coming up?

Yes. So just carat,the project was completed in September. It actually shifted early in January. Our conclusion was to create the be just for details. Those piers are down on site. They're due to be installed. Things change in now they're due to the store at the middle of the year within July and the project is due to start up in October.

And that's for a petrochemical company you've always said. Now does that get us into kind of the chemicals, the chemical market?

It does -- it's actually the second capital customer we have. The first was a midstream is down also on the Gulf Coast of Texas. If I can, I think a bit of clarity is worthwhile. As we look to the -- the long term, the big picture for ClearSign. Part of our future plan is to get into high center applications. And by that, I mean, ethylene furnaces, downside reforms, that is a very big potential market for players in. Those are hard chemical processes. Also on the chemical plant of the more refinery type heirs that are a stepping stone towards those high applications. The heaters that we are starting up in October of refinery process type heaters, but they are in a chemical plant. And with the flat plan configurations we've talked about for the California project, -- we do see that as a very significant stepping stone towards getting into the high temperature work that we are plan for a longer-term growth of ClearSign.

Well, interesting you brought up Jim, the M1 installation in a chemical plant, and that was about a year ago, and that was through Tulsa Midstream.

Tulsa Heaters midstream. Yes.

Yes. And then we just announced today another M1 order from that. Is that correct?

That's correct. Yes.

And they were the first adopter of the M1 Series product -- that is correct?

In fact, that heat down on U.S. Gulf Coast was the very first in that we shipped. Correct.

It's nice to see them come back, let's say, a year later. So how are you feeling about the M-Series products in general?

I'm feeling very good. I know there's not been a lot of orders coming in, and we've talked about it frequently. But I've been worried if there wasn't the interest any question. We have had a lot of interest, a lot of big price more even coming in this week. So the -- what we have M1 -- we have a M25 startup as down in Midland. We have an M1 already out ship waited to be installed. We have another 25 that's shipped. We need to install -- there are a lot of M1 cores and M25 cores and they continue to come in. So I'm feeling very good about that market. I think it's just time as they starts coming as like more quicker. But in terms of the interest, there's a lot of interest, and I'm quite confident that market is there for these values.

And you mentioned a couple of starts pending speaking of start-ups. There's also a flare project poised to start up very soon. Is that correct?

That is or to clarify the formal source testing starts. So we've already done this equipment, but we couldn't do the formal source testing until a particular component outside of our scope was in store. I believe that's in and in store right now. And the latest we've heard is the source testing is scheduled for next month. So that will be the first source testing of our new generation of players or in the California market. But this has also been a good product line for us. We talked about systems projects where we've taken our burden technology I'm being able to expand that into a 4 system in the $750 million to $1 million range. This pure starting up is of that order. At the same time, we have our first 4-system project actually wellness weighted fabrication right now that's due ship later on this year. So -- but getting the source testing done and having that as a signed off for recognition of former technology I think is going to power that a market.

Yes. And I think we mentioned on the previous call that I believe that last one is the fifth installation. So we're seeing repeat orders for a customer. And again, could you say that a similar conversation you're having with our other customers and the other product lines as well, too? I know we mentioned even at some of the process payers that while we're working on, I believe it was a $32-order that you already even having conversations with that customer about potential future

And we do believe that this flatline does have future needs. And then in that same industry, there's other clients, these are going to the California market. Predominantly, we believe that there's other applications outside of this customer as well.

Great. I want to add to this one, Jim, are you still confident in the -- first of all, -- how are you thinking about status of Carson business? And maybe give a follow-up? And then are you still confident in the proposal pipeline that we've discussed in previous calls.

When you -- the answer to the second is also the date first Minor I appreciate the orders have been a slow over the last few months. The inquiries and the customer engagement have not. We continue to have inquiries for process burners we've got a lot coming in for midstream, which continues to be active players with the recent 1 with the flat start up next week with the success of the process further demonstration just a couple of weeks ago. And I'm looking at as a big picture, I do think our revenues are going to be lumpy, right? Our order intake has been lumpy. We're saying that we do have the 36 or the other 32 of those orders are in-house and being processed at this time. There is a substantial backlog in the prior process bonus. We know a lot of those customers are also looking to the installation down in the U.S. Gulf Coast, you start up and on paver. So while we have a few words right now, I think we're going to see a significant pickup after that project is up and running and clients that are talking to us right now that have not engaged we'll see that as a lot of confidence once that has started up, and that's aligned with the conversation we've actually had with...

Got it. So with that, Jim, is there any sort of kind of last comment there any items you'd like to bring up before we bring on questions?

There is one. I just -- and this is more in general, we just we talked about the highlights on these calls. We talk about the cortisols come in and the other bigger banks. I've talked on a lot of sales activities, getting ready for demonstration, a lot of customer events. There's a lot of engineering. There is a -- there's a lot of work going on within clear sign a lot within the finance and the function just keeping the business running. We do keep our headcount balance. There's not a lot of us here at ClearSign. And I just want to publicly take this chance just to extend my banks and appreciation doing the staff here at ClearSign for everything they do. they truly believe in ClearSign, and I really appreciate their efforts. And just I'd like to say that pumping I think that necessarily appropriate.

So with that, we will take the time then to open up for questions and also review and read off some questions that we're sending ahead of time. So with that, operator?

[Operator Instructions] Your first question is coming from Amit Dayal from H.C. Wainwright.

Matt went through pretty much a lot of the teams I had also going to bring up. But just 1 clarification, Jim. It looks like your 5 or 6 project starts between 1Q and 2Q. Are some of these at least underway already at this point?

Amit, I am sorry, could you repeat that question, please?

So I was saying, it seems that you may have like 5 or 6 project starts between 1Q and 2Q. Are these underway at this point or some of these are at least going for you?

They are -- we're actually working on. I think the big start-ups for us at this time, we have a flare for the source testing that. We're finding that the actual events when you start the unit are typically happen over just a few days. But there's a lot of, obviously, preparation going into that and planning. But the at flare will be a significant event for us. The big burner starter down in the Gulf Coast will be later on this year. That will be down in October, but we will be supporting the installation that's scheduled to occur in July. So just that -- because of what that project is and how large is that will be very significant for us. The M-Series start-ups, we do help with the agent the point with our repeat customers where they are getting quite familiar with those products. So whilst we give them technical support, they do not always require us to be out. on the job site. So we will wait to hear from them. We have other work in progress. We have a very large flare order in production also -- so we've got the 1 starting up next month. We also have the second large 1 was due to a complete fabrication later on in Q3 and be out on the job site. So we're expecting that to start up to all this year as well. [indiscernible] So I mean just talk you through those, just the start-ups are significant for us, but most of these customers, if you think of the flare, we actually have, in our proposal pipeline, we have additional close out to those customers. The start-up we're expecting next month and the source testing, we believe, is going to be a large check mark for them before they look at their futures. We have one other quote. We believe they have additional ones permitted waiting to be moved on as well. So we do see but a very big significance in the start-ups, not just for completing those individual projects, but what it means for our future orders and growth.

Your next question is coming from Peter Gastreich from Water Tower Research. There are no further questions in the queue at this time.

Great. Operator. I can read a couple -- we've got one actually that's coming from New Zealand. And the question is, there's been some announced reductions in EPA regulations across a wide range of areas. Jim, do you view that negatively for adoption going forward?

So for ClearSign, we I mean forint the reduction as in the easing all of the regulations for ClearSign, rather CO2 emission regulations do not really affect us. They have an impact on hydrogen consumptions of fuel. But the ClearSign technology is focused on NOx emissions, and those have wit,continue to be pushed. They're largely regulated by the states, driven in the U.S. by the EPA and ground level zone. I think from what we've seen generally around the world, the emissions continue to be timed -- everyone values clean out as population grows. And we -- while our business is predominantly in the United States at this time, we have one installation in Europe. We are very much looking at the wider global market in our future plans through our relationship with Zeeco. Zeeco is a global company with support and manufacturing around the world. So through them, we definitely have the ability to serve a global market, and we actually benefited from that Zeeco relationship when we service the one installation we have out in Europe. So that is a problem model for us. So Yes, we do watch the global market. The regulations do change as to the types of equipment that the clients use but I generally see the timing of emissions out in the Far East and in Europe as a very positive sign for ClearSign.

Okay. Another question, kind of a simple one. Tim, what does an average M-Series burner sell for?

That's a great question. So we've given general guidance of an average burner price of $100,000 right to keep things simple and to allow easy math. That I think that number holds for the M Series. But as you asked the question, there's obviously a variation -- the M1 is the low emissions burner. That's our higher technology, and it does sell for a premium price. And there's actually a bit more engineering and manufacturing that goes into that burner. The common size of that burn a range from some in the regional of 80,000 up to north of 200. The M25 is a D2 version with less engineering, less IP to leverage, those will sell for a lower price points. Again, the common size is ranging from probably 50,000 up to -- some of them reached 150 to 200 million for the common sizes. So I think the $100,000 average is good. But one other thing to consider with the entire, what we're talking about those is these are standard burners. So unlike the process burners that go through a lot of engineering and have to get dialed in on the test furnace and the very long duration of the orders, the M-Series are standard burner configuration. And what we're finding is that also amongst those size ranges, there are common sizes. What that means is once we have like -- if you take this reason are, as we build this one and one for this application for Toledos Midstream, as we have further applications for that same burn, we already have the drawings of the engineering done is just a case of manufacturing those same burners. So that enables us to have a very high degree of efficiency and really focus on the profitability for ClearSign. So this is -- it's a -- we can talk about the revenue and the sales price. But when we look at the profitability of what this means for ClearSign I really like the M-Series burners.

So -- Great. Operator, I have no more questions coming in. I'll turn it back to you.

[Operator Instructions] Your next question is coming from Peter Gastreich from Water Tower Research.

Apologies before there I had muted my line. But congratulations on the results. It's great to see the momentum in the orders this month. Also appreciate the comprehensive presentation and you have answered a few of the questions that I have had, so I really appreciate that. I just want to ask a kind of an industry-wide sort of question. You talk a lot about the comparisons versus the incumbent technologies and that the advantage there is very clear. I'm just curious if you could share any thoughts about how you would describe the landscape for any competing new technologies, if any that are out there?

Thank you, Pete. And thank you for your questions, and comments. I mean, I definitely see the incumbent selected CAC production technology as the main competition for ClearSign and I think we have a much more efficient product and it's certainly much more economical for the customers. So our very simply, when we look at the market, our objective is to displace SCRs going forwards. There Well, there's obviously other burden manufacturers trying to come up with products. We don't see a lot from others. There's obviously with the advertising and marketing. But at this time, I do believe that ClearSign very much has the dominant share and the main name recognition in the SCR level -- market within the industry. For somebody new starting up with a burner technology, there are some significant barriers. One, you have to have people expert in the industry, is a very specialized field. of engineering. But beyond that, the customers have certainly one is to demonstrate burners in a Fortscale furnace. They have very specific manufacturing needs. ClearSign has overcome that barrier through our abeta arrangement with Zeeco. But for somebody else without those connections, I think just for that getting into this market would be very difficult.

That concludes our Q&A session. I'll now hand the conference back to Jim Deller, Chief Executive Officer, for closing remarks. Please go ahead.

Thank you, operator. Thank you, everyone, for your interest in ClearSign and taking the time to join our call today. I do thank you also for the questions that you've sent in and for the questions that you've asked live here. It's always good to get some feedback. We look forward to updating you regarding our developments and speaking with you on our next call. In the meantime, we do update LinkedIn. We do send less formal message out that way, so please keep checking for our developments on our website, and please follow us on LinkedIn.

Thank you. Everyone, this concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.