Aug 19, 2026 earnings call — M-Series orders and process burner startups
Announced orders for 6 M-Series burners and process-burner start-ups; pro forma cash approximately $11.6 million after a July 21 private placement.
Revenue $0.0B (est $0.0B) · EPS $-0.22 (est $-0.25)
Key quotes
"These new orders are going down to a company we described as a multinational energy company down in the Permian Basin down in West Texas."
"This burner is in the process of being manufactured and is scheduled to go in the test furnace within the coming weeks."
"And those have typically ranged, based on the proposals, in the $750,000 to $1 million range."
Analyst Q&A 2
M1 vs M25 burners and deliveries
Q (Sameer Joshi · H.C. Wainwright): He asked how the core M1 differs from a smaller M25 in size and pricing, how midstream orders are used on site and how large a single-site order can be. He also asked about revenue run rate exiting 2026 and the timeline and cadence for the 32-burner refinery test and deliveries.
A: The M1 uses high-tech nozzles and flow controls to cut NOx into the low single-digit range, while the M25 is a simplified, more price-competitive design with less metal and work. Midstream heaters typically take one burner each, so a 2- or 3-burner order means 2 or 3 separate heaters; they have inquiries for just shy of 30 burners in a single batch. The company said it won’t give exact future numbers but sees a feasible run rate of "$6 million to $7 million" for midstream and flare sales and believes a double-digit million opportunity exists; the 32-burner test unit is being manufactured, is due to be installed in the next couple of weeks, testing will run "3 to 4 weeks" with the customer expected to witness in "early October," fabrication would take a "3- to 4-month time frame" after purchase order, and the 32-burners are spread across "2 heaters" with fabrication expected in "2 phases."
"The M1 series has a very high-tech arrangement or 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." — Colin James Deller (CEO)
board vetting, ethylene roadmap, and sales
Q (Peter Gastreich · Water Tower): He asked why new board member Larry Saddler took time to assess the technology before joining and what tests he did. He also asked for the roadmap, partners, R&D timeline to enter ethylene furnaces and steam methane reforming, and about the company’s sales outreach process.
A: Larry visited the Zeeco test site, ran the burner through "extreme cases and extreme tests" to check stability, ruggedness, NOx and operation across a wide range of fuels, and stayed for a customer demonstration. For ethylene and down-fired reformer markets, development to adapt the ClearSign technology is significant but feasible; Colin said he would seek an industry partner to co-fund and have a project lined up, that Zeeco has suitable test furnaces, and his "best estimate will be about a 2-year period to do that." On sales, the process is collaborative with engineering firms and heater manufacturers, they have one full-time salesperson, others attend conferences, and they use outreach and LinkedIn to start conversations.
"I would expect that a development of one of these burners, my best estimate will be about a 2-year period to do that." — Colin James Deller (CEO)