Significant Revenue Increase
Revenues for Q2 2025 increased to approximately $133,000 from $45,000 in the same period in 2024, driven by spare parts orders and a boiler burner sale.
Reduction in Net Loss and R&D Expenses
Net loss decreased by approximately $200,000, mainly due to a $155,000 reduction in research and development expenses.
Cash Management Improvement
Net cash used in operations decreased by $1 million year-over-year, predominantly due to customer cash collections.
Progress in Major Projects
Significant work on large process burner orders for household name refiners and chemical companies, with installations and testing advancing.
Expansion into New Markets
Development of M25 burner to meet new market needs and potential expansion into a larger volume part of the midstream market.
Industry Interest in DOE Hydrogen Burner Project
New burner designs are in manufacture, with significant interest from household name end users.