- NUBURU Successfully Completes Contract Awarded by U.S. Air Force -

- Awarded Purchase Order from Major Multinational Electronics Manufacturer -

CENTENNIAL, Colo. — (BUSINESS WIRE) — November 9, 2023 — NUBURU, Inc. (“NUBURU” or the "Company") (NYSE American: BURU), a leading innovator in high-power and high-brightness industrial blue laser technology, today announced its financial results for the third quarter ended September 30, 2023.

Operational Updates

• Announced the completion of a contract awarded by U.S. Air Force following successful demonstration of blue laser-based area printing, supported by GE Additive, to develop scalable 3D printing manufacturing systems.
• Awarded a purchase order for delivery of a BL-250 from a major multinational electronics manufacturer in a research and development capacity to demonstrate the integration of NUBURU’s laser welding capabilities.
• Positioned the Company’s executive management team to scale commercialization with the appointment of Brian Knaley as Chief Executive Officer and Ron Nicol as Executive Chairman, following the addition of former National Security Advisor John Bolton to the Board of Directors.
• Registered to present at the Sidoti Micro-Cap Conference hosted virtually from November 15 – November 16.

"Our third-quarter results reflect supply chain restrictions mostly in-line with our expectations entering the second half of 2023," commented Brian Knaley, Chief Executive Officer of NUBURU. "During Q3, we however faced additional headwinds from the integration of our systems into customer applications and subsequently experienced delays in the shipment of our products. I’m confident that the solutions we have developed will not only enhance our BL-250 product offering but also streamline the manufacturing process to improve the application and integration of our technologies within their respective end-markets going forward. With the anticipation of a rebound in deliveries of our laser systems during the fourth quarter of 2023, we have adjusted our full year 2023 outlook accordingly and are eagerly awaiting the positive impact of our technological improvements.”

Ron Nicol, Executive Chairman of NUBURU added: “The purchase order we’ve received from a major multinational electronics manufacturer stands as a testimony for the unbroken inbound of interest in our cutting-edge blue laser technology. Our focus is now on further strengthening our distribution network. Combining the current growing end-markets with our extensive IP and upcoming one-kilowatt blue laser system, NUBURU is well positioned to drive commercial success and execute against its long-term growth strategy.”

Financial Results for the Third Quarter Ended September 30, 2023, as Compared to the Third Quarter Ended September 30, 2022

• Total revenue was $0.2 million compared to $0.9 million, or a 78% quarter-over-quarter decrease, primarily due to a decrease in the number of laser system sales during the period.
• Total gross profit (loss) was $(0.9) million, compared to $(1.0) million, attributable to a decrease in cost of revenue following a decrease in production of laser systems as the Company focuses on the manufacturing of the BL series and offset by the decrease in revenues.
• Gross margin was (497)%, compared to (111)%, driven by decreasing revenue and partially offset by lower cost of revenues following the retirement of the AO series.
• Total operating expenses were $4.2 million, compared to $2.9 million. The increase is primarily attributable to increased professional fees associated with legal, compliance and accounting matters associated with cost of operating a public company. Further contributors to the increase were increased research and development personnel expenses and the addition of a new Chief Marketing and Sales Officer in March 2023.
• Net loss was $5.1 million, or $0.14 per share, compared to $3.9 million, or $0.71 per share, primarily as a result of the above-described increase in total operating expenses.
• EBITDA⁽¹⁾ was $(4.8) million, compared to $(3.8) million.
• Capital expenditures were $0.3 million, compared to $0.1 million. The increase is primarily driven by the increase in production capabilities to support additional product lines.
• Free cash flow⁽¹⁾ was $(4.9) million, compared to $(2.7) million, primarily attributable to decreasing revenue and the increase in total operating expenses.
• Cash and cash equivalents were $1.6 million as of September 30, 2023.

Revised Full Year 2023 Financial Outlook

The Company revises its 2023 outlook to total revenue of $2.1 million, EBITDA⁽¹⁾ in the range of $(18) million and $(21) million, and free cash flow⁽¹⁾ to be in the range of $(17) million and $(20) million. The Company believes that it has access to sufficient sources of capital to fund this business plan.

Conference Call and Webcast

NUBURU will hold a conference call to discuss financial results on Thursday, November 9, 2023, at 2:30 p.m. MT / 4:30 p.m. ET. The dial-in number is (888) 259-6580 for domestic callers, conference ID 73449372. A live webcast of the conference call will be available on the investor relations page of NUBURU's corporate website at http://ir.nuburu.net/events-and-presentations/default.aspx.

After the live webcast, a replay will remain available online on the investor relations page of NUBURU's website, under "Events & Presentations" for 90 days following the call.

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⁽¹⁾ EBITDA and Free cash flow are non-GAAP financial measures. The inability to project certain components of the EBITDA and free cash flow calculations used on a forward-looking basis would significantly affect the accuracy of a reconciliation. Accordingly, the Company does not provide a reconciliation of projected net income to projected Adjusted EBITDA.

About NUBURU®

Founded in 2015, NUBURU, INC. (NYSE American: BURU) is a developer and manufacturer of industrial blue lasers that leverage fundamental physics and their high-brightness, high-power design to produce faster, higher quality welds and parts than current lasers can provide in laser welding and additive manufacturing of copper, gold, aluminum and other industrially important metals. NUBURU’s industrial blue lasers produce minimal to defect-free welds that are up to eight times faster than the traditional approaches — all with the flexibility inherent to laser processing. For more information, please visit www.nuburu.net.

Non-GAAP Measures

This release includes GAAP and non-GAAP income and per-share earnings data and other GAAP and non-GAAP financial information. We believe that non-GAAP financial information, when taken collectively and in context, may be helpful to investors in assessing our operating performance and trends and in comparing our financial measures with those of comparable companies that may present similar non-GAAP financial measures. The non-GAAP measures included in this release are not in accordance with, or an alternative for, similar measures calculated under generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Nuburu believes EBITDA and Free Cash Flow are useful in evaluating our operational performance. We use this non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We also use these non-GAAP measures to assess performance against business objectives, make business decisions, develop budgets, forecast future periods, assess trends, and evaluate financial impacts of various scenarios. Additionally, we believe that these non-GAAP measures, in combination with our financial results calculated in accordance with GAAP, provide investors with additional perspective. To gain a complete picture of all effects on our financial results from any and all events, management does (and investors should) rely upon the GAAP measures as well, as the items excluded from non-GAAP measures may contribute to not accurately reflecting the underlying performance of the company’s continuing operations for the period in which they are incurred. Furthermore, the use of non-GAAP measures has limitations in that such measures do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP, and these measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures.