Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including certain financial forecasts and projections and relationships with customers and third parties. All statements other than statements of historical fact contained in this press release may be forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “seek,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts and assumptions that, while considered reasonable by NUBURU and its management, are inherently uncertain and many factors may cause the company’s actual results to differ materially from current expectations which include, but are not limited to: (1) manufacturing and delivery of products could be delayed by supply constraints, manufacturing capacity constraints, shortages of skilled labor, unexpected defects or bugs in the manufacturing process or the product, and other risks typical for highly sophisticated products, particularly at an early stage of manufacturing ramp; (2) delays or other difficulties in product development; (3) the inability to access sufficient capital, whether from Lincoln Park Capital or other sources, to operate as anticipated; (4) customers may order fewer products than anticipated; (5) the Company may receive less revenue than anticipated from multi-year, multi-company government contracts; (6) failure to retain and recruit key personnel, including key executives and skilled engineers, could compromise the Company’s ability to sell products or to develop new products in timely fashion; (6) the Company could be adversely affected by other economic, business and competitive factors, including volatility in the financial system and markets caused by geopolitical and economic factors; (7) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in NUBURU’s most recent periodic report on Form 10-K or Form 10-Q and other documents filed with the Securities and Exchange Commission from time to time. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. NUBURU does not give any assurance that it will achieve its expected results. NUBURU assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by applicable law.
NUBURU, INC. Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) |
||||||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Revenues |
|
$ |
186,743 |
|
|
$ |
868,153 |
|
|
$ |
1,710,794 |
|
|
$ |
1,005,528 |
|
Cost of revenues |
|
|
1,115,703 |
|
|
|
1,832,036 |
|
|
|
4,813,404 |
|
|
|
3,653,980 |
|
Gross margin |
|
|
(928,960 |
) |
|
|
(963,883 |
) |
|
|
(3,102,610 |
) |
|
|
(2,648,452 |
) |
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Research and development |
|
|
1,348,450 |
|
|
|
1,066,161 |
|
|
|
4,300,166 |
|
|
|
2,684,694 |
|
Selling and marketing |
|
|
523,627 |
|
|
|
95,670 |
|
|
|
1,066,289 |
|
|
|
603,629 |
|
General and administrative |
|
|
2,335,605 |
|
|
|
1,757,104 |
|
|
|
8,409,877 |
|
|
|
4,131,477 |
|
Total operating expenses |
|
|
4,207,682 |
|
|
|
2,918,935 |
|
|
|
13,776,332 |
|
|
|
7,419,800 |
|
Loss from operations |
|
|
(5,136,642 |
) |
|
|
(3,882,818 |
) |
|
|
(16,878,942 |
) |
|
|
(10,068,252 |
) |
Interest income |
|
|
46,998 |
|
|
|
14,875 |
|
|
|
91,914 |
|
|
|
19,178 |
|
Interest expense |
|
|
(162,765 |
) |
|
|
(55,276 |
) |
|
|
(175,149 |
) |
|
|
(57,490 |
) |
Other income, net |
|
|
167,108 |
|
|
|
— |
|
|
|
1,002,647 |
|
|
|
— |
|
Loss before provision for income taxes |
|
$ |
(5,085,301 |
) |
|
$ |
(3,923,219 |
) |
|
$ |
(15,959,530 |
) |
|
$ |
(10,106,564 |
) |
Provision for income taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss and comprehensive loss |
|
$ |
(5,085,301 |
) |
|
$ |
(3,923,219 |
) |
|
$ |
(15,959,530 |
) |
|
$ |
(10,106,564 |
) |
Net loss per share, basic and diluted |
|
$ |
(0.14 |
) |
|
$ |
(0.71 |
) |
|
$ |
(0.50 |
) |
|
$ |
(1.86 |
) |
Weighted-average common shares used to compute net loss per share attributable to common stockholders, basic and diluted |
|
|
35,425,105 |
|
|
|
5,537,557 |
|
|
|
31,955,539 |
|
|
|
5,421,056 |
|
NUBURU, INC. Condensed Consolidated Balance Sheets (Unaudited) |
||||||||
|
|
September 30,
|
|
December 31,
|
||||
|
|
(Unaudited) |
|
|
||||
ASSETS |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
1,626,730 |
|
|
$ |
2,880,254 |
|
Accounts receivable, net |
|
|
469,904 |
|
|
|
327,200 |
|
Inventories, net of allowance of $1,047,830 and $292,990, respectively |
|
|
1,086,741 |
|
|
|
972,695 |
|
Deferred financing costs |
|
|
65,000 |
|
|
|
4,258,515 |
|
Prepaid expenses and other current assets |
|
|
579,244 |
|
|
|
46,737 |
|
Total current assets |
|
|
3,827,619 |
|
|
|
8,485,401 |
|
Property and equipment, net |
|
|
4,763,058 |
|
|
|
3,771,849 |
|
Construction in progress |
|
|
59,672 |
|
|
|
188,912 |
|
Right-of-use assets |
|
|
410,188 |
|
|
|
641,651 |
|
Other assets |
|
|
34,359 |
|
|
|
34,359 |
|
TOTAL ASSETS |
|
$ |
9,094,896 |
|
|
$ |
13,122,172 |
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Accounts payable |
|
$ |
4,184,347 |
|
|
$ |
4,456,587 |
|
Accrued expenses |
|
|
1,669,842 |
|
|
|
2,312,118 |
|
Current portion of operating lease liability |
|
|
366,033 |
|
|
|
343,049 |
|
Contract liabilities |
|
|
230,075 |
|
|
|
178,750 |
|
Current portion of convertible notes payable |
|
|
— |
|
|
|
7,300,000 |
|
Total current liabilities |
|
|
6,450,297 |
|
|
|
14,590,504 |
|
Operating lease liability |
|
|
95,409 |
|
|
|
373,907 |
|
Convertible notes payable |
|
|
6,713,241 |
|
|
|
— |
|
Warrant liabilities |
|
|
334,216 |
|
|
|
— |
|
TOTAL LIABILITIES |
|
|
13,593,163 |
|
|
|
14,964,411 |
|
Commitments and Contingencies (Note 6) |
|
|
|
|
||||
Stockholders’ Equity (Deficit) |
|
|
|
|
||||
Convertible preferred stock, $0.0001 par value; 50,000,000 shares authorized; 3,038,905 and 23,237,703 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively |
|
|
304 |
|
|
|
4,040 |
|
Common stock, $0.0001 par value; 250,000,000 shares authorized; 35,554,624 and 5,556,857 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively |
|
|
3,555 |
|
|
|
1,077 |
|
Additional paid-in capital |
|
|
72,649,712 |
|
|
|
59,344,952 |
|
Accumulated deficit |
|
|
(77,151,838 |
) |
|
|
(61,192,308 |
) |
Total Stockholders’ Equity (Deficit) |
|
|
(4,498,267 |
) |
|
|
(1,842,239 |
) |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
$ |
9,094,896 |
$ |
13,122,172 |