First quarter revenue of approximately $0.5
million, representing a 422% year-over-year increase
Launched new NUBURU BL™ Series laser
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 first quarter ended March 31, 2023.
“We had a very impactful first quarter of 2023. We have seen
continued forward progress in our key markets of welding, 3D
printing and defense. In particular, our work with the U.S. Air
Force and our ongoing partnerships underscore the building momentum
in our commercial pipeline,” said Dr. Mark Zediker, CEO and
Co-Founder of NUBURU. “Our performance in the first quarter
highlights the continued customer adoption of our blue laser
technology in critical applications and materials.”
Recent Business Highlights
- Launched and began taking orders for the new NUBURU BL™ Series
laser.
- Selected by the U.S. Department of Defense for participation on
a firm-fixed-price, indefinite-delivery/indefinite-quantity,
multiple party award contract with a maximum ceiling of $75
million.
- Continued to deliver units to Essentium as part of a multi-year
partnership focused on metal 3D printing for the aerospace,
automotive, and defense markets.
- Delivered the world's first blue 3D printer light engine to a
technical partner under a contract with the U.S. Air Force.
First Quarter 2023 Financial Results
- Total revenue for the three months ended March 31, 2023 was
approximately $0.5 million, compared to $0.1 million for the same
period last year, or a 422% year-over-year increase.
- Total gross profit (loss) for the three months ended March 31,
2023 was approximately $(0.7) million, compared to $(0.5) million
for the same period last year.
- Gross margin for the three months ended March 31, 2023 was
(158)%, compared to (517)% for the same period last year.
- Total operating expenses for the three months ended March 31,
2023 were $4.6 million, compared to $1.8 million for the same
period last year.
- Net loss for the three months ended March 31, 2023 was $4.8
million, or $0.19 per share, compared to $2.3 million, or $0.44 per
share, for the same period last year.
- EBITDA was approximately $(4.6) million, compared to $(2.2)
million for the same period last year.
- Cash usage in the three months ended March 31, 2023 was
approximately $1.4 million, compared to approximately $1.6 million
for the same period last year.
- Capital expenditures were approximately $0.3 million, compared
to $0.1 million for the same period last year.
- Free cash flow was approximately $(4.4) million, compared to
$(2.0) million for the same period last year.
- Cash and cash equivalents were $1.5 million as of March 31,
2023. Subsequent to the quarter ending, additional cash has been
received by the company.
Financial Guidance
The Company reiterated its 2023 guidance of total revenue in
excess of $3 million, EBITDA in the range of negative $21.0 million
and negative $23.0 million, and Free Cash Flow to be in the range
of negative $24 million and negative $26 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, May 11, 2023 at 2:30 p.m. MT / 4:30 p.m. ET. The
dial-in number is (888) 886-7786 for domestic callers, conference
ID 93574472. 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.
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 these 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 its 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.
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) the ability
to continue to meet the security exchange’s listing standards; (2)
failure to achieve expectations regarding its product development
and pipeline; (3) the inability to access sufficient capital,
whether from Lincoln Park Capital or other sources, to operate as
anticipated; (4) the inability to recognize the anticipated
benefits of the business combination, which may be affected by,
among other things, competition, the ability of the company to grow
and manage growth profitably, maintain relationships with customers
and suppliers and retain its management and key employees; (5)
changes in applicable laws or regulations; (6) the possibility that
NUBURU may be adversely affected by other economic, business and/or
competitive factors; (7) the possibility that NUBURU may receive
less revenue than anticipated or no revenue from multi-year,
multi-company government contracts; (8) volatility in the financial
system and markets caused by geopolitical and economic factors; (9)
the possibility that customers may order fewer products than
anticipated; and (10) 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 March
31,
2023
2022
Sales, net
$
469,989
$
90,000
Cost of sales
1,212,437
555,052
Gross margin
(742,448
)
(465,052
)
Operating expenses:
Research and development
1,332,305
631,501
Selling and marketing
176,256
348,780
General and administrative
3,050,259
843,043
Total operating expenses
4,558,820
1,823,324
Loss from operations
(5,301,268
)
(2,288,376
)
Interest income
32,427
582
Other income (expense), net
501,324
—
Loss before provision for income taxes
$
(4,767,517
)
$
(2,287,794
)
Provision for income taxes
—
—
Net loss and comprehensive loss
$
(4,767,517
)
$
(2,287,794
)
Net loss per share, basic and diluted
$
(0.19
)
$
(0.44
)
Weighted-average common shares used to
compute net loss per share attributable to common stockholders,
basic and diluted
25,515,164
5,209,325
NUBURU, INC.
Condensed Consolidated Balance
Sheets
(Unaudited)
March 31, 2023
December 31, 2022
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents
$
1,523,046
$
2,880,254
Accounts receivable, net
522,764
327,200
Inventories, net of allowance of $411,148
and $292,990, respectively
1,248,794
972,695
Deferred financing costs
—
4,258,515
Prepaid expenses and other current
assets
978,136
46,737
Total current assets
4,272,740
8,485,401
Property and equipment, net
4,012,568
3,771,849
Construction in progress
130,412
188,912
Right-of-use assets
565,662
641,651
Other assets
34,359
34,359
TOTAL ASSETS
$
9,015,741
$
13,122,172
LIABILITIES AND STOCKHOLDERS’ EQUITY
(DEFICIT)
Current liabilities
Accounts payable
$
4,256,822
$
4,456,587
Accrued expenses
2,281,559
2,312,118
Operating lease liability
350,606
343,049
Contract liabilities
173,750
178,750
Convertible notes payable
—
7,300,000
Total current liabilities
7,062,737
14,590,504
Operating lease liability, net of current
portion
282,345
373,907
Warrant liabilities
835,539
—
TOTAL LIABILITIES
8,180,621
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 March 31, 2023 and December 31,
2022, respectively
304
4,040
Common stock, $0.0001 par value;
250,000,000 shares authorized; 33,585,544 and 5,556,857 shares
issued and outstanding as of March 31, 2023 and December 31, 2022,
respectively
3,359
1,077
Additional paid-in capital
66,791,282
59,344,952
Accumulated deficit
(65,959,825
)
(61,192,308
)
Total Stockholders’ Equity (Deficit)
835,120
(1,842,239
)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
(DEFICIT)
$
9,015,741
$
13,122,172
Key Operating and Financial Metrics (Non-GAAP
Results)
The following tables present our key performance indicators for
the periods presented.
Three Months Ended March
31,
2023
2022
$ Change
Sales, net
$
469,989
$
90,000
$
379,989
Total gross margin
(742,448
)
(465,052
)
(277,396
)
EBITDA(1)
(4,673,829
)
(2,153,223
)
(2,520,606
)
Capital expenditures
(344,801
)
(102,381
)
(242,420
)
Free cash flow(1)
(4,395,374
)
(2,005,598
)
(2,389,776
)
(1) EBITDA and Free cash flow are non-GAAP financial measures.
See “Non-GAAP Information” below for our definitions of, and
additional information about, EBITDA and Free cash flow and for a
reconciliation to the most directly comparable U.S. GAAP financial
measures.
Non-GAAP Information
In addition to our results determined in accordance with GAAP,
we believe the following non-GAAP measures are useful in evaluating
our operational performance. We use the following non-GAAP
financial information to evaluate our ongoing operations and for
internal planning and forecasting purposes. 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.
EBITDA and Free Cash Flow
We define “EBITDA” as income (loss), plus (minus) depreciation
and amortization expenses, plus (minus) interest, plus (minus)
taxes and “Free cash flow” as net cash from (used in) operating
activities less capital expenditures. EBITDA and Free cash flow are
intended as supplemental measures of our performance that are
neither required by, nor presented in accordance with, GAAP and
these measures should not be considered a substitute for net income
(loss), and net cash used in operating activities reported in
accordance with GAAP. Our computation of EBITDA and Free cash flow
may not be comparable to other similarly titled measures computed
by other companies, because all companies may not calculate EBITDA
or Free cash flow in the same fashion.
Limitations of Non-GAAP Measures
There are a number of limitations related to EBITDA, including
the following:
- EBITDA excludes certain recurring, non-cash charges, such as
depreciation of property and equipment and/or amortization of
intangible assets. While these are non-cash charges, we may need to
replace the assets being depreciated and amortized in the future
and EBITDA does not reflect cash requirements for these
replacements or new capital expenditure requirements.
- EBITDA does not reflect interest expense, net, which may
constitute a significant recurring expense in the future.
- Free cash flow does not reflect the impact of equity or debt
raises or repayment of debt or dividends paid.
Because of these and other limitations, EBITDA and Free cash
flow should not be considered in isolation or as a substitute for
performance measures calculated in accordance with GAAP. We
compensate for these limitations by relying primarily on our GAAP
results and using EBITDA and Free cash flow on a supplemental
basis. You should review the reconciliation of our net loss to
EBITDA and net loss to Free cash flow below and not rely on any
single financial measure to evaluate our business.
Our presentation of EBITDA should not be construed as an
inference that our future results will be unaffected by unusual or
non-recurring items and our presentation of Free cash flow does not
necessarily indicate whether cash flows will be sufficient to fund
our cash needs.
Reconciliation
The following table reconciles our net loss (the most directly
comparable GAAP measure to EBITDA) to EBITDA for the period
presented:
Three Months Ended March
31,
2023
2022
Net loss
$
(4,767,517
)
$
(2,287,794
)
Interest (income) expense, net
(32,427
)
(582
)
Income tax expense
—
—
Depreciation and amortization
126,115
135,153
EBITDA
$
(4,673,829
)
$
(2,153,223
)
The following table reconciles our net cash used in operating
activities (the most directly comparable GAAP measure to Free Cash
Flow) to Free cash flow for the periods presented:
Three Months Ended March
31,
2023
2022
Net cash used in operating activities
$
(4,050,573
)
$
(1,903,217
)
Capital expenditures
(344,801
)
(102,381
)
Free cash flow
$
(4,395,374
)
$
(2,005,598
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230511005287/en/
NUBURU - Media Contact Brian Knaley
ir@nuburu.net
NUBURU - Investor Relations Contact Maria Hocut
Maria@blueshirtgroup.com
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