Nuburu, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Nuburu, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Nuburu, Inc. (BURUW) filed a Annual Report (10-K) with the SEC on April 15, 2024. Nuburu, Inc. filed its 2023 Form 10-K on April 15, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is in Centennial, CO. Nuburu, Inc. was formerly known as Tailwind Acquisition Corp. until June 4, 2020. The SIC code for the company is 3690: Miscellaneous Electrical Machinery, Equipment & Supplies.

Why It Matters

For investors and stakeholders tracking Nuburu, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Nuburu's financial health, operational activities, and strategic direction for the past fiscal year, which is crucial for investors to assess the company's performance and future prospects. Understanding the details within this filing is essential for stakeholders to evaluate risks, opportunities, and the overall market position of Nuburu, Inc. in the electrical machinery sector.

Risk Assessment

Risk Level: medium — Nuburu, Inc. shows moderate risk based on this filing. The company's financial statements and risk factors indicate potential challenges related to its operational status and financial performance, requiring careful investor scrutiny.

Analyst Insight

Investors should review the detailed financial statements and risk factor disclosures in the 10-K to understand Nuburu's current financial health and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-04-15 — Filing Date (As of date)
• 001-39489 — SEC File Number (SEC file number for Nuburu, Inc.)
• 0000950170-24-044503 — Accession Number (Accession number for the filing)

Key Players & Entities

• Nuburu, Inc. (company) — Filer name
• Tailwind Acquisition Corp. (company) — Former company name
• Centennial, CO (location) — Business address city and state
• 2023-12-31 (date) — Fiscal year end
• 2024-04-15 (date) — Filing date
• 3690 (other) — Standard Industrial Classification code

FAQ

Industry Context

Nuburu, Inc. operates within the electrical machinery, equipment, and supplies sector, focusing on laser technology.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business and financial condition.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management's discussion and analysis.
2. Analyze the risk factors section to understand potential challenges and uncertainties facing Nuburu, Inc.
3. Compare the 2023 financial performance with previous years to identify trends and assess growth or decline.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-04-15: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for Nuburu, Inc. as a public company, following its transition from Tailwind Acquisition Corp.

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share BURU NYSE American Secu
• $4 billion — et ("SAM") will grow from approximately $4 billion today to approximately $34 billion by 2
• $34 billion — ately $4 billion today to approximately $34 billion by 2032 (see "— Market Opportunity ").
• $15 billion — share, assuming no competition), to be $15 billion today and to grow to over $65 billion i
• $65 billion — e $15 billion today and to grow to over $65 billion in the next ten years. Our estimated TA
• $2.7 billion — rinting metal system market, which is a $2.7 billion market today, including machines, servi
• $8.4 billion — rials, and is projected to grow to over $8.4 billion by 2026 based on projections by AMPOWER
• $32.8 billion — based on projections by AMPOWER and to $32.8 billion by 2032 based on our own estimates. The
• $10.5 billion — hat could be replaced by blue lasers is $10.5 billion today and, assuming a greater than 10%
• $35 billion — wn estimates, could reach approximately $35 billion by 2032. In addition, we have included

Filing Documents

• buru-20231231.htm (10-K) — 2919KB
• buru-ex2_2.htm (EX-2.2) — 113KB
• buru-ex4_5.htm (EX-4.5) — 28KB
• buru-ex10_39.htm (EX-10.39) — 156KB
• buru-ex10_40.htm (EX-10.40) — 92KB
• buru-ex10_41.htm (EX-10.41) — 170KB
• buru-ex10_42.htm (EX-10.42) — 239KB
• buru-ex10_43.htm (EX-10.43) — 176KB
• buru-ex10_44.htm (EX-10.44) — 168KB
• buru-ex10_45.htm (EX-10.45) — 91KB
• buru-ex10_46.htm (EX-10.46) — 148KB
• buru-ex10_47.htm (EX-10.47) — 43KB
• buru-ex31_1.htm (EX-31.1) — 16KB
• buru-ex31_2.htm (EX-31.2) — 16KB
• buru-ex32_1.htm (EX-32.1) — 10KB
• buru-ex32_2.htm (EX-32.2) — 10KB
• buru-ex97.htm (EX-97) — 44KB
• img52873173_0.jpg (GRAPHIC) — 308KB
• img52873173_1.jpg (GRAPHIC) — 446KB
• img52873173_2.jpg (GRAPHIC) — 231KB
• img52873173_3.jpg (GRAPHIC) — 988KB
• 0000950170-24-044503.txt (&nbsp;) — 17924KB
• buru-20231231.xsd (EX-101.SCH) — 1968KB
• buru-20231231_htm.xml (XML) — 1805KB

BUSINESS

BUSINESS 4 ITEM 1A.

RISK FACTORS

RISK FACTORS 17 ITEM 1B. UNRESOLVED STAFF COMMENTS 44 ITEM 1C. CYBERSECURITY 44 ITEM 2.

PROPERTIES

PROPERTIES 45 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 45 ITEM 4. MINE SAFETY DISCLOSURES 45 PART II 46 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 46 ITEM 6. [RESERVED] 47 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 48 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 56 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 56 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 56 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 56 ITEM 9B. OTHER INFORMATION 57 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTION THAT PREVENT INSPECTIONS. 57 PART III 58 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 58 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 58 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 58 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 58 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 58 PART IV 59 ITEM 15. EXHIBITS, FINANCIAL STATEMENTS SCHEDULES 59 ITEM 16. FORM 10-K SUMMARY 63 i Table of Contents SPECIAL NOTE R EGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which statements involve substantial risk and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this Annual Report on Form 10-K include, but are not limited to, statements about: our success in retaining or recruiting, or changes required in, our officers, key employees, or directors; our public securities' potential liquidity and trading; the ability to maintain the listing of our common stock, par value of $0.0001 per share (the "Common Stock") on a securities exchange; the anticipated benefits of the Business Combination (as defined in "Frequently Used Terms" below); the outcome of any legal proceedings that may be instituted against us related to the Business Combination; existing regulations and regulatory developments in the United States and other juri

BUS INESS

ITEM 1. BUS INESS Unless the context requires otherwise, references to "Nuburu," "we," "us," or "our" in this section are to the business and operations of Legacy Nuburu prior to the Business Combination and to the Company and its subsidiaries following the Business Combination. Corporate History and Background We were originally incorporated in Delaware on July 21, 2020 under the name "Tailwind Acquisition Corp." as a special purpose acquisition company, formed for the purpose of effecting an initial business combination with one or more target businesses. On September 9, 2020 (the "IPO Closing Date"), we consummated our initial public offering (the "IPO"). On January 31, 2023, we consummated a business combination with Nuburu Subsidiary, Inc. f/k/a Nuburu, Inc. ("Legacy Nuburu"), a privately held operating company which merged into our subsidiary Compass Merger Sub, Inc. (the "Business Combination") and changed our name to "Nuburu, Inc.," and we became the owner, directly or indirectly, of all of the equity interests of Nuburu Subsidiary, Inc. and its subsidiaries. In light of the fact that the Business Combination has closed and our ongoing business will be the business formerly operated by Legacy Nuburu, this business section primarily includes information regarding Legacy Nuburu's business. Overview Nuburu is a leading innovator in high-power, high-brightness blue laser technology that is focused on bringing breakthrough improvements to multiple markets, including e-mobility, healthcare, and consumer electronics via a broad range of high value applications that include welding and 3D printing. By delivering increased speed and quality we hope to enhance productivity and cost efficiency for manufacturers in the e-mobility, consumer electronics, aerospace and defense, and 3D printing markets as well as to find additional applications currently not yet serviced by existing laser technologies. We have invented, patented, and developed what we believe to

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View this 10-K filing on SEC EDGAR