Nuburu announces Q1 results
Revenue of approximately $0.5 million represents over 400 percent increase
Blue laser firm Nuburu has 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 defence. In particular, our work with the US Air Force and our ongoing partnerships underscore the building momentum in our commercial pipeline,” said 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.”
Business highlights include the launching and taking orders for the new Nuburu BLTM Series laser. The company was also selected by the US Department of Defense for participation on a multiple party award contract with a maximum ceiling of $75 million.
The company continued to deliver units to Essentium as part of a multi-year partnership focused on metal 3D printing for the aerospace, automotive, and defence markets. In addition, it delivered the world's first blue 3D printer light engine to a technical partner under a contract with the US Air Force.
Total revenue was approximately $0.5 million compared to $0.1 million for the same period last year, or a 422 percent year-over-year increase. Total gross profit (loss) was approximately $(0.7) million, compared to $(0.5) million for the same period last year. Gross margin was (158) percent, compared to (517) percent for the same period last year. Operating expenses were $4.6 million, compared to $1.8 million for the same period last year.
Net loss 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.
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.
