12 May 2023
NUBURU reports Q1 revenue of $0.47m
For first-quarter 2023, NUBURU Inc of Centennial, CO, USA has reported revenue of about $0.47m (up on $0.09m a year ago) after it launched and began taking orders for the new BL Series laser.
Founded in 2015, NUBURU is a developer and manufacturer of industrial blue lasers that leverage their high-brightness, high-power design to produce fast, high-quality laser materials processing.
“We have seen continued forward progress in our key markets of welding, 3D printing and defense,” says CEO & co-founder Dr Mark Zediker.
During Q1/2023, NUBURU 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.
The firm also delivered the world’s first blue 3D printer light engine to a technical partner under a contract with the US Air Force.
“Our work with the US Air Force and our ongoing partnerships underscore the building momentum in our commercial pipeline,” says Zediker.
In addition, NUBURU was selected by the US Department of Defense for participation on a firm-fixed-price, indefinite-delivery/indefinite-quantity, multiple-party award contract with a maximum ceiling of $75m.
“Our performance in the first quarter highlights the continued customer adoption of our blue laser technology in critical applications and materials,” comments Zediker.
Net cash used in operating activities during Q1/2023 was $4.05m (more than doubling from from $1.9m a year ago). Capital expenditure (CapEx) was $0.345m (up from $0.1m a year ago). Free cash flow was hence –$4.4m (more than doubling from –$2m a year ago).
As of end-March, cash and cash equivalents were $1.52m. However, additional cash has since been received by the company.
NUBURU has reiterated its full-year 2023 guidance of revenue in excess of $3m, EBITDA (earnings before interest, taxes, depreciation and amortization) in the range of –$21m to –$23m, and free cash flow in the range of –$24m to –$26m. The firm believes that it has access to sufficient sources of capital to fund this business plan.
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