Dear Fellow Shareholders,
With the filing of our 2025 Form 10-K, we want to clearly articulate what the financials reflect-and, importantly, what they do not yet capture.
The 10-K captures NUBURU as it was for the financial year ended 31 December 2025.
Since the financial year end, NUBURU has successfully executed its restructuring, refinancing and key strategic initiatives and investments. These have helped to ensure that NUBURU is well-positioned to continue to further strengthen the business, to advance revenue generation, growth and scalability throughout 2026 and over the longer term, and to create significant value for our shareholders and wider stakeholders.
NUBURU is successfully delivering on its business and growth strategy as a dual-use Defense and Security integrated platform company focused on non-kinetic and directed-energy defense technologies and products, electronic warfare and AI-driven command orchestrated software that also address mission-critical infrastructure across regulated sectors.
We have transitioned to executing on our business and growth strategy.
1. Investment Thesis: NUBURU is a Defense and Security platform company with multiple, attractive revenue generation and growth drivers
Over the past 12 months, NUBURU has executed a comprehensive Transformation Plan that has fundamentally repositioned the Company to create significant value for our shareholders and wider stakeholders.
We are now:
- Operational across multiple Defense and Security business lines by leveraging our expertise, knowledge and networks on blue-laser technology;
- Delivering initial commercial deployments;
- Entering early-stage revenue generation with good visibility on revenue scale up;
- Working on potential strategic transactions which are expected to accelerate materially NUBURU's revenue generation and scalability;
- Building a scalable, modular and integrated Defense and Security platform that is aligned directly with the demands of the structurally evolving defense and security market.
NUBURU is delivering on its business and growth strategy and has multiple attractive near-term catalysts to advance revenue generation, growth and scalability throughout 2026 and over the longer term, and to create significant value for our shareholders and wider stakeholders.
2. Execution Well Underway Across Core Drivers
We are actively and successfully executing on our business and strategy
- Directed-Energy (Lyocon)
Initial commercial deployment and early revenue validation. - Software SaaS (Orbit)
Scaling mission-critical applications.
Foundation for recurring, high-margin revenues. - U.S. Manufacturing (Maddox JV)
Operational infrastructure deployed in the US. - Defense Programs (Tekne network Ukraine)
Production phase initiated with revenue visibility.
Pending regulatory approval to secure the controlling interest in Tekne and its mature and scalable business.
NUBURU's multi-engine execution is central to our growth strategy and the creation of significant value for our shareholders and wider stakeholders.
3. Platform Strategy: A Core Value Driver
We are building a modular, integrated, advanced software-orchestrated, dual-use Defense and Security platform.
Key characteristics:
- Building-block architecture: modular, advanced, integrated and configurable;
- Software-driven orchestration layer: enabling integration into a unified operational framework, and with SaaS recurring revenue and economics;
- Dual-use deployment: addressing defense and critical infrastructure markets;
- Repeatable model that is scalable internationally: enabling efficient and effective global expansion where significant value is created for our shareholders and wider stakeholders.
4. Go-to-Market Positioning: One Platform, One Unified and Integrated Interface
The defense and security market is structurally evolving. Customers are moving away from fragmented procurement toward:
- integrated solutions
- multi-capability systems
- single-point-of-contact providers;
- rapid deployment of proven technologies, products and systems
NUBURU is aligning directly with this demand.
Our positioning: One integrated platform. One partner. One brand.
We are well advanced toward being:
- an integrated dual-use Defense and Security platform provider-not a collection of subsidiaries;
- a business with a synergistic commercial model to drive significant revenue growth;
- focused on deployable non-kinetic and directed-energy defense technologies and products, electronic warfare and AI-driven command orchestrated software that also address mission-critical infrastructure across regulated sectors;
- a dedicated platform brand with an established and growing customer base and procurement relationships.
This shift is expected to deliver to NUBURU:
- accelerated sales cycles;
- expanded contract scope and revenue scalability by leveraging cross-selling and up-selling strategies;
- improved margin profile, particularly through software and other licensable technology components.
5. Tekne: A Key Scaling Catalyst
The planned acquisition of a controlling interest in Tekne (pending regulatory approval) is a defining catalyst that strategy provides NUBURU with:
- Established defense customer base and procurement relationships;
- Industrial scale and operational execution capabilities;
- Positioning within electronic warfare (EW) and integrated systems.
This combination is expected to:
- Accelerate NUBURU's positioning in EW and advanced defense systems;
- Provide direct access to defense markets and programs;
- Transition NUBURU toward a global operating profile in the defense sector.
Tekne materially reduces NUBURU's time to scale operationally and financially.
6. Ecosystem Strategy: Leveraging Kinetic Partnerships
While NUBURU is focused on non-kinetic technologies and software, the defense market is inherently ecosystem-driven.
We are therefore building strategic bridges to kinetic players. A key example is our investment in Heckler Koch AG. This provides:
- access to established defense ecosystems;
- exposure to global customer networks;
- potential integration pathways for non-kinetic capabilities alongside traditional kinetic systems.
This approach accelerates NUBURU's market penetration while preserving our strategic focus.
7. Balance Sheet: Significantly Strengthened
The 2025 Form 10-K reflects a significant improvement in the financial position of NUBURU
- Cash increased to ~$24.7M (vs. ~$0.2M prior year);
- Total assets increased to ~$49.8M (vs. ~$7.0M);
- Stockholders' deficit materially reduced from ~$(37.8)M to ~$(15.2)M.
This reflects a significant strengthening of NUBURU's financial foundations and capital structure. This leaves NUBURU well-positioned to continue to further strengthen the business, to advance revenue generation, growth and scalability throughout 2026 and over the longer term, and to create significant value for our shareholders and wider stakeholders.
8. Equity Positive: Q2 2026 Target
The Company is targeting the achievement of positive shareholders' equity in Q2 2026, representing a key financial inflection point.
This is expected to deliver NUBURU significant benefits, including:
- strengthening capital markets positioning to attract and retain investor support;
- support compliance and institutional eligibility;
- align the financial and investment profile with the operational transformation.
9. Outlook: 2026 and Beyond
NUBURU is successfully executing on its business and growth strategy:
- Multiple active streams of revenue generation, growth and scalability;
- Integrated Platform architecture;
- Achieving positive shareholders' equity in line with regulatory requirements;
- Business aligned directly with the demands of the structurally evolving defense and security market.
Key near-term catalysts include continued execution across revenue-generating programs, progress on the Tekne transaction, and achievement of an equity-positive balance sheet.
As a significant shareholder, I remain fully aligned with our investors, as do the management team and the Board.
The Board believes that the current share price does not reflect the progress achieved to date, nor the operating and financial value expected to be generated over the remainder of 2026 and beyond.
We expect to provide the market with additional updates regarding positive strategic initiatives and operational developments in the weeks and months ahead.
We are confident that NUBURU will continue to deliver successfully on its business and growth strategy to further strengthen the business, to advance revenue generation, growth and scalability throughout 2026 and over the longer term, and to create significant value for our shareholders and wider stakeholders.
Sincerely,
Alessandro Zamboni
Executive Chairman Co-CEO
NUBURU, Inc.
About Nuburu, Inc
Founded in 2015, Nuburu is executing a strategic transformation from a laser-technology company into a dual-use Defense Security platform provider. Through a combination of proprietary directed-energy technologies, non-kinetic defense capabilities, mission-critical software, and targeted industrial partnerships and acquisitions, Nuburu addresses high-value defense, security, and operational-resilience markets. NUBURU is aligned directly with the demands of these structurally evolving growth markets.
For more information, visit www.nuburu.net.
About Nuburu Defense LLC
A subsidiary of NUBURU, Nuburu Defense delivers advanced solutions for defense, security, and critical-infrastructure applications, supporting NUBURU's Defense Security Platform strategy.
For more information, visit also:
www.orbitopenplatform.com
- TEKNE S.p.A. SPECIAL VEHICLES ELECTRONICS
About Nuburu Subsidiary, Inc
A subsidiary of NUBURU, Nuburu Subsidiary, Inc fully owns Lyocon S.r.l. ("Lyocon") an Italian laser-technology company specializing in the design, manufacturing, and integration of high-power blue-laser systems for industrial applications.
Lyocon operates as a fully consolidated operating subsidiary within the NUBURU group and represents the core industrial platform for NUBURU's reactivated blue-laser business.
For more information, visit also Home Page Lyocon.
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. All statements other than statements of historical fact contained in this press release may be forward-looking statements, identified by words such as "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," "plan," "seek," "targets," "projects," "could," "would," "continue," "forecast," or their negatives or variations. These statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially, including but not limited to: (1) the ability to meet applicable securities exchange listing standards; (2) the impact of the loss of the Company's patent portfolio through foreclosure; (3) failure to achieve expectations regarding business development and acquisition strategies; (4) inability to access sufficient capital; (5) inability to realize anticipated benefits of acquisitions; (6) changes in applicable laws or regulations; (7) adverse economic, business, or competitive factors; (8) financial market volatility due to geopolitical and economic factors; and (9) other risks detailed in the Company's SEC filings, including its most recent Form 10-K and Form 10-Q. These filings address additional risks that could cause actual results to differ materially from those contemplated by such forward-looking statements. Readers should not place undue reliance on these statements, which speak only as of the date they are made. NUBURU undertakes no obligation to update or revise these statements, except as required by law.
Source: NUBURU, Inc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260401166914/en/
Contacts:
NUBURU Investor Relations: ir@nuburu.net
Media Contact: press@nuburu.net
Website: www.nuburu.net
