Revenue Performance - Total revenue for the three months ended September 30, 2024, was 186,743,comparedto0 for the same period in 2023, with net losses of 4,377,522and5,085,301 respectively[150] - For the nine months ended September 30, 2024, total revenue was 142,827,downfrom1,710,794 in 2023, with net losses increasing to 22,765,563from15,959,530[150] - Nuburu's revenue for the three months ended September 30, 2024, decreased by 186,743comparedtothesameperiodin2023,primarilyduetocostreductionmeasuresincludingemployeefurloughs[186]−Revenuedecreasedby1,567,967 for the nine months ended September 30, 2024, compared to the same period in 2023, primarily due to cost reduction measures including employee furloughs[195] - Revenue for 2024 was 142,827,adecreaseof1,567,967 compared to 1,710,794in2023,representingadeclineofapproximately91.66755,753 during the same period, attributed to a reduction in direct labor costs of approximately 383,000anddirectjobcostsandmaterialsofapproximately326,000[187] - Research and development expenses decreased by 1,141,976,mainlyduetolowerpersonnelcostsofapproximately1,010,000 and reduced spending on the BLTM series[188] - Selling and marketing expenses decreased by 410,182,primarilyduetolowerpersonnelcostsandconsultingexpenses[189]−Generalandadministrativeexpensesdecreasedby394,520, driven by reduced compliance costs and personnel costs, partially offset by increased professional service costs[190] - Cost of revenue decreased by 2,862,772duringtheninemonthsendedSeptember30,2024,mainlyduetoareductionindirectjobcostsandmaterialsrelatedtodecreasedproductionoflasersystems[196]−Researchanddevelopmentexpensesdecreasedby2,643,816 for the nine months ended September 30, 2024, primarily due to lower personnel costs and reduced spending on the BLTM series[197] - Selling and marketing expenses decreased by 680,324duringtheninemonthsendedSeptember30,2024,attributedtolowerpersonnelcostsandthereversalofstockcompensationexpenses[198]−Generalandadministrativeexpensesdecreasedby1,468,429 for the nine months ended September 30, 2024, driven by reduced compliance costs and personnel expenses[199] Financial Position and Cash Flow - Cash and cash equivalents decreased to 232,075asofSeptember30,2024,downfrom2,148,700 as of December 31, 2023[206] - Net cash used in operating activities was 5,499,839fortheninemonthsendedSeptember30,2024,adecreasefrom13,259,181 in the same period in 2023[214] - Net cash provided by financing activities was 3,583,214fortheninemonthsendedSeptember30,2024,comparedto13,148,567 for the same period in 2023[217] - Net cash used in operating activities for the nine months ended September 30, 2024, was (5,499,839),downfrom(13,259,181) in 2023, indicating improved cash flow management[229] - The company reported no off-balance sheet arrangements as of September 30, 2024, indicating a stable financial position[230] Losses and Financial Outlook - The company expects to incur significant expenses and operating losses as it continues research and development and seeks to commercialize its products[151] - The company anticipates continued net losses for the foreseeable future, raising substantial doubt about its ability to continue as a going concern[207] - Net loss for the nine months ended September 30, 2024, was 22,765,563,comparedtoanetlossof15,959,530 for the same period in 2023[207] - Net loss for the three months ended September 30, 2024, was (4,377,522),comparedto(5,085,301) in 2023, indicating a reduction in losses of approximately 13.91%[228] Capital and Financing Activities - A reverse stock split of 1-for-40 was executed on July 23, 2024, following stockholder approval[155] - The company entered into a Securities Purchase Agreement on April 3, 2024, for 3,000,000innewshares,butonly644,936 has been advanced[156] - During the three months ended September 30, 2024, the company issued 665,410 pre-funded warrants for total cash proceeds of 600,000[157]−ThecompanyhasnegotiatedaMasterAgreementwithLiqueousLPforastrategicfinancingframework,includinganimmediatecapitalinfusionof3.0 million[162] - The effective interest rate of the August 2024 Convertible Notes was 180.2% as of September 30, 2024[161] Gains and Liabilities - A gain of 369,674wasrecordedinthechangeinfairvalueofwarrantliabilitiesforthethirdquarterof2024,comparedtoagainof167,108 in the same period of 2023[193] - A gain of 141,100wasrecordedinthechangeinfairvalueofderivativeliability,whichwasnotpresentinthethirdquarterof2023[194]−Alossonextinguishmentofdebtof1,339,017 was recorded for the three months ended September 30, 2024, related to the issuance of shares to extinguish principal and accrued interest under Senior and Junior Notes[194] Non-GAAP Measures - The company utilizes non-GAAP measures such as EBITDA and Free cash flow to assess operational performance, which may not be comparable to similar measures from other companies[224] - EBITDA for the nine months ended September 30, 2024, was (19,364,982),comparedto(15,506,324) in the same period of 2023, reflecting a decline of approximately 24.06%[228] - Free cash flow for the nine months ended September 30, 2024, was (5,499,839),animprovementof8,902,252 from (14,402,091)in2023[229]−Totalgrossmarginfor2024was(1,807,805), an improvement of 1,294,805from(3,102,610) in 2023[222] Patent and Technology Development - The company has over 220 granted and pending patents globally, focusing on blue laser applications and technologies[146] Accounting and Estimates - The company continues to evaluate its accounting estimates and has not made significant changes during the nine months ended September 30, 2024[233]
