NUBURU, Inc. (“NUBURU” or the “Company”) (NYSE American: BURU),
a leading innovator in high-power and high-brightness industrial
blue laser technology, today announced its financial outlook for
the fiscal year ending December 31, 2023.
“We exited 2022 with commercial success as we began making
deliveries to our key customers including Essentium and AFWERX.
Early in 2023, we launched our latest product, the NUBURU BL™
Series which we expect to start shipping in Q2,” said Dr. Mark
Zediker, CEO and Co-Founder of NUBURU. “We expect 2023 to be
another year in which we achieve critical milestones that continue
to enable the customer adoption of our solutions in our rapidly
evolving markets.”
Dr. Zediker added, “We continue to review and make necessary
adjustments to our product development roadmap to be aligned with
our current and prospective customer relationships and to best
utilize our company resources. As such, we expect our 2023 revenues
to be weighted towards the second half of the year. We anticipate
that momentum will provide the critical foundation for additional
revenue acceleration in 2024.”
Financial Outlook for Full Year 2023
The Company expects the following financial results for the full
year ending December 31, 2023:
- Total revenue greater than $3 million, representing a
year-over-year growth in excess of 100%
- EBITDA(1) in the range of negative $21.0 – negative $23.0
million
- Free Cash Flow(1) in the range of negative $24.0 – negative
$26.0 million
___________
(1)
EBITDA, or Earnings Before
Interest, Taxes, Depreciation and Amortization, and Free cash flow
are non-GAAP financial measures. See “Use of Non-GAAP Financial
Measures” below for our definition of, and additional information
about, EBITDA and Free cash flow.
“As we’ve completed our transition to being a public company and
look to solidify our competitive position, we expect to engage with
the financial markets to strengthen our balance sheet,” stated
Brian Knaley, CFO of NUBURU. “We intend to utilize additional
funding sources to allow NUBURU to accelerate our growth trajectory
by enabling us to further invest in technology and other resources
designed to drive our growth in 2023 and beyond.”
About NUBURU
Founded in 2015, NUBURU is a developer and manufacturer of
industrial blue lasers that leverage fundamental physics and their
high-brightness, high-power design to produce faster, higher
quality welds and parts than current lasers can provide in laser
welding and additive manufacturing of copper, gold, aluminum and
other industrially important metals. NUBURU’s industrial blue
lasers produce minimal to defect-free welds that are up to eight
times faster than the traditional approaches — all with the
flexibility inherent to laser processing.
Use of Non-GAAP Financial Measures
In this press release, the Company includes EBITDA and Free cash
flow, which are non-GAAP performance measures that the Company uses
to supplement its results presented in accordance with U.S. GAAP.
In addition to the Company’s results determined in accordance with
GAAP, the Company’s management believes these non-GAAP measures are
useful in evaluating its operational performance. The Company’s
management uses this non-GAAP financial information to evaluate the
Company’s ongoing operations and for internal planning and
forecasting purposes. The Company’s management believes that
non-GAAP financial information, when taken collectively and in
context, may be helpful to investors in assessing the Company’s
operating performance and trends and in comparing the Company’s
financial measures with those of comparable companies that may
present similar non-GAAP financial measures.
EBITDA and Free Cash Flow
The Company defines “EBITDA” as income (loss), plus (minus)
depreciation and amortization expenses, plus (minus) interest, plus
(minus) taxes and “Free cash flow” as net cash from (used in)
operating activities less capital expenditures. EBITDA and Free
cash flow are intended as supplemental measures of the Company’s
performance that are neither required by, nor presented in
accordance with, GAAP and these measures should not be considered a
substitute for net income (loss), and net cash used in operating
activities reported in accordance with GAAP. The Company’s
computation of EBITDA and Free cash flow may not be comparable to
other similarly titled measures computed by other companies,
because all companies may not calculate EBITDA or Free cash flow in
the same fashion.
Limitations of Non-GAAP Financial Measures
There are a number of limitations related to EBITDA, including
the following:
- EBITDA excludes certain recurring, non-cash charges, such as
depreciation of property and equipment and/or amortization of
intangible assets. While these are non-cash charges, the Company
may need to replace the assets being depreciated and amortized in
the future and EBITDA does not reflect cash requirements for these
replacements or new capital expenditure requirements.
- EBITDA does not reflect interest expense, net, which may
constitute a significant recurring expense in the future.
- Free cash flow does not reflect the impact of equity or debt
raises or repayment of debt or dividends paid.
Because of these and other limitations, EBITDA and Free cash
flow should not be considered in isolation or as a substitute for
performance measures calculated in accordance with GAAP. The
Company compensates for these limitations by relying primarily on
the Company’s GAAP results and using EBITDA and Free cash flow on a
supplemental basis. You should not rely on any single financial
measure to evaluate the Company’s business.
The Company’s presentation of EBITDA should not be construed as
an inference that its future results will be unaffected by unusual
or non-recurring items and its presentation of Free cash flow does
not necessarily indicate whether cash flows will be sufficient to
fund its cash needs.
The Company does not provide forward-looking guidance for
certain measures on a GAAP basis. The company is unable to provide
a quantitative reconciliation of forward-looking non-GAAP gross
margins and non-GAAP operating expenses to the most directly
comparable forward-looking GAAP measures without unreasonable
effort because certain items, including legal, acquisition
expenses, stock-compensation expense, intangible amortization
expense, goodwill impairment, and other costs and contingencies
related to current and future operations are difficult to predict
and estimate. These items are inherently uncertain and depend on
various factors, many of which are beyond the company’s control,
and as such, any associated estimate and its impact on GAAP
performance could vary materially.
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, including certain financial forecasts and
projections. All statements other than statements of historical
fact contained in this press release may be forward-looking
statements. Some of these forward-looking statements can be
identified by the use of forward-looking words, including “may,”
“should,” “expect,” “intend,” “will,” “estimate,” “anticipate,”
“believe,” “predict,” “plan,” “seek,” “targets,” “projects,”
“could,” “would,” “continue,” “forecast” or the negatives of these
terms or variations of them or similar expressions. All
forward-looking statements are subject to risks, uncertainties, and
other factors which could cause actual results to differ materially
from those expressed or implied by such forward-looking statements.
All forward-looking statements are based upon estimates, forecasts
and assumptions that, while considered reasonable by NUBURU and its
management, are inherently uncertain and many factors may cause the
Company’s actual results to differ materially from current
expectations which include, but are not limited to: (1) the ability
to continue to meet the security exchange’s listing standards; (2)
failure to achieve expectations regarding its product development
and pipeline; (3) the inability to access sufficient capital to
operate as anticipated; (4) the inability to recognize the
anticipated benefits of the business combination, which may be
affected by, among other things, competition, the ability of the
Company to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; (5) changes in applicable laws or
regulations; (6) the possibility that NUBURU may be adversely
affected by other economic, business and/or competitive factors;
(7) the inability to obtain financing from Lincoln Park Capital;
(8) volatility in the financial system and markets caused by
geopolitical and economic factors; and (9) other risks and
uncertainties set forth in the sections entitled “Risk Factors” and
“Cautionary Note Regarding Forward-Looking Statements” in NUBURU’s
Current Report on Form 8-K filed by NUBURU with the Securities and
Exchange Commission (the “SEC”) on February 6, 2023, Quarterly
Report on Form 10-Q for the quarterly period ended September 30,
2022 filed by NUBURU with the SEC on November 14, 2022 and the
business combination proxy statement/prospectus filed by NUBURU
with the SEC on December 12, 2022 and other documents filed with
the SEC from time to time. These filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. Nothing in this press release should be
regarded as a representation by any person that the forward-looking
statements set forth herein will be achieved or that any of the
contemplated results of such forward-looking statements will be
achieved. You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. NUBURU
does not give any assurance that it will achieve its expected
results. NUBURU assumes no obligation to update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise, except as otherwise required by
applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20230321005475/en/
NUBURU - Media Contact Brian Knaley ir@nuburu.net
NUBURU - Investor Relations Contact Maria Hocut
Maria@blueshirtgroup.com
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