Here are 1-2 brief analogies to describe Nuburu (BURU):

• Like IPG Photonics, but focused on next-generation blue lasers for superior industrial metal processing.
• Like Lincoln Electric, but for advanced blue laser welding and 3D printing.

• High-Power Blue Lasers: Nuburu designs and manufactures industrial blue lasers primarily used for advanced materials processing applications such as welding, 3D printing, and other additive manufacturing.

Nuburu (symbol: BURU) operates primarily on a business-to-business (B2B) model, selling its high-power industrial blue lasers to other companies for applications in manufacturing, additive manufacturing, and material processing.

According to its latest annual report (Form 10-K) filed with the SEC for the fiscal year ended December 31, 2023, Nuburu reported no revenue for the entirety of 2023. Therefore, at present, Nuburu does not have any major customers generating revenue.

For prior years when revenue was generated, Nuburu's SEC filings indicate a high concentration of sales to a limited number of customers:

• In 2022, two customers accounted for 98% of Nuburu's total revenue.
• In 2021, one customer accounted for 100% of Nuburu's total revenue.

However, Nuburu has not publicly disclosed the names of these major customers in its SEC filings or other readily available public statements. Consequently, it is not possible to list the specific names of its past major customer companies or their symbols.

null

Alessandro Zamboni, Executive Chairman & Co-CEO

Alessandro Zamboni was appointed Co-Chief Executive Officer of NUBURU, Inc. effective October 1, 2025, while continuing his role as Executive Chairman. He oversees corporate strategy and financing, treasury and financial reporting, public and investor relations, and market strategy. Mr. Zamboni has extensive expertise in capital markets and technology, particularly in the fintech and regulatory technology sectors. He was a founding member of DEVOLab, SDA Bocconi's think tank focused on digital transformation, which partners with MIT's Design Lab. In this context, he also founded multiple startups. Mr. Zamboni is also the Chief Executive Officer of Supply@ME Capital plc. He leads Nuburu's current Transformation Plan.

Dario Barisoni, Co-CEO & CEO, Nuburu Defense LLC

Dario Barisoni was appointed Co-Chief Executive Officer of NUBURU, Inc. effective October 1, 2025. He also serves as the CEO of Nuburu Defense LLC, a wholly-owned subsidiary. Mr. Barisoni reports to Mr. Zamboni and focuses on the operations of the company's business and subsidiaries, implementing acquisitions and post-merger integration, driving synergies, and developing operational and investment strategies, particularly within the defense sector. He brings over 30 years of experience in the defense-tech and technology sectors. Prior to his appointment as Co-CEO, he served as a Non-Executive Director at Nuburu for nine months and held senior leadership positions at European technology companies.

Brian Knaley, Former CFO (Resigned Jan 2025)

Brian Knaley served as NUBURU's Chief Financial Officer since February 2022 and later as CEO from November 2023. He resigned from Nuburu effective January 31, 2025, though he will continue to assist the company through the transition. Mr. Knaley has over 25 years of experience in finance and operations, including serving as a three-time public company CFO. Before joining NUBURU, he was CFO of CEA Industries Inc. (NASDAQ: CEAD) and Proximo Medical LLC, a startup specializing in medical devices. He also served as Senior Vice President and interim CFO of ViewRay (NASDAQ: VRAY), a global manufacturer of MRI-guided radiation therapy systems. As CFO for CEA Industries, he led efforts to raise $3 million in PIPE financing and an uplist to Nasdaq.

The rapid scaling and increasing focus of major, diversified industrial laser manufacturers such as IPG Photonics and Coherent Corp. on their own high-power blue laser products represents an emerging threat. These larger companies, with significantly greater financial resources, established global sales channels, and broader customer relationships, are intensifying their efforts and expanding their product portfolios in blue laser technology, particularly targeting applications like electric vehicle (EV) battery manufacturing and additive manufacturing where Nuburu specializes. This accelerated push by well-resourced competitors could allow them to quickly capture market share and exert pricing pressure, thereby challenging Nuburu's niche position and growth prospects.

Nuburu (BURU) operates in several addressable markets with its main products and services, primarily its blue laser technology for industrial applications and its expanding Defense & Security Hub.

• Industrial Blue Laser Technology (Welding and 3D Printing):
  • The global market for industrial laser systems was valued at $19.64 billion in 2022 and is projected to reach $40.4 billion by 2032, growing at approximately 5.1% annually.
  • Nuburu estimates its serviceable addressable market (SAM) for blue laser applications, which include welding and 3D printing for sectors like EV batteries, consumer electronics, aerospace, and medical devices, to grow from approximately $4 billion currently to about $33 billion by 2032.
  • Specifically, the metal 3D printing market is expected to grow from over $2 billion in 2022 to more than $32 billion in 2032, with a compound annual growth rate (CAGR) of approximately 26%.
• Defense and Security Hub:
  • The electronic warfare sector, which Nuburu targets through partnerships, is projected to reach $19.4 billion by 2028.
  • For Software as a Service (SaaS) in security and operational resilience, Nuburu projects a target addressable market of $1.1 billion by 2033.
  • The addressable market for operational resilience, business continuity, and crisis management technologies across U.S., EU, and NATO defense organizations is estimated at $2.9 billion to $3.6 billion in 2025, with an annual expansion of over 10%.
  • The NATO UAV (drone) defense market opportunity is estimated at approximately $7 billion to $10.3 billion annually.

1. Expansion into Defense and Security Markets: Nuburu is undergoing a significant strategic transformation, shifting its focus and leveraging its technology to enter the high-growth defense and national security sectors. The company has established Nuburu Defense LLC to pursue acquisitions and initiatives in areas such as electronic warfare systems, military-grade drone capabilities, special-purpose vehicle integration, and critical-infrastructure cybersecurity and resilience. This expansion is anticipated to be a primary driver of revenue, with initial billings projected for Q4 2025 and progressive growth in 2026 as defense programs accelerate globally.
2. Strategic Acquisitions and Consolidation: A key component of Nuburu's growth strategy involves strategic acquisitions to build out its Defense & Security Hub and expand into complementary sectors. The company is actively pursuing and advancing acquisitions in defense-tech and security, including a blue-laser business that would provide an operational entity with engineers, production facilities, R&D capabilities, and a customer base spanning civil and military sectors. These acquisitions are expected to consolidate and accelerate revenue growth, with management projecting significant contributions.
3. Commercialization and Advancement of Blue Laser Technology in Industrial Applications: While pivoting to defense, Nuburu continues to leverage its foundational blue laser technology. The company's blue lasers are particularly effective for welding reflective metals like copper and aluminum, offering advantages in speed and quality for applications in EV battery welding, smartphone parts, aerospace, and medical devices. The continued development, enhancement, and commercial adoption of its blue laser hardware (such as the BL-250 and AO-150 models) and the licensing of its patents in industrial markets are expected to contribute to revenue.
4. Partnerships and International Defense Contracts: Nuburu is utilizing strategic alliances to further its reach in the defense sector. For example, its partnership with Tekne S.p.A. is aimed at securing international defense contracts, as evidenced by a recent $6.6 million contract with a government agency in Bangladesh. The company is also working on further strategic agreements to position Nuburu Defense as a global defense-tech hub for non-Italian markets. Such collaborations and contract wins are expected to be significant revenue drivers.

Share Issuance

• Nuburu went public via a SPAC merger with Tailwind Acquisition in February 2023, a transaction valued at approximately $350 million pre-money and expected to provide gross proceeds of up to approximately $334 million.
• In September 2025, the company completed a $12 million public offering, issuing 32,373,536 common shares and 51,660,075 pre-funded warrants, along with 126,050,417 common warrants.
• A Standby Equity Purchase Agreement (SEPA) was entered into with YA II PN, Ltd. in May 2025, authorizing the company to sell up to $100 million in shares until May 2028.

Inbound Investments

• Nuburu secured a comprehensive funding program of approximately $65 million in October 2024, which included $15 million in direct investment and a $50 million equity line of credit.
• The SPAC merger in February 2023 was anticipated to bring in up to approximately $334 million in gross proceeds.
• Esousa Group Holdings, LLC made a $10 million investment as part of the $12 million public offering in September 2025.

Outbound Investments

• In August 2025, Nuburu initiated a phased acquisition of Tekne S.p.A., acquiring a 3% equity stake and committing to finance up to €40 million of Tekne's working capital, with the goal of achieving approximately 70% control by Q4 2025.
• The company began the acquisition of Orbit S.r.l., an Italian software company, completing the first phase in October 2025 with an initial $1.5 million capital infusion for a 10.7% equity position. The total acquisition price is $12.5 million, comprising $3.75 million in cash and $8.75 million in securities, plus an equity investment of up to $5.0 million for working and growth capital, with full acquisition targeted by December 2026.
• A joint venture was formed with Maddox Defense Incorporated in October 2025 to develop and deploy drone systems, with Nuburu Defense LLC slated to contribute up to $10 million in funding.

Capital Expenditures

• Nuburu is focused on continued investment in technology development and expanding its presence across various industries, including e-mobility, automotive, energy storage, aerospace, defense, health care, and consumer electronics.
• The company's capital expenditure needs are linked to monitoring patent pipeline progress and gauging capital for new laser fabrication facilities.
• To support operations, working capital, and capital expenditures, the company plans to rely on proceeds from financing agreements.