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Existential event
Time-sensitive event — see the red-flag panel below for the source-quoted detail.
Red Flags Detected
- Going Concern (new) — The company's auditors have expressed substantial doubt about Nuburu's ability to continue as a going concern.
- Material Weakness (new) — Nuburu has restated previously issued financial statements and identified material weaknesses in internal control over financial reporting.
- Delisting Risk (new) — NYSE American may delist Nuburu's securities due to multiple noncompliance notices, including a stockholders' equity deficit.
- Related-party Transactions (new) — The company has significant related-party transactions, including acquisitions from entities controlled by its Executive Chairman and receivables from related parties.
- Dilution (new) — The offering nearly doubles the outstanding share count, and new investors face immediate dilution of $0.06 per share, with further dilution possible from outstanding warrants and convertible notes.
Nuburu files for $38M best-efforts offering at $0.16/share amid going-concern doubt and material weaknesses
Filed July 13, 2026 · ~2 min read
Key Changes
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high
Nuburu is offering up to 244,372,990 shares of common stock (or pre-funded warrants) plus Series B preferred stock at $0.16 per share, targeting $38M gross proceeds.
The Offering verify on EDGAR → -
high
The company expects net proceeds of approximately $35.5M, with no minimum offering amount, so actual proceeds could be substantially less.
Use of Proceeds verify on EDGAR → -
high
Nuburu reported a GAAP net loss of $79.1M for 2025, more than double the prior year's $34.5M loss.
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high
The company's auditors have expressed substantial doubt about its ability to continue as a going concern.
Experts view on EDGAR → -
high
Nuburu has restated prior financial statements and identified material weaknesses in internal control over financial reporting.
Prospectus Summary verify on EDGAR → -
high
The offering implies a post-offering market capitalization of approximately $38.7M, with new investors facing immediate dilution of $0.06 per share.
Dilution verify on EDGAR → -
medium
Proceeds are earmarked for working capital, strategic acquisitions, repayment of a $25M debenture, and $1.25M of convertible notes.
Use of Proceeds verify on EDGAR →
Summary
Nuburu, Inc. is seeking to raise up to $38 million in a best-efforts offering of common stock and Series B preferred stock at $0.16 per share. The company expects net proceeds of about $35.5 million, but with no minimum offering amount, the actual raise could be far less.
The offering implies a post-offering market capitalization of roughly $38.7 million, and new investors would face immediate dilution of $0.06 per share. Proceeds are intended for working capital, strategic acquisitions, repayment of a $25 million debenture, and $1.25 million of convertible notes. The company is in a precarious financial position.
It reported a GAAP net loss of $79.1 million for 2025, more than double the prior year's loss, and its auditors have expressed substantial doubt about its ability to continue as a going concern. Nuburu has also restated prior financial statements and identified material weaknesses in internal controls. Additionally, the company faces potential delisting from NYSE American due to noncompliance with listing standards. Beyond these issues, Nuburu has engaged in a series of related-party transactions, including acquisitions from entities controlled by its Executive Chairman, and has advanced significant funds to acquisition targets that may not close. The offering itself would nearly double the outstanding share count, and the company's stock has been volatile, having undergone a reverse split earlier this year. Investors should carefully review the full prospectus, including the audited financial statements and risk factors, before considering an investment.
Section-by-Section Diff
The Offering · The Offering
Nuburu is offering up to 244,372,990 shares of Common Stock (or Pre-Funded Warrants) plus 663,214 shares of Series B Preferred Stock at $0.1555 per share, targeting $38M gross proceeds.
Added in current filing · verify on EDGAR →
Public offering price | $ 0.1555 | $ 0.1554 | $ 38,000,000
The company is offering securities at a combined public offering price of $0.1555 per share of Common Stock plus accompanying Series B Preferred Stock, or $0.1554 per Pre-Funded Warrant plus accompanying Series B Preferred Stock, for total gross proceeds of $38,000,000. The price is based on the last reported sale price of Common Stock on July 10, 2026 plus a 5% premium.
Added in current filing · verify on EDGAR →
Proceeds, before expenses, to us(2) | $ 0.1458 | $ 0.1457 | $ 35,625,000
After deducting placement agent fees of 6.25% of gross proceeds ($2,375,000), the company expects to receive $35,625,000 before other expenses. This is the primary capital raise for the company.
Added in current filing · verify on EDGAR →
Up to 244,372,990 shares of Common Stock (together with the Pre-Funded Warrants in lieu of Common Stock, the “Offered Securities”)
The company is offering up to 244,372,990 shares of Common Stock, or Pre-Funded Warrants in lieu of shares for investors who would exceed 4.99% beneficial ownership. This is a substantial number of shares relative to the current outstanding count.
Added in current filing · verify on EDGAR →
Offered Securities are being sold to investors together with an accompanying 663,214 shares of Series B Preferred Stock.
Investors in this offering will also receive Series B Preferred Stock, which is convertible into Common Stock beginning 45 days after issuance, subject to a cap of 205,627,010 shares until Stockholder Approval is obtained. The Series B Preferred Stock has no established trading market and will not be listed.
Added in current filing · verify on EDGAR →
Common Stock to be outstanding immediately after this offering(1) 493,415,786 shares, assuming no sale of Pre-Funded Warrants, exercise of any Pre-Funded Warrants or conversion of any Series B Preferred Stock issued in this offering.
The offering will nearly double the number of outstanding shares from 249,042,796 to 493,415,786, assuming all Common Stock is sold and no Pre-Funded Warrants or Series B Preferred Stock are exercised or converted. This represents significant dilution to existing shareholders.
Prospectus Summary · Prospectus Summary
Nuburu pivoted from industrial lasers to a dual-use defense/security platform, faces liquidity constraints and material weaknesses, and is offering securities.
Added in current filing · verify on EDGAR →
During 2025, we undertook a comprehensive strategic transformation designed to reposition us from a legacy industrial laser manufacturer into a dual-use defense and security platform (“Defense and Security Platform”).
The company has fundamentally shifted its business model from industrial lasers to a defense and security platform, including acquisitions and partnerships. This is a major strategic change that investors need to understand.
Added in current filing · verify on EDGAR →
For the three months ended March 31, 2026 and 2025, we incurred a net loss of $459,898 and $16,611,425, respectively, and we had an accumulated deficit of $200,939,729 and $200,479,831 as of March 31, 2026 and December 31, 2025, respectively.
The company reports significant net losses and a large accumulated deficit, indicating ongoing financial challenges. The net loss for Q1 2026 is much smaller than Q1 2025, but the accumulated deficit remains substantial.
Added in current filing · verify on EDGAR →
In the fourth quarter of 2024, our senior secured lenders provided notice of default with respect to our outstanding secured indebtedness and initiated a foreclosure process with respect to our patent portfolio that served as collateral for our outstanding secured indebtedness (the “Foreclosure”).
The company lost its patent portfolio through foreclosure, which is a major event that stripped away key intellectual property. This significantly impacts the company's technology base and future prospects.
Added in current filing · verify on EDGAR →
On February 27, 2026, we effected a 1-for-4.99 reverse stock split of our Common Stock (the “2026 Reverse Stock Split”).
The company implemented a reverse stock split, which is often used to maintain listing compliance but can signal financial distress. Investors should be aware of the adjusted share counts and prices.
Added in current filing · verify on EDGAR →
In May 2026, we entered into an Investment Agreement with Tekne and its shareholders, pursuant to which we agreed to contribute additional financial resources to Tekne and purchase shares of Tekne from its current shareholders in exchange for obtaining a 70% equity interest in Tekne, subject to the receipt of certain approvals from the Italian government.
The company plans to acquire a 70% stake in Tekne, a defense-tech company, pending Italian government approval. This is a significant strategic move that could expand its defense capabilities but also carries execution risk.
Use of Proceeds · Use of Proceeds
Nuburu expects ~$35.5M net proceeds at $0.1555/share, with no minimum offering, to fund working capital, acquisitions, and debt repayment.
Added in current filing · verify on EDGAR →
We expect to receive net proceeds from this offering of approximately $35.5 million, based on the Offering Price of $0.1555 per share of Common Stock and accompanying 0.002714 share of Series B Preferred Stock, after deducting estimated Placement Agent fees and the estimated offering expenses payable by us, assuming no sale of any Pre-Funded Warrants in this offering.
The company estimates net proceeds of about $35.5 million at the offering price of $0.1555 per share, after fees and expenses. This is a best-efforts offering with no minimum, so actual proceeds could be substantially less.
Added in current filing · verify on EDGAR →
Because this is a best efforts offering and there is no minimum offering amount required as a condition to the closing of this offering, the actual offering amount, Placement Agent’s fees and net proceeds to us are not presently determinable and may be substantially less than the maximum amounts set forth on the cover page of this prospectus.
The offering has no minimum amount, so the company could close with far less capital than the maximum. Investors face uncertainty about how much money the company will actually raise.
Added in current filing · verify on EDGAR →
We are required to use the net proceeds from this offering for purposes of working capital, strategic investments and acquisitions in accordance with pursuing our Transformation Plan, repayment of the Debenture in full and payment of $1.25 million of convertible notes issued in connection with the Lyocon acquisition.
Proceeds are earmarked for working capital, acquisitions under the Transformation Plan, full repayment of the Debenture, and $1.25 million of convertible notes from the Lyocon acquisition. The Securities Purchase Agreement also prohibits using proceeds for certain debt satisfaction, stock redemptions, litigation settlements, or FCPA/OFAC violations.
Added in current filing · verify on EDGAR →
Within the limitations of the Securities Purchase Agreement, our management will have broad discretion in the application of the net proceeds, and investors will be relying on our judgment regarding the application of the net proceeds from this offering.
Management has broad discretion over how the net proceeds are spent, subject to the Securities Purchase Agreement restrictions. Investors must trust management's judgment on allocation.
Dilution · Dilution
Illustrates dilution to new investors at various offering sizes, with pro forma net tangible book value per share ranging from $0.08 to $0.10.
Added in current filing · verify on EDGAR →
If we sell only 75% of the securities offered in this offering, at the Offering Price of $0.1555 per share, assuming no sale of any Pre-Funded Warrants in this offering and after deducting the estimated Placement Agent fees and the estimated expenses payable by us, our pro forma as adjusted net tangible book value as of March 31, 2026 would have been approximately $36.3 million, or $0.10 per share of Common Stock. This represents an immediate increase in net book value of $0.05 per share to our existing stockholders and an immediate dilution in net tangible book value of $0.06 per share to new investors participating in this offering.
The company provides three illustrative scenarios (75%, 50%, 25% of the offering) showing how the pro forma net tangible book value per share and dilution to new investors change with the amount sold. These are preliminary estimates based on the offering price of $0.1555 per share and exclude Pre-Funded Warrants and Series B Preferred Stock conversions.
Added in current filing · verify on EDGAR →
The above discussion and table are based on 154,588,426 shares of our Common Stock outstanding as of March 31, 2026, which excludes:
The dilution calculations use 154,588,426 shares outstanding as of March 31, 2026, but exclude a large number of potentially dilutive securities, including 66,795,002 warrants, 23,300,646 convertible notes, and other commitments. This means actual dilution could be significantly higher if those securities are exercised or converted.
Added in current filing · verify on EDGAR →
The above illustration of dilution per share to investors participating in this offering does not take into account further dilution to investors in this offering that could occur upon the exercise of outstanding equity awards and warrants having a per share exercise price less than the effective public offering price per share in this offering.
The company explicitly warns that the dilution illustration does not include the impact of outstanding equity awards and warrants with exercise prices below the offering price. If those are exercised, new investors would face additional dilution beyond what is shown.
Added in current filing · verify on EDGAR →
Nuburu Defense will acquire all outstanding capital stock of Orbit from Vanguard for an aggregate purchase price of $12,500,000, consisting of $3,750,000 in cash and $8,750,000 in securities
The company is acquiring Orbit, a related party entity owned by its Executive Chairman, for $12.5 million in cash and securities. This is a significant related-party transaction that could raise governance concerns.
Added in current filing · verify on EDGAR →
we paid $2,000,000 in consideration to the Sellers, including (i) $750,000 in cash to the Sellers on the closing date, and (ii) a subordinated convertible note in the principal amount of $625,000 to each of the Sellers
The company acquired Lyocon for $2 million, partly in cash and partly in convertible notes. The notes convert at $1.47 per share, which could lead to future dilution.
Added in current filing · verify on EDGAR →
we have invested the full $5,150,000
The company has invested $5.15 million in SYME, a related party fintech platform. Upon conversion, the company expects to hold a controlling interest in SYME.
Added in current filing · verify on EDGAR →
we acquired from Brick Lane 295,000 shares (or approximately 0.8% of the outstanding common shares) of Heckler & Koch AG ... for an aggregate purchase price of $15,000,000
The company acquired a 0.8% stake in Heckler & Koch for $15 million, paid via a convertible note. The note is convertible at $0.7560 per share, which could lead to future dilution.
Added in current filing · verify on EDGAR →
we will fund up to $4,000,000 (the “Development Funds”) for Maddox’s development of the first full operating container
The company has committed up to $4 million to fund the development phase of a joint venture with Maddox. This is a significant capital commitment for a non-binding strategic framework.
Risk Factors · Risk Factors
Nuburu faces going-concern doubt, material weaknesses, dilution, delisting risk, and unclosed acquisitions.
Added in current filing · verify on EDGAR →
The report from our auditors for our consolidated financial statements as of and for the year ended December 31, 2025 includes an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern.
The company's auditors have expressed substantial doubt about Nuburu's ability to continue as a going concern. This is a critical risk for investors as it indicates the company may not be able to meet its obligations or continue operations without additional financing.
Added in current filing · verify on EDGAR → · paraphrased
We have had to restate previously issued consolidated financial statements and we have identified material weaknesses in our internal control over financial reporting.
The company has restated financial statements and identified material weaknesses in internal controls. This raises concerns about the reliability of financial reporting and may indicate deeper governance issues.
Added in current filing · verify on EDGAR →
Trading of our Common Stock was halted by NYSE American on February 13, 2026, because the trading price dropped below NYSE American’s minimum trading price of $0.10. We implemented a 1-for-4.99 reverse stock split on February 27, 2026, in order to return to compliance with the minimum trading price requirement.
The company's stock was halted for trading below the minimum price and required a reverse stock split to regain compliance. Continued low trading prices could lead to delisting, which would severely impact liquidity and investor ability to sell shares.
Added in current filing · verify on EDGAR →
In connection with our planned acquisitions of interests in Tekne, SYME and Orbit, as of July 10, 2026, we have provided funding of approximately $36.1 million. To the extent that such acquisitions do not close as anticipated, such entities are required to repay all or part of the funds that we have contributed to them.
The company has advanced $36.1 million to acquisition targets that may not close. If the deals fail, repayment is uncertain, which could materially harm the company's financial position.
Added in current filing · verify on EDGAR →
Under the debenture that we issued to YA in the principal amount of $25,000,000 in December 2025 (the “Debenture”), we are required to pay monthly installment payments of $2,777,778 of principal plus accrued and unpaid interest beginning in March 2026.
The company has a $25 million debenture with monthly principal payments of $2.78 million. The company states it may not have sufficient cash flow to service this debt, and intends to use offering proceeds to repay it.
Added in current filing · verify on EDGAR →
In October 2025, we were the victim of email fraud due to our receiving an invoice from a criminal actor posing as our financial advisor and our paying the invoice amount to the criminal actor’s bank account based on the falsified wiring instructions. As a result, we incurred a loss of $1,005,352.
The company discloses a specific cyber fraud incident resulting in a $1,005,352 loss, with no expectation of recovery. This is a concrete, company-specific event that materially impacts financials and highlights control weaknesses.
Added in current filing · verify on EDGAR →
Our former secured lenders obtained our existing patent portfolio in connection with the Foreclosure sale. While we retain our trademarks, trade secrets, know-how, and other intellectual property rights, we may have to initiate legal action in order to clearly establish ownership rights with respect to such intellectual property. Further, the former secured lenders may sue us for infringement if they believe our continued participation in the laser industry is in violation of the patents they acquired through the Foreclosure.
The company lost its patent portfolio to former secured lenders in a foreclosure sale, retaining only trademarks, trade secrets, and know-how. This creates uncertainty over IP ownership and potential infringement litigation, which could severely impact its ability to compete.
Added in current filing · verify on EDGAR →
On April 29, 2025, we received a Notice of Noncompliance from NYSE Regulation indicating that we were not in compliance with Section 1003(a) (i) of the NYSE American LLC Company Guide (the “Company Guide”), which requires a company to maintain stockholders’ equity of $2,000,000 or more if it has reported losses from continuing operations or net losses in two of its three most recent fiscal years.
The company received a noncompliance notice from NYSE American in April 2025 for failing to maintain required stockholders' equity. A second notice followed in May 2026 due to a stockholders' deficit of approximately $15.2 million as of December 31, 2025. The company is operating under a compliance plan through October 29, 2026, but delisting remains a risk.
MD&A · Management's Discussion and Analysis
Nuburu reports a net loss of $79.1M for 2025, a going concern doubt, and NYSE American noncompliance notices.
Added in current filing · verify on EDGAR →
For the years ended December 31, 2025 and 2024, we incurred a net loss of $79,071,276 and $34,515,754
The company's net loss more than doubled from $34.5 million in 2024 to $79.1 million in 2025. This is the GAAP bottom line and reflects significant non-cash expenses and operational challenges.
Added in current filing · verify on EDGAR →
there can be no assurance that these efforts will be successful or that they will alleviate the substantial doubt regarding our ability to continue as a going concern
Management acknowledges substantial doubt about the company's ability to continue as a going concern, which is a critical risk for investors.
Added in current filing · verify on EDGAR →
On May 12, 2026, we received a Notice of Noncompliance (the “2026 Notice”) from NYSE Regulation indicating that we were not in compliance with Section 1003(a) (ii) of the Company Guide, which requires a company to maintain stockholders’ equity of $4.0 million or more if it has reported losses from continuing operations or net losses in three of its four most recent fiscal years.
The company received a second noncompliance notice from NYSE American, indicating ongoing listing standard issues. The stock trades with a '.BC' designation, signaling noncompliance.
Added in current filing · verify on EDGAR →
We generated total revenue of nil and $152,127 during the years ended December 31, 2025 and 2024, respectively.
Revenue dropped to zero in 2025 from $152,127 in 2024, reflecting the severe impact of cost-cutting measures and furloughs on commercialization.
Added in current filing · verify on EDGAR →
Net loss | $ (459,898) | $ (16,611,425) | $ 16,151,527
The company reports a net loss of $459,898 for the three months ended March 31, 2026, compared to a net loss of $16,611,425 for the same period in 2025. The current period loss is significantly smaller, but the company still has an accumulated deficit of $200,939,729 as of March 31, 2026.
Added in current filing · verify on EDGAR →
there can be no assurance that these efforts will be successful or that they will alleviate the substantial doubt regarding our ability to continue as a going concern
Management discloses substantial doubt about the company's ability to continue as a going concern, indicating significant financial distress and uncertainty about future operations.
Added in current filing · verify on EDGAR →
As of March 31, 2026, we had cash and cash equivalents of $8,267,110 as compared to $24,661,284 as of December 31, 2025.
Cash and cash equivalents decreased by approximately $16.4 million during the first quarter of 2026, reflecting significant cash burn from operations and investing activities.
Added in current filing · verify on EDGAR →
we have an accumulated deficit of $200,939,729 as of March 31, 2026
The company has accumulated losses of over $200 million since inception, indicating a long history of unprofitability and reliance on external financing.
Business · Business
Describes accounting policies for business combinations, goodwill, revenue, and recent acquisitions of Orbit and Lyocon.
Added in current filing · verify on EDGAR →
Effective as of January 15, 2026, the Company closed on a second tranche of such acquisition, resulting in the Company owning approximately 22% of Orbit and recomposing Orbit's Board of Directors, including the addition of Mr. Zamboni to the Board of Directors (the "Orbit Change of Control").
The company acquired control of Orbit, a related party, and consolidated it from January 15, 2026. The acquisition involved significant related-party transactions and complex accounting.
Added in current filing · verify on EDGAR →
On January 15, 2026 (the “Lyocon Closing Date”), the Company consummated the acquisition of all of the ownership interests in Lyocon, an Italian laser-engineering and photonics company specializing in advanced laser sources, precision optical systems and customized laser platforms (the “Lyocon Acquisition”).
The company acquired Lyocon, an Italian laser company, for $2,000,000 plus potential earn-outs. This expands its product portfolio but adds integration risk.
Added in current filing · verify on EDGAR →
The amount presented as of March 31, 2026 includes amounts receivable from RegTech Open Project PLC ("RegTech"), a United Kingdom company controlled by the Company's Executive Chairman and Co-Chief Executive Officer, and The AvantGarde Group ("TAG"), which is founded and owned by the Company's Executive Chairman and Co-Chief Executive Officer, of $1,160,603 and $145,733, respectively.
The company has significant receivables from entities controlled by its Executive Chairman, indicating potential conflicts of interest and related-party risk.
Added in current filing · verify on EDGAR →
As of March 31, 2025, the Company was in default under the lease, and the Landlord pursued available remedies in advance of the lease term that expired in June 2025. In April 2025, the Landlord obtained a default judgment against the Company in the amount of $409,278, which accrued interest at a rate of 10% per annum beginning in March 2025 until paid in full.
The company defaulted on its Colorado lease, leading to a judgment and loss of inventory and equipment. This indicates past financial distress and operational disruption.
Added in current filing · verify on EDGAR →
The Company recognized $308,169 of acquisition-related costs for the three months ended March 31, 2026, which was included in general and administrative in the consolidated statement of operations.
Nuburu acquired Lyocon on January 15, 2026, and incurred $308,169 in acquisition-related costs during Q1 2026. The acquisition contributed $340,365 in revenue and a net loss of $7,466 from the closing date through March 31, 2026. The purchase price allocation includes $1,775,158 in goodwill and identifiable intangible assets of $348,720 (developed technology), $267,352 (customer relationships), and $62,770 (trademarks/trade names).
Added in current filing · verify on EDGAR →
In a letter, dated March 19, 2026 (the “March Tekne Letter”), among us, Nuburu Defense and the Tekne Shareholders (as defined in the March Tekne Letter), the Company agreed to increase the amount of the Tekne Convertible Note Receivable from €13,000,000 to €16,692,000, which would represent a 32.1% interest in Tekne.
Nuburu is pursuing a controlling stake in Tekne, an Italian defense company. The company initially acquired a 2.9% interest and provided a €13,000,000 convertible note, later increased to €16,692,000. Subject to Italian Golden Power approval, Nuburu plans to invest an additional €13,000,000 in newly issued shares and ultimately own 70% of Tekne. The Tekne Convertible Note Receivable had a principal balance of $19,430,027 as of March 31, 2026.
Added in current filing · verify on EDGAR → · paraphrased
On February 6, 2026, the Company entered into a Securities Purchase Agreement (the “H&K Investment Agreement”) with Brick Lane Capital Management Limited (“Brick Lane”) (the "H&K Transaction") pursuant to which the Company acquired from Brick Lane 295,000 shares (or approximately 0.8% of the outstanding common shares) of Heckler & Koch AG (“H&K”) (the "H&K Investment"), a leading manufacturer of small firearms for NATO and EU countries whose shares are listed on Euronext Paris under the ticker MLHK, for an aggregate purchase price of $15,000,000, which was paid by a Subordinated Convertible Note (the “2026 Brick Lane H&K Investment Note”), which is further described in Note 10.
Nuburu acquired a 0.8% stake in Heckler & Koch AG for $15,000,000, paid via a subordinated convertible note. The investment is classified as an equity security and measured at fair value, with changes recognized in earnings. As of March 31, 2026, the fair value of the H&K Investment was $11,652,441, indicating a decline from the purchase price.
Added in current filing · verify on EDGAR →
On March 12, 2026, the Company entered into a Bond Subscription Agreement (the “SYME 3 Agreement”), with Supply@ME Stock Company 3 S.r.l. (“SYME 3"), pursuant to which SYME 3 may issue up to €30,000,000 in variable rate bonds due March 2029 (the “SYME Bonds”) in order to fund inventory requirements of Tekne.
Nuburu subscribed to €5,250,000 in SYME 3 bonds at a discount, paying €4,824,294 by offsetting prior advances. The bonds are related-party transactions because certain Nuburu executives and directors hold positions or ownership in SYME entities. The SYME Bonds had a fair value of $5,685,021 as of March 31, 2026, and principal of $6,036,450. Nuburu also holds a SYME Convertible Note Receivable with a principal of $5,150,000 and fair value of $2,366,100.
Experts · Experts
WithumSmith+Brown audited Nuburu's 2024-2025 financials; its report includes a going-concern explanatory paragraph.
Added in current filing · verify on EDGAR →
WithumSmith+Brown, PC, an independent registered public accounting firm, has audited our consolidated financial statements as of and for the years ended December 31, 2025 and December 31, 2024, as stated in its report included herein, and such audited consolidated financial statements have been so included in reliance upon the report of such firm given upon its authority as experts in accounting and auditing. The report on the consolidated financial statements contains an explanatory paragraph regarding the Company’s ability to continue as a going concern.
The section names the independent auditor and states that its report includes a going-concern explanatory paragraph. This is a significant disclosure because a going-concern paragraph indicates the auditor has substantial doubt about the company's ability to continue as a going concern.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 30, 2026 · How we verify