Nuburu, Inc. reported significant financial challenges in its 10-Q filing for the nine months ended September 30, 2024. The company recorded total revenue of $142,827, a substantial decline from $1.71 million in the same period of 2023. For the third quarter alone, revenue was reported at $0, compared to $186,743 in Q3 2023. This drastic drop in revenue reflects ongoing difficulties in achieving full commercialization of its high-power blue laser technology, which is primarily used in welding and 3D printing applications.

The company's operating expenses also decreased, totaling $8.98 million for the nine months ended September 30, 2024, down from $13.78 million in the prior year. This reduction was attributed to lower research and development costs, which fell by approximately $2.64 million, and decreased selling and marketing expenses, which dropped by $680,324. Despite these reductions, Nuburu reported a net loss of $22.77 million for the nine months, compared to a loss of $15.96 million in the same period of 2023. The net loss for Q3 2024 was $4.38 million, an improvement from $5.09 million in Q3 2023.

As of September 30, 2024, Nuburu's total assets were $7.81 million, down from $10.57 million at the end of 2023. Current assets also decreased significantly to $2.34 million from $4.29 million. The company’s total current liabilities increased to $15.67 million, up from $10.03 million at the end of 2023, contributing to a total stockholders’ deficit of $36.34 million.

Nuburu has faced operational challenges, including employee furloughs due to funding difficulties. The company is reliant on private and public capital raising efforts to cover its operating expenses and capital expenditures. In October 2024, Nuburu entered into a Master Agreement with Liqueous LP for strategic financing, which includes an immediate capital infusion of $3 million and additional weekly investments.

The company has also been navigating legal and regulatory hurdles, including a recent injunction related to a legal complaint from Esousa, which has restricted its ability to issue additional securities until stockholder approval is obtained. This situation underscores the critical need for financing to sustain operations and address internal control weaknesses identified in its financial reporting.

Overall, Nuburu's financial performance reflects a challenging environment, with significant revenue declines, ongoing losses, and a pressing need for strategic financing to support its operations and growth initiatives.