Nuburu, Inc.
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
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FY2025 · Filed Mar 31, 2026
BURU$0.20-8.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEM ENTS OF CASH FLOWS
| Year EndedDecember 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash Flows from Operating Activities: | ||
| Net loss | $(79,071,276) | $(34,515,754) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 446,449 | 790,529 |
| Stock-based compensation | 1,792,540 | 1,866,095 |
| Inventory reserve adjustments | — | 28,012 |
| Amortization of debt discount | — | 2,381,617 |
| Amortization of deferred financing costs | 28,433 | 590,740 |
| Debt issuance costs expensed under fair value option | 1,699,546 | — |
| Interest expense recognized on preferred obligation related to Orbit Transaction (related party) | 103,299 | — |
| Settlement of transaction costs through reduction of receivable | 150,000 | — |
| Operating lease right-of-use asset | — | 383,753 |
| Equity in losses of unconsolidated affiliates (related party) | 30,175 | — |
| Change in fair value of warrant liabilities | 13,894,830 | (2,109,904) |
| Change in fair value of derivative liability | (37,900) | (141,100) |
| Change in fair value of convertible note receivable (related party) | 2,679,772 | — |
| Change in fair value of notes payable (including $847,646 and nil with related parties, respectively) | 3,616,706 | — |
| Change in fair value of SEPA liability | (682,276) | — |
| Change in fair value of claims settlement liability | (2,584,724) | — |
| Loss on issuance of warrants | 8,756,303 | — |
| Loss on issuance of notes payable | 3,980,062 | — |
| Loss on issuance of SEPA | 2,582,724 | — |
| Loss on extinguishment of accounts payable (including $290,676 and nil with related parties, respectively) | 5,361,931 | — |
| Loss on extinguishment of notes payable (including $2,840,115 and $1,491,666 with related parties, respectively) | 10,138,337 | 20,504,307 |
| Loss on settlement of claims liability, net | 395,379 | — |
| SEPA fees and issuance costs | 2,147,287 | — |
| Gain on sale of intellectual property intangible assets | (8,961,872) | — |
| Loss on impairment of inventories, property and equipment and operating lease right-of-use asset | 6,064,823 | — |
| Interest expense recognized on remeasurement of preferred stock liability | 10,398,050 | — |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | — | 482,279 |
| Inventories | — | (203,494) |
| Prepaid expenses and other current assets | (573,641) | (6,494) |
| Accounts payable | 2,031,126 | 1,585,696 |
| Accrued expenses | (227,016) | 2,108,562 |
| Contract liabilities | (12,000) | (6,400) |
| Operating lease liability | (237,369) | (355,385) |
| Net cash used in operating activities | (16,090,302) | (6,616,941) |
| Cash Flows from Investing Activities: | ||
| Payments for acquisitions and investments (related party) | (4,713,253) | — |
| Payment related to SYME inventory advance (related party) | (5,668,545) | — |
| Payments under convertible note receivable (related party) | (5,154,872) | — |
| Advance on Tekne Convertible Receivable | (1,179,686) | — |
| Net cash used in investing activities | (16,716,356) | — |
| Cash Flows from Financing Activities: | ||
| Proceeds from note borrowings | 30,406,708 | 1,796,824 |
| Repayments of notes payable | (3,108,232) | — |
| Proceeds received from the 2025 Offering | 11,994,834 | — |
| Proceeds received from the SEPA | 21,937,886 | — |
| Payments of debt and equity issuance costs | (4,097,321) | — |
| Proceeds received from settlement | 1,000,000 | — |
|---|---|---|
| Restricted stock units withheld for tax withholdings | (129) | (73,204) |
| Proceeds from issuance of Common Stock | — | 200,000 |
| Shareholder advances | — | 644,936 |
| Proceeds from the issuance of pre-funded warrants | — | 2,180,522 |
| Payment of deferred financing costs | — | (71,500) |
| Net cash provided by financing activities | 58,133,746 | 4,677,578 |
| NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH DURING THE PERIOD | 25,327,088 | (1,939,363) |
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH ―BEGINNING OF PERIOD | 209,337 | 2,148,700 |
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH ―END OF PERIOD | $25,536,425 | $209,337 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
| Cash paid for interest | $848,066 | $— |
| Cash paid for income taxes | $— | $— |
| SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
| Issuance of Common Stock upon exercise of warrants | $34,373,943 | $— |
| Issuance of Common Stock upon extinguishment or conversion of notes payable | $26,654,008 | $25,051,755 |
| Issuance of Common Stock in connection with the SEPA | $21,636,834 | $— |
| Issuance of preferred obligation related to Orbit Transaction | $8,028,600 | $— |
| Issuance of Common Stock in connection with Silverback Claims Settlement | $7,432,488 | $— |
| Derecognition of accounts payable in connection with recognition of claims settlement liability | $3,113,853 | $— |
| Extinguishment of existing unsecured promissory note and accrued interest through issuance of convertible note | $2,108,523 | $— |
| Extinguishment of Preferred Stock through issuance of convertible notes | $2,000,000 | $— |
| Reduction of related party receivable for non-cash consideration related to the Orbit Transaction | $1,350,000 | $— |
| Transaction costs related to the reverse recapitalization not yet paid | $1,007,439 | $1,007,439 |
| Shares issued for services included in prepaid expenses | $601,415 | $— |
| Debt issuance costs included in accounts payable and accrued expenses | $— | $712,363 |
| Issuance of promissory note for replacement of shareholder advance | $545,000 | $— |
| Issuance of AZ Promissory Note for related party receivable | $900,000 | $— |
| Stock-based compensation expense included in accrued expenses | $25,000 | $— |
| Settlement of transaction costs through reduction of receivable | $150,000 | $— |
| Initial fair value of convertible note receivable over proceeds paid | $110,000 | $— |
| Deemed dividend in connection with modification of pre-funded warrants | $936 | $— |
| Transfer of property and equipment from inventory | $— | $154,971 |
| Purchase of property and equipment in accounts payable and accrued expenses | $— | $431,970 |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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