NUBURU, Inc. (“NUBURU” or the “Company”) (NYSE American: BURU), a leading innovator in high-power and high-brightness industrial blue laser technology, today announced the financial results for the fiscal year ended December 31, 2022 for the Company, which was then known as Tailwind Acquisition Corp. (“Tailwind”), a special purpose acquisition company.
As previously announced on January 31, 2023, Tailwind and the company then known as NUBURU, Inc. completed their business combination (the “Business Combination”). Following the Business Combination the combined company operates and will disclose its financial results under the “NUBURU, Inc.” name.
Full Year Financial Highlights (Unaudited)
- Net income of $11.1 million for the year ended December 31, 2022 compared to $17.8 million for the year ended December 31, 2021. The reduction in net income is primarily attributed to the year over year decline in fair value of warrant liabilities which was partially offset by the narrowed loss from operations.
- Cash and marketable securities held in Trust Account of $33.0 million as of December 31, 2022 compared to $334.4 million as of December 31, 2021. The reduction in cash and marketable securities held in Trust Account is due to the redemption of 30.2 million shares of Class A common stock for cash at a redemption price of approximately $10.03 per share during the year.
About NUBURU
Founded in 2015, NUBURU is a developer and manufacturer of industrial blue lasers that leverage fundamental physics and their high-brightness, high-power design to produce faster, higher quality welds and parts than current lasers can provide in laser welding and additive manufacturing of copper, gold, aluminum and other industrially important metals. NUBURU’s industrial blue lasers produce minimal to defect-free welds that are up to eight times faster than the traditional approaches — all with the flexibility inherent to laser processing.
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TAILWIND ACQUISITION CORP. |
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CONSOLIDATED BALANCE SHEETS |
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(UNAUDITED) |
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December 31, |
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2022 |
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2021 |
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ASSETS |
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Current Assets |
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Cash |
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$ |
4,749 |
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$ |
479,694 |
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Prepaid expenses |
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80,875 |
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111,667 |
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Total Current Assets |
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85,624 |
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591,361 |
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Cash and marketable securities held in Trust Account |
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33,034,062 |
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334,441,194 |
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TOTAL ASSETS |
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$ |
33,119,686 |
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$ |
335,032,555 |
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LIABILITIES, CLASS A STOCK SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS’ DEFICIT |
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Current liabilities |
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Accounts payable and accrued expenses |
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$ |
4,992,362 |
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$ |
3,867,106 |
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Accrued offering costs |
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― |
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109,000 |
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Income taxes payable |
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88,204 |
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― |
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Class A common stock redemption payable |
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29,554,443 |
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― |
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Total Current Liabilities |
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34,635,009 |
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3,976,106 |
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Convertible note – related party |
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600,000 |
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― |
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Warrant liabilities |
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1,848,755 |
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13,733,608 |
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Deferred underwriting fee payable |
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11,697,550 |
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11,697,550 |
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Total Liabilities |
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48,781,314 |
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29,407,264 |
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Commitments and Contingencies |
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Class A common stock subject to possible redemption; 500,000,000 shares authorized, 316,188 and 33,421,570 shares issued and outstanding at $10.13 and $10.00 per share as of December 31, 2022 and 2021; 2,916,653 shares redeemed but unpaid as of December 31, 2022 |
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3,203,933 |
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334,215,700 |
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Stockholders’ Deficit |
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Preferred Stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding |
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— |
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— |
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Class A common stock, $0.0001 par value; 500,000,000 shares authorized; no shares issued and outstanding (excluding 3,232,841 and 33,421,570 shares subject to possible redemption) as of December 31, 2022 and 2021, respectively |
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— |
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— |
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Class B common stock, $0.0001 par value; 50,000,000 shares authorized; and 8,355,393 shares issued and outstanding as of December 31, 2022 and 2021 |
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836 |
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836 |
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Accumulated deficit |
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(18,866,397 |
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(28,591,245 |
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Total Stockholders’ Deficit |
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(18,865,561 |
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(28,590,409 |
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TOTAL LIABILITIES, CLASS A STOCK SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS’ DEFICIT |
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$ |
33,119,686 |
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$ |
335,032,555 |
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TAILWIND ACQUISITION CORP. |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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(UNAUDITED) |
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For the Year Ended December 31, |
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For the Period from May 29, 2020 (inception) through December 31, |
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2022 |
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2021 |
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2020 |
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Formation and operational costs |
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$ |
1,958,641 |
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$ |
5,572,066 |
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$ |
387,335 |
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Loss from operations |
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(1,958,641 |
) |
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(5,572,066 |
) |
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(387,335 |
) |
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Other income (expense): |
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Interest earned on marketable securities held in Trust Account |
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1,573,401 |
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120,063 |
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105,431 |
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Transaction costs associated with the Initial Public Offering |
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— |
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— |
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(715,720 |
) |
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Change in fair value of warrant liabilities |
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11,884,853 |
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23,241,491 |
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(16,902,902 |
) |
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Total other income (expense), net |
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13,458,254 |
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23,361,554 |
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(17,513,191 |
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Income before provision for income taxes |
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11,499,613 |
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17,789,488 |
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(17,900,526 |
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Provision for income taxes |
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(358,204 |
) |
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— |
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— |
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Net income (loss) |
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$ |
11,141,409 |
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$ |
17,789,488 |
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$ |
(17,900,526 |
) |
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Weighted average shares outstanding, Class A common stock |
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24,075,470 |
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33,421,570 |
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18,333,191 |
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Basic and diluted income (loss) per share, Class A common stock |
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$ |
0.34 |
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$ |
0.43 |
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$ |
(0.68 |
) |
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Weighted average shares outstanding, Class B common stock |
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8,355,393 |
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8,355,393 |
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7,969,220 |
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Basic and diluted net income (loss) per share, Class B common stock |
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$ |
0.34 |
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$ |
0.43 |
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$ |
(0.68 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230308005805/en/