Executive Summary

Q3 2023 revenue fell to $186,743, gross margin deteriorated to -497%, and net loss was $5.1M ($0.14 per share) amid shipment delays tied to scanner/lens supply constraints and customer integration issues .
Management revised FY23 guidance: revenue cut to $2.1M (from >$3M), EBITDA improved to -(18)--(21)M (from -(21)--(23)M), and FCF improved to -(17)--(20)M (from -(24)--(26)M), citing an anticipated Q4 delivery rebound and operational improvements .
Operationally, NUBURU completed a U.S. Air Force contract supported by GE Additive and received a BL-250 purchase order from a major multinational electronics manufacturer—commercial milestones that support medium-term ramp despite near-term headwinds .
Management highlighted alternative sourcing and normalization of lead times late in the quarter; they expect deliveries to rebound in Q4 2023 and plan to bolster the balance sheet shortly, creating near-term catalysts around financing and execution follow-through .
Wall Street consensus estimates via S&P Global were unavailable at time of query; estimate comparisons are omitted (S&P Global consensus not retrievable due to access limitations).

What Went Well and What Went Wrong

What Went Well

Completed the U.S. Air Force blue laser area printing contract with GE Additive support; management called it “fantastic news” and a critical milestone for large-scale additive manufacturing adoption .
Secured a BL-250 purchase order from a major multinational electronics manufacturer to demonstrate laser welding integration for next-gen 3C devices—evidence of commercial pull .
Leadership realignment to drive commercialization and scaling: appointment of Brian Knaley as CEO and Ron Nicol as Executive Chairman, with emphasis on strengthening commercial, production, and administrative functions .

What Went Wrong

Revenue dropped 78% year-over-year to $0.2M, driven by shipment delays from scanner and lens bottlenecks and deeper customer application-integration timelines; gross margin worsened to -497% on lower revenue despite reduced cost of revenue .
Operating expenses remained elevated at $4.2M due to costs of operating as a public company, increased R&D, and added personnel (including new Chief Marketing & Sales Officer), pressuring EBITDA and FCF .
Balance sheet tightened: cash and equivalents declined to $1.6M at quarter-end; management acknowledged near-term financing needs and is “on track” to bolster liquidity .

Financial Results

Quarterly Trend (Income Statement and Cash Metrics)

Metric	Q1 2023	Q2 2023	Q3 2023
Revenue ($)	$469,989	$1,054,062	$186,743
Net Loss ($)	$4,767,517	$6,106,712	$5,085,301
EPS (Basic & Diluted) ($)	($0.19)	($0.18)	($0.14)
Gross Margin (%)	(158)%	(136)%	(497)%
Total Operating Expenses ($)	$4,558,820	$5,009,830	$4,207,682
EBITDA ($)	($4,673,829)	($6,007,916)	($4,824,579)
Free Cash Flow ($)	($4,395,374)	($5,130,306)	($4,876,411)
Capital Expenditures ($)	$344,801	$481,071	$317,038
Cash & Cash Equivalents ($)	$1,523,046	$6,624,736	$1,626,730

Year-over-Year Comparison (Q3 2023 vs Q3 2022)

Metric	Q3 2022	Q3 2023
Revenue ($)	$868,153	$186,743
Net Loss ($)	$3,923,219	$5,085,301
EPS (Basic & Diluted) ($)	($0.71)	($0.14)
Gross Margin (%)	(111)%	(497)%
Total Operating Expenses ($)	$2,918,935	$4,207,682
EBITDA ($)	($3,782,921)	($4,824,579)
Free Cash Flow ($)	($2,654,369)	($4,876,411)
Capital Expenditures ($)	$96,803	$317,038
Cash & Cash Equivalents ($)	—	$1,626,730

Note: The press release states a 78% decrease in revenue versus the prior year quarter .

KPIs and Operational Notes

AO series retirement and BL-250 ramp: AO retirement partially reduced cost of revenue but lower shipments drove negative mix and margin pressure .
Scanner/lens supply constraints: affected customer planned purchase schedules; alternative sourcing helped lead times normalize late in Q3 .
Production capacity ramp target: up to a module per day by year-end (from Q2 call) .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Total Revenue	FY 2023	>$3.0M	$2.1M	Lowered
EBITDA	FY 2023	($21M) to ($23M)	($18M) to ($21M)	Raised (less negative)
Free Cash Flow	FY 2023	($24M) to ($26M)	($17M) to ($20M)	Raised (less negative)

Management expects Q4 deliveries to rebound and believes it has access to sufficient sources of capital to fund the plan .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 & Q2)	Current Period (Q3)	Trend
Supply chain constraints (scanner/lens)	Acknowledged bottlenecks; expected abatement late H2’23	Constraints abated late in Q3 via alternative sourcing; still impacted shipments	Improving late in Q3
Product roadmap (BL-250, BL-1000, SML)	BL-250 bookings and deliveries; BL-1000 introduced; SML targeted for 2025	BL-250 order from major electronics OEM; continued BL series focus	Building commercial traction
Government contracts (USAF, DoD, NASA)	Delivered AFWERX blue area printing head; DoD multi-party award; NASA power beaming contract	Completed USAF contract (with GE Additive); reiterated strategic significance	Executing milestones
Commercial orders / customers	Essentium deliveries; GE Additive JDA; blue-chip interest	BL-250 purchase order from multinational electronics OEM	Expanding pipeline
Financing / liquidity	Private placement $9.2M; reiterated access to capital	Cash $1.6M; “on track” for short-term financing updates	Near-term financing needed
AO series sunset	Planned phase-out as BL-250/BL-1000 ramp	Confirmed AO retirement planned with BL-250 1kW rollout	Transition continuing

Management Commentary

“Our third-quarter results reflect supply chain restrictions mostly in-line with our expectations entering the second half of 2023… we faced additional headwinds from the integration of our systems into customer applications and subsequently experienced delays in the shipment of our products.” — CEO Brian Knaley .
“Earlier today, we announced fantastic news regarding our work with GE Additive for the U.S. Air Force… Achieving this first-ever milestone is critical to accelerate the implementation of blue laser technology into large-scale additive manufacturing systems…” — CEO Brian Knaley .
“Awarded a purchase order… to deliver our industry disrupting BL-250 for next-generation 3C device manufacturing.” — CEO Brian Knaley .
“Looking forward, our primary objectives will revolve around 3 central elements: strengthening our commercial efforts, scaling our production and streamlining our administrative functions.” — Executive Chairman Ron Nicol .

Q&A Highlights

Supply constraints: Management detailed market-wide scanner/peripherals constraints, noted alternative solutions and improving lead times late in Q3, but acknowledged shipment impact .
CFO search: Company is actively recruiting a CFO as the CEO transitions fully into the role .
AO series retirement: Confirmed as planned with BL-250/1kW rollout, not an intra-quarter decision .
Guidance cadence and focus KPI: Prior calls emphasized revenue cadence updates each quarter and execution against commercialization milestones .

Estimates Context

Wall Street consensus estimates via S&P Global for Q3 2023 EPS and revenue were unavailable at time of query; estimate-based comparisons are omitted. Estimates attempted via S&P Global; unavailable due to access limitations.

Key Takeaways for Investors

Q3 showed significant revenue compression and margin pressure due to scanner/lens constraints and deeper application-integration cycles; monitor Q4 delivery rebound and margin trajectory as a key near-term catalyst .
FY23 guidance cut on revenue but improved (less negative) EBITDA/FCF suggests cost actions and operating improvements; execution on revised plan is pivotal .
Commercial proof points (USAF contract completion; BL-250 order from a multinational electronics OEM) bolster the medium-term thesis of blue-laser adoption across defense, EV/3C, and additive manufacturing .
Liquidity remains tight (cash $1.6M at Q3-end); watch for near-term financing updates and potential dilution risk vs. operational runway .
Production scaling and alternative sourcing initiatives are key to alleviating constraints; any slippage would risk extended shipment delays and further margin pressure .
The transition from AO to BL series and eventual SML launch underpins long-term product-market fit; customer validation in high-volume manufacturing environments will drive recurring orders .
Absent consensus estimates, stock reaction will hinge on delivery cadence in Q4, financing clarity, and evidence of order conversion from recent commercial milestones .

Nuburu, Inc. (BURU)·Q3 2023 Earnings Summary