NUBURU Selected by U.S. Department of Defense for Position on Contract for High Energy Laser Systems

Rhea-AI Summary

NUBURU, Inc. (NYSE American: BURU), a leader in blue laser technology, has been selected by the U.S. Department of Defense for a spot on the IDIQ contract for solid-state high-energy laser weapon systems. As one of seven companies chosen, NUBURU can deliver prototypes and equipment under a maximum contract ceiling of $75 million, expected to complete by March 2028. The company highlights its U.S.-based automated manufacturing capabilities as key to meeting DOD needs. Notably, NUBURU did not include any potential revenue from this contract in its 2023 forecasts announced on March 21, 2023.

Positive

• Selected for a significant IDIQ contract with the U.S. Department of Defense.
• Eligible for a maximum contract ceiling of $75 million.
• Positioned to leverage U.S.-based automated manufacturing for defense applications.

Negative

• Did not include any potential revenue from the new contract in its 2023 forecast.

CENTENNIAL, Colo.--(BUSINESS WIRE)-- NUBURU, Inc. (“NUBURU” or the “Company”) (NYSE American: BURU), a leading innovator in high-power and high-brightness industrial blue laser technology, today announced that it has been selected by the U.S. Department of Defense (DOD) for a position on the multiple award Indefinite Delivery/Indefinite Quantity (IDIQ) contract for the fabrication and delivery of prototypes and equipment in support of solid-state high energy laser (HEL) weapon systems.

“NUBURU has the ability to manufacture laser diode, fiber optic and optical subsystems in the U.S. making us well positioned to support the DOD with its needs regarding this critical next-generation national security issue,” said Dr. Mark Zediker, CEO and Co-Founder of NUBURU. “We are proud to use our automated manufacturing capabilities and a workforce entirely based in the U.S. to provide high-power laser subsystems for our customers.”

As one of seven companies selected, NUBURU is eligible to participate in the firm-fixed-price, indefinite-delivery/indefinite-quantity, multiple award contract with a maximum ceiling of $75 million. The other selected companies include divisions of Rolls-Royce, General Atomics, Dynetics, II-VI, Lockheed Martin, and nLIGHT. The location percentages are currently unknown and will be determined at the delivery order level. Work is expected to be completed by March 2028. The Naval Surface Warfare Center Dahlgren Division, Dahlgren, Virginia, is the contracting entity. For additional details, please see the U.S. Department of Defense announcement here.

NUBURU is based in Centennial, Colorado where it conducts research, development, design and manufacturing of its high-power blue lasers.

NUBURU has not included any potential revenue from this new contracting vehicle in the 2023 forecast that it released on March 21, 2023.

About NUBURU

Founded in 2015, NUBURU, INC. (NYSE American: BURU) 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. For more information, please visit www.nuburu.net.

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including certain financial forecasts and projections and revenue generated under an awarded contract. All statements other than statements of historical fact contained in this press release may be forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “seek,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts and assumptions that, while considered reasonable by NUBURU and its management, are inherently uncertain and many factors may cause the company’s actual results to differ materially from current expectations which include, but are not limited to: (1) the ability to continue to meet the security exchange’s listing standards; (2) failure to achieve expectations regarding its product development and pipeline; (3) the inability to access sufficient capital to operate as anticipated; (4) the inability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (5) changes in applicable laws or regulations; (6) the possibility that NUBURU may be adversely affected by other economic, business and/or competitive factors; (7) the inability to obtain financing from Lincoln Park Capital; (8) volatility in the financial system and markets caused by geopolitical and economic factors; (9) work under the contract primarily being awarded to the other companies selected; and (10) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in NUBURU’s most recent periodic report on Form 10-K or Form 10-Q and other documents filed with the Securities and Exchange Commission from time to time. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. NUBURU does not give any assurance that it will achieve its expected results. NUBURU assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230405005298/en/

NUBURU - Media Contact

Brian Knaley

ir@nuburu.net

NUBURU - Investor Relations Contact

Maria Hocut

Maria@blueshirtgroup.com

Source: NUBURU, Inc.

FAQ

What is the maximum value of NUBURU's contract with the U.S. Department of Defense?

NUBURU's contract with the U.S. Department of Defense has a maximum value of $75 million.

When is the expected completion date for the work under NUBURU's contract?

The expected completion date for the work under NUBURU's contract is March 2028.

How many companies were selected for the contract alongside NUBURU?

NUBURU is one of seven companies selected for the contract.

Did NUBURU forecast revenue from the new DOD contract for 2023?

No, NUBURU did not include any potential revenue from the new contract in its 2023 forecast.