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NUBURU, Inc. Announces Full Year 2022 Financial Results for Tailwind Acquisition Corp.

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.

TAILWIND ACQUISITION CORP.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

December 31,

2022

2021

ASSETS

 

 

Current Assets

 

 

Cash

$

4,749

 

$

479,694

 

Prepaid expenses

 

80,875

 

 

111,667

 

Total Current Assets

 

85,624

 

 

591,361

 

 

Cash and marketable securities held in Trust Account

 

33,034,062

 

 

334,441,194

 

TOTAL ASSETS

$

33,119,686

 

$

335,032,555

 

 

LIABILITIES, CLASS A STOCK SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS’ DEFICIT

 

Current liabilities

 

Accounts payable and accrued expenses

$

4,992,362

 

$

3,867,106

 

Accrued offering costs

 

 

 

109,000

 

Income taxes payable

 

88,204

 

Class A common stock redemption payable

 

 

29,554,443

 

 

Total Current Liabilities

 

34,635,009

 

 

3,976,106

 

Convertible note - related party

 

600,000

 

Warrant liabilities

 

 

1,848,755

 

 

 

13,733,608

 

Deferred underwriting fee payable

 

11,697,550

 

 

11,697,550

 

Total Liabilities

 

48,781,314

 

 

29,407,264

 

 

Commitments and Contingencies

 

 

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

 

3,203,933

 

 

334,215,700

 

 

 

Stockholders’ Deficit

 

 

Preferred Stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding

 

 

 

 

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

 

 

 

 

 

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

 

836

 

 

836

 

Accumulated deficit

 

(18,866,397

)

 

(28,591,245

)

Total Stockholders’ Deficit

 

(18,865,561

)

 

(28,590,409

)

TOTAL LIABILITIES, CLASS A STOCK SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS’ DEFICIT

$

33,119,686

 

$

335,032,555

 

TAILWIND ACQUISITION CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

For the Year Ended December 31,

 

For the Period from May 29, 2020 (inception) through December 31,

 

2022

 

2021

 

2020

Formation and operational costs

 

$

1,958,641

 

 

$

5,572,066

 

 

$

387,335

 

Loss from operations

 

 

(1,958,641

)

 

 

(5,572,066

)

 

 

(387,335

)

 

 

 

 

Other income (expense):

 

 

 

 

Interest earned on marketable securities held in Trust Account

 

 

1,573,401

 

 

 

120,063

 

 

 

105,431

 

Transaction costs associated with the Initial Public Offering

 

 

 

 

 

 

 

 

(715,720

)

Change in fair value of warrant liabilities

 

 

11,884,853

 

 

 

23,241,491

 

 

 

(16,902,902

)

Total other income (expense), net

 

 

13,458,254

 

 

 

23,361,554

 

 

 

(17,513,191

)

 

 

 

Income before provision for income taxes

 

 

11,499,613

 

 

 

17,789,488

 

 

 

(17,900,526

)

Provision for income taxes

 

 

(358,204

)

 

 

 

 

 

 

Net income (loss)

 

$

11,141,409

 

 

$

17,789,488

 

 

$

(17,900,526

)

 

 

 

 

Weighted average shares outstanding, Class A common stock

 

 

24,075,470

 

 

 

33,421,570

 

 

 

18,333,191

 

Basic and diluted income (loss) per share, Class A common stock

 

$

0.34

 

 

$

0.43

 

 

$

(0.68

)

 

 

 

 

Weighted average shares outstanding, Class B common stock

 

 

8,355,393

 

 

 

8,355,393

 

 

 

7,969,220

 

Basic and diluted net income (loss) per share, Class B common stock

 

$

0.34

 

 

$

0.43

 

 

$

(0.68

)

 

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