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Nuburu, Inc. (BURUW-15.61%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue, compared to $186,743 in the same quarter the previous year. The decrease is attributed to cost reduction measures and employee furloughs.
Cost of revenue for the quarter was $359,950, compared to $1,115,703 in the same quarter of the previous year, reflecting decreased production.
The company reported a gross margin loss of $359,950 for the quarter, compared to a loss of $928,960 in the previous year.
Research and development expenses decreased to $206,474 from $1,348,450, due to reduced personnel costs and project expenses.
Selling and marketing expenses were $113,445, down from $523,627, primarily due to reduced personnel costs.
General and administrative expenses decreased to $1,941,085 from $2,335,605, driven by reduced compliance costs and personnel expenses.
Interest expense increased significantly to $929,046 from $162,765, due to higher debt balances.
The company recorded a gain of $369,674 from the change in fair value of warrant liabilities.
A loss of $1,339,017 was recorded from the extinguishment of debt.
Net loss for the quarter was $4,377,522, compared to $5,085,301 in the previous year.
Nuburu's cash and cash equivalents were $232,075 as of September 30, 2024, down from $2,148,700 at the end of 2023.
The company continues to seek additional financing to support its operations and commercialization efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nuburu, Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.