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

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 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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Source: NUBURU, Inc.