CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2025

Jun. 30, 2025

Mar. 31, 2025

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Jun. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Dec. 31, 2024

Dec. 31, 2023

Revenue

$ 0

$ 142,827

$ 152,127

$ 2,085,532

Cost of revenue

2,205,476

5,695,433

Gross margin

49,806

(359,950)

(181,373)

(1,807,805)

(2,053,349)

(3,609,901)

Operating expenses:

Research and development

206,474

184,563

1,656,350

1,821,816

5,462,680

Selling and marketing

790,779

113,445

1,861,112

385,965

468,074

1,539,690

General and administrative

1,883,497

1,796,774

$ 1,940,448

$ 2,652,795

$ 4,593,243

8,057,531

6,390,017

8,807,651

11,117,525

Total operating expenses

2,674,276

2,116,693

10,103,206

8,432,332

11,097,541

18,119,895

Loss from operations

(2,624,470)

(2,476,643)

(10,284,579)

(10,240,137)

(13,150,890)

(21,729,796)

Non-operating income (loss):

Interest income

48,090

721

74,669

17,202

17,166

117,372

Interest expense

(35,405)

(1,076,607)

(1,115,953)

(1,191,862)

(2,307,815)

(389,837)

(3,384,422)

(3,346,896)

(864,535)

Change in fair value of warrant liabilities

(1,392,598)

369,674

(1,282,284)

2,156,186

2,109,904

1,766,513

Change in fair value of derivative liability

141,100

37,900

141,100

Loss on extinguishment of debt

(3,265,002)

(1,303,969)

(10,293,834)

(10,138,337)

(11,597,803)

(20,504,307)

Other income (loss), net

(259,624)

(311,840)

218,169

Loss before provision for income taxes

(22,421,596)

(4,345,724)

(12,638,883)

(5,705,098)

(18,343,981)

(51,257,996)

(22,689,705)

(34,515,754)

(20,710,446)

Provision for income taxes

Net loss

(22,421,596)

$ (12,224,975)

$ (16,611,425)

(4,345,724)

$ (12,638,883)

$ (5,705,098)

$ (18,343,981)

(51,257,996)

(22,689,705)

$ (34,515,754)

$ (20,710,446)

Net loss available to common shareholders

$ (22,421,596)

$ (4,345,724)

$ (43,936,326)

$ (22,689,705)

Net loss per common share, basic

$ (0.2)

$ (1.11)

$ (7.57)

$ (14.15)

$ (0.66)

$ (10.41)

$ (5.91)

^[1]

$ (0.63)

^[1]

Net loss per common share, diluted

$ (0.2)

$ (1.11)

$ (7.57)

$ (14.15)

$ (0.66)

$ (10.41)

$ (5.91)

^[1]

$ (0.63)

^[1]

Weighted-average common shares used to compute net loss per common share, basic

109,741,345

3,924,580

66,097,880

2,178,902

5,837,286

^[1]

33,064,250

^[1]

Weighted-average common shares used to compute net loss per common share, diluted

109,741,345

3,924,580

66,097,880

2,178,902

5,837,286

^[1]

33,064,250

^[1]

[1]	Periods presented have been adjusted to reflect the 1-for-40 reverse stock split on July 23, 2024. See Note 2 – Summary of Significant Accounting Policies for additional information.

Nuburu, Inc. S-1