Enlarged group enters Q4 with approximately $93.1 million in Tekne program value, more than $200 million in management-estimated reactivation opportunities, 185 personnel across three Italian facilities, and June 30 stockholders’ equity of $10.1 million — above NYSE American equity thresholds
NUBURU, Inc. (NYSE:BURU), the next-generation dual-use Defense & Security integrated platform company, today issued the following letter from Alessandro Zamboni, Executive Chairman and Co-Chief Executive Officer:
Dear Fellow Shareholders,
On October 15, NUBURU closed the acquisition of a 70% controlling interest in Tekne S.p.A. ("Tekne"
The October 15 Form S-3 and existing conversion rights
The October 15 Form S-3 is not a new capital raise. It was filed to register the resale of up to 20 million common shares issued or issuable upon conversion of the Series B preferred stock sold in our July public offering. Proceeds from that offering funded repayment of approximately $16.75 million of principal obligations under the December 2025 debenture and Lyocon acquisition notes. The filing itself issues no shares and raises no capital. It was made to satisfy previously disclosed registration obligations; it does not create new conversion rights.
The industrial scale Tekne brings to NUBURU
NUBURU today is a different company than it was ninety days ago. With Tekne, we own an established industrial business: approximately 185 personnel, three Italian facilities in Ortona, Poggiofiorito and Guastalla, a manufacturing history dating to 1990, and active customers across defense, civil protection, public safety and industrial markets. Tekne’s electronic-warfare and special-vehicle engineering now sits alongside Lyocon’s laser and photonics expertise and Orbit’s operational-resilience software. Together, these businesses provide revenue, production capacity and customer relationships from which to scale.
Tekne gives us the production and systems-integration base to move our technology toward customer deployment and to pursue opportunities across Italy, the United States, NATO and allied markets, subject to qualification and applicable approvals. Our mandate is direct: integrate Tekne into NUBURU’s group processes, strengthen financial and operational controls, align procurement, production and commercial execution, and make successful configurations repeatable, with the aim of extending equipment sales through software, maintenance, upgrades and lifecycle support. New integrated mission packages remain subject to technical qualification and customer acceptance.
A $93.1 million program base — and more than $200 million behind it
Tekne’s September 14 production schedule carried approximately $93.1 million (€80.6 million) of remaining program value, as reported in our October 15 announcement. This preliminary, unaudited measure covers 100% of Tekne and includes items subject to options, frameworks or activation requirements; it is not closing-date signed backlog or a revenue forecast. Beyond that recorded portfolio, management estimates more than $200 million in potential program value from the reactivation of selected defense-vehicle and mobility programs, including previously withdrawn procurement procedures and terminated supply contracts. We believe completion of the acquisition strengthens the basis for pursuing these opportunities. This separate estimate is excluded from the $93.1 million portfolio. The opportunities are not current awards and remain subject to the relevant authorities’ decisions and definitive contractual arrangements. Our focus is conversion into deliveries, customer acceptance, recognized revenue and cash.
NYSE American equity compliance update
Our Form 10-Q/A reported June 30, 2026 stockholders’ equity of $10,130,320, above the $2 million and $4 million thresholds under Sections 1003(a)(i) and 1003(a)(ii), respectively. We believe our reported equity meets those numerical requirements. We have submitted our quarterly update and supporting financial information to NYSE American, requesting confirmation of compliance with those equity requirements and conclusion of the related plan monitoring. The Exchange’s confirmation remains pending, and the compliance-plan period runs through October 29, 2026. We will update shareholders promptly upon the Exchange’s determination.
Financing execution and growth
Scaling an industrial defense business requires working capital: materials, components, production labor and inventory often require payment before delivery, acceptance and collection. Growth also requires investment in capacity, people and product qualification. Our financing strategy is to fund execution around executable customer programs. We are working with local banking partners and debt providers to structure working-capital and growth funding around production milestones and cash collection. Potential sources include receivables and inventory financing (on and off-balance sheet), equipment leasing, customer advances, debt and equity, subject to eligibility, credit approval and agreed terms. Completing an acquisition and financing the growth of the business it creates are two different requirements, and we intend to approach both with discipline.