Dear Fellow Shareholders,

BURU trades on NYSE American again today.

Thank you for your patience and continued support. As trading resumes, I invite you to assess our financial progress, the planned Tekne acquisition and the defense and security capabilities we are developing.

The balance sheet behind BURU

In July, our $38.0 million public offering funded full repayment of the approximately $15.5 million December 2025 YA debenture and $1.25 million of Lyocon acquisition notes, eliminating approximately $16.75 million of principal obligations. Preferred stock and warrants issued in the offering remain sources of potential dilution.

At June 30, 2026, assets were $68.36 million, compared with $49.82 million at December 31, 2025. Stockholders’ equity was positive $9.37 million, against a $15.18 million year-end deficit. This was our second consecutive quarter of positive equity and exceeded the $4.0 million threshold cited in NYSE American’s May notice.

The industrial scale behind BURU

Our proposed 70% acquisition of Tekne S.p.A. ("Tekne") would add a defense and security manufacturer founded in 1990, with approximately 185 personnel and expertise in special vehicles, electronics and mission integration. Its main production base in Ortona, Abruzzo, offers access to the Port of Ortona and nearby Abruzzo Airport, supporting international deliveries and customer access.

Our September 1 update reported approximately $148.0 million (€129.0 million) in active remaining order value at Tekne. After excluding approximately $12.6 million (€11.0 million) identified as presenting elevated cancellation risk, net remaining order value was approximately $135.4 million (€118.0 million). These preliminary, unaudited figures cover 100% of Tekne; consolidation begins only after closing, and realization depends on delivery, acceptance and collection.

Following Golden Power authorization on August 5, we are targeting closing in the first half of October, subject to completing remaining closing steps and implementing the authorization’s terms.

Market context for BURU

At the September 11 close, NUBURU’s indicative common-equity market value was approximately $23.6 million. Eight U.S.-listed defense and security technology companies in our reference group traded at 1.4–23.7× trailing 12-month revenue (median 4.3×). Four reporting funded backlog traded at 1.9–5.6× that measure (median 3.8×). These approximate ratios use common-equity market value.¹

Investors can assess our market value alongside Tekne’s disclosed orders and planned combined capabilities. Growth, margins, capital structure and dilution differ materially across peers. Tekne’s order measure is not funded backlog; consolidation begins only after closing.

US and NATO demand

NATO’s July estimates put 2026 core defense expenditure at approximately $1.03 trillion in the U.S. and $777 billion across European Allies and Canada. MarketsandMarkets estimates the global directed-energy weapons market at $4.58 billion in 2026, rising to $12.11 billion by 2035. Our serviceable market depends on qualification and procurement eligibility.

The August 2026 U.S. National Security Science & Technology Strategy prioritizes directed energy, AI, advanced manufacturing and resilience. The $464.8 million Army E-HEL award announced September 2 covers LOCUST® lasers and tactical-vehicle integration, illustrating demand for integrated systems and ongoing support.

Golden Dome for America, Leonardo’s Michelangelo Security Dome and Greece’s Achilles Shield, supported by an approximately €3 billion agreement announced August 31, illustrate demand for layered protection linking sensors, software and effectors. NUBURU participation would require qualification and contract awards.

Turning capabilities into recurring customer value

Our plan combines Lyocon’s laser engineering, Tekne’s vehicles and electronics after closing, and Orbit’s resilience software and developing deconfliction capabilities into repeatable mission packages that complement existing command-and-control systems. Maddox extends the roadmap into field manufacturing and sustainment.

Building on our announced SunCubes S.r.l. ("SunCubes") alliance, we are targeting Q4 2026 to sign definitive investment and industrial-cooperation agreements and complete the initial €250,000 advance under the planned investment of up to €1.0 million, subject to final documentation. We plan to continue joint R&D combining Lyocon’s laser technology with SunCubes’ beam-control, tracking and wireless-power solutions. Target applications include counter-drone protection, remote recharging and blue-laser power transmission for SunCubes’ DEEP LIGHT underwater platform.

We aim to turn customer-funded engineering and OEM supply into recurring customer relationships through software subscriptions, multi-year licenses, maintenance, spares, upgrades and sustainment.

What we are accountable for

Our priorities are to finalize NUBURU Defense Italy’s formation and complete the Tekne acquisition through this subsidiary, while strengthening our organization by hiring a Chief Platform Officer to lead the NUBURU Defense & Security Platform’s technology roadmap. We also aim to advance SunCubes, convert orders into revenue and cash, qualify integrated solutions and build multi-year programs.

We remain accountable for delivering durable operating performance and shareholder value. Thank you for your continued support.

Alessandro Zamboni

Executive Chairman and Co-Chief Executive Officer, NUBURU, Inc.