Nuburu, Inc. announced that its previously issued unaudited financial statements for the three and six months ended June 30, 2026, should no longer be relied upon and will be restated. The restatement is due to a material accounting error in the fair value calculation of a convertible note receivable.
Key Details
- Reason for Restatement: The company identified an error in valuing its convertible note receivable from Tekne S.p.A., using an incorrect Tekne equity value of €15.2 million instead of the correct €25.4 million.
- Financial Impact: Correcting the error increases the fair value of the convertible note by $761,001. This will result in a corresponding increase in the company's total assets for the period.
- Action Plan: Nuburu will amend its Quarterly Report on Form 10-Q for the period ended June 30, 2026, to correct the material misstatement.