Assay

Financial-condition grades for SEC filers

Company Report · as of Oct 9, 2026

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MethodCoverageAbout
Nuburu, Inc.BURU · business equipment
GradeNonecomputable_factors_below_threshold: 6 of 14 inputs computable; 7 are required
Reliability0.83 AUCfailure model, filers with $12.5M to $120M assets; 95% interval 0.79 to 0.86; 201 events, 2020 to 2025
Peer failure rate1.07% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025
Size band$12.5M to $120M assetstotal assets $49.8M[1]
Standard universeoutsiderevenue above $1M and assets above $10M[1-2]
Warningsshort runway, late filer, thin data, degenerate inputsnot computable: dilution, distress
Inputs computable6 of 14
Graded fromfilings received through Apr 28, 2026164 days before the rescan; every figure keyed to the SEC receipt date
Last close$0.952026-10-08; market equity $0; iex feed
Price used in gradeNone
Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history

No price series supplied for this render.

ABCDE20132014201520162017201820192020202120222023202420252026

Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date.

Open this report as it stood on

Letter setLetterPercentileBand
Jan 21, 2012nonen/a
Apr 21, 2021nonen/aQ3
Apr 21, 2023nonen/aQ2
Apr 21, 2024nonen/aQ1
Sep 26, 2026nonen/aQ2

Each date opens the report as it stood on that rescan.

Business, in the company's words. Opening of Item 1 of the 10-K received Mar 31, 2026; the document on sec.gov.

We were originally incorporated in Delaware on July 21, 2020 under the name “Tailwind Acquisition Corp.” as a special purpose acquisition company, formed for the purpose of effecting an initial business combination with one or more target businesses. On September 9, 2020 (the “IPO Closing Date”), we consummated our initial public offering (the “IPO”). On January 31, 2023, we consummated a business combination with Nuburu Subsidiary, Inc. f/k/a Nuburu, Inc. (“Legacy Nuburu”), a privately held operating company which merged into our subsidiary Compass Merger Sub, Inc.

Warnings [top]

Short runway. cash runway is 0.3 months[3]
Late filer. found 3 NT 10-K/Q filings in the last eight quarters
Thin data. 6 of 14 grade factors are computable; minimum is 7
Degenerate inputs. latest revenue or assets are at or below the $100,000 validity floor[1-2]

7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.

The Fourteen Inputs [top]

Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.

InputPercentile, 0 to 100ValueSourcePeer medianPercentilePeersPeriod end
Profitability, sleeve percentile 48.3
Gross profitability(0.4%)[1,4]28.5%96.15582025-12-31
Return on invested capitalnot computable10.9%
average invested capital must exceed $1,000,000
Accruals ratio(221.8%)[1,5-7](7.4%)0.56212025-12-31
Gross margin stability, five yearsnot computable2.4 pts
five annual gross margins are required; found 3
Solvency, sleeve percentile 90.8
Twelve-month failure probabilitynot computable0.05%
firm-wide XBRL shares cannot be assigned to one ticker class
Altman Z double-prime(17.90)[1,8-13]2.1886.05662025-12-31
Net debt to EBITDAnot computable1.11x
EBITDA must exceed $100,000
Interest coverage(38.90x)[11,14]3.77x97.8902025-12-31
Current ratio0.75x[8-9]2.02x88.66662025-12-31
Growth and financing, sleeve percentile 5.0
Revenue growth, three-year compoundnot computable6.4%
four annual observations are required; found 3
Free cash flow growth, three-year compoundnot computable17.2%
four consecutive annual FCF observations are required; found 2
Reinvestment ratenot computable14.3%
NOPAT must exceed $100,000
Asset growth, three years56.0%[1,7,15-16]5.0%5.05632025-12-31
Net share issuance, one yearnot computable0.5%
firm-wide XBRL shares cannot be assigned to one ticker class

Gross profitability. Revenue less cost of goods sold, over total assets.

Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.

Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.

Twelve-month failure probability. CHS model; lower is stronger.

Net debt to EBITDA. Lower is stronger.

Net share issuance, one year. Split-adjusted; lower is stronger.

Among 497 Peers [top]

What the Price Implies [top]

Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.

MeasureValuePeer medianPercentileReading
Twelve-month price change, skipping the latest monthnot computable2.2%missing required 12-1 monthly returns: 2026-08, 2026-07, 2026-06, 2026-05, 2026-04, 2026-03, 2026-02, 2026-01, 2025-12, 2025-11, 2025-10
Distance from 52-week highnot computable(30.0%)need at least 20 price observations; found 19
EBIT to enterprise valuenot computable1.5%required accounting or market input is missing
Free cash flow yieldnot computable2.7%required accounting or market input is missing
Book value to pricenot computable0.23required accounting or market input is missing
Sales to pricenot computable0.30required accounting or market input is missing
Composite equity issuance, five yearsnot computable3.9%required accounting or market input is missing
Relative strength against the sector, log excess returnnot computable(0.26)missing required 12-1 monthly returns: 2026-08, 2026-07, 2026-06, 2026-05, 2026-04, 2026-03, 2026-02, 2026-01, 2025-12, 2025-11, 2025-10

Inputs: EBIT -$18.4M; free cash flow -$20.8M; book equity $10.1M; sales $0; debt $31.7M; cash $726,934[17].

Diagnostics [top]

Diagnostics do not feed the grade.

Piotroski F-score: None of 9, period end 2025-12-31
Return on assets above zero(1,134.4%)✗ fail[5,7]
Operating cash flow above zero-$16.1M✗ fail[6]
Return on assets improved(807.7 pts)✗ fail[5,7,15,18]
Operating cash flow exceeds net income$63.0M✓ pass[5-6]
Long-term leverage fell(15.8 pts)✓ pass[1,7,15,19-20]
Current ratio improved65.4 pts✓ pass[8-9,21-22]
No new shares issuedn/a
Gross margin improvedn/a[2,4,23-24]
Asset turnover improved(1.4 pts)✗ fail[2,7,15,24]
Cash, filings, liquidity
Cash and equivalents$726,934[3]
Operating cash flow, four quarters-$27.2M[3,6,25-28]
Months of runway0.3
Late filings, two years3
NT 10-K or NT 10-Q
Days since last periodic filing56
10-Q received Aug 14, 2026
Median daily dollar volumen/a
63 sessions
Days since newest grade input164

Downloads [top]

Sources [top]

Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.

#ConceptXBRL tagValuePeriod endReceivedFormLinks
1assetsus-gaap:Assets$49.8M2025-12-312026-03-3110-Kfiling · viewer · series
2revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax$02025-12-312026-03-3110-Kfiling · viewer · series
3cashus-gaap:CashAndCashEquivalentsAtCarryingValue$726,9342026-06-302026-09-2210-Q/Afiling · viewer · series
4gross profitus-gaap:GrossProfit-$181,3732025-12-312026-03-3110-Kfiling · viewer · series
5net incomeus-gaap:NetIncomeLoss-$79.1M2025-12-312026-03-3110-Kfiling · viewer · series
6operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$16.1M2025-12-312026-03-3110-Kfiling · viewer · series
7assetsus-gaap:Assets$7.0M2024-12-312026-03-3110-Kfiling · viewer · series
8current assetsus-gaap:AssetsCurrent$45.8M2025-12-312026-03-3110-Kfiling · viewer · series
9current liabilitiesus-gaap:LiabilitiesCurrent$61.4M2025-12-312026-03-3110-Kfiling · viewer · series
10retained earningsus-gaap:RetainedEarningsAccumulatedDeficit-$200.5M2025-12-312026-03-3110-Kfiling · viewer · series
11operating incomeus-gaap:OperatingIncomeLoss-$18.4M2025-12-312026-03-3110-Kfiling · viewer · series
12book equityus-gaap:StockholdersEquity-$15.2M2025-12-312026-03-3110-Kfiling · viewer · series
13liabilitiesus-gaap:Liabilities$65.0M2025-12-312026-03-3110-Kfiling · viewer · series
14interest expenseus-gaap:InterestExpense$472,3812025-12-312026-03-3110-Kfiling · viewer · series
15assetsus-gaap:Assets$10.6M2023-12-312025-04-1510-Kfiling · viewer · series
16assetsus-gaap:Assets$13.1M2022-12-312024-11-0810-K/Afiling · viewer · series
17shares outstandingdei:EntityCommonStockSharesOutstanding9,262,3462026-08-122026-09-2210-Q/Afiling · viewer · series
18net incomeus-gaap:NetIncomeLoss-$34.5M2024-12-312026-03-3110-Kfiling · viewer · series
19long term debtus-gaap:LongTermDebt$25.5M2025-12-312026-03-3110-Kfiling · viewer · series
20long term debtus-gaap:LongTermDebt$9.2M2024-12-312025-04-1510-Kfiling · viewer · series
21current assetsus-gaap:AssetsCurrent$1.9M2024-12-312026-03-3110-Kfiling · viewer · series
22current liabilitiesus-gaap:LiabilitiesCurrent$20.8M2024-12-312026-03-3110-Kfiling · viewer · series
23gross profitus-gaap:GrossProfit-$2.1M2024-12-312026-03-3110-Kfiling · viewer · series
24revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax$152,1272024-12-312026-03-3110-Kfiling · viewer · series
25operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$15.1M2026-06-302026-09-2210-Q/Afiling · viewer · series
26operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$9.1M2026-03-312026-05-2010-Qfiling · viewer · series
27operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$7.1M2025-09-302025-11-1410-Qfiling · viewer · series
28operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$4.0M2025-06-302026-09-2210-Q/Afiling · viewer · series

Limitations [top]

Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.

Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.

Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.

Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.

Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.

Informational and educational only. Not investment advice. SEC and market data may contain errors.

If you have any comments about this page, the methodology and every line of code that produced it are in the public repository. However, due to the limited number of personnel, we are unable to provide a direct response.

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Source
GitHub · ezrakruger.cc
Photographs from Wikimedia Commons

bull: Raphael Schön from Vienna, Austria, CC BY 2.0; bear: U. S. Fish and Wildlife Service - Northeast Region, Public domain; elk: Oregon Department of Fish & Wildlife, Public domain; tortoise: NPS, Public domain; sloth: Charles J. Sharp, CC BY-SA 3.0; fox: Cp9asngf, CC BY-SA 4.0; sector-business_equipment: Sangitiana Fararano, CC BY-SA 2.0; sector-healthcare: User:Squidonius, myself, and User:Beliason (assumed)., CC BY-SA 4.0; sector-manufacturing: unknown, CC BY-SA 2.0; sector-shops: Wilfredor, CC BY-SA 4.0; sector-consumer_nondurables: Nielsoncaetanosalmeron, CC BY 4.0; sector-utilities: Lijovklm, CC BY-SA 4.0; sector-consumer_durables: Stilfehler, CC BY-SA 4.0; sector-chemicals: PEO ACWA, CC BY 2.0; sector-energy: Arne Hückelheim, CC BY-SA 3.0; sector-telecom: Wikideas1, CC0; sector-other: Downtowngal, CC BY-SA 4.0.

Updated Oct 9, 2026