News: Optoelectronics
16 September 2026
NUBURU resumes trading on NYSE American
NUBURU Inc of Centennial, CO, USA (a dual-use defense & security integrated platform company) says that its shares have resumed trading on the NYSE American exchange. Executive chairman & co-CEO Alessandro Zamboni has consequently issued a letter to shareholders, outlining the following points.
Balance sheet
In July, the firm’s $38m public offering funded full repayment of the approximately $15.5m December 2025 YA debenture and $1.25m of Lyocon acquisition notes, eliminating about $16.75m of principal obligations. Preferred stock and warrants issued in the offering remain sources of potential dilution.
At end-June 2026, assets were $68.36m, up from $49.82m at end-December 2025. Stockholders’ equity was positive $9.37m, versus a $15.18m year-end deficit. This was the firm’s second consecutive quarter of positive equity and exceeded the $4m threshold cited in NYSE American’s May notice of non-compliance.
Industrial scale
The proposed 70% acquisition of Tekne S.p.A. would add a defense and security manufacturer founded in 1990, with about 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.
NUBURU’s 1 September update reported about $148m (€129m) in active remaining order value at Tekne. After excluding about $12.6m (€11m) identified as presenting elevated cancellation risk, net remaining order value was about $135.4m (€118m). These preliminary, unaudited figures cover 100% of Tekne; consolidation begins only after closing, and realization depends on delivery, acceptance and collection.
Following the Italian Government’s ‘Golden Power’ authorization on 5 August, NUBURU is aiming to complete the acquisition of Tekne in the first half of October, subject to completing the remaining closing steps and implementing the authorization’s terms.
Market context
At the 11 September close, NUBURU’s indicative common-equity market value was about $23.6m. “Eight US-listed defense and security technology companies in our reference group traded at 1.4–23.7x trailing 12-month revenue (median 4.3x). Four reporting funded backlog traded at 1.9–5.6x that measure (median 3.8x),” says Zamboni. These approximate ratios use common-equity market value.
“Investors can assess our market value alongside Tekne’s disclosed orders and planned combined capabilities,” adds Zamboni. “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 about $1.03 trillion in the USA and $777bn across European Allies and Canada. MarketsandMarkets estimates that the global directed-energy weapons market at $4.58bn in 2026, rising to $12.11bn by 2035. “Our serviceable market depends on qualification and procurement eligibility,” notes Zamboni.
The August US National Security Science & Technology Strategy prioritizes directed energy, AI, advanced manufacturing and resilience. The $464.8m Army E-HEL award announced on 2 September 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 €3bn agreement announced 31 August, illustrate demand for layered protection linking sensors, software and effectors. NUBURU notes that its 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,” says Zamboni. Maddox extends the roadmap into field manufacturing and sustainment.
Building on the alliance with SunCubes S.r.l. that was announced in June, NUBURU is targeting fourth-quarter 2026 to sign definitive investment and industrial-cooperation agreements and complete the initial €250,000 advance under the planned investment of up to €1m, subject to final documentation. NUBURU plans 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,” says Zamboni.
What NUBURU is 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,” says Zamboni. “We also aim to advance SunCubes, convert orders into revenue and cash, qualify integrated solutions and build multi-year programs.”
NUBURU reinstated on NYSE American following reverse stock split
NUBURU expands directed-energy platform into law enforcement and public security across USA and NATO
NUBURU’s Tekne acquisition to close in first half of October
NUBURU closes public offering, raising gross proceeds of $38m
NUBURU expects stockholders’ equity to exceed $4m requirement for continued listing
