Nuburu Inc. (NYSE American: BURU) completed the first €2 million tranche of a €15 million structured commitment to Italian defense‑tech firm Tekne S.p.A. on November 19, 2025. The tranche was delivered through an inventory‑monetisation platform operated by Supply@ME Capital Plc, a company in which Nuburu holds a strategic investment. The funding provides immediate working‑capital support to Tekne and is a key component of a broader partnership that includes a €13 million convertible shareholder loan and a 2.9 % equity stake in Tekne, subject to Italian government review.
The financing is part of Nuburu’s Transformation Plan, which seeks to pivot the company from its original blue‑laser technology focus to a defense and security technology platform. The €2 million injection is a small but necessary step to keep Tekne’s operations running while Nuburu scales joint go‑to‑market initiatives across Italy, Europe, and the Americas. It also signals to investors that Nuburu is actively pursuing strategic partnerships to generate revenue streams in high‑margin defense markets, even as the company’s own financial position remains precarious.
Nuburu’s Q3 2025 results underscored the urgency of the tranche. The company posted a net loss of $22.4 million for the quarter and $51.3 million year‑to‑date, with zero revenue reported for the quarter. Management has warned of substantial doubt about the company’s ability to continue as a going concern without additional capital. The €2 million tranche therefore represents a modest infusion of liquidity that helps bridge the gap between current cash burn and the expected capital needs to execute the Transformation Plan.
The updated Tekne agreement, announced on November 12, 2025, outlines the terms of the €15 million commitment and the equity stake. Tekne’s financial position prior to the funding was strained, and the working‑capital support is intended to stabilize its cash flow while the partnership develops new defense‑sector products. The agreement also grants Nuburu exclusive distribution rights for Tekne’s products in the Americas, positioning Nuburu to capture a share of the growing U.S. defense market.
Investors reacted to the announcement with caution. Market activity around the time of the disclosure was dominated by concerns over Nuburu’s ongoing losses, the “going concern” warning, and the upcoming earnings report scheduled for November 21. The €2 million tranche, while a positive operational milestone, was viewed as a tactical measure rather than a transformative event, and it did not significantly alter the broader negative sentiment surrounding the company’s financial health.
Executive Chairman and Co‑CEO Alessandro Zamboni emphasized that the milestone “reinforces our long‑term strategic vision and the deep industrial alignment between our companies.” He added that the partnership with Tekne is advancing “seamlessly” and that the joint innovation and market expansion initiatives are progressing, underscoring Nuburu’s commitment to the defense‑tech trajectory despite the current liquidity constraints.
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