Nuburu Inc (NASDAQ:BURU) is currently trading at $4.9625, up more than +2.2425 (+82.44%)
The stock opened today at a significantly higher price of $5.60 compared to its previous close of $2.72. Currently, there is a bid of $4.69 with 900 shares being offered, and an asking price of $4.79 with 2,900 shares on the table. The stock has experienced a wide range of trading today, with the day’s range stretching from $4.57 to $6.94. Over the past 52 weeks, the stock has traded between $2.55 and $14.00. Trading volume for today has been quite high at 16,695,407 shares, compared to the stock’s average volume of 104,140 shares. The company’s market capitalization stands at $167.595 million, while its 5-year monthly beta is relatively low at 0.50, indicating a relatively stable stock.
BURU revealed today that the U.S. Department of Defense (DOD) has chosen the company for a spot on the multiple award Indefinite Delivery/Indefinite Quantity (IDIQ) contract. This contract involves the creation and supply of prototypes and equipment to support solid-state high energy laser (HEL) weapon systems.
Dr. Mark Zediker, CEO and Co-Founder of NUBURU, stated, “NUBURU’s capacity to produce laser diode, fiber optic, and optical subsystems domestically positions us strongly to assist the DOD in addressing this vital next-generation national security matter.” He added, “We take pride in utilizing our automated manufacturing capabilities and a wholly U.S.-based workforce to deliver high-power laser subsystems to our clients.”
As one of the seven selected companies, NUBURU is qualified to take part in the firm-fixed-price, indefinite-delivery/indefinite-quantity, multiple award contract with a maximum cap of $75 million. Other companies chosen include divisions of Rolls-Royce, General Atomics, Dynetics, II-VI, Lockheed Martin, and nLIGHT. The specific location percentages will be determined at the delivery order level, and work is anticipated to be completed by March 2028. The contracting entity is the Naval Surface Warfare Center Dahlgren Division, Dahlgren, Virginia. For more information, refer to the U.S. Department of Defense announcement here.
NUBURU is headquartered in Centennial, Colorado, where it carries out research, development, design, and production of its high-power blue lasers.
NUBURU has not factored any potential revenue from this new contract opportunity into the 2023 forecast it released on March 21, 2023.
