Luna Innovations Inc Financials
This page shows Luna Innovations Inc (LUNA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2022 annual data. Scores normalized against common benchmarks. How we calculate these scores
Luna Innovations Inc has an operating margin of -1.7%, meaning the company retains $-2 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -3.0% the prior year.
Luna Innovations Inc's revenue surged 25.1% year-over-year to $109.5M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Luna Innovations Inc carries a low D/E ratio of 0.22, meaning only $0.22 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 2.61, Luna Innovations Inc holds $2.61 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 85/100.
While Luna Innovations Inc generated -$8.6M in operating cash flow, capex of $2.9M consumed most of it, leaving -$11.5M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Luna Innovations Inc's ROE of 9.9% shows moderate profitability relative to equity, earning a score of 40/100. This is up from 1.7% the prior year.
Luna Innovations Inc passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Luna Innovations Inc generates $-0.92 in operating cash flow (-$8.6M OCF vs $9.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Luna Innovations Inc earns $-2.1 in operating income for every $1 of interest expense (-$1.9M vs $898K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Luna Innovations Inc generated $109.5M in revenue in fiscal year 2022. This represents an increase of 25.1% from the prior year.
Luna Innovations Inc's EBITDA was $3.6M in fiscal year 2022, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 74.9% from the prior year.
Luna Innovations Inc generated -$11.5M in free cash flow in fiscal year 2022, representing cash available after capex. This represents a decrease of 473.0% from the prior year.
Luna Innovations Inc reported $9.3M in net income in fiscal year 2022. This represents an increase of 571.4% from the prior year.
Luna Innovations Inc earned $0.28 per diluted share (EPS) in fiscal year 2022. This represents an increase of 600.0% from the prior year.
Luna Innovations Inc held $6.0M in cash against $20.7M in long-term debt as of fiscal year 2022.
Luna Innovations Inc had 33M shares outstanding in fiscal year 2022. This represents an increase of 3.1% from the prior year.
Luna Innovations Inc's gross margin was 60.7% in fiscal year 2022, indicating the percentage of revenue retained after direct costs. This is up 1.8 percentage points from the prior year.
Luna Innovations Inc's operating margin was -1.7% in fiscal year 2022, reflecting core business profitability. This is up 1.2 percentage points from the prior year.
Luna Innovations Inc's net profit margin was 8.5% in fiscal year 2022, showing the share of revenue converted to profit. This is up 6.9 percentage points from the prior year.
Luna Innovations Inc's ROE was 9.9% in fiscal year 2022, measuring profit generated per dollar of shareholder equity. This is up 8.2 percentage points from the prior year.
Luna Innovations Inc invested $10.8M in research and development in fiscal year 2022. This represents an increase of 6.3% from the prior year.
Luna Innovations Inc spent $359K on share buybacks in fiscal year 2022, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 21.8% from the prior year.
Luna Innovations Inc invested $2.9M in capex in fiscal year 2022, funding long-term assets and infrastructure. This represents an increase of 104.5% from the prior year.
LUNA Income Statement
| Metric | Q3'23 | Q2'23 | Q1'23 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $30.7M+5.3% | $29.2M+16.4% | $25.0M-21.0% | $31.7M+21.2% | $26.2M+16.4% | $22.5M-7.2% | $24.2M+19.1% | $20.3M |
| Cost of Revenue | $13.1M+6.3% | $12.3M+22.1% | $10.1M-18.5% | $12.4M+21.2% | $10.2M+24.3% | $8.2M-18.8% | $10.1M+30.4% | $7.7M |
| Gross Profit | $17.6M+4.5% | $16.9M+12.6% | $15.0M-22.6% | $19.3M+21.1% | $16.0M+11.8% | $14.3M+1.1% | $14.1M+12.2% | $12.6M |
| R&D Expenses | $2.7M-0.1% | $2.7M-3.4% | $2.8M-1.3% | $2.9M+7.1% | $2.7M+4.8% | $2.5M0.0% | $2.5M-12.9% | $2.9M |
| SG&A Expenses | $12.8M-4.5% | $13.4M+1.1% | $13.3M-25.4% | $17.8M+20.6% | $14.8M+11.2% | $13.3M+26.0% | $10.5M+9.0% | $9.7M |
| Operating Income | $1.2M+638.3% | -$214K+90.0% | -$2.1M-245.4% | $1.5M+159.5% | -$2.5M-4.1% | -$2.4M-328.6% | $1.0M+10450.0% | -$10K |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | $104K-5.5% | $110K |
| Income Tax | $193K+155.1% | -$350K+38.3% | -$567K-284.1% | $308K-27.0% | $422K+137.8% | -$1.1M-649.3% | $203K-9.4% | $224K |
| Net Income | $461K+128.9% | -$1.6M+13.4% | -$1.8M-315.9% | $853K+136.3% | -$2.4M-124.5% | $9.6M+508.3% | $1.6M+343.7% | $355K |
| EPS (Diluted) | $0.01+120.0% | $-0.05+16.7% | $-0.06-700.0% | $0.01+114.3% | $-0.07-123.3% | $0.30+500.0% | $0.05+400.0% | $0.01 |
LUNA Balance Sheet
| Metric | Q3'23 | Q2'23 | Q1'23 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $165.1M+6.4% | $155.1M+2.0% | $152.1M+0.7% | $151.0M+6.4% | $141.9M-1.9% | $144.7M+11.1% | $130.2M+0.4% | $129.7M |
| Current Assets | $100.2M+6.7% | $93.9M+4.3% | $90.0M+2.4% | $87.9M+15.7% | $75.9M-2.6% | $78.0M-5.4% | $82.4M-0.2% | $82.6M |
| Cash & Equivalents | $6.0M+83.9% | $3.3M-7.9% | $3.6M-40.9% | $6.0M+23.8% | $4.9M-54.9% | $10.8M-37.0% | $17.1M+16.1% | $14.8M |
| Inventory | $43.3M+3.1% | $42.0M+5.9% | $39.7M+8.5% | $36.6M+19.0% | $30.8M+6.4% | $28.9M+28.4% | $22.5M-11.3% | $25.4M |
| Accounts Receivable | $39.3M+16.2% | $33.8M+5.9% | $31.9M-4.0% | $33.2M+9.3% | $30.4M+15.8% | $26.3M+25.6% | $20.9M+6.9% | $19.6M |
| Goodwill | $26.9M-1.5% | $27.3M+0.4% | $27.2M+1.0% | $26.9M-5.3% | $28.4M-2.6% | $29.2M+53.8% | $19.0M0.0% | $19.0M |
| Total Liabilities | $70.5M+17.0% | $60.3M+3.8% | $58.1M+0.8% | $57.6M+8.0% | $53.3M+1.3% | $52.6M+9.0% | $48.3M-4.9% | $50.8M |
| Current Liabilities | $35.0M+16.5% | $30.0M-8.0% | $32.7M-2.9% | $33.6M+13.8% | $29.6M-3.4% | $30.6M-6.4% | $32.7M-2.9% | $33.7M |
| Long-Term Debt | $28.9M+4.2% | $27.7M+23.4% | $22.5M+8.5% | $20.7M+7.8% | $19.2M+6.3% | $18.1M+54.9% | $11.7M-8.2% | $12.7M |
| Total Equity | $94.6M-0.3% | $94.9M+0.9% | $94.1M+0.7% | $93.4M+5.5% | $88.6M-3.8% | $92.0M+12.3% | $81.9M+3.9% | $78.9M |
| Retained Earnings | -$5.3M+8.0% | -$5.7M-38.6% | -$4.1M-80.2% | -$2.3M+47.2% | -$4.3M-117.9% | -$2.0M+82.8% | -$11.6M+12.0% | -$13.2M |
LUNA Cash Flow Statement
| Metric | Q3'23 | Q2'23 | Q1'23 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.3M+139.0% | -$6.0M-32.1% | -$4.5M+14.6% | -$5.3M-12.5% | -$4.7M-97.9% | -$2.4M-172.9% | $3.3M-20.9% | $4.1M |
| Capital Expenditures | $570K-18.8% | $702K+46.9% | $478K-16.9% | $575K-22.5% | $742K-18.9% | $915K+95.1% | $469K+19.6% | $392K |
| Free Cash Flow | $1.8M+126.4% | -$6.7M-33.5% | -$5.0M+14.9% | -$5.9M-7.7% | -$5.4M-65.4% | -$3.3M-218.1% | $2.8M-25.1% | $3.7M |
| Investing Cash Flow | -$602K+17.9% | -$733K-43.7% | -$510K-249.6% | $341K+143.9% | -$776K+92.2% | -$10.0M-1533.4% | -$610K-30.9% | -$466K |
| Financing Cash Flow | $1.1M-83.0% | $6.4M+158.4% | $2.5M+8.7% | $2.3M+637.4% | $310K-95.2% | $6.4M+2214.8% | -$304K+34.5% | -$464K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $83K+654.5% | $11K-96.8% | $342K+426.2% | $65K+306.3% | $16K-94.2% | $278K+612.8% | $39K | $0 |
LUNA Financial Ratios
| Metric | Q3'23 | Q2'23 | Q1'23 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.4%-0.4pp | 57.8%-1.9pp | 59.8%-1.2pp | 61.0%-0.0pp | 61.0%-2.5pp | 63.5%+5.2pp | 58.3%-3.6pp | 61.9% |
| Operating Margin | 3.8%+4.5pp | -0.7%+7.8pp | -8.5%-13.1pp | 4.6%+14.0pp | -9.4%+1.1pp | -10.5%-14.8pp | 4.3%+4.3pp | -0.1% |
| Net Margin | 1.5%+7.0pp | -5.5%+1.9pp | -7.3%-10.0pp | 2.7%+11.7pp | -9.0%-51.6pp | 42.6%+36.1pp | 6.5%+4.8pp | 1.8% |
| Return on Equity | 0.5% | N/A | N/A | 0.9% | N/A | 10.4%+8.5pp | 1.9%+1.5pp | 0.4% |
| Return on Assets | 0.3%+1.3pp | -1.0%+0.2pp | -1.2%-1.8pp | 0.6%+2.2pp | -1.7%-8.3pp | 6.6%+5.4pp | 1.2%+0.9pp | 0.3% |
| Current Ratio | 2.86-0.3 | 3.12+0.4 | 2.75+0.1 | 2.61+0.0 | 2.57+0.0 | 2.55+0.0 | 2.52+0.1 | 2.45 |
| Debt-to-Equity | 0.31+0.0 | 0.29+0.1 | 0.24+0.0 | 0.220.0 | 0.22+0.0 | 0.20+0.1 | 0.14-0.0 | 0.16 |
| FCF Margin | 5.7%+28.5pp | -22.8%-2.9pp | -19.9%-1.4pp | -18.5%+2.3pp | -20.8%-6.2pp | -14.6%-26.1pp | 11.5%-6.8pp | 18.3% |
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Frequently Asked Questions
What is Luna Innovations Inc's annual revenue?
Luna Innovations Inc (LUNA) reported $109.5M in total revenue for fiscal year 2022. This represents a 25.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Luna Innovations Inc's revenue growing?
Luna Innovations Inc (LUNA) revenue grew by 25.1% year-over-year, from $87.5M to $109.5M in fiscal year 2022.
Is Luna Innovations Inc profitable?
Yes, Luna Innovations Inc (LUNA) reported a net income of $9.3M in fiscal year 2022, with a net profit margin of 8.5%.
What is Luna Innovations Inc's earnings per share (EPS)?
Luna Innovations Inc (LUNA) reported diluted earnings per share of $0.28 for fiscal year 2022. This represents a 600.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Luna Innovations Inc's EBITDA?
Luna Innovations Inc (LUNA) had EBITDA of $3.6M in fiscal year 2022, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Luna Innovations Inc have?
As of fiscal year 2022, Luna Innovations Inc (LUNA) had $6.0M in cash and equivalents against $20.7M in long-term debt.
What is Luna Innovations Inc's gross margin?
Luna Innovations Inc (LUNA) had a gross margin of 60.7% in fiscal year 2022, indicating the percentage of revenue retained after direct costs of goods sold.
What is Luna Innovations Inc's operating margin?
Luna Innovations Inc (LUNA) had an operating margin of -1.7% in fiscal year 2022, reflecting the profitability of core business operations before interest and taxes.
What is Luna Innovations Inc's net profit margin?
Luna Innovations Inc (LUNA) had a net profit margin of 8.5% in fiscal year 2022, representing the share of revenue converted into profit after all expenses.
What is Luna Innovations Inc's return on equity (ROE)?
Luna Innovations Inc (LUNA) has a return on equity of 9.9% for fiscal year 2022, measuring how efficiently the company generates profit from shareholder equity.
What is Luna Innovations Inc's free cash flow?
Luna Innovations Inc (LUNA) generated -$11.5M in free cash flow during fiscal year 2022. This represents a -473.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Luna Innovations Inc's operating cash flow?
Luna Innovations Inc (LUNA) generated -$8.6M in operating cash flow during fiscal year 2022, representing cash generated from core business activities.
What are Luna Innovations Inc's total assets?
Luna Innovations Inc (LUNA) had $151.0M in total assets as of fiscal year 2022, including both current and long-term assets.
What are Luna Innovations Inc's capital expenditures?
Luna Innovations Inc (LUNA) invested $2.9M in capital expenditures during fiscal year 2022, funding long-term assets and infrastructure.
How much does Luna Innovations Inc spend on research and development?
Luna Innovations Inc (LUNA) invested $10.8M in research and development during fiscal year 2022.
Does Luna Innovations Inc buy back shares?
Yes, Luna Innovations Inc (LUNA) spent $359K on share buybacks during fiscal year 2022, returning capital to shareholders by reducing shares outstanding.
How many shares does Luna Innovations Inc have outstanding?
Luna Innovations Inc (LUNA) had 33M shares outstanding as of fiscal year 2022.
What is Luna Innovations Inc's current ratio?
Luna Innovations Inc (LUNA) had a current ratio of 2.61 as of fiscal year 2022, which is generally considered healthy.
What is Luna Innovations Inc's debt-to-equity ratio?
Luna Innovations Inc (LUNA) had a debt-to-equity ratio of 0.22 as of fiscal year 2022, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Luna Innovations Inc's return on assets (ROA)?
Luna Innovations Inc (LUNA) had a return on assets of 6.1% for fiscal year 2022, measuring how efficiently the company uses its assets to generate profit.
What is Luna Innovations Inc's cash runway?
Based on fiscal year 2022 data, Luna Innovations Inc (LUNA) had $6.0M in cash against an annual operating cash burn of $8.6M. This gives an estimated cash runway of approximately 8 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Luna Innovations Inc's Piotroski F-Score?
Luna Innovations Inc (LUNA) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Luna Innovations Inc's earnings high quality?
Luna Innovations Inc (LUNA) has an earnings quality ratio of -0.92x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Luna Innovations Inc cover its interest payments?
Luna Innovations Inc (LUNA) has an interest coverage ratio of -2.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Luna Innovations Inc?
Luna Innovations Inc (LUNA) scores 54 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.