Luna Innovations Inc Stock Price, News & Analysis

Luna Innovations Incorporated (NASDAQ: LUNA) has announced a significant expansion of its partnership with Northrop Grumman, securing a multi-year agreement worth over $3 million. This agreement includes an initial purchase order for the OBR 6200 portable backscatter reflectometer. This technology is crucial for testing within the aerospace and defense sectors, particularly for F-35 sustainment equipment.

With the aerospace and defense market projected to reach $961.21 billion by 2026, Luna expects to capitalize on revenue growth as industry recovery continues.

Luna Innovations Incorporated (NASDAQ: LUNA) announced that CEO Scott Graeff will speak at the 17th Annual Singular Research Best of the Uncovered Investor Conference on December 8, 2022, at 8:30 a.m. PT in San Francisco, California. This presentation highlights the company's advancements in fiber optic technology and its role in various industries. Attendees can register for the conference online via the Singular Research website or through Luna's Investor Relations page.

Luna Innovations Incorporated (NASDAQ: LUNA) will participate in the 14th Annual Southwest IDEAS Conference on November 16, 2022, in Dallas, TX. Scott Graeff, the President and CEO, is set to present at 12:45 p.m. CT. The presentation will be accessible via the conference's main website and the investor relations section of Luna's website. In addition to the presentation, management will engage in one-on-one meetings with attendees.

Luna Innovations specializes in advanced fiber optic technology, offering innovative solutions for various industries.

Luna Innovations reported Q3 2022 revenues of $29.2 million, marking a 43% increase year-over-year, with a 58% gross margin. Net income rose to $1.2 million, up from $0.4 million a year earlier, while Adjusted EBITDA surged to $4.5 million, up 115%. For the nine months, revenues were $77.8 million, a 23% increase. The company reaffirmed full-year 2022 guidance of $109 million to $115 million in revenue and $10 million to $12 million in Adjusted EBITDA, highlighting continued growth despite supply chain challenges.

Luna Innovations Incorporated (NASDAQ: LUNA) will report its third-quarter financial results on November 10, 2022. The announcement follows the market close, and the company will host a conference call at 5:00 p.m. Eastern Time featuring CEO Scott Graeff, CFO Gene Nestro, and CTO Brian Soller. Participants can join via a live webcast on the company’s website or dial in at provided numbers. Luna is recognized for its expertise in optical technology and aims to commercialize innovative technologies across various sectors.

Luna Innovations (NASDAQ: LUNA) has appointed Eva Hartmann as the new Senior Vice President of Human Resources, effective immediately, following the retirement of Bill Van Anglen. Hartmann brings over 25 years of HR experience, previously serving as Chief Human Resources Officer at Schnabel Engineering. She will report to CEO Scott A. Graeff and oversee the company's human capital strategy, including talent management and diversity initiatives. Graeff expressed optimism about Hartmann's capability to enhance Luna's workforce and culture in a competitive labor market.

Luna Innovations Incorporated (NASDAQ: LUNA) has announced a new $14.2 million contract with Intuitive Surgical (NASDAQ: ISRG) to supply critical photonic subsystems for advanced robotic surgical systems. This contract underscores Luna's commitment to long-term, recurring sales and highlights the growing role of its technologies in surgical robotics. CEO Scott Graeff emphasized the company's growth potential in this expanding market and the significance of their products, such as the PHOENIX™ tunable laser, in enhancing surgical outcomes.

Luna Innovations Incorporated (NASDAQ: LUNA) will participate in the 12th Annual Midwest IDEAS Conference on August 25, 2022, at The Gwen in Chicago, IL. CEO Scott Graeff's presentation is set for 10:15 a.m. CT and will be available via webcast on the conference's website and Luna's investor relations page. Luna is recognized for its advanced fiber optic technology, focusing on high-performance test products for the telecommunications sector and various industries.

Luna Innovations (NASDAQ: LUNA) reported total revenues of $26.2 million for Q2 2022, a 19% increase from Q2 2021. Gross margin improved to 61%, up from 57% year-over-year. However, the company experienced a net loss of $2.4 million, compared to a loss of $0.2 million in the prior year, influenced by previous tax benefits. Adjusted EBITDA rose by 16% to $1.2 million. For the first half of 2022, revenues grew 13% to $48.6 million, but operating losses expanded to $4.8 million. Luna reaffirms its 2022 revenue outlook of $109 million to $115 million.