Luna Innovations Inc
NASDAQ:LUNA
Luna Innovations Inc
Luna Innovations, Inc. engages in the development and manufacture of fiber optic test and measurement, sensing and instrumentation products for the automotive, aerospace, energy and infrastructure industries. The company is headquartered in Roanoke, Virginia and currently employs 385 full-time employees. The company went IPO on 2006-06-02. The firm is engaged in providing capabilities in fiber optic-based, test products for the telecommunications industry and distributed fiber optic-based sensing for a multitude of industries. The firm operates through Lightwave segment, which develops, manufactures and markets distributed fiber optic sensing products and fiber optic communications test and control products. The firm develop and commercialize its fiber optic technology for sensing applications for aerospace, automotive, energy and infrastructure as well as for test and measurement applications in the telecommunications and data communications industries. Its Lightwave segment also performs applied research principally in the areas of optical and terahertz technologies. Its capabilities include sensing and non-destructive testing, strain sensing, vibration and acceleration measurements, and communications test and photonic control.
Luna Innovations, Inc. engages in the development and manufacture of fiber optic test and measurement, sensing and instrumentation products for the automotive, aerospace, energy and infrastructure industries. The company is headquartered in Roanoke, Virginia and currently employs 385 full-time employees. The company went IPO on 2006-06-02. The firm is engaged in providing capabilities in fiber optic-based, test products for the telecommunications industry and distributed fiber optic-based sensing for a multitude of industries. The firm operates through Lightwave segment, which develops, manufactures and markets distributed fiber optic sensing products and fiber optic communications test and control products. The firm develop and commercialize its fiber optic technology for sensing applications for aerospace, automotive, energy and infrastructure as well as for test and measurement applications in the telecommunications and data communications industries. Its Lightwave segment also performs applied research principally in the areas of optical and terahertz technologies. Its capabilities include sensing and non-destructive testing, strain sensing, vibration and acceleration measurements, and communications test and photonic control.
Revenue Growth: Luna Innovations reported Q3 2023 revenue of $30.7 million, up 5% compared to last year.
Margins: Gross margin was 57%, down 62 basis points from the prior year due to product mix.
Guidance Lowered: Management revised full-year revenue guidance to $120–$125 million, citing delayed customer projects, but maintained adjusted EBITDA guidance at $14–$18 million.
Sensing Pressure: The sensing segment, especially terahertz and contract research, saw revenue decline 6% year-over-year because of tough comparisons and delivery timing.
Comms Test Recovery: Communications test business rebounded strongly with 26% year-over-year growth, and management expects this recovery to be sustainable.
Strong Backlog: Terahertz and other key product lines have robust bookings and backlog, with record sales for the ODiSI sensing product (up 72% YoY).
Cash & Working Capital: Cash increased by nearly $3 million sequentially to $6 million, and working capital rose to $65.2 million, with inventory and accounts receivable still elevated.
Strategic Wins: Luna secured major contracts for infrastructure, energy, defense, and data center applications, including a large hyperscale data center customer.
