SAN DIEGO, June 28, 2024 (GLOBE NEWSWIRE) -- Robbins LLP informs investors it is investigating the officers and directors of Luna Innovations Incorporated (NASDAQ: LUNA) to determine whether they violated securities laws and breached their fiduciary duties to shareholders in connection with financial reporting. Luna Innovations is a technology company that focuses on fiber optics. It creates products targeted towards the aerospace, automotive, and communications industries, among others. What Now: Luna Inno ...

NEW YORK, May 30, 2024 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Luna Innovations Incorporated ("Luna Innovations" or the "Company") (NASDAQ: LUNA) of a class action securities lawsuit. CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Luna Innovations investors who were adversely affected by alleged securities fraud between May 16, 2022 and April 19, 2024. Follow the link below to get more information and be contacted by a member of our team: https://zlk.com/pslra-1/luna- ...

NEW YORK, May 29, 2024 /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of Luna Innovations Incorporated (NASDAQ: LUNA). Shareholders who purchased shares of LUNA during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery. The Gross Law Firm 15 West 38th Street, 12th floor New York, NY, 10018 Email: [email protected] Phone: (646) 453-8903 SOURCE The Gro ...

Important deadline: Investors who purchased or acquired Luna Innovations securities during the Class Period may, no later than May 31, 2024, seek to be appointed as a lead plaintiff representative of the class. Luna Innovations is a technology company that is focused on fiber optics. The Company creates products targeting the aerospace, automotive, and communications industries, among others. The truth regarding Luna Innovations' lack of effective internal control over financial reporting began to emerge on ...

NEW YORK, May 22, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Luna Innovations Incorporated ("Luna" or the "Company") (NASDAQ: LUNA). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. The class action concerns whether Luna and certain of its offi ...

CONTACT US HERE: https://securitiesclasslaw.com/securities/luna-innovations-loss-submission-form/?id=80718&from=4 CLASS PERIOD: May 16, 2022 to April 19, 2024 NEW YORK, May 21, 2024 /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of Luna Innovations Incorporated (NASDAQ: LUNA). Shareholders who purchased shares of LUNA during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required t ...

LOS ANGELES, May 17, 2024 /PRNewswire/ -- Glancy Prongay & Murray LLP ("GPM") announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Luna Innovations Incorporated ("Luna" or the "Company") (NASDAQ: LUNA). Class Period: May 16, 2022 – April 19, 2024 Lead Plaintiff Deadline: May 31, 2024 If you wish to serve as lead plaintiff of the Luna lawsuit, you can submit your contact information at www.glancylaw.com/cases/Luna-Innovations-Incorporated ...

Financial Data and Key Metrics Changes - For Q3 2023, total revenue was $30.7 million, a 5% increase year-over-year. Gross margin was 57%, and adjusted EBITDA was $4.2 million compared to $4.5 million in the prior year [11][67] - Operating income was $1.2 million, down from $1.5 million in the prior year, and net income was $461,000 compared to $1.2 million previously [67] - Working capital increased to $65.2 million from $54.2 million at the end of 2022, primarily due to increases in accounts receivable and inventory [44] Business Line Data and Key Metrics Changes - The sensing vertical experienced a 6% revenue decline year-over-year, largely due to tough comparisons in terahertz sales [12] - The communications test business saw a strong recovery with a 26% year-over-year growth, driven by sales to government and defense customers [30][53] - Product revenue was flat year-over-year, with notable performance in the ODiSI high-resolution sensing product reaching record levels [29] Market Data and Key Metrics Changes - The company secured a multi-year fiber-optic monitoring service contract for a transcontinental natural gas pipeline, enhancing its market presence [13] - Significant sales of earthquake monitoring DAS instruments were made to seismic labs and the U.S. government, indicating strong demand in the market [15] - The company renewed a global supply partnership with a major multinational conglomerate for critical infrastructure monitoring, expanding its market reach [16] Company Strategy and Development Direction - The company aims to expand its global footprint and elevate its international presence through strategic hires and investments in infrastructure [3][35] - Management emphasized the importance of leadership talent in driving strategy and capturing growth opportunities [26] - The company is focused on improving inventory turns and managing supply chain challenges while maintaining a broad revenue range due to project-based orders [41][45] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic headwinds affecting business but expressed optimism about the company's long-term potential and the strength of its backlog [28][37] - The outlook for terahertz products remains strong, with robust bookings and backlog despite a tough comparison in Q3 [28] - The company revised its revenue guidance to $120 million to $125 million while maintaining adjusted EBITDA guidance of $14 million to $18 million [33] Other Important Information - The company is experiencing supply chain challenges, leading to increased inventory levels, but is confident in improving inventory management [45][55] - Cash and cash equivalents remained stable at $6 million, with a nearly $3 million sequential increase [54] Q&A Session Summary Question: What is the outlook for 2024? - Management indicated that expectations for 2024 remain unchanged, with some projects pushing into Q4 and 2024 [50] Question: Is the recovery in the communications test business sustainable? - Management expressed confidence that the recovery is sustainable, with good visibility into the next few quarters [74] Question: Update on terahertz testing opportunities and capacity expansion? - Management confirmed strong demand for terahertz systems and that capacity expansion plans are on track, expecting a strong finish to the year [75][76] Question: How much working capital can be generated in Q4? - Management expects to see strong cash generation and working capital improvements in Q4, leveraging larger revenue [79]

November 14, 2023 Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 This presentation includes information that constitutes "forward-looking statements" made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements include the company's expectations regarding its technological and product capabilities, market growth and its market position, sales wins, revenue growth, customer activity, ...

Revenue Performance - Revenue for Q3 2023 increased by $1.6 million, or 5%, to $30.7 million compared to $29.2 million in Q3 2022, driven by strong growth in communications test products [82]. - Revenue for the nine months ended September 30, 2023, increased by $7.1 million, or 9%, to $84.9 million, largely due to contributions from the acquisition of Luna Innovations GmbH [89]. - Revenue for the three months ended September 30, 2023, increased by $1.6 million, or 5%, to $30.7 million compared to $29.2 million in the same period of 2022 [82]. - Revenue for the nine months ended September 30, 2023 increased by $7.1 million, or 9%, to $84.9 million compared to $77.8 million for the same period in 2022 [89]. Cost and Gross Margin - Cost of revenue for Q3 2023 increased by $0.8 million, or 7%, to $13.1 million, resulting in a gross margin of 57%, down from 58% in Q3 2022 due to an unfavorable product mix [83]. - Cost of revenue for the nine months ended September 30, 2023, increased by $4.8 million, or 16%, to $35.4 million, leading to a gross margin of 58%, down from 61% in the same period of 2022 [90]. - Cost of revenue for the three months ended September 30, 2023, increased by $0.8 million, or 7%, to $13.1 million, resulting in a gross margin of 57%, down from 58% in the prior year [83]. - Cost of revenue increased by $4.8 million, or 16%, to $35.4 million for the nine months ended September 30, 2023, resulting in a gross margin of 58%, down from 61% in the prior year [90]. Operating Expenses - Total operating expenses for Q3 2023 rose by $1.0 million, or 7%, to $16.5 million, with selling, general and administrative expenses increasing by 10% to $12.8 million [84][85]. - Total operating expense for the nine months ended September 30, 2023 was $50.7 million, a slight increase of $0.2 million compared to $50.5 million in 2022 [91]. - Selling, general and administrative expense decreased by $0.2 million to $39.6 million for the nine months ended September 30, 2023, primarily due to efforts to eliminate redundant expenses [91]. - Research, development, and engineering expenses for the nine months ended September 30, 2023, increased by $0.3 million, or 3%, to $8.3 million compared to $8.0 million in the same period of 2022 [92]. Financial Position - As of September 30, 2023, total cash and cash equivalents were $6.0 million, with outstanding borrowings of $17.2 million under the Term Loan and $14.7 million under the Revolving Line [96][97]. - Net cash used in operating activities for the nine months ended September 30, 2023, was $8.1 million, an increase from $3.3 million in the same period of 2022, driven by higher inventory levels [103]. - Cash provided by financing activities increased to $10.0 million in 2023 from $7.2 million in 2022, mainly from new borrowings of $8.7 million [105]. - Cash provided by financing activities was $10.0 million for the nine months ended September 30, 2023, compared to $7.2 million in the prior year [105]. Backlog and Future Plans - Backlog of purchase orders as of September 30, 2023, was $49.0 million, down from $52.9 million at December 31, 2022 [75]. - The company plans to continue expanding through acquisitions and investments in research and development, which may lead to increased expenses and potential net losses in future periods [74]. - The company aims to diversify its product offerings and strengthen its position in high-growth markets such as security and smart infrastructure monitoring [73]. Losses and Discontinued Operations - Loss from continuing operations before income taxes for the nine months ended September 30, 2023, was $2.7 million, an improvement from a loss of $3.6 million in the same period of 2022 [93]. - Income from continuing operations before income taxes for the three months ended September 30, 2023 was $0.7 million, down from $1.3 million in the same period of 2022 [86]. - The company recognized a loss from discontinued operations of $1.0 million for the nine months ended September 30, 2023, compared to income of $11.5 million in the same period of 2022 [95]. Debt and Amortization - The Term Loan matures on June 21, 2027, with an amortization schedule starting at 10% for the first year and increasing to 20% in year four [98].