Luna Innovations Incorporated (NASDAQ: LUNA) watched its shares vault early Tuesday, as the company, a global leader in advanced optical technology, announced its financial results for the three months ended September 30.
The company enjoyed total revenue of $30.7 million, up 5% year over year. Gross margin was 57%, compared to 58% for the prior year. Net income was $0.5 million, compared to net income of $1.2 million for the prior year. Adjusted EBITDA proved to be $4.2 million, compared to $4.5 million for the prior year. Adjusted EPS was $0.07, compared to $0.09 for the prior year.
Luna is updating the 2023 revenue outlook and maintaining the adjusted EBITDA outlook: Total revenue of $120 million to $125 million for the full year 2023. Adjusted EBITDA of $14 million to $18 million for the full year 2023
“We delivered solid performance this quarter in spite of continued macroeconomic headwinds,” said CEO Scott Graeff. “We realized multiple significant wins in our Sensing business, providing further proof of the breadth of applications and abundance of opportunities for our fiber sensing solutions. We also recognized a particularly strong showing from our Communications Test business, where we saw significant increase in revenue after realizing moderate recovery from the headwinds this business faced last quarter.”
LUNA shares jumped 20 cents, or 3.8%, to $5.60.