Luna Innovations Reports First-Quarter 2021 Results
Luna Innovations (NASDAQ: LUNA) reported its Q1 2021 financial results, showcasing a total revenue of $26.3 million, a 53% increase from $17.1 million in Q1 2020. Gross profit rose to $13.4 million, reflecting a gross margin of 51%. However, the company faced a net loss of $0.32 million, compared to a loss of $1.11 million in the previous year, and an adjusted EPS of $0.03 was noted. CEO Scott Graeff highlighted ongoing software upgrades and the integration of acquisitions as pivotal for future growth.
- Total revenues increased by 53% year-over-year to $26.3 million.
- Gross profit grew to $13.4 million with a gross margin of 51%.
- Adjusted EPS improved to $0.03 from $0.02.
- Net loss of $0.32 million compared to a loss of $1.11 million in Q1 2020.
- Operating loss reported at $(794,000), a decline from an income of $390,000 in the previous year.
Luna Innovations Incorporated (NASDAQ: LUNA), a global leader in advanced optical technology, today announced its financial results for the three months ended March 31, 2021.
"Q1 was a busy quarter for Luna as we continue to build for our future growth,” said Scott Graeff, President and Chief Executive Officer of Luna. "I am proud of the Luna team’s relentless focus on four significant operational and systems implementation projects during the quarter. We implemented organization-wide upgrades to enterprise software, through the implementation of NetSuite and Salesforce.com, all while continuing the integration of the two acquisitions we announced toward the end of last year – OptaSense and New Ridge Technologies. I can characterize this quarter as strong blocking and tackling. And, we did all of this while continuing to grow total revenues, expanding gross margins and growing adjusted EBITDA.”
Graeff continued, “We are at another inflection point of growth, just as we were several years ago. Based on our first-quarter performance and the continued momentum we've seen in the first part of Q2, we are comfortable reaffirming our full-year 2021 financial outlook. As always, we will continue to focus on supporting customers with excellence, delivering strong results for our shareholders, and providing a safe and supportive environment for our employees."
First-Quarter Fiscal 2021 Financial Summary
Highlights of the financial results for the three months ended March 31, 2021 are:
|
|
Three Months Ended March 31, |
|
|
|
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(in thousands, except share and per share data) |
2021 |
|
2020 |
|
Change |
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Revenues: |
|
|
|
|
|
||||||
Lightwave |
|
$ |
20,997 |
|
|
$ |
11,554 |
|
|
82 |
% |
Luna Labs |
|
5,302 |
|
|
5,587 |
|
|
(5 |
)% |
||
Total revenues |
|
26,299 |
|
|
17,141 |
|
|
53 |
% |
||
|
|
|
|
|
|
|
|||||
Gross profit |
|
13,429 |
|
|
8,364 |
|
|
61 |
% |
||
Gross margin |
|
51 |
% |
|
49 |
% |
|
|
|||
|
|
|
|
|
|
||||||
Operating expense |
|
14,223 |
|
|
7,974 |
|
|
78 |
% |
||
Operating (loss)/income |
|
(794 |
) |
|
390 |
|
|
(304 |
)% |
||
Operating margin |
|
(3 |
)% |
|
2 |
% |
|
|
|
||
|
|
|
|
|
|
||||||
Other (expense) income and income tax benefit (expense) |
|
476 |
|
|
(70 |
) |
|
780 |
% |
||
|
|
|
|
|
|
|
|
||||
Net loss |
|
$ |
(318 |
) |
|
$ |
(1,116 |
) |
|
72 |
% |
|
|
|
|
|
|
|
|
||||
Earnings per diluted share (EPS) |
|
$ |
(0.01 |
) |
|
$ |
(0.03 |
) |
|
(67 |
)% |
Adjusted EPS |
|
$ |
0.03 |
|
|
$ |
0.02 |
|
|
50 |
% |
Diluted weighted average shares outstanding |
|
33,353,456 |
|
|
32,549,487 |
|
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FAQ
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