Luna Secures Follow-on Order with Lockheed Martin

Rhea-AI Summary

Luna Innovations Incorporated (NASDAQ: LUNA) has secured a significant multi-unit purchase order for its OBR 6200 portable backscatter reflectometer from Lockheed Martin. This deal is part of a long-term partnership focused on supporting the global fleet of F-35 aircraft. The $6.2 million contract aims to enhance Luna's revenue through advanced optical measurement technologies, demonstrating growth opportunities in the defense and aerospace sectors, projected to reach $1.1 trillion by 2026.

Positive

• Secured a multi-unit purchase order for OBR 6200, strengthening relationship with Lockheed Martin.
• Potential revenue increase from the $6.2 million contract supporting F-35 aircraft.
• Opportunity to grow in the aerospace and defense industry, projected to reach $1.1 trillion by 2026.

Negative

• None.

Significant Multi-Unit Purchase Order for F-35

ROANOKE, Va.--(BUSINESS WIRE)-- Luna Innovations Incorporated (NASDAQ: LUNA), a global leader in advanced fiber optic-based technology, today announced that it secured an incremental, multi-unit purchase order for the OBR 6200, portable backscatter reflectometer, through a continued relationship with Lockheed Martin.

Core to Luna’s strategy is moving from single unit sales to multi-unit sales. In 2020, Luna announced a $6.2 million deal with Lockheed Martin to supply optical measurement products to support the global fleet of F-35 aircraft and which extended a long-term relationship resulting in a series of new hardware and software technology developments. Luna’s products, including Optical Backscatter Reflectometer (OBR), help customers precisely detect potential failure points, thereby reducing the time and cost of completing critical projects. The rugged and portable OBR 6200 boasts several critical features including industry-leading accuracy and sensitivity for testing fiber optic networks. Due to its superior resolution and precision, the OBR 6200 exceeds the measurement and diagnostic capabilities of the industry-standard optical time-domain reflectometer (OTDR).

“Lockheed Martin is a great partner of ours in the defense and aeronautics industry. We have worked closely together to accelerate the opportunities in this new era of advanced flight that requires pushing the outer limits of engineering technology,” said Scott Graeff, President and CEO of Luna Innovations. “Our relationship with Lockheed Martin validates the quality of our products and our commitment to helping our customers monitor the status of critical assets like the F-35.”

Lockheed Martin and the F-35 program exemplify the resiliency and continued growth opportunities associated with the global defense and aerospace industry, which is projected to grow to nearly $1.1 trillion by 2026 (Aerospace and Defense Market Analysis). Luna anticipates opportunities to accelerate revenue as Lockheed Martin and the industry recover from COVID and expand into advanced air mobility, hypersonics, electric propulsion, and hydrogen-powered aircraft.

Aerospace and Defense Market Analysis, Size and Trends Global Forecast to 2022 - 2030. (2022, January). The Business Research Company. Retrieved April 16, 2022, from The Business Research Report

About Luna

Luna Innovations Incorporated (www.lunainc.com) is a leader in optical technology, providing unique capabilities in high-performance, fiber optic-based, test products for the telecommunications industry and distributed fiber optic-based sensing for a multitude of industries. Luna’s business model is designed to accelerate the process of bringing new and innovative technologies to market.

Forward-Looking Statement

The statements in this release that are not historical facts constitute “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 Luna’s expectations regarding technological capabilities, industry trends, market opportunities, customer relationship and operational efficacy related to its technology and/or products. Management cautions the reader that these forward-looking statements are only predictions and are subject to a number of both known and unknown risks and uncertainties, and actual results, performance, and/or achievements of Luna may differ materially from the future results, performance, and/or achievements expressed or implied by these forward-looking statements as a result of a number of factors. These factors include, without limitation, changes in market needs and technological challenges, competitive forces and other risks and uncertainties set forth in Luna’s periodic reports and other filings with the Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov and on Luna’s website at www.lunainc.com. The statements made in this release are based on information available to Luna as of the date of this release and Luna undertakes no obligation to update any of the forward-looking statements after the date of this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220504005663/en/

Investor Contact:

Allison Woody

Luna Innovations Incorporated

Phone: 540.769.8465

Email: woodya@lunainc.com

Source: Luna Innovations Incorporated

FAQ

What recent purchase order did Luna Innovations secure for the F-35?

Luna Innovations secured a significant multi-unit purchase order for the OBR 6200 portable backscatter reflectometer from Lockheed Martin.

How much was the deal Luna Innovations announced in relation to Lockheed Martin?

The deal announced by Luna Innovations was worth $6.2 million.

What are the growth projections for the aerospace and defense market?

The aerospace and defense market is projected to grow to nearly $1.1 trillion by 2026.

What technology does Luna Innovations provide to Lockheed Martin?

Luna Innovations provides optical measurement technology, specifically the OBR 6200 backscatter reflectometer, to support the F-35 aircraft.