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Luna Secures Multi-Year Agreement with Northrop Grumman
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Positive)
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Rhea-AI Summary
Luna Innovations Incorporated (NASDAQ: LUNA) has announced a significant expansion of its partnership with Northrop Grumman, securing a multi-year agreement worth over $3 million. This agreement includes an initial purchase order for the OBR 6200 portable backscatter reflectometer. This technology is crucial for testing within the aerospace and defense sectors, particularly for F-35 sustainment equipment.
With the aerospace and defense market projected to reach $961.21 billion by 2026, Luna expects to capitalize on revenue growth as industry recovery continues.
Positive
Secured over $3 million multi-year agreement with Northrop Grumman.
Initial purchase order includes the advanced OBR 6200 reflectometer, enhancing testing capabilities in aerospace and defense.
Anticipated revenue growth as the aerospace and defense market is projected to reach $961.21 billion by 2026.
Negative
None.
Initial order of over $3 million
ROANOKE, Va.--(BUSINESS WIRE)--
Luna Innovations Incorporated (NASDAQ: LUNA), a global leader in advanced fiber optic-based technology, today announced that it has extended its existing relationship with Northrop Grumman by securing a new multi-year, multi-million-dollar agreement. The agreement includes an initial receipt of an over $3 million incremental, multi-unit purchase order for the OBR 6200 portable backscatter reflectometer.
“We are excited to continue our strong relationship with Northrop Grumman, and we look forward to continuing our work with them providing critical testing and monitoring technology for the aerospace and defense industry,” said Scott Graeff, President and CEO of Luna Innovations. “Luna has a long history of working in close collaboration with our partners to provide the products that meet and exceed their needs. We are honored that companies like Northrop Grumman and Lockheed Martin recognize the quality of our technology.”
The order is structured as a multi-year agreement with Northrop Grumman, one of the world’s largest aerospace and defense technology companies, who oversees procurement and distribution, along with Lockheed Martin, of sustainment equipment for the F-35 aircraft. As Luna has reported previously, the OBR 6200 instrument is included with the sustainment equipment when F-35s are deployed globally.
Luna’s Communications and Testing products, including the OBR, help customers precisely detect potential failure points in fiber optic networks, thereby reducing the time and cost of completing critical installation and trouble-shooting projects. The rugged and portable OBR 6200 provides industry-leading accuracy and sensitivity for testing fiber optic networks deployed in aerospace, naval, data center and industrial applications. 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).
The aerospace and defense market is expected to grow to $961.21 billion by 2026 (Aerospace and Defense Global Market Report). Luna anticipates opportunities to accelerate revenue as Northrop Grumman and the industry continues its recovery from COVID and expands into advanced air mobility, hypersonics, electric propulsion, and hydrogen-powered aircraft.
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, revenue and market opportunities, market growth, customer relationships 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.
