Luna Innovations reports Q2 2017 financial results

Luna Innovations Incorporated (NASDAQ: LUNA) has announced its financial results for the three months ended June 30, 2017, the company said.

For the three months ended June 30, 2017, Luna reported revenues of USD 13.6 million and a net loss of USD (0.2) million compared to revenues of USD 14.6 million and a net loss of USD (0.8) million for the three months ended June 30, 2016. Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) was USD 0.8 million for the three months ended June 30, 2017 compared to USD 0.4 million for the three months ended June 30, 2016.

Total revenues for the three months ended June 30, 2017 were USD 13.6 million compared to USD 14.6 million for the three months ended June 30, 2016. Technology development revenues increased 12% to USD 4.6 million for the three months ended June 30, 2017, compared to USD 4.1 million for the three months ended June 30, 2016.

Products and licensing revenues were USD 9.0 million for the three months ended June 30, 2017, compared to USD 10.5 million for the three months ended June 30, 2016. The decrease in Products and licensing revenues was primarily driven by lower sales of Luna´s 100G integrated coherent receivers in China.

Operating loss improved to USD (0.1) million for the three months ended June 30, 2017, compared to an operating loss of USD (0.7) million for the three months ended June 30, 2016.

Net loss attributable to common stockholders improved to USD (0.3) million for the three months ended June 30, 2017, compared to a net loss attributable to common stockholders of USD (0.8) million for the three months ended June 30, 2016. Adjusted EBITDA was USD 0.8 million for the three months ended June 30, 2017 compared to USD 0.4 million for the three months ended June 30, 2016.

Luna Innovations is a provider of optical technology, providing unique capabilities in high speed optoelectronics and high performance fiber optic test products for the telecommunications industry and distributed fiber optic sensing for the aerospace and automotive industries.