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Jun 30, 2020
Luna Innovations Q2 2020 Earnings Report
Reported solid results and maintained 2020 outlook.
Key Takeaways
Luna Innovations reported a 4% increase in total revenues, reaching $18.6 million for the second quarter of 2020. Operating income increased to $1.8 million, or 10% of total revenues, and net income was $1.4 million, or $0.04 per fully diluted share. The company maintains its 2020 outlook, tightening the revenue range to $81M to $83M.
Total revenues increased by 4% to $18.6 million for the three months ended June 30, 2020.
Operating income and margin improved to $1.8 million and 10% of total revenues.
Net income reached $1.4 million, or $0.04 per fully diluted share.
Adjusted EBITDA increased to $3.0 million.
Forward Guidance
Luna is slightly tightening its revenue outlook range to $81 million to $83 million, and reiterates the outlook it provided on May 7, 2020.
Positive Outlook
- Total revenues of $81M to $83M
- Adjusted EBITDA of $10M to $12M
- Company continues to operate at its normal capacity.
- Company has a strong cash position and adequate access to capital.
- Company is in a strong position to take advantage of trends such as 5G, lightweighting and infrastructure monitoring.
Challenges Ahead
- COVID-19 pandemic has created evolving and significant macroeconomic uncertainty.
- In-person meetings have historically been helpful in closing the sale.
- Slight challenge around Luna's ability to forecast the exact timing of closing certain customer contracts and receiving purchase orders.
- Failure of demand for Luna's products and services to meet expectations.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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