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Dec 31, 2022
Luna Innovations Q4 2022 Earnings Report
Reported strong fourth-quarter and full-year 2022 results.
Key Takeaways
Luna Innovations reported a strong fourth quarter with a 31% increase in revenue year over year, driven by growth in multiple areas including OEM accounts, fiber sensing solutions, Terahertz products, and Communications test vertical. The company's gross margin also improved to 61% compared to 58% in the prior year. Looking ahead, Luna Innovations provided guidance for 2023, expecting total revenues in the range of $125 million to $130 million.
Revenues of $31.7 million, up 31% year over year
Revenues in constant currency of $32.5 million, up 34% year over year
Gross margin of 61%, compared to 58% for the prior year
Adjusted EBITDA of $4.7 million, compared to $3.1 million for the prior year
Forward Guidance
For fiscal year and Q1 2023, Luna expects total revenues in the range of $125 million to $130 million for full year 2023 and Adjusted EBITDA in the range of $14 million to $18 million for full year 2023. For Q1 2023, Luna expects total revenues in the range of $23 million to $25 million.
Positive Outlook
- Total revenues in the range of $125 million to $130 million for full year 2023
- Adjusted EBITDA in the range of $14 million to $18 million for full year 2023
- Total revenues in the range of $23 million to $25 million for Q1 2023
Challenges Ahead
- Luna is not providing an outlook for net income
- Changes in the items that Luna excludes from net income to calculate Adjusted EBITDA, such as share-based compensation, tax expense, and significant non-recurring charges, among other things, can be dependent on future events that are less capable of being controlled or reliably predicted by management and are not part of Luna's routine operating activities.
- The outlook above does not include any future acquisitions, divestitures, or unanticipated events.
Historical Earnings Impact
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