Latest news with #KevinIlcisin
Business Wire
20-05-2025
- Business
- Business Wire
Luna Announces Strong Start to 2025 with Substantial Bookings Growth
ROANOKE, Va.--(BUSINESS WIRE)--Luna Innovations Incorporated (OTCMKTS: LUNA) ('Luna' or the 'Company'), a global leader in advanced fiber optic-based technology, today announced select preliminary operating and financial metrics for the first quarter ended March 31, 2025, showcasing significant year-over-year bookings growth, continued gross margin expansion, and sustained execution on cost containment initiatives. 'We are pleased to report a strong start to 2025, with sharp improvements in bookings, margin performance, and working capital management,' said the Company's President, Chief Executive Officer, Kevin Ilcisin. 'Our continued focus on operational discipline, customer alignment, and profitable growth is positioning us well for sustained success.' Financial Highlights for the first quarter ended March 31, 2025 Will Denman, SVP and GM of the Optical Communications Test business commented, 'The growth of artificial intelligence and data centers is driving a significant acceleration in demand for photonics. Luna's optical test solutions are playing a critical role in enabling this next wave of high-performance computing infrastructure. It's an exciting time to partner with some of the most innovative leaders in the industry.' Thomas Oldemeyer, SVP and Managing Director of the Sensing business added, 'Despite recent oil price volatility, demand for Luna's sensing solutions remains strong in energy applications, particularly in oilfield services and pipeline monitoring. Our new ATLAS Acoustic Sensing Platform enabled major project wins in India and Africa.' Based on preliminary estimates, the Company expects the following financial results for the first quarter ended March 31, 2025: Bookings of $37 million to $39 million, compared to approximately $25 million in the first quarter of 2024, representing year-over-year growth of more than 50%. Revenue of $29 million to $31 million, representing a book-to-bill ratio of more than 1.2x. Operational and Strategic Highlights Cost Initiatives: Luna continued executing on its cost containment program, achieving efficiencies through vendor consolidation and labor outsourcing initiatives. Margin Expansion: Significant improvement in gross margins due to enhanced manufacturing efficiencies and favorable customer and product mix. Working Capital Improvements: Inventory reductions, strong accounts receivable collections, and disciplined capital spending enhanced liquidity. Tariff response planning: In response to global trade uncertainty, Luna has taken a number of actions to mitigate the temporary disruption in customer demand and its supply chain. Mr. Ilcisin concluded, 'I am proud of our team's ability to deliver these positive results while executing significant cost savings initiatives and addressing macro headwinds. We are confident that our continued focus on operational efficiency, customer satisfaction, and product innovation will position us for sustained profitable growth.' Preliminary Unaudited Financial Information This press release contains preliminary estimates of selected unaudited financial and other information for the Company's quarters ended March 31, 2025 and 2024. Our full audited condensed consolidated financial statements as of and for the year ended December 31, 2024 and 2023 are not yet available. The information contained herein reflects our preliminary estimates based on currently available information and is subject to change. We have provided ranges for the preliminary estimates of the financial information described herein primarily because our financial closing procedures for the year ended December 31, 2024 and quarters ended March 31, 2025 and 2024 are not yet complete and, as a result, our final results upon completion of our closing procedures may vary from the preliminary estimates. Forward-Looking Statements The statements in this release that are not historical facts constitute 'forward-looking statements'. These statements include, but are not limited to, preliminary financial results and statements made regarding the Company's expected and future financial and operational results. 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 the Company may differ materially from the future results, performance, and/or achievements expressed or implied by these forward-looking statements because of a number of factors. 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.
Yahoo
20-05-2025
- Business
- Yahoo
Luna Announces Strong Start to 2025 with Substantial Bookings Growth
ROANOKE, Va., May 20, 2025--(BUSINESS WIRE)--Luna Innovations Incorporated (OTCMKTS: LUNA) ("Luna" or the "Company"), a global leader in advanced fiber optic-based technology, today announced select preliminary operating and financial metrics for the first quarter ended March 31, 2025, showcasing significant year-over-year bookings growth, continued gross margin expansion, and sustained execution on cost containment initiatives. "We are pleased to report a strong start to 2025, with sharp improvements in bookings, margin performance, and working capital management," said the Company's President, Chief Executive Officer, Kevin Ilcisin. "Our continued focus on operational discipline, customer alignment, and profitable growth is positioning us well for sustained success." Financial Highlights for the first quarter ended March 31, 2025 Will Denman, SVP and GM of the Optical Communications Test business commented, "The growth of artificial intelligence and data centers is driving a significant acceleration in demand for photonics. Luna's optical test solutions are playing a critical role in enabling this next wave of high-performance computing infrastructure. It's an exciting time to partner with some of the most innovative leaders in the industry." Thomas Oldemeyer, SVP and Managing Director of the Sensing business added, "Despite recent oil price volatility, demand for Luna's sensing solutions remains strong in energy applications, particularly in oilfield services and pipeline monitoring. Our new ATLAS Acoustic Sensing Platform enabled major project wins in India and Africa." Based on preliminary estimates, the Company expects the following financial results for the first quarter ended March 31, 2025: Bookings of $37 million to $39 million, compared to approximately $25 million in the first quarter of 2024, representing year-over-year growth of more than 50%. Revenue of $29 million to $31 million, representing a book-to-bill ratio of more than 1.2x. Operational and Strategic Highlights Cost Initiatives: Luna continued executing on its cost containment program, achieving efficiencies through vendor consolidation and labor outsourcing initiatives. Margin Expansion: Significant improvement in gross margins due to enhanced manufacturing efficiencies and favorable customer and product mix. Working Capital Improvements: Inventory reductions, strong accounts receivable collections, and disciplined capital spending enhanced liquidity. Tariff response planning: In response to global trade uncertainty, Luna has taken a number of actions to mitigate the temporary disruption in customer demand and its supply chain. Mr. Ilcisin concluded, "I am proud of our team's ability to deliver these positive results while executing significant cost savings initiatives and addressing macro headwinds. We are confident that our continued focus on operational efficiency, customer satisfaction, and product innovation will position us for sustained profitable growth." Preliminary Unaudited Financial Information This press release contains preliminary estimates of selected unaudited financial and other information for the Company's quarters ended March 31, 2025 and 2024. Our full audited condensed consolidated financial statements as of and for the year ended December 31, 2024 and 2023 are not yet available. The information contained herein reflects our preliminary estimates based on currently available information and is subject to change. We have provided ranges for the preliminary estimates of the financial information described herein primarily because our financial closing procedures for the year ended December 31, 2024 and quarters ended March 31, 2025 and 2024 are not yet complete and, as a result, our final results upon completion of our closing procedures may vary from the preliminary estimates. Forward-Looking Statements The statements in this release that are not historical facts constitute "forward-looking statements". These statements include, but are not limited to, preliminary financial results and statements made regarding the Company's expected and future financial and operational results. 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 the Company may differ materially from the future results, performance, and/or achievements expressed or implied by these forward-looking statements because of a number of factors. 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 Contacts Investor Contact: Allison Woody Luna Innovations IncorporatedPhone: 540.769.8465Email: woodya@ Sign in to access your portfolio
Associated Press
20-05-2025
- Business
- Associated Press
Luna Announces Strong Start to 2025 with Substantial Bookings Growth
ROANOKE, Va.--(BUSINESS WIRE)--May 20, 2025-- Luna Innovations Incorporated (OTCMKTS: LUNA) ('Luna' or the 'Company'), a global leader in advanced fiber optic-based technology, today announced select preliminary operating and financial metrics for the first quarter ended March 31, 2025, showcasing significant year-over-year bookings growth, continued gross margin expansion, and sustained execution on cost containment initiatives. 'We are pleased to report a strong start to 2025, with sharp improvements in bookings, margin performance, and working capital management,' said the Company's President, Chief Executive Officer, Kevin Ilcisin. 'Our continued focus on operational discipline, customer alignment, and profitable growth is positioning us well for sustained success.' Financial Highlights for the first quarter ended March 31, 2025 Will Denman, SVP and GM of the Optical Communications Test business commented, 'The growth of artificial intelligence and data centers is driving a significant acceleration in demand for photonics. Luna's optical test solutions are playing a critical role in enabling this next wave of high-performance computing infrastructure. It's an exciting time to partner with some of the most innovative leaders in the industry.' Thomas Oldemeyer, SVP and Managing Director of the Sensing business added, 'Despite recent oil price volatility, demand for Luna's sensing solutions remains strong in energy applications, particularly in oilfield services and pipeline monitoring. Our new ATLAS Acoustic Sensing Platform enabled major project wins in India and Africa.' Based on preliminary estimates, the Company expects the following financial results for the first quarter ended March 31, 2025: Operational and Strategic Highlights Mr. Ilcisin concluded, 'I am proud of our team's ability to deliver these positive results while executing significant cost savings initiatives and addressing macro headwinds. We are confident that our continued focus on operational efficiency, customer satisfaction, and product innovation will position us for sustained profitable growth.' Preliminary Unaudited Financial Information This press release contains preliminary estimates of selected unaudited financial and other information for the Company's quarters ended March 31, 2025 and 2024. Our full audited condensed consolidated financial statements as of and for the year ended December 31, 2024 and 2023 are not yet available. The information contained herein reflects our preliminary estimates based on currently available information and is subject to change. We have provided ranges for the preliminary estimates of the financial information described herein primarily because our financial closing procedures for the year ended December 31, 2024 and quarters ended March 31, 2025 and 2024 are not yet complete and, as a result, our final results upon completion of our closing procedures may vary from the preliminary estimates. Forward-Looking Statements The statements in this release that are not historical facts constitute 'forward-looking statements'. These statements include, but are not limited to, preliminary financial results and statements made regarding the Company's expected and future financial and operational results. 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 the Company may differ materially from the future results, performance, and/or achievements expressed or implied by these forward-looking statements because of a number of factors. 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 CONTACT: Investor Contact: Allison Woody Luna Innovations Incorporated Phone: 540.769.8465 Email:[email protected] KEYWORD: UNITED STATES NORTH AMERICA VIRGINIA INDUSTRY KEYWORD: TELECOMMUNICATIONS SOFTWARE NETWORKS DEFENSE NANOTECHNOLOGY OTHER DEFENSE HARDWARE TECHNOLOGY SOURCE: Luna Innovations Incorporated Copyright Business Wire 2025. PUB: 05/20/2025 08:48 AM/DISC: 05/20/2025 08:47 AM
Associated Press
27-01-2025
- Business
- Associated Press
Luna Announces Updates on Operating Metrics and Intent to Deregister Stock
Luna Innovations Incorporated (OTCMKTS: LUNA) (the 'Company'), a global leader in advanced fiber optic-based technology, today announces an update on select operating metrics. The Company is also communicating its intent to voluntarily accelerate its delisting from Nasdaq and ultimately deregister its common stock under Section 12(b) and Section 12(g) of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'), including suspending its reporting obligations under Section 15(d) of the Exchange Act. The accelerated delisting and deregistration process will not adversely affect Luna's ongoing operations or the listing of the Company's common stock on the OTC Experts Market. 'Luna started 2024 with a series of challenges which generated headwinds in the first half of the year. Despite these challenges, our team demonstrated resilience and commitment to customers, suppliers and innovation, with results materializing in the second half of 2024,' said the Company's President, Chief Executive Officer and board member, Kevin Ilcisin. Mr. Ilcisin added, 'Having strengthened our management team and deepened our customer and supplier relationships, the company experienced improved performance in both bookings and revenue during the second half of 2024. These results stand as a testament to our dedicated employees and channel partners. We are grateful for the ongoing trust and partnership of our customers and suppliers through this period.' Mr. Ilcisin continued, 'While the Luna team has been working diligently to complete its previously disclosed delinquent filings, we are unable to file them within Nasdaq's prescribed timeline. As a result, Nasdaq has notified us of its intent to delist our common stock. Given the pending delisting, we have made a strategic decision to accelerate the delisting and terminate and suspend the Company's reporting obligations under the Exchange Act. The Company believes these decisions provide the best path forward, given the expected cost savings and our current inability to realize the traditional benefits of public company status. Moreover, we believe this move will redirect resources from regulatory compliance to business operations, including delivering differentiated products and solutions to our valued customers. This focus aims to further strengthen our balance sheet and maintain a profitable growth trajectory going forward. As we execute these changes, the Company continues to explore strategic alternatives having engaged Evercore as the Company's financial advisor.' Business Update Will Denman, SVP and GM of the Optical Communications Test business, highlighted how his organization 'secured numerous exciting Tier 1 customer wins in the rapidly expanding data center, artificial intelligence, and quantum spaces. New product developments are enabling wins with several of the world's leading Fusion Energy projects that are supporting the energy demand being created by AI data center investments.' Thomas Oldemeyer, SVP and Managing Director of EMEA, reported how key customers in the Oil and Gas and Power Utilities market continued to rely on Luna products and teams for critical infrastructure projects resulting in several multi-million dollar wins. 'We are especially proud of the strong response of our customer base to the release of our latest Atlas Interrogation Unit comprising state-of-the-art Distributed Acoustic Sensing Technology.' Throughout the year, the team also successfully accomplished the first phases of its integration of Silixa, which was acquired in December of 2023. According to preliminary estimates which are subject to change, the Company expects the following financial results for its fiscal year ended December 31, 2024: Bookings are expected to be between $125 million and $130 million, with bookings for the second half of fiscal 2024 representing approximately 40% growth relative to the first half of the year. Backlog as of December 31, 2024 is expected to exceed $40 million. Revenue is expected to be between $110 million and $115 million. Revenue for the second half of 2024 is expected to be approximately 30% higher than in the first half of 2024. SEC Deregistration Process As noted above, the Company has determined it is in the best interest of the Company and its stockholders to eliminate the administrative burden and cost associated with remaining as a Securities and Exchange Commission (the 'SEC') registrant. The Company today notified Nasdaq of its intent to accelerate the delisting of its common stock from Nasdaq. The Company currently anticipates that it will file with the SEC a Form 25 relating to the delisting and deregistration of its common stock on or about February 6, 2025. Preliminary Unaudited Financial Information This press release contains preliminary estimates of selected unaudited financial and other information for the Company's fiscal year ended December 31, 2024. Our full audited condensed consolidated financial statements as of and for the year ended December 31, 2024 are not yet available. The information contained herein reflects our preliminary estimates based on currently available information and is subject to change. We have provided ranges, rather than specific amounts, for the preliminary estimates of the financial information described herein primarily because our financial closing procedures for the year ended December 31, 2024 are not yet complete and, as a result, our final results upon completion of our closing procedures may vary from the preliminary estimates. Forward-Looking Statements 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, but are not limited to, expected financial results for 2024 and statements made in the President and Chief Executive Officer's quotes regarding the Company's expected and future financial and operational results, and well as the Company's plans to delist the Company's common stock from Nasdaq and deregister the Company's common stock from the SEC. 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 the Company may differ materially from the future results, performance, and/or achievements expressed or implied by these forward-looking statements because of a number of factors. These factors include, without limitation, risks and uncertainties set forth in the sections entitled 'Risk Factors' in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, as well as in subsequent filings with the Securities and Exchange Commission ('SEC'). Such filings are available on the SEC's website at and on Luna's website at 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. Allison Woody Luna Innovations Incorporated Copyright Business Wire 2025. PUB: 01/27/2025 10:24 AM/DISC: 01/27/2025 10:24 AM
