Luna Innovations Reports Solid Second-Quarter 2020 Results
Summary
Luna Labs revenues increased for the six months ended June 30, 2020, compared to the prior period, due to growth in various government research programs. The loss from discontinued operations was attributable to the resolution of a $2.5 million indemnification claim related to the August 2017 sale of Lunas high-speed optical receivers (HSOR) business that was recorded in the first quarter of 2020. Incorporating this slight adjustment, the Company reiterates the outlook it provided on May 7, 2020, which projected revenues at the lower end of the range: Luna continues to operate at its normal capacity with the well-being and safety of its workforce a priority. 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 factors include, without limitation, failure of demand for Lunas products and services to meet expectations, failure of target market to grow and expand, technological and strategic challenges, uncertainties related to the ultimate impact of the COVID-19 pandemic and those risks and uncertainties set forth in Luna’s Form 10-Q for the three and six months ended June 30, 2020, and Lunas other periodic reports and filings with the Securities and Exchange Commission ("SEC").
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