Slide 1: Fourth-Quarter and Full-Year 2022 Results Investor Supplemental Materials
Fourth-Quarter and Full-Year 2022 Results Investor Supplemental Materials March 14, 2023
Slide 2: Safe Harbor
NASDAQ: LUNA Luna Innovations Incorporated© 2023 2 Safe Harbor Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 This presentation includes information that constitutes “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Li
Slide 3: Speakers
NASDAQ: LUNA Luna Innovations Incorporated© 2023 3 Speakers Scott Graeff President & Chief Executive Officer Brian Soller Chief Technology Officer & EVP, Corporate Development Gene Nestro Chief Financial Officer & SVP, Finance
Slide 4: Fourth-Quarter and Full-Year FY22 Results
Fourth-Quarter and Full-Year FY22 Results
Slide 5: Fourth-Quarter 2022: Key Financial Results
NASDAQ: LUNA Luna Innovations Incorporated© 2023 5 Fourth-Quarter 2022: Key Financial Results Revenues of $31.7M; up 31% year over year $32.5M in constant currency; up 34% Gross margin of 61%, compared to 58% for the prior year Net income of $0.9M, compared to $1.6M for the prior year Adjusted EBI
Slide 6: Fourth-Quarter 2022: Highlights
NASDAQ: LUNA Luna Innovations Incorporated© 2023 6 Fourth-Quarter 2022: Highlights Closed multiple, new, large and recurring OEM accounts Extended existing relationship with Northrop Grumman by securing an incremental, multi-unit order for the OBR 6200 portable backscatter reflectometer of more th
Slide 7: Full-Year 2022: Key Financial Results
NASDAQ: LUNA Luna Innovations Incorporated© 2023 7 Full-Year 2022: Key Financial Results Revenues of $109.5M; up 25% year over year $111.9M in constant currency; up 28% Gross Margin of 61%, compared to 59% for the prior year Net income of $9.3M, compared to $1.4M for the prior year Adjusted EBITDA
Slide 8: Full-Year 2022: Highlights and Accomplishments
NASDAQ: LUNA Luna Innovations Incorporated© 2023 8 Full-Year 2022: Highlights and Accomplishments Luna is now a leading pure play in fiber-based technologies Closed on the divestiture of its Luna Labs business in March 2022 Closed on the acquisition of Lios, creating the strongest distributed fibe
Slide 9: Strong Financial Results
NASDAQ: LUNA Luna Innovations Incorporated© 2023 9 $7.6 $12.1 FY20 FY21 FY22 FY23 Adjusted EBITDA1,3 (millions) FY22 Guidance: $14M to $18M $87.5 $111.9 FY20 FY21 FY22 FY23 Revenue1,2 (millions) $59.1 FY23 Guidance: $125M - $130M Strong Financial Results 1 Reminder: Luna Labs reclassified to Discont
Slide 10: A Flexible Balance Sheet
NASDAQ: LUNA Luna Innovations Incorporated© 2023 10 A Flexible Balance Sheet Balance sheet on December 31, 2022: $151.0M in total assets • $6.0M in cash and cash equivalents • $54.2M in working capital Total debt of $23.2M outstanding $18.9M in term debt $4.3M drawn on $15M revolver All invest
Slide 11: 2023 Outlook
2023 Outlook
Slide 12: 2023 Financial Outlook
NASDAQ: LUNA Luna Innovations Incorporated© 2023 12 2023 Financial Outlook Issuing FY 2023 outlook: Full-year total revenue of $125M to $130M Full-year adjusted EBITDA1 of $14M to $18M Q1 2023 revenue of $23M to $25M 1 Adj EBITDA is a non-GAAP measure. Reconciliation of comparable GAAP measure
Slide 13: Luna – Enabling the Future with Fiber
NASDAQ: LUNA Luna Innovations Incorporated© 2023 13 Luna – Enabling the Future with Fiber Positioned as a global fiber optic leader Proprietary fiber-optic based measurement technology, offering unprecedented combination of performance and economics Customers in attractive markets: Defense, Communic
Slide 14: Appendix
Appendix
Slide 15: Reconciliation of Net (Loss)/Income to Adjusted EBITDA
NASDAQ: LUNA Luna Innovations Incorporated© 2023 15 Reconciliation of Net (Loss)/Income to Adjusted EBITDA1 1 Results shown include the reclassification of Luna Labs to Discontinued Operations. 2 Other non-recurring charges include customer accommodation, facility consolidation, severance and debt r
Slide 16: Reconciliation of Net (Loss)/Income to Adjusted EPS
NASDAQ: LUNA Luna Innovations Incorporated© 2023 16 Reconciliation of Net (Loss)/Income to Adjusted EPS1 1 Results shown include the reclassification of Luna Labs to Discontinued Operations. 2 Other non-recurring charges include customer accommodation, facility consolidation, severance and debt refi
Slide 17: Reconciliation of Operating (Loss) to Adjusted Operating Income
NASDAQ: LUNA Luna Innovations Incorporated© 2023 17 Reconciliation of Operating (Loss) to Adjusted Operating Income1 1 Results shown include the reclassification of Luna Labs to Discontinued Operations. 2 Other non-recurring charges include customer accommodation, facility consolidation, severance a
Slide 18: Reconciliation of Revenues to Constant Currency Revenues
NASDAQ: LUNA Luna Innovations Incorporated© 2023 18 Reconciliation of Revenues to Constant Currency Revenues 2022 2022 Reconciliation of Revenues to Constant Currency Revenues GAAP Revenue 31,702$ 109,497$ Effect of Foreign Exchange 776 2,383 Constant Currency Revenues 32,478$ 111,880$ December 31,
Slide 19: Historical Quarterly Results
NASDAQ: LUNA Luna Innovations Incorporated© 2023 19 Historical Quarterly Results1 1 Results shown include the reclassification of Luna Labs to Discontinued Operations. December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Revenues 24,222$ 22,481$ 26,162$ 29,153$ 31,702$