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LUNA DEFYING IMPOSSIBLE . Luna Innovations Reports First - Quarter 2021 Results May 17 , 2021 Reaffirms 2021 Outlook Highlights • Total revenues of $ 26.3 million for the three months ended March 31 , 2021 , up 53 % compared to the three months ended March 31 , 2020 • Operating loss of $ 0.8 million for the three months ended March 31 , 2021 , versus operating income of $ 0.4 million for the three months ended March 31 , 2020 ; primarily due to $ 1.4 million of transaction related costs • Net loss of $ 0.3 million for the three months ended March 31 , 2021 , compared to net loss of $ 1.1 million , for the three months ended March 31 , 2020 • Adjusted EBITDA increased to $ 2.1 million for the three months ended March 31 , 2021 , compared to $ 1.6 million for the three months ended March 31 , 2020 • Adjusted EPS of $ 0.03 for the three months ended March 31 , 2021 , compared to $ 0.02 for the three months ended March 31 , 2020 • Company reaffirms 2021 outlook ROANOKE , Va .-- ( BUSINESS WIRE ) -- May 17 , 2021-- Luna Innovations Incorporated ( NASDAQ : LUNA ) , a global leader in advanced optical technology , today announced its financial results for the three months ended March 31 , 2021 . " Q1 was a busy quarter for Luna as we continue to build for our future growth , " said Scott Graeff , President and Chief Executive Officer of Luna . " I am proud of the Luna team's relentless focus on four significant operational and systems implementation projects during the quarter . We implemented organization - wide upgrades to enterprise software , through the implementation of NetSuite and Salesforce.com , all while continuing the integration of the two acquisitions we announced toward the end of last year – OptaSense and New Ridge Technologies . I can characterize this quarter as strong blocking and tackling . And , we did all of this while continuing to grow total revenues , expanding gross margins and growing adjusted EBITDA . " Graeff continued , " We are at another inflection point of growth , just as we were several years ago . Based on our first - quarter performance and the continued momentum we've seen in the first part of Q2 , we are comfortable reaffirming our full - year 2021 financial outlook . As always , we will continue to focus on supporting customers with excellence , delivering strong results for our shareholders , and providing a safe and supportive environment for our employees . " First - Quarter Fiscal 2021 Financial Summary Highlights of the financial results for the three months ended March 31 , 2021 are : ( in thousands , except share and per share data ) Revenues : Lightwave Luna Labs Total revenues Gross profit Gross margin Operating expense Operating ( loss ) / income Operating margin Other ( expense ) income and income tax benefit ( expense ) Net loss Earnings per diluted share ( EPS ) Adjusted EPS Diluted weighted average shares outstanding $ Three Months Ended March 31 , 2021 2020 Change 20,997 5,302 26,299 $ 11,554 82 % 5,587 ( 5 ) % 17,141 53 % 13,429 8,364 61 % 51 % 49 % 14,223 7,974 78 % ( 794 ) 390 ( 304 ) % ( 3 ) % 2 % 476 ( 70 ) 780 % $ ( 318 ) $ ( 1,116 ) 72 % $ ( 0.01 ) $ ( 0.03 ) ( 67 ) % $ 0.03 $ 0.02 50 % 33,353,456 32,549,487