Richard Roedel Named Interim Executive Chairman and Interim President
Luna Innovations Incorporated today announced that Scott Graeff has retired from his role as President and Chief Executive Officer of the Company and has stepped down from the Board of Directors, leaving the Company after 21 years. The Board has initiated a search for a new President and Chief Executive Officer.
Luna Innovations will delay the release of its fourth quarter and fiscal year 2023 financial results.
A Special Committee of the Company’s Board of Directors is conducting an independent review of certain transactions for which revenue was recognized in the second and third quarters of 2023 that did not qualify for revenue recognition under U.S. generally accepted accounting principles.
Company executives will participate in the 26th Annual Needham Growth Conference in New York City, New York. Scott Graeff, President and CEO; George Gomez- Quintero, CFO; and Brian Soller, CTO and EVP, Corporate Development, will present on Thursday, January 18, 2024, at 8:45 a.m. ET. Click to view details on the conference.
Our acquisition of Silixa, Distributed Fibre Optic Sensing Systems & Solutions provider, strengthens Luna's portfolio of distributed fiber optic sensing solutions.
This acquisition adds significant new growth markets and applications, further expanding our global footprint.
Conference Call Scheduled for December 21st, at 11:00 AM ET
Proceeds from this strategic investment were partially used to fund the acquisition of Silixa, also announced today, and related transaction costs in the aggregate amount of approximately $25 million. Remaining proceeds were used to repay the Company’s outstanding $17 million term loan with PNC Bank and strengthen the Company’s balance sheet.
Luna has extended its existing relationship with Northrop Grumman by securing a new, multi-unit, multi-million dollar order for its OBR 6200 portable backscatter reflectometer in support of the F-35 Joint Strike Fighter.
Luna collaborated with automation contractor ABB, to provide leak detection, pipeline security and facility security across the 1,811 km route for the transcontinental gas supply from Azerbaijan to the EU, a project spanning six years for Trans-Anatolian Natural Gas Pipeline (TANAP).
Luna Innovations Incorporated (NASDAQ: LUNA), announced its financial results for the three and nine months ended September 30, 2023.
Luna announced a large contract in support of a major technology provider’s hyperscale data centers. The provider will employ Luna’s polarization control technology to help improve the accuracy of tests it performs on components it installs in its data centers.
Luna Innovations Incorporated will report its third-quarter financial results for the period ended September 30, 2023, before the open of the stock market on Tuesday, November 14, 2023.
George Gomez-Quintero is joining the company as Chief Financial Officer (CFO) today. Mr. Gomez-Quintero will succeed current CFO Gene Nestro, who has agreed to assist the company through mid-2024 to ensure a smooth transition. Mr. Gomez-Quintero will lead Luna’s Finance organization and represent Luna in communications with investors, lenders and rating agencies.
Luna continues it's successful application of fiber optic sensing-based traffic monitoring with a recent deployment for the state of Utah Department of Transportation (DOT). The Luna traffic monitoring solution provides accurate and timely information across both urban and rural roadways. The unique and cost-effective system is capable of determining average traffic speed, detecting slow or stopped traffic, and estimating journey times between set locations.