Good afternoon, everyone.
As on you'll site. first our Web press close it issued find mentioned, quarter release at our and market Allison we XXXX
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in context, was Luna For COO XXXX financial of the crisis hit. when I
highly of to retain why and workforce. talented epidemic experienced critical maintain the coronavirus were all skilled, global XX% firsthand we That's us I team recreate educated the sequestration research business. effect production this it halt lay to it negative our of the in lines. highly related During is nearly forced workforce that leadership production to contract at for a we challenges time, difficult of face and levels, maintain our is our to on and how off know current
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quarter first year, deliver reaffirming the to comments the will we end the As full for from as guidance issued, of likely our lower saw XXXX. you this to are And afternoon, we the able hear were ranges. but our towards for our release the you from expectations we of
As a of understand operational might teams indicators our any with this softening suggest quite significant I or a any the they trends business bit prepared Gene of seeing sales and spent and time for we forward other to call, that or be changes.
our Brian, our and understand pandemic affect spent how the I operations. the better Just have importantly, on as and suppliers their customers to James time component phone may with
forecasted half of second sizes. has varying Our the of pipeline orders for the year
with affect For any evidence softening a us larger that we information having orders out alter our to year results. no in we our of But guidance. the have of the today, a business company would our significantly our pushed have this could cause size, of of
Of like adjustments the have Luna had else, particularly is doing way essential. to to are we course, just as we everyone business, as make designated
this safety on seen some to have we the new proud of am top may I we details You team, Their continues dedication, positivity and of what with which XX, April delivering entire that well-being resilience are to my while to are doing a issued environment. Luna release around results. demonstrate exceptionally adjust the and priorities.
affecting to an my the first on remainder year. results for as the start of providing quarter, by and of the well some around then as the pandemic share the how the I'd overview details Luna, of thoughts is I'll like
$XX.X adjusted Products million first quarter. quarter, expanded gross year's to We XX% really the licensing last compared with points up $XXX,XXX XXX and prior margin of to million, $X.X by basis the of revenues increase an For delivered year-over-year. and EBITDA over XX% drove total up were this, year.
the reported XX% quarter a increase was starting This Now near year-over-year basis. with first in year-over-year revenues on primarily a Lightwave let's by driven communications of doubling strong revenues a growing to on with product segment. businesses, move our test Lightwave.
General the in an year As a we in of Photonics that have did QX in acquisition additional of of revenue reminder, of the XXXX, March resulting X beginning at XXXX. not months occurred this
products, the driven sales by our communications strong OBR or legacy test also Backscatter achieved double-digit our We Reflectometer. growth of of Optical
is XXXX, Communications have additional in covering bolstered detail which and optic of in In I'm is to strategy fiber of high-speed launched the XXXX components our XXXX both of cables. last few in components and X at OBR me on Test. latest some while was discussed manufacturing newest this Let and off. The OBR were year sales multiple the pay production by penetrate view OBR our manufacturing calls. primarily and we OBR fiber applications to beginning systems. we R&D a OBR working versions, QX previous aimed of our evidence delivered QX, as sales and to provide enhancing that highlights systems customers optic We
development OBR of delivery our is product, test we've military applications. the OBR the field maintenance launched portable XXXX the of our and test aircraft. newest XXXX On XXXX. version version military The of qualified officially we QX, discussed in aimed OBR field And new OBR the calls, of for commercial at previous our instrument
grade several for the military XXXX of QX. new booked we OBR fact, orders in In version the
We blanket General also order a products our Photonics integrated satellite $XXX,XXX of units booked a be communications large will into of system. line in these excess for
Moving on to our sensing segment.
HYPERION were shift segment products. segment for our well orders As large this as a as versus QX QX Total segment and down. for reminder, in in instruments. products our our year the products this Terahertz fiber optic sensing period Terahertz prior this distributed had into XXXX revenue We especially includes several ODiSI for
throughout was the a an of in can be Terahertz be order segment pipeline highlight we monitoring in unit A this the multiple HYPERION booked oil lumpy for orders often application. that later this a for product year. timing year reminder, our to As large deployed China
pipeline the any monitor for seismic will system HYPERION Our resulting damage activity. from
and capabilities be about Obviously, and a We bulk lay the results invest the the the Lightwave. in have momentum particularly fiber benefits and we has continue these in work investment engineering growth to that since lot in seeing. positioned excited we we're in foundation. well the and seeing sales of drove continued to to our from leverage our We're optics all business, changed the we're to
I to operations some about Labs, Luna technology this our before color or switch during me So Lightwave you over the pandemic. give let development
participating been deliver locations, shifts global of staggered either to operate And to all following by in to able been we've customers. able implementing guidelines. social and our our schedules all to changes, network We've of employees telecommuting distancing continue with continue these or at
Luna locations of for We're In seeing last global impacts those the products some quarter's in slowdown that call closely of from minor our record were set in with also fact, to mentioned March, totals dock. QX Asia. did working not that our products base and during we supply shipped off to customers. very our any our I'm supply shipments on delayed report minimal result two in were chain. happy We
expected that for to we from delays the part the early our end critical chain in to fully Asia parts May. is of are supply up minor experience the caught While of some in QX, by indications be all continue partners
production. delay, a monitoring our from been any we've our issues to to inventory Where remediate chain able of continue draw We're seen will very and arise. we've closely that supply components
As sit procure believe needs. meet can here we we components necessary the we today, our sales to
products. quickly a none six place. activities, and about a our and an conferences, customers of are to host of online a existing trade important potential to of to historically, planning We robust As relates been our has taking to part key hosting sales shifted series it sales webinars we through currently educate our of shows presence, and which total
media white of capabilities sales leveraging these allowed a and also While broad time. papers. We're and customer application-specific product's curate customers outlets our very trade allow to dedicated highlight over papers longer a specific webinars and pipeline, engagement developing more publish shows to have always these and filling been good face between unique are each successful period in that sales have Luna message
affected industries do and on division. impact pace the to-date, expect target communications We That infrastructure, The Lightwave aerospace seen to main markets or sales pipeline size the material material in segments. not sales of certainly we our our is bottom-line the this that point not a within expect coronavirus. and of said, and differently at and impact we've defense health we a a the do automotive of the the our in slowdown be impact will due recognize that,
of I'll move on calling technology are we Labs. which now development, to a Luna discussion
reminder, Labs strategic a in outside research As of works our activities. core are that Luna optic areas fiber
Here, licensing we technologies the sales, Labs future contract represents versus areas distributors growth could a be year. quarter agreements. a $X.X of Revenues are Luna Mature first build million or primarily technologies direct of to in Luna. which through prior X% third-party that XXXX, were leverage the commercialized by portfolio increase for research
from one of stemming Labs, the the academic down. especially shut been collaborators Luna of to pandemic forced challenges Within that several is biggest partners, have our
a to any a diverse partners specific strong, talented have We in help team of us gaps fill expertise. network internal and
work slowed For example, because which frame. partnered has partners. many university In particular, challenges full on projects time are realizing are will contracts external all the animal by potential some laboratories conducted biomedical to present original many within studies for closed; universities we our revenue with this the
exploring are work other time options We is the to that complete critical.
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comments I segments my challenges. hope and in our of operating clear an of have given picture of our idea you business how a that some two we're
One of and with stakeholders. to possible with and and Luna as employees as continues as be facts of both circumstances quickly all change communicating our my priorities highest openly
with with base basis. every a touch employees. I frequently to one virtually of on weekly our meet continue locations I
hours We several have positive received and virtual happy have from numerous employees. enjoyed messages our
furloughed We that may access not options be any CARES allows Act the the have at reduced to We've individual needed point. by compensation this employees. in employees XXX(k) funds or plan that adopted
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PPP awarded Finally, applied were and we for funding.
have undoubtedly continually for experienced, qualification have However, criteria you as the many of changed.
to on the focused recently that of have potential customers we based fact if the we I'm So a around on Based the we impact assumed. on business and criteria our decision decline the return cash, to strict currently, suppliers reasonable the loan. balance our to made have facts and decline the assistance. production government's path was the to loan, we the work don't the prudent and we've which return felt includes as
and have importantly, our Most not strategy core priorities changed.
produce optic-based innovative with serve continue excellence products. We and our and outstanding customers fiber to
and always, can we we're will the on create As value long-term. focused
on me our let the around operations. March COVID-XX that, Because for we some There the we visibility remote XXXX. how our might our gave had work XXXX address issue. outlook With pandemic already guidance into initial affect some was discussion and X,
hard a to call, bottoms-up analysis, today's conducted for out and prepared our suppliers, we I a more earlier. at as our look even mentioned took reached As teams pipeline, customers
we're we on of in million, the March to million. we So million $XX complete is order X, outlook adjusted of to total know $XX XXXX million today, maintaining $XX which leveraging our revenues what forecast, EBITDA to $XX provided
believe that XXXX ranges. these financial will of do end we our Although year lower performance trend full the towards
recorded As in that to expect below trends. a Remember HX that recent reminder, results in slightly split in of of reevaluate. will we approximately half historical to terms then the be the first seasonality, weighted percentage will with being mid-summer, in half our Luna years, the the beyond second XXXX global continue year. to the we has XX% of revenue XX% shutdown lasts If
environment our transparent arbitrary possible However, for withdraw we be financial based our and in it us operational we're would being as see current on complex XXXX to what as or know We we trends. as completely shifts outlook. how is realize today,
by We the with mentioned. clear future we XXXX vision of has we're articulating including a our additional to goals with delivering outlook COVID-XX color Despite I fiber our continue good strong purpose. very our about started against the the enabling created, and challenges XXXX about feel
call the over Gene? quarter. more the for financial of the hand now Gene on details I'll to
