Earnings call transcript Q1 2023

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning, and welcome to the Luna Innovations Incorporated Q1 FY 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Mr. of Director Senior Woody, Administration. Allison Please go ahead.

Allison Woody

Good today. This you. QX earnings morning we and us joining XXXX release. for you press morning our thank issued Thank before opened market

and always, supplemental Relations As of website. our find can the section presentation to the you posted Investor release

supplemental do a the you check our the release copy If please of website not or have materials, at lunainc.com.

a replay our to of website. call post this also will We

be of numbers certain are today more expenses indicator Some operating the of statements. these exclude on useful focus of a measures. The the These and Luna items exclusion effect a the to items. reliable our other on based adjusted are performance. supplement noncash to ongoing non-GAAP and discussions of believes results we GAAP what and is comments adjusted presentation to financial deem

on forward-looking as law. reflect events any announce of any involve uncertainties Before or public to presentation found we remind publicly as as be statements made to are results let available to to the be in including, variety uncertainties as of releases, information future such the the this not statements regarding ongoing SEC of Actual changes of operating statements We you SEC of facts, to, differ and which any filings, in except are revisions results required a to and statements, factors our future our and a website. about can that developments, us well risks, is proceed prospects subject disclaim and conference result regarding not limited which time, for but historical the call company. results any any the or our materially by on our factors. website forward-looking More today, forward-looking with obligation at complete may update filings, and that company's the may statements risks websites, expectations

Gene questions. take Graeff, Nestro, Officer; our our Executive Officer, to President Brian our Soller, Technology remarks, and Officer; Chief your Financial and Chief available prepared our Scott After Chief be will

And Scott. at to I'd the turn over to time, like this call

Scott Graeff

joining our keep Good morning, everyone, share I'm Day look a in off and Luna first-quarter going to is at XXXX, you more a comments prospects start I'm forward results. Investor and thank brief, eager just our and about to to plans strong sharing weeks. few my us to our in we'll and today. for

strong as robust fiber optic fiber on divestiture pure the of U.S. growth and governor approximately of operations the in Luna high investing U.S. laid XXXX plan sensing. strengthens Having this execution of our also I'm The the pleased position global a our And of optics to a to entered coming XXXX our a out end are a originally that fiber We for the significant report we're a in employees presence. of the we focus unique a XXXX, our our forward Coupled removal had leader optics. to notably, capabilities combination with utilizing these on European as core half position concentrate over of by generated footprint completed our we with our our recent acquisitions, third with in solutions of was and outside and moving have via revenues year international providing outside five expanded the now Labs, revenue result drive quarter. and we profitability. the expectations factors in are the entered of an at of of the year growth on

call that, few over turn Now let's the some the business financial I'll turn Gene. performance highlights. QX a to After to of including of XXXX, specifics and

currency basis, prior the million, of an compared the of increase a increase XX%. year-over-year $XX year to revenues recorded total the XX% constant was first of quarter For period. XXXX, we On

As to of pleased the quarter I'm us our I've typically year, double-digit especially in fiscal emphasized revenue we so first quarter. single-digit see the see in growth growth repeatedly, range this

Our for quarter first gross $X.X XXXX year. Adjusted to last compared was margin the million EBITDA of approximately XX%. $XXX,XXX was

XXXX first the both of bottom Our divestiture the the Luna the line. and of which to included quarter results of acquisition Labs, skewed LIOS

per for Our share adjusted earnings March the was ended three months XXXX. zero XX,

The new, Terahertz. driven that of manufacturing, we and more the want for vertical, and Before realized double-digit a specifics, in year-over-year dive was Odyssey of in our long-term I growth to a of gather us the provide toward to revenue XX%, few by will fiber I strong we and a driven Terahertz EV about the our business the Atlanta bit right Terahertz's few trending adhesives highlights operations we sensing industrial products. expect. design. sales into optic share rugged, location, the DTS, lead DAS, context stress and a acquisition of automotive to market, before which includes with X% revenue the and by completion growth direction Hyperion, To applications strong weeks view, reliable want vertical is Odyssey, Lios and in consolidating growth a

of QX double XX% Industrial began In purchase revenue deliver by and and and Of for realized Comms we vertical, XX%, digits. million September cable announced applications. multiple as modules growth we power Energy blanket test order LiDAR our XXXX. lasers QX in markets service year-over-year our Lasers received to strong the wins in growing the $XX sales lasers sensing against modules monitoring. both Phoenix drove Surgical and into lasers were Intuitive and continue we RIO driven to we for we note, grew strong in to with

last a delivery and from with of order are units Northrop partner, that those $X.X from our we Northrop You on may Grumman. purchase won they're indicated track, multiyear Deliveries and pleased call million support. remember has our our

a Luna That teams is critical meeting this our Turning sales Lios both U.K. time. our the We of first execution. I initiative. part hosted for recently our our and focus One believe strategic to in included global OptaSense the

force in growth the forward will us As I've the will pursuit expanded emphasized large propel that team Luna. of customer expanded the orders last for and and quarter, this multiunit mark sales united accounts significant

operations to delivery and in up we exponential across global I optimize is gains for our footprint, this invest continue kind for look Luna us forward that set we strategic growth. As will wholeheartedly as of believe the the

All few achieved in for highlights, focus as the QX XXXX plan, five we're share these we all, We're sharing in our to that next you I five excited say pleased XXXX strategic position. for have weeks. years Investor a in with can and year strong a Day entering to gather we're extremely our

leadership me, Head Head Gene, Head team, of only Kline, Sales; Resources. Farooqui, our not will and from Salvan Brian and Jackie Eva Human of you our Hartmann, Here, hear Operations; of including our but extended our

investordayXXXX.lunainc.com. If invite you haven't to register you we done at so yet,

a to the share. weeks set meaningful confident stage our opportunities focus said expansion few capturing the we our for in ago, capabilities into new direction ahead. on markets on and As have excited deliver we We where continue can just strategic we remain about are and

As may you we news recognized have recently series already have read wins. of a in releases several you -- may important we issued,

large electric with United in and For project to contract innovative energy monitoring temperature, evidence for of monitoring a being for and Together, metropolitan clean industrial services States battery a a the won geographies. and acoustic a example, for area storage United Northeastern contract will the these across in technology adopted our generation largest European project the events offshore is that Dominion rapidly that announced depth, contract secured monitoring we manufacturer provide Energy new vehicles. to leading States, to deliver wind power for major are an provide industries a

on based of XXXX, to this, reiterate call. we outlook solid all provided Given I the want that on again the a that QX reaffirming to are just we XXXX start

to million million for of to we and adjusted $XXX guidance providing total quarterly million. are million top-line that once reminder, $XX $XXX $XX EBITDA is a As guidance. again And revenue XXXX of

range anticipate of For million $XX million. QX, we to $XX the revenues in

to call want to share I thoughts. the hand just I few additional a Before Gene,

levels. may noteworthy data that show that San the attended a Brian that our hosted premier and shared conference OFC, we for driving At indicative to was the of call or leading You our event I at that telecom I center trade secular just optics. remember attendance are Diego usage. on trends in It for attendance was are exceeded available had of pre-COVID and events turn, that demand greater us. year-end opportunities and and solutions confirming believe industry higher interest every are to at I expanding

we we influencing participate these and are new As events, in connecting customers, leads, with our potential. generating growth

On the that to want accomplished what pleased express quarter. this with I whole, we I'm again

capabilities growth are capitalizing will opportunities to committed leverage did its that investment, investments allow our share. come make to in we and to market critical to possibilities. that Growth to on core capitalize without fact, future continue grab cannot company and this are We

eye continue are expand optimizing of operations that acquisitions, As the related the toward fiber to we our also reinforce minimizing in work position to global an to we and recent do allow will hard optics. continue us footprint our to leading and geographic costs opportunities our keeping

let overview, me his call quarter's to Gene over on Gene? turn the financials. commentary that for the With

Eugene Nestro

Scott. Thank you,

work to the another establish we solid we is XXXX of just the a in optimize strong delivered entered what the you've quarter. we and did foundation. of As and heard, a operations assets, in year Much streamline our result expect position XXXX scalable for

drive a to able investments put optics to to be made position organic and both moves have to improve to systems pure-play fiber infrastructure, Our a company we've acquisitive the and and in growth. continue become processes, us strong

in on and We significant to us to initiatives these for excellence footprint front know cost to to drive work operational We opportunities are up driving of on we synergies. invest achievement. in us. scale necessary will with to Together, our balance and these continue order growth market investments continue the the set and capitalize

that our results. as our attention first-quarter I'll to turn context, With

the is our on at to into the to the provided in an it's business QX shared quarter the $XX last million growth quarter revenue range financials, revenue ended XX% As to represents performance, quarters. we especially notable our guidance soft of increase Scott is that we think This over capitalize at our we attention on a revenue, highlights to opportunities just coupled prior compared typically to first The the for million top several year the dive us, of ability testament it's call. further call period. next with what in I $XX important

in of currencies revenues as a partial dollar. quarter in constant sales laser our portion strong was year-over-year On products, full quarter the XX%. driven increase Terahertz, and metric Odyssey We was than a our revenue currency versus now and a from since large U.S. is other mentioned. QX the basis, a use in of by the currency The Lios Scott constant last XXXX increase as

gross higher million gross margin and margin and a percentage facility QX in revenue timing profit revenue quarter represents largely this last year. of project QX total in in QX compared costs was to as percentage XXXX. $XX mix, X% versus Ann expense the a year. first QX That million of for gross due of moving to increased the revenue product XX% Atlanta our is Migration in Arbor $XX.X XXXX to for The year's quarter XX% to last recognition period. Lios in last stub our same decrease quarter versus

for or or $XX.X was XX% XXXX, a $X.X of million primary to reduced loss loss to compared Operating an driver operating offset million three XX, of March of prior of the several increase of the X% $X.X of in for revenues Operating the by was We expenses which a prior The compared for revenues million XXXX. period, million of the months QX expenses. stub in million XXXX loss inclusion numbers total to million Lios, year compared total period. integration year. income were net had our $XX.X QX net ended for $X.X full the only $X.X the quarter weeks' was of

quarter You'll the Luna included last remember gain sale year's that first Labs. the of on

from We the million to $X.X million year-end and approximately year. the with $X $X.X ended cash EBITDA ended was for quarter Adjusted down XXXX. compared at equivalents $XXX,XXX, of cash last quarter million

Our working $XX.X capital was the at $XX.X million million to year-end of XXXX. quarter compared at the end

in sales carry the to COVID-related supply inventory and more new to introductions expected continue increase We issues, XXXX. in due product

$XX.X approximately inventory, as XX, to Luna $X I primarily lowest higher million million revenue total sale than increased payment QX on a mentioned. to related previously outstanding debt of gain quarter, and our the Our the of is final due Labs, as being XXXX, year-end, which is tax March

seeing to three a forward had in into We're and Investor strategic carrying and Day, solid year. be we greater to our year Overall, will vision. we momentum QX the forward sharing looking that to performance through are five at QX detail looking everyone about where

call Scott. With that, back I over turn to the

Scott Graeff

Gene. you, Thank

few a Q&A, think to me to for move important Before we points. reiterate it's I

The headed happy the on the and remainder first start to year. I'm is that, pleased into with footing be of this our year strong to

do leverage about operations the leadership from to people. before the and we and need right I'm have opportunities to to work continue have strategically our we examine We Aside hire We that, the to realistic optimize positions us. fully innovate.

naturally today's produce But One our As questions will the we the right place people in which the team Luna I to to build-out by for Gene, would which drive do and sharing will forward weeks. about Luna roles, we outcomes. build details in continue to Brian, this, philosophy means, take the about have and our team strength now, of we will right we on right look be essential organizational ensure more I to The and continuing happy a this presentation. few structure,

the please Ryan, So call Q&A. for open

Operator

Thank you.

session. Henderson question-and-answer first Company. go & [Operator The Needham Please the begin from now will with comes Instructions] Alex question ahead. We

Alex Henderson

you A is do now quarter, of facility to Thank what timing remembering about questions. second fully that moved into as think of And margin quick it move the How so of to complete. in Atlanta. we couple extent numbers? the much. plant the the I'm that One, the you Hi. move? optimization is

Scott Graeff

that think to lines were I some dual mean months. three over last I running we Yes. the six

making So we'll near week officially it we -- the these this and the we of fully March. at end that line at be would. four are at of end of exited we quarter, we moved per that four now we're facility believe That that I operational, week. is has said and the per

Alex Henderson

the anything be be drag there's numbers costs. should ramping and just no a costs I usually, that with fall for is we start-up fall out there the associated mean, or on some in it then So there to costs relevant... current quarter calculating clear, numbers production other just may start-up Is out? into that the be that that

Scott Graeff

in start-up we the of process dual the some since that there costs in in Yes, incur the this in it will is earlier we those were moving running some and QX that incurred We quarter. move of lines quarter.

will So quarter. we some you cost but additional experienced some, this have

Eugene Nestro

the costs reflected Primarily, QX move already are in numbers. Yes.

down that of recurring costs. part have in our We

up in basis about like QX not training and that it more well, see and be the points. we XXX teams You'll will as was the really There things move, that. to but here related as some get

in will there So some be QX.

Alex Henderson

So that's in COGS?

Eugene Nestro

Yes.

Alex Henderson

question, you look on what the the Energy the can scaling give ramp those of then on us Okay. second Clean And And might any business the Dominion when two? opportunities and win, then like? of -- the that structure

Scott Graeff

and That Yes. temperature the brought we the both about talked systems the was together. was it acoustic before. That that first, and first we the

the Lios do the systems, the the measures So as we about two talk provide when them that able well as temperature to one we that opportunity? want were -- to that we acquired was Brian, And OptaSense got acoustics. on you

Alex Henderson

Both or of contracts? those one those of contracts just

Brian Soller

in so this have year. which XX% a low million hardware service tail the of those happen early And each contracts, for and into installation, about year and the for to For of software of a -- scale order will seven Alex. XX% next those then few on three initial trailing for both are they later initial five -- both of revenue and the years. The to that support support figures,

Alex Henderson

Okay.

completed be quarter? by, should say, first that the So

Brian Soller

Correct. Yes.

Alex Henderson

Thanks your forward much. so here. to things [indiscernible] Great. event. analyst Okay. I’ll look

Scott Graeff

Thanks, Alex.

Operator

you. Thank

Paul Essi William with Our next question comes from Company. & Woodruff

Paul Essi

the that where sensing do give will to your completed? order entry, all you're for an first update various Thanks and ERP. at when or businesses, Yes. of Can consolidation force Great be you quarter, about call. you us on I guys. my taking integration wanted think sales consolidating the talk

Scott Graeff

having one system. now, ERP in look the everything ERP in systems ERP Yes. would system, the running everything all two we Gene? at on in right, on that another now not we months. right will plans America -- XX on Is that in North do have next future to on is will to we the two moving one having ERP have have in system. We But be and -- we be are It have have right on everything foreseeable Europe

Eugene Nestro

yes. Roughly,

Paul Essi

then the are, who battery you with in adhesives, about And you can bit and what if areas, you're competing talk where EV the and opportunities Okay. little anybody? are, a those

Brian Soller

Yes, sure.

those our So the terms for opportunity those Terahertz we're that in relatively both is measurement in still in innings areas markets. of equipment. And penetrating of getting early --

months. product lines the a our over sensing That's as the XX fastest-growing And So to good We've that's bit other mix moved quite that. the line think news. our continue to already product grow to last in the business. small in opportunity, though Atlanta. seen facility, we've the we right growth relatively the We've now, is relative mentioned of to production

a our And is just So units only internationally. looking We've complete sort from of servicing right capacity We're month four we're XX month. that North taken America. really now. still to units a to expand now,

line, think in early growth -- for of terms forward that in and product looking things for I future. good to the we're innings So

Scott Graeff

and get there. of on as the EV many, manufacturers, is many Yes. the we across space actually their we working battery EV expands big largest before, with. they're manufacturing the the technology the being with But of of we opportunities pushing the Paul, we're spec-ed one this have that that talked it's the leader difficult always and we've this in -- battery that as market, the line. feel in kind on one And just confident specifications very limits especially not manufacturing in one opportunities, this but and working will

Eugene Nestro

method against would an be competing uses related, system in type materials. That's is thickness incumbent technology, through opaque that typically, sensing competition, of the correct. so something Paul, measures terms this it Terahertz -- or modality not we're that of And so for

can do you So of radiation, plants. sensors do with to that their with and like trying x-rays get they're to that or do people ionizing you not out or can which capacitive use

a problem there's So we not using are. major there approaching competitor this that's Terahertz waves out as

Paul Essi

the all, for a it then the a of then how is area? And older expensive, putting how out and cost it than feel how TAM And -- the EV lines, is big Give if out product, along more is much Or at it it you you just that. Okay. us in? have in new better is that ripping if technology? -- those the -- do old the flavor you

Scott Graeff

the wise, is to million It's order be huge. believe, it's what of and in-line to mean, billion I size be going like is hundred to brings the relative higher go that growing. market. And so or But several tooling terms into, something TAM $XX Cost is the relative the we're definitely Yes. going entire -- on (ph), the to of size small. we production. we going to The the valuable the price. [SAM] relative of on to it's be in side technology that of the

it's or tool able the good traditional been -- $XX,XXX, show be to X to going it's as a are really as customers $XX,XXX we've in So our But production it's investing cost times of size and output, it. we're that. the relative a the investment they gauging, and small to

Eugene Nestro

you think well it -- Yes. as to I I look a would at that as manufacturing partner in line. being Paul, need

range critical battery. to them that that get thickness on can measurement the the While that a we're density measure else that's real-time, one tweak and no allows in longer measuring to

not -- production. to make to them kind we're in not manufacturing line it's movement and just It's measure that correctly. it allows the on adjustments sure doing test real-time a I'm of an So aftermarket make

sure car day rather line. So the testing just that's the air wheel there's at a of in to we're wheel than the end of off the assembly before make rolls kind enough that the something the in cog

Paul Essi

Got Okay. Thank you very it. much.

Scott Graeff

Thanks, Paul.

Operator

next Thank question Our you. B. with ahead. Kang from [Operator Dave Instructions] comes Please go Riley.

Dave Kang

quester. Nice you. Thank

[indiscernible]. excess visibility there been inventories? of on First talk some about the Can have since you rumblings

Scott Graeff

follow follow were out obviously the you know We conversation the field. we Brian, see having closely, that -- in with we -- a certainly the Yes. just I market guys

to... want you do So

Brian Soller

the strengths or XXXX is XXXX. QX we we saw in The in continue strong very [indiscernible] and starting sure. to Yes, see

seen the other not have We think the you're folks I issues, some relative that to excess to inventories. of have that referring seen

look tied that because, just we're it's into, it at think what think if particular very don't you with issue. correlates I well I

So computing areas, in a defense, strength networks main been and drivers. and silicon in for lot really quantum photonics, those the aerospace of frankly, strength R&D have communications three in

quarter, haven't we in that the So QX which seen strong fact, we the in saw evident opposite numbers. slowdown. And was is a

Dave Kang

then And Got it Terahertz. when think be? will just you profitable? do on it it. if And quickly Is not,

Eugene Nestro

as within product run a separate Yes. Terahertz sensing We really is our division. don't segment. Terahertz a

and margins So but the it's it's say, hard to are in profitable. definitely know where Terahertz I

don't another here a we prior overhead profitable inside, So they that say, year we going break their business. revenue, to out. know you it we just We It's and our we say, a Terahertz profitability-wise. product it There's we continues inside don't where year's will of, run where run Atlanta will. if double at no assign how it they're it. it's say facility, team But probably do to be

not it's So that way. measured

Dave Kang

Got on then question lasers. RIO last And my it. is

mainly If of you the lasers? customers? or about applications talk And it is involved for LiDARs can other what just number

Scott Graeff

Yes.

One, those had for couple wind LiDAR of farms. there So commercializing for a in manufacturers. mix QX, large is in particular, the we

So and in of a as there bigger also ones, well. LiDAR for we of wind farms the couple have is automotives one

The for strong been other has instrumentation. segment customer sensing been has that

use sensing -- sensing play that companies. we in And to laser the instrumentation sell a integration we us, that we So for real and (ph). laser also noncompetitive is [equipment] vertical our other

the the laser. that's mix So for there real

Dave Kang

pretty still at think for LiDARs, mean, LiDAR, do do point. auto that small will what when think I you assume I more And that, become meaningful? this you it's

Scott Graeff

of But could good broader we meaningful the going Yes, going think we you'd still to do That's we be that and in the and grow our to to But estimate lot general. first years. for. at good the a even in market when exactly the FMCW, potentially mainstream, lasers what we hard that's see question. in couple look longer-range of years in We LiDAR, so without at applications room least our going used fully in but which to have lasers several we're more probably a be automotive -- that's deployment think. a market for step away, that the happen, when think to the now, is broad that's big is trucking line laser again,

Dave Kang

it. you. Thank Got

Scott Graeff

Thank, Dave.

Operator

Manning Our comes Jim Singular Please ahead. question next go Research. from from

Jim Marrone

taking Yes. just a little bit another the the bit Good that. if be hoping Perhaps I you morning. me traction you whether if or little what more And Thank market. getting in give you. of you call. it for could follow-up sectors a my or just question you was to color could Thank with growth auto on, share regards I'll aerospace infrastructure? after are European with

Scott Graeff

in of perspective. European a are it The U.S. Europeans in government in tunnels, from somewhat mandating a requiring They're seeing We're lot of Jim, dams. the bridges, ahead growth strain market, the tests Yes. infrastructure. the on

EV manufacturing, infrastructure. lot So talked as on a we we're Terahertz well. used battery announced expansion system the of about seeing where We we -- our

we EV, certainly saw big that America. the Sensing to... Brian, seeing have employees We U.S. think with has do outside. it's of see a as our I infrastructure when can I bandwidth numbers, from coming outside a said, and outside of third bit giving add We see the on more big is aerospace. is that at potential. very you North little revenue why start and I what Like of growth we about half So a looked play. -- the about growth our to the of color

Brian Soller

primarily and is that, Yes. a et expect the growth. from I No, bit a of bridges, for our of really nailed growth rest few and most in big is that to cetera. There requirements I world. advanced the then and part is think Energy it. quarters, been systems for continue. DAS the DTS fire And that add also cable we've ahead monitoring for of power detection would roads the place infrastructure smart in a the regulatory sensing And like for infrastructure the the combination to where perspective, there for It's tunnels, you we we're segment and more market segment seen things seeing in of are last and that just little

Eugene Nestro

group in someone had person the that our provide for here. here just out last Blacksburg Europe we office. from in coming monitoring infrastructure Yes. companies Jim, that a again, from or largest in equipment one example, week, QX, senior of probably space there

of larger more we in percentage, kind manufacturer. of the will lot believe battery to about those to to XX% So Northrop our or having about why I've we're York team bit Intuitive some with to talk to Grumman's here a spec-ed the start year in about revenue a Blacksburg the more the years bringing the three stand about in And I'll where talked out percent going talk there. the of little orders. EV we're New opportunities partner. it That's able a about a blanket-like Surgical’s, five Lockheed Martin,

to bringing you specifically with activity and for "Can application." us. our But Europe lot take teams we'll this say, -- to and talk of that's that to our big that. work get about to So coming technology folks out continue pretty see of to a we And do Blacksburg for us

Jim Marrone

that just And Great. Thank color. one you question. follow-up for

any You Can just Lockheed pipeline? touched aerospace pipeline relationship other upon and you bit perhaps the Martin in what might current the that and like with contracts Martin. the comment be is Lockheed about just little the a

Scott Graeff

the the the Yes. to is the that optics Well, F-XX, that these Lockheed on Martin, Northrop huge. aircraft they're working certainly our and and putting test aircraft, on fiber of to F-XX, on partners. largest our fiber equipment C-XXX, other Grumman they are best using one then

orders large -- continue place to So that. to with continue they them. we continue we to do We year, every and work

they make that for these sheet-type that Martin We space on they that that right? team that, kind sure that of just that look orders. and Grumman. blue more customer runs are dedicated need folks are the of as what handling really and Northrop play placing to they focuses gets customers orders, have in That's larger evolve to Lockheed additional Brian

Brian Soller

we've and shifted. QX, been delivering in for about we're with has Northrop made done we The just announcement the Yes, sustainment Grumman. against

Martin for teams main Grumman. and projects Lockheed Northrop equipment has has Sustainment shifted program together. contract So really those closely production. work to the But

come. almost they So team. completed for deliveries. of what tranche kind multiyear and for actually years the we've is a And first like The in Luna, year we're now. one the made in And are announcement expecting to more QX this we is

I think aircraft for five to going that was in that flight XX about year deal. But is XX, be a years.

in be part expect it's operation. of while it we a to So

Jim Marrone

Great. Thank you for that.

Scott Graeff

Thanks, Yes. Jim.

Operator

this I conference Thank turn you. closing [Operator questions, Mr. for back would Graeff, Instructions] over session. further question-and-answer our no like to the concludes CEO, any As there remarks. to Scott are

Scott Graeff

New everyone, for feel to To with XX out joining today. in Thank Allison our we our Day seeing our to me about so reach York forward-looking upcoming forward questions May Brian, of and many any Investor give shedding Gene, as you looking free the as light future. We're can to on us of investors, or you, strategic greater about the plan City. possible, on details please detail

information. registered it visit for we together share more always, And New hope to we appreciate website in already our York haven't shortly. you your as attend, and If please time, of to more

for conclude call. can today. we With that, Thank Ryan, you, joining today's everyone, us

Operator

Thank Luna of concluded. you today's conference now The you. attending has Innovations presentation. Thank for Incorporated

You disconnect. may now

Luna Innovations (LUNA) 9 May 232023 Q1 Earnings call transcript