Luna Secures Multi-Year Agreement with Northrop Grumman
07 Dezembro 2022 - 10:30AM
Business Wire
Initial order of over $3 million
Luna Innovations Incorporated (NASDAQ: LUNA), a global leader in
advanced fiber optic-based technology, today announced that it has
extended its existing relationship with Northrop Grumman by
securing a new multi-year, multi-million-dollar agreement. The
agreement includes an initial receipt of an over $3 million
incremental, multi-unit purchase order for the OBR 6200 portable
backscatter reflectometer.
“We are excited to continue our strong relationship with
Northrop Grumman, and we look forward to continuing our work with
them providing critical testing and monitoring technology for the
aerospace and defense industry,” said Scott Graeff, President and
CEO of Luna Innovations. “Luna has a long history of working in
close collaboration with our partners to provide the products that
meet and exceed their needs. We are honored that companies like
Northrop Grumman and Lockheed Martin recognize the quality of our
technology.”
The order is structured as a multi-year agreement with Northrop
Grumman, one of the world’s largest aerospace and defense
technology companies, who oversees procurement and distribution,
along with Lockheed Martin, of sustainment equipment for the F-35
aircraft. As Luna has reported previously, the OBR 6200 instrument
is included with the sustainment equipment when F-35s are deployed
globally.
Luna’s Communications and Testing products, including the OBR,
help customers precisely detect potential failure points in fiber
optic networks, thereby reducing the time and cost of completing
critical installation and trouble-shooting projects. The rugged and
portable OBR 6200 provides industry-leading accuracy and
sensitivity for testing fiber optic networks deployed in aerospace,
naval, data center and industrial applications. Due to its superior
resolution and precision, the OBR 6200 exceeds the measurement and
diagnostic capabilities of the industry-standard optical
time-domain reflectometer (OTDR).
The aerospace and defense market is expected to grow to $961.21
billion by 2026 (Aerospace and Defense Global Market Report). Luna
anticipates opportunities to accelerate revenue as Northrop Grumman
and the industry continues its recovery from COVID and expands into
advanced air mobility, hypersonics, electric propulsion, and
hydrogen-powered aircraft.
About Luna
Luna Innovations Incorporated (www.lunainc.com) is a leader in
optical technology, providing unique capabilities in
high-performance, fiber optic-based, test products for the
telecommunications industry and distributed fiber optic-based
sensing for a multitude of industries. Luna’s business model is
designed to accelerate the process of bringing new and innovative
technologies to market.
Forward-Looking Statement
The statements in this release that are not historical facts
constitute “forward-looking statements” made pursuant to the safe
harbor provision of the Private Securities Litigation Reform Act of
1995 that involve risks and uncertainties. These statements include
Luna’s expectations regarding technological capabilities, industry
trends, revenue and market opportunities, market growth, customer
relationships and operational efficacy related to its technology
and/or products. Management cautions the reader that these
forward-looking statements are only predictions and are subject to
a number of both known and unknown risks and uncertainties, and
actual results, performance, and/or achievements of Luna may differ
materially from the future results, performance, and/or
achievements expressed or implied by these forward-looking
statements as a result of a number of factors. These factors
include, without limitation, changes in market needs and
technological challenges, competitive forces and other risks and
uncertainties set forth in Luna’s periodic reports and other
filings with the Securities and Exchange Commission (“SEC”). Such
filings are available on the SEC’s website at www.sec.gov and on
Luna’s website at www.lunainc.com. The statements made in this
release are based on information available to Luna as of the date
of this release and Luna undertakes no obligation to update any of
the forward-looking statements after the date of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20221207005167/en/
Investor: Allison Woody Luna Innovations Incorporated
Phone: 540.769.8465 Email: woodya@lunainc.com
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