News Release Details

Large quantity of High-Speed Optical Receivers sold to a leader in the telecommunications industry

ROANOKE, Va.--(BUSINESS WIRE)--Oct. 29, 2015-- Luna Innovations Incorporated (NASDAQ: LUNA) today announced that its Picometrix division recently received a $7 million purchase order for its industry-leading 100G integrated coherent receivers (ICR). The ICR is critical to enable high-speed optical communication in long haul networks.

The Picometrix division of Luna manufactures and markets the fastest, most sensitive, most temperature-stable, and broadest-wavelength high-speed optical receivers (HSOR) available for both the Transmission and Test & Measurement markets.

“This order reinforces the value of our high-speed optical receiver technology to the telecommunications industry, and therefore we are pleased with the growth potential that it demonstrates for this area of our business,” said My Chung, president and chief executive officer of Luna. “Considering the continued level of deployment of new fiber optic networks, including 100G networks in Asia and North America, creating significant demand for our high-speed optical receiver and detector products, I believe we will see continued growth of this product line. Furthermore, this is strong evidence of the value that can be realized from our merger with Advanced Photonix, Inc. earlier this year.”

About Luna

Luna Innovations Incorporated (www.lunainc.com) develops, manufactures and markets fiber optic sensing, test and measurement products and is focused on bringing new and innovative technology solutions to measure, monitor, protect and improve critical processes in the aerospace, automotive, energy, composite, telecommunications and defense industries. Following its merger with Advanced Photonix, Inc. (API), the company also packages optoelectronic semiconductors into high-speed optical receivers (HSOR products), custom optoelectronic subsystems (Optosolutions products) and Terahertz (THz) instrumentation. Luna is organized into two business segments, which work closely together to turn ideas into products: a Technology Development segment and a Products and Licensing segment. Luna's business model is designed to accelerate the process of bringing new and innovative technologies to market.

Forward-Looking Statements

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 the company's expectations regarding the company’s future financial performance, operating results and future growth of the company’s business, greater capabilities following the completion of the merger with API, potential demand for the company's high speed optical receiver and detector products, and potential for improved financial performance. 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 the company 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, failure of demand for the company’s products and services to meet expectations, integration or other operational issues related to the merger, technological challenges and those risks and uncertainties set forth in the company’s periodic reports and other filings with the Securities and Exchange Commission. Such filings are available at the SEC’s website at www.sec.gov and at the company’s website at www.lunainc.com. The statements made in this release are based on information available to the company 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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Source: Luna Innovations Incorporated

Luna Innovations Incorporated
Dale Messick, CFO
1-540-769-8400