Luna Secures Large, Multi-Unit Follow-on Order Under Agreement with Northrop Grumman
December 07 2023 - 8:30AM
Business Wire
Further Advances Long-term Relationship for
Support of F-35 Joint Strike Fighter
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-unit, multi-million dollar order for its OBR
6200 portable backscatter reflectometer. The order was placed under
the auspices of the multi-year agreement the company announced last
December.
“The longevity and success of our relationship with Northrop
Grumman is a testament to the value and criticality of our products
and what they bring to the defense sector on a global scale," said
Scott Graeff, President and Chief Executive Officer of Luna. “Luna
has a long history of working in close collaboration with our
partners to provide advanced solutions based on our market leading
position in fiber optic diagnostics and sensing. We are honored to
work with our partner Northrop Grumman to enhance our national
defense by supporting the global fleet of F-35 aircraft.”
Under the structure of the multi-year agreement between the two
companies, Northrop Grumman places annual orders for supply of test
systems under pre-negotiated pricing, simplifying the transaction
and resulting in more efficient use of resources. 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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Investor Contact: Allison Woody Luna Innovations
Incorporated Phone: 540.769.8465 Email: woodya@lunainc.com
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