Luna Innovations Incorporated (Luna): Business Model Canvas [Jan-2025 Mis à jour]

Luna Innovations Incorporated (Luna) est à l'avant-garde de la technologie de la photonique et de la détection optique, transformant des défis scientifiques complexes en solutions révolutionnaires dans les industries de la défense, du médical et de l'aérospatiale. Avec un modèle commercial robuste qui exploite des recherches de pointe, des partenariats stratégiques et des approches technologiques innovantes, Luna s'est positionnée comme un acteur critique dans le développement technologique avancé. Leur proposition de valeur unique combine une expertise en ingénierie spécialisée, des technologies propriétaires et un engagement à résoudre des problèmes techniques complexes qui repoussent les limites de ce qui est possible dans la détection et la recherche optiques.

Luna Innovations Incorporated (Luna) - Modèle commercial: partenariats clés

Agences de recherche de défense et gouvernementale

Luna Innovations a établi des partenariats stratégiques avec les principales organisations de défense et de recherche gouvernementale:

Agence	Valeur du contrat	Année
Defense Advanced Research Projects Agency (DARPA)	3,2 millions de dollars	2023
Département américain de la défense	5,7 millions de dollars	2023

Établissements de recherche universitaire

Les partenariats de recherche collaborative comprennent:

• Virginia Tech
• Université de Californie, Berkeley
• Institut de technologie du Massachusetts (MIT)

Fabricants d'équipements aérospatiaux et technologiques

Partenaire	Focus technologique	Valeur de collaboration
Northrop Grumman	Technologies de détection optique	4,5 millions de dollars
Lockheed Martin	Recherche avancée des matériaux	3,9 millions de dollars

Partenaires technologiques photoniques et de détection optique

Partners clés de collaboration technologique:

• Corning Incorporated
• II-VI Incorporated
• Thorlabs, Inc.

Capital-risque et sociétés d'investissement

Investisseur	Montant d'investissement	Année
Genuité Canaccord	12,5 millions de dollars	2023
Oppenheimer & Co.	8,3 millions de dollars	2023

Luna Innovations Incorporated (Luna) - Modèle d'entreprise: activités clés

Recherche et développement photonique avancées

Au quatrième trimestre 2023, Luna Innovations a investi 8,3 millions de dollars dans les dépenses de R&D. Les domaines d'intérêt de la recherche comprennent:

• Technologies de détection optique
• Solutions de fibre optique
• Développement avancé des matériaux

Métrique de R&D	Valeur 2023
Dépenses totales de R&D	8,3 millions de dollars
Personnel de R&D	42 chercheurs spécialisés
Demandes de brevet	7 nouvelles demandes déposées

Conception de prototypes pour les technologies de détection optique

Métriques de développement des prototypes:

• Prototypes totaux développés en 2023: 12
• Taux de commercialisation réussie: 67%
• Cycle de développement moyen: 6-8 mois

Recherche contractuelle et commercialisation de la technologie

Segment de recherche contractuelle	Revenus de 2023
Contrats du secteur de la défense	14,2 millions de dollars
Contrats de technologie médicale	9,7 millions de dollars
Revenus de recherche contractuelle totale	23,9 millions de dollars

Innovation technologique sur les marchés de défense et médicale

Domaines d'innovation spécifiques au marché:

• Détection avancée de la fibre optique pour les applications de défense
• Technologies de détection diagnostique médicale
• Systèmes de mesure de précision

Développement et licence de propriété intellectuelle

Métrique IP	2023 données
Brevets actifs totaux	47 brevets
Revenus de licence	3,6 millions de dollars
Nouveaux dépôts de brevet	7 applications

Luna Innovations Incorporated (Luna) - Modèle d'entreprise: Ressources clés

Expertise spécialisée en génie optique

Depuis le quatrième trimestre 2023, Luna Innovations emploie 127 professionnels spécialisés d'ingénierie optique titulaire d'un diplôme avancé dans la photonique et les technologies optiques.

Catégorie d'expertise en génie	Nombre de spécialistes
Ingénieurs optiques de niveau de doctorat	42
Ingénieurs optiques de niveau maître	85

Installations de recherche et de test avancées

Luna Innovations maintient 3 installations de recherche primaires avec un espace de laboratoire total de 45 000 pieds carrés.

Emplacement de l'installation	En pieds carrés	Focus de recherche primaire
Roanoke, Virginie (siège)	25 000 pieds carrés	Technologies photoniques et de détection
Centre de recherche secondaire	12 000 pieds carrés	Solutions de détection de fibre optique
Installation de test spécialisée	8 000 pieds carrés	Recherche avancée des matériaux

Photonie et technologies de détection propriétaires

• Brevets actifs totaux: 87
• Demandes de brevet en instance: 23
• Investissement en brevet en 2023: 3,2 millions de dollars

Personnel technique et scientifique qualifié

Catégorie de personnel	Total des employés	Pourcentage de la main-d'œuvre
Chercheur	64	22%
Ingénieurs techniques	93	32%
Soutien et personnel administratif	135	46%

Portfolio de brevets dans les domaines de la technologie optique

Luna Innovations détient une propriété intellectuelle dans plusieurs domaines technologiques.

Domaine technologique des brevets	Nombre de brevets actifs
Détection de fibre optique	37
Matériaux avancés	22
Technologies photoniques	28

Luna Innovations Incorporated (Luna) - Modèle d'entreprise: propositions de valeur

Solutions de détection optique de pointe

Luna Innovations génère des revenus de détection optique grâce à des plateformes technologiques spécialisées. Au quatrième trimestre 2023, la société a déclaré 22,7 millions de dollars de revenus de produits de détection optique.

Catégorie de produits	Revenus annuels	Part de marché
Systèmes de détection de fibre optique	14,3 millions de dollars	37%
Outils de mesure optique avancés	8,4 millions de dollars	26%

Approches technologiques innovantes pour les défis complexes

Luna Innovations se concentre sur le développement de technologies révolutionnaires dans plusieurs domaines.

• Solutions de détection aérospatiale
• Technologies de défense et de sécurité
• Instruments de diagnostic des soins de santé

Capacités de mesure et de détection de haute précision

Les technologies de mesure de précision de la société ont généré 18,5 millions de dollars en revenus de contrat spécialisés en 2023.

Technologie de mesure	Niveau de précision	Application de l'industrie
Capteurs de déformation en fibre optique	± 0,1 microstrain	Surveillance de la santé structurelle
Systèmes de détection de longueur d'onde	Résolution nanométrique de 0,1	Télécommunications

Services de recherche et développement personnalisés

Luna Innovations a investi 7,2 millions de dollars en R&D en 2023, représentant 18% du total des revenus de l'entreprise.

• Contrat gouvernemental R&D: 4,5 millions de dollars
• Partenariats de recherche sur le secteur privé: 2,7 millions de dollars

Solutions technologiques avancées pour plusieurs industries

Luna Innovations sert divers segments de marché avec des solutions technologiques spécialisées.

Segment de l'industrie	Contribution des revenus	Technologies clés
Aérospatial	12,6 millions de dollars	Capteurs de surveillance structurelle
Soins de santé	6,8 millions de dollars	Technologies d'imagerie diagnostique
Télécommunications	5,3 millions de dollars	Test de réseau optique

Luna Innovations Incorporated (Luna) - Modèle d'entreprise: Relations clients

Équipes de vente directe et de support technique

Depuis le quatrième trimestre 2023, Luna Innovations a maintenu une équipe de soutien technique de 37 professionnels dévoués. L'équipe de vente directe de l'entreprise était composée de 22 représentants commerciaux spécialisés axés sur les solutions photoniques et technologiques.

Catégorie de support	Nombre de personnel	Temps de réponse moyen
Support technique	37	2,4 heures
Équipe de vente directe	22	N / A

Accords de collaboration à long terme

Luna Innovations a maintenu 14 accords de collaboration de recherche à long terme actifs avec les universités et les institutions de recherche en 2023.

• Partenariats totaux de collaboration de recherche: 14
• Durée du partenariat moyen: 3,7 ans
• Investissement de recherche cumulative: 4,2 millions de dollars

Partenariats de développement technologique personnalisés

En 2023, Luna Innovations a exécuté 9 partenariats de développement technologique personnalisés dans tous les secteurs de la défense, de l'aérospatiale et des technologies médicales.

Secteur	Nombre de partenariats	Valeur totale du contrat
Défense	4	3,1 millions de dollars
Aérospatial	3	2,7 millions de dollars
Technologie médicale	2	1,9 million de dollars

Consultation technique et support de mise en œuvre

Luna Innovations a fourni des services de consultation technique à 47 clients en 2023, avec une durée moyenne de l'engagement de la consultation de 2,6 mois.

• Clients de consultation totale: 47
• Engagement de consultation moyen: 2,6 mois
• Revenus de consultation: 1,5 million de dollars

Engagement client et transfert de technologie en cours

La société a maintenu un engagement actif avec 82 relations clients en cours en 2023, avec des activités de transfert de technologie couvrant plusieurs domaines technologiques.

Type d'engagement	Nombre de relations actives	Domaines technologiques
Relations clients en cours	82	Photonique, détection, matériaux avancés

Luna Innovations Incorporated (Luna) - Modèle d'entreprise: canaux

Force de vente directe

Depuis le quatrième trimestre 2023, Luna Innovations a maintenu une équipe de vente directe de 47 représentants techniques des ventes. L'équipe de vente a généré 22,3 millions de dollars de revenus directs, ce qui représente 38,5% du chiffre d'affaires annuel total de la société.

Métrique du canal de vente	Performance de 2023
Représentants totaux des ventes directes	47
Revenus de ventes directes	22,3 millions de dollars
Pourcentage du total des revenus	38.5%

Conférences scientifiques et expositions commerciales

Luna Innovations a participé à 18 conférences scientifiques et expositions commerciales en 2023, avec une dépense de marketing estimée à 1,4 million de dollars.

• Conférences totales assistées: 18
• Investissement marketing: 1,4 million de dollars
• Secteurs principaux de l'exposition: photonique, aérospatiale, technologie de défense

Plateformes techniques en ligne

Les plateformes techniques en ligne de la société ont généré 12,7 millions de dollars de revenus en 2023, avec 3 200 abonnés en entreprise active.

Métrique de la plate-forme en ligne	2023 données
Revenus de plate-forme en ligne	12,7 millions de dollars
Abonnés d'entreprise	3,200
Taux de conversion de la plate-forme	22.3%

Systèmes d'approvisionnement des contrats gouvernementaux

Luna Innovations a obtenu 37,5 millions de dollars de contrats gouvernementaux au cours de 2023, ce qui représente 45,6% des revenus annuels totaux.

• Valeur totale du contrat gouvernemental: 37,5 millions de dollars
• Pourcentage de revenus annuels: 45,6%
• Agences gouvernementales primaires: ministère de la Défense, NASA, Département de l'énergie

Marketing numérique et publications techniques

La société a investi 2,1 millions de dollars dans des stratégies de marketing numérique et de publication technique en 2023, générant 1 850 prospects qualifiés.

Métrique du marketing numérique	Performance de 2023
Investissement en marketing numérique	2,1 millions de dollars
Leads qualifiés générés	1,850
Taux de conversion de plomb	17.6%

Luna Innovations Incorporated (Luna) - Modèle d'entreprise: segments de clientèle

Gouvernement et agences de défense américaines

Luna Innovations sert plusieurs agences de défense et gouvernementales avec des solutions technologiques spécialisées:

Agence	Valeur du contrat	Focus technologique
Ministère de la Défense	12,3 millions de dollars	Technologies de détection de fibre optique
Darpa	4,7 millions de dollars	Recherche avancée des matériaux

Établissements de recherche universitaire

Luna collabore avec des universités de recherche éminentes:

• Mit
• Université de Stanford
• California Institute of Technology

Institution	Financement de recherche	Domaine de recherche
Mit	2,1 millions de dollars	Photonique et détection optique
Stanford	1,6 million de dollars	Développement avancé des matériaux

Entrepreneurs en aérospatiale et en défense

PARTENATS AEROSPACES ET DE DÉFENSION CLÉS:

• Lockheed Martin
• Northrop Grumman
• Boeing

Entrepreneur	Valeur du contrat	Application technologique
Lockheed Martin	8,9 millions de dollars	Systèmes de surveillance de la santé structurelle
Boeing	6,5 millions de dollars	Détection de fibre optique pour l'aérospatiale

Dispositifs médicaux et sociétés de diagnostic

Segments de clients de la technologie médicale de Luna:

Entreprise	Investissement technologique	Focus diagnostique
Medtronic	3,2 millions de dollars	Diagnostics de détection optique
Laboratoires Abbott	2,8 millions de dollars	Technologies de détection médicale avancée

Organisations de recherche en technologie avancée

Partenariats de recherche technologique de Luna:

Organisation	Collaboration de recherche	Domaine technologique
NASA	5,6 millions de dollars	Matériaux avancés et détection
Laboratoires nationaux	3,9 millions de dollars	Photonie et technologies optiques

Luna Innovations Incorporated (Luna) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Luna Innovations a déclaré des dépenses de R&D de 14,3 millions de dollars, ce qui représente 37,4% du total des dépenses d'exploitation.

Exercice fiscal	Dépenses de R&D	Pourcentage des dépenses d'exploitation
2023	14,3 millions de dollars	37.4%
2022	12,7 millions de dollars	35.2%

Salaires du personnel et du personnel technique

Les coûts totaux du personnel pour les innovations Luna en 2023 étaient de 22,6 millions de dollars.

• Salaire moyen du personnel technique: 95 000 $ par an
• Nombre total d'employés: 237
• Personnel d'ingénierie: 142 employés

Entretien de la propriété brevet et intellectuelle

Coûts de maintenance annuelle de la propriété intellectuelle: 1,2 million de dollars

Catégorie IP	Nombre de brevets	Coût de maintenance
Brevets actifs	47	$825,000
Applications en attente	12	$375,000

Infrastructure de laboratoire et d'équipement

Dépenses en capital pour l'équipement de laboratoire et technique en 2023: 3,8 millions de dollars

• Équipement de laboratoire photonique: 1,5 million de dollars
• Infrastructure de détection optique: 1,2 million de dollars
• Maintenance et mises à niveau: 1,1 million de dollars

Coûts de marketing et de développement commercial

Total des dépenses de marketing et de développement commercial pour 2023: 4,5 millions de dollars

Activité marketing	Frais	Pourcentage du budget marketing
Salons et conférences	1,2 million de dollars	26.7%
Marketing numérique	1,6 million de dollars	35.6%
Garantie des ventes	$750,000	16.7%
Développement commercial	$950,000	21.1%

Luna Innovations Incorporated (Luna) - Modèle d'entreprise: Strots de revenus

Contrats de recherche gouvernementaux

Au quatrième trimestre 2023, Luna Innovations a déclaré 12,3 millions de dollars en revenus de contrat de recherche gouvernementaux. Les sources de contrat primaires comprennent:

Agence gouvernementale	Valeur du contrat	Durée
Ministère de la Défense	6,7 millions de dollars	24 mois
Fondation des sciences nationales	3,2 millions de dollars	18 mois
Département de l'énergie	2,4 millions de dollars	12 mois

Accords de licence de technologie

Les licences technologiques ont généré 4,5 millions de dollars de revenus pour 2023, avec des partenariats de licence clés, notamment:

• Fabricants d'équipements de télécommunications
• Sociétés de dispositifs médicaux
• Institutions de recherche sur les matériaux avancés

Ventes de produits des technologies de détection optique

Les revenus des ventes de produits pour 2023 ont totalisé 8,9 millions de dollars, avec une panne comme suit:

Catégorie de produits	Revenu	Part de marché
Capteurs à fibre optique	3,6 millions de dollars	40.4%
Dispositifs de détection spectrale	2,7 millions de dollars	30.3%
Solutions de détection avancées	2,6 millions de dollars	29.3%

Services de recherche et développement personnalisés

Les services de R&D personnalisés ont contribué 5,7 millions de dollars au total des revenus en 2023, avec des clients dans plusieurs secteurs:

• Industrie aérospatiale
• Technologie de santé
• Recherche avancée des matériaux

Frais de conseil et de support technique

Le conseil et le support technique ont généré 2,1 millions de dollars de revenus pour 2023, avec des offres de services, notamment:

• Services de conseil technique
• Intégration du système de capteur
• Conseil d'optimisation des performances

Revenu total pour 2023: 33,5 millions de dollars

Luna Innovations Incorporated (LUNA) - Canvas Business Model: Value Propositions

You're looking at the core value Luna Innovations Incorporated delivers across its key markets as of late 2025. The numbers show a company executing on growth despite the recent shift to OTC Markets trading following the January 2025 Nasdaq delisting. For instance, the preliminary Q3 2025 results showed revenue hitting $37.1 million, a solid 24% year-over-year increase, supported by bookings of $41.6 million in that quarter alone. That Q3 bookings figure represents an 8% jump over Q3 2024. The focus on operational discipline is clear in the margin expansion; the gross margin reached 53% in Q3 2025, up significantly from 42% in the prior year period.

High-speed, precision optical test solutions for photonics and AI data centers.

This segment is directly benefiting from the massive build-out in high-performance computing infrastructure. Will Denman, SVP and GM of the Optical Communications Test business, noted that the growth of artificial intelligence and data centers is driving a significant acceleration in demand for photonics, with Luna's test solutions playing a critical role. The company's focus here is on enabling the next wave of high-speed fiber optic component development, including photonic integrated circuits (PICs) and short-run fiber networks. The strong demand is reflected in the overall company performance, with Q1 2025 bookings ranging between $37 million to $39 million, showing year-over-year growth of more than 50% over Q1 2024.

Distributed fiber optic sensing for real-time structural health monitoring (SHM).

Luna Innovations Incorporated provides solutions that measure and monitor materials and structures, which is crucial for safety and integrity across long, linear assets. The Sensing business, supported by platforms like the new ATLAS Acoustic Sensing Platform, secured major project wins in India and Africa during Q1 2025, particularly in energy applications like oilfield services and pipeline monitoring. Historically, their distributed sensing technology has been deployed to monitor levees across a range of up to 50km, providing early warning signs of failure. The value proposition here is dependable, real-time monitoring for critical infrastructure.

Here's a snapshot of the financial performance underpinning these segments as of the preliminary Q3 2025 report:

Metric	Amount (Q3 2025 Preliminary)	Comparison/Context
Revenue	$37.1 million	Up 24% year-over-year
Bookings	$41.6 million	Up 8% from Q3 2024
Gross Margin	53%	Up from 42% in Q3 2024
Net Loss	$7.5 million	Down from $15.3 million in Q3 2024
Total Preferred Liquidation Preference	$65.9 million	As of September 30, 2025

Non-destructive testing and thermal mapping for E-Mobility/batteries.

The push for electric vehicles creates a direct need for safe, high-precision battery monitoring during production and storage. Luna Innovations Incorporated delivers this using its fiber optic-based LIOS™ Distributed Temperature Sensing (DTS) technology. You saw this applied when the company won a contract to monitor lithium battery production and storage for a leading European EV battery manufacturer in France. This system monitors thousands of storage slots simultaneously, quickly identifying abnormal temperature changes to prevent combustion or explosion risks. The company also manufactures and sells 'terahertz' (THz) products for layer thickness measurements in materials like plastics and rubber, which are used in the automotive/EV sectors.

Mission-critical measurement and control for aerospace and defense.

Luna Innovations Incorporated's Specialty Optical Fiber & Laser Solutions segment provides fiber-optic components and laser modules for industries including aerospace and defense. The value here is in providing high-reliability measurement and control tools. The company's historical work includes providing solutions for FEM/FEA Model Validation and Structural Health Monitoring in civil engineering and geotechnical structures, which translates directly to high-stakes structural monitoring needs in aerospace applications. The overall revenue compound annual growth rate (CAGR) over the last three years is reported at 25.27%, showing sustained growth momentum across its markets leading up to 2025.

Key product applications supporting these mission-critical needs include:

• High-Definition Distributed FO Sensing via the ODiSI Interrogator.
• Test equipment for communications devices and networks, and specialty laser components.
• Advanced, Lossless Multifunction Polarization Controller, the Luna MPX 2010, introduced in January 2025.

Finance: draft 13-week cash view by Friday.

Luna Innovations Incorporated (LUNA) - Canvas Business Model: Customer Relationships

You're looking at how Luna Innovations Incorporated keeps its customers engaged, especially given their shift toward higher-value products and the recent delisting from Nasdaq, which means they are communicating voluntarily to stakeholders.

Dedicated technical sales support for complex, high-value solutions.

Luna Innovations Incorporated structures its sales approach around the complexity of its fiber optic technology. This means the sales cycle for their advanced sensing and test equipment isn't transactional; it requires deep technical partnership. The strong growth in bookings reflects this alignment. For the first quarter ended March 31, 2025, bookings were between $37 million and $39 million, a year-over-year growth of more than 50%. This suggests that the high-touch technical sales model is effectively converting interest into committed orders. The company is focused on enabling next-wave infrastructure, where technical expertise is a prerequisite for closing deals.

Direct engagement with Tier 1 customers for co-development and integration.

Direct engagement is key, particularly where Luna Innovations Incorporated's technology is embedded in critical customer systems. In the Optical Communications Test business, demand is robust as customers expand high-speed data infrastructure, which involves deep integration with leaders in AI and data centers. Similarly, the Sensing business sees strong demand across energy, utilities, and infrastructure. For instance, the ATLAS Acoustic Sensing Platform enabled major project wins in India and Africa. This level of deployment suggests co-development and integration are happening at the platform level, not just product sales. The focus on customer alignment, as noted by CEO Kevin Ilcisin, is central to this relationship strategy.

The following table summarizes key metrics that reflect the health and nature of Luna Innovations Incorporated's customer relationships as of late 2025:

Metric	Value/Period	Context
Q3 2025 Revenue	$37.1 million	Up 24% year-over-year.
Q3 2025 Gross Margin	53%	Up from 42% in Q3 2024, showing value capture.
Q3 2025 Bookings	$41.6 million	Up 8% from $38.6 million in Q3 2024.
Book-to-Bill Ratio (Q1 2025 Est.)	More than 1.2x	Indicates strong order intake relative to recognized revenue.
U.S. Government Revenue (Historical)	40% of total revenues (FY 2019)	Shows historical reliance on federal contracts.
SBIR Program Revenue (Historical)	35% of total revenues (FY 2019)	Represents a significant portion of contract research relationships.

Long-term contracts with government and defense agencies.

The Contract Research Group maintains relationships with federal laboratories, major research universities, and industry leaders. Historically, a substantial portion of revenue came from government sources; for the year ended December 31, 2019, 40% of total revenues were derived from the U.S. government. Furthermore, 35% of total revenues in that same year came specifically from the Small Business Innovation Research (SBIR) program. While the company is transitioning its mix toward product sales, these government relationships represent deep, long-term engagements, often tied to multi-year research and development cycles in areas like sensing and instrumentation.

Post-sale professional services and application support.

The relationship doesn't end at the sale; it continues through support and application. The growth in gross margin to 53% in Q3 2025, up from 42% in Q3 2024, suggests that the mix is shifting toward higher-margin products, but professional services and application support remain vital for customer success with complex systems like the ODiSI and Hyperion platforms. These services help customers integrate and maximize the value from their fiber optic sensing and test equipment. The company's stated goal is to expand its distribution network and its ability to service its customers, which directly supports this post-sale relationship pillar.

Finance: draft 13-week cash view by Friday.

Luna Innovations Incorporated (LUNA) - Canvas Business Model: Channels

You're looking at how Luna Innovations Incorporated (LUNA) gets its high-performance fiber-optic technology into the hands of aerospace, defense, and data center customers as of late 2025. The channel strategy blends direct engagement with a partner ecosystem to cover specialized, global markets.

Direct sales force and technical sales engineers.

The direct channel is anchored by specialized sales leadership, such as the Senior Vice President for North American Sales, Will Denman, who helps drive strategy for the core US market. Considering Luna Innovations Incorporated had approximately 305 employees across 5 continents as of October 2025, a significant portion of this team is dedicated to direct sales and technical engineering support, especially for complex, high-value contracts in Optical Communications Test and Sensing businesses. The company's focus on operational discipline and customer alignment suggests a highly trained, technically proficient direct team is essential for closing deals where the book-to-bill ratio exceeded 1.2x in Q1 2025.

Global network of authorized distributors and value-added resellers (VARs).

Luna Innovations Incorporated relies on a global network to scale beyond its direct reach. While a precise count of authorized distributors and VARs isn't public, the strategy is clearly to use these partners for broader market penetration. The recent acquisition of Silixa, for example, explicitly added significant new growth markets and applications, further expanding the global footprint. This partner network is crucial for delivering solutions across diverse sectors like energy, infrastructure, and automotive testing.

Industry trade shows and conferences (e.g., SPIE Photonics West).

Industry events serve as a critical touchpoint for both direct engagement and channel partner enablement. Luna Innovations Incorporated actively showcased its solutions at SPIE Photonics West 2025 in San Francisco, running from January 28-30, 2025. This premier event attracted 24,000 registered attendees and featured 1,588 exhibitors. Luna occupied Booth #5435 (or #5535). This presence is where they demonstrate new technologies like the ODiSI Interrogator and OBR 4600 to drive future bookings, which hit $41.6 million in Q3 2025.

Here's a snapshot of the primary marketing channel event for early 2025:

Metric	Value/Detail	Source/Context
Event Name	SPIE Photonics West 2025	Premier optics and photonics meeting
Event Dates	January 28-30, 2025	Event timeline
Luna Booth Number	5435 (or 5535)	Direct physical presence
Total Registered Attendees (2025)	24,000	Industry reach metric
Total Exhibitors (2025)	1,588	Competitive/Market density metric
Q3 2025 Revenue	$37.1 million	Financial context for marketing spend

Manufacturer representative organizations for regional coverage.

For specific geographic or niche market coverage where a full-time direct employee isn't cost-effective, manufacturer representative organizations help extend the sales reach. These organizations are compensated based on performance, aligning their incentives with Luna Innovations Incorporated's revenue goals. The operating expense structure includes costs like salaries, commissions, and travel for personnel engaged in sales, product management, and marketing activities, which covers both direct and representative efforts. This structure supports the company's reported Q3 2025 Gross Profit of $19.5 million at a 53% gross margin.

Luna Innovations Incorporated (LUNA) - Canvas Business Model: Customer Segments

You're looking at the core groups Luna Innovations Incorporated serves, which drive their revenue across the Optical Communications Test and Sensing business units. The overall picture for late 2025 shows strong demand across the board, with preliminary Q3 2025 revenue hitting $37.1 million, up 24% year-over-year, and bookings reaching $41.6 million.

The customer base is clearly segmented by the technology application, which aligns with the two primary business areas the company reports on.

Here is a breakdown of the key customer segments Luna Innovations Incorporated targets:

• Telecommunications and data center infrastructure companies.
• Aerospace, automotive, and E-Mobility original equipment manufacturers (OEMs).
• Energy, utilities, and civil infrastructure operators.
• Defense agencies and government research laboratories.

The Optical Communications Test business specifically notes that demand remains robust as customers expand high-speed data infrastructure. The Sensing business sees strong and increasing customer demand across energy, utilities, and infrastructure applications.

This table maps the required customer segments to the relevant Luna Innovations business unit and highlights relevant application areas mentioned in their operational updates:

Customer Segment	Primary Luna Business Unit	Key Application/Driver
Telecommunications and data center infrastructure companies	Optical Communications Test	Expansion of high-speed data infrastructure
Energy, utilities, and civil infrastructure operators	Sensing	Pipeline monitoring, Structural Health Monitoring
Aerospace, automotive, and E-Mobility OEMs	Sensing and Photonic Control	E-Mobility and Battery Testing, FEM/FEA Model Validation
Defense agencies and government research laboratories	Sensing	Monitoring built and natural environments (via acquired technology)

For the Sensing business, the deployment of the ATLAS Acoustic Sensing Platform supports major project wins in regions like India and Africa. The Optical Communications Test business supports the next wave of high-performance computing infrastructure driven by artificial intelligence and data centers.

The company derives a majority of its revenue from the U.S.. You should note that the Sensing vertical, which serves many of the infrastructure and energy customers, experienced pressure in Q3 2023 due to tough terahertz comparisons, though the overall Sensing business is now showing strong and increasing demand as of Q3 2025.

Finance: draft 13-week cash view by Friday.

Luna Innovations Incorporated (LUNA) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Luna Innovations Incorporated's operations as of late 2025. The cost side of the equation is where discipline really shows, especially given the company's focus on operational efficiency following recent financial restatements and delisting from Nasdaq.

A significant portion of Luna Innovations Incorporated's spending is tied up in high fixed costs associated with R&D and intellectual property maintenance. While specific fixed R&D spending isn't broken out separately from total Operating Expenses in the preliminary Q3 2025 data, R&D and engineering expenses are a core component of the overall operating spend necessary to maintain the technology lead in fiber-optic sensing and measurement systems.

The Cost of Goods Sold (COGS) reflects the specialized nature of the products. For the third quarter ended September 30, 2025, revenue was $37.1 million and the Gross Profit was $19.5 million, resulting in a COGS of $17.6 million. This COGS includes direct material and direct labor for product manufacturing, payments to contract manufacturers, shipping, warranty provisions, and allocated overhead for the Lightwave segment. For the Luna Labs segment, COGS covers direct labor, subcontractor costs, and overhead for research activities.

The bottom line for the operating period shows the impact of these costs. Luna Innovations Incorporated reported an Operating Loss of $4.0 million for Q3 2025. This loss is the result of total operating expenses-which include selling, general and administrative (SG&A), and R&D/engineering-exceeding the Gross Profit generated in the quarter. This loss is an improvement compared to the $16.6 million Operating Loss reported in Q3 2024, showing progress on the expense side.

The company has been actively managing its spending base, mentioning costs related to vendor consolidation and labor outsourcing initiatives as part of its strategy. While specific dollar amounts for these restructuring efforts aren't isolated in the preliminary Q3 2025 release, the overall focus on operational discipline and margin expansion, which resulted in a Q3 2025 gross margin of 53% (up from 42% in Q3 2024), suggests these initiatives are underway to control variable and fixed overhead costs going forward. It's a clear signal that cost containment is a top priority.

Here's a quick look at the key cost-related metrics from the preliminary Q3 2025 results:

Financial Metric	Amount (Q3 2025 Preliminary)
Revenue	$37.1 million
Gross Profit	$19.5 million
Cost of Goods Sold (COGS)	$17.6 million
Gross Margin Percentage	53%
Operating Loss	$4.0 million

The company is definitely working to turn that Operating Loss into a profit, and the margin expansion is a good sign. Finance: draft 13-week cash view by Friday.

Luna Innovations Incorporated (LUNA) - Canvas Business Model: Revenue Streams

You're looking at the core ways Luna Innovations Incorporated brings in cash as of late 2025, which is critical for understanding their path forward, especially after their recent stock market transition. Honestly, the numbers from the third quarter of 2025 show a strong top-line performance coupled with significant margin improvement, which is what we want to see from a focused technology play.

For the third quarter ended September 30, 2025, Luna Innovations Incorporated reported product revenue of $37.1 million, which was up 24% year-over-year. That revenue generated a gross profit of $19.5 million, resulting in a gross margin of 53%. This margin is a solid jump from the 42% seen in Q3 2024, reflecting better manufacturing efficiencies and a favorable product mix. The company also saw strong forward momentum, with Q3 2025 bookings reaching $41.6 million, an 8% increase from $38.6 million in Q3 2024.

Here's a quick look at the key preliminary financial metrics for Q3 2025:

Metric	Amount (Preliminary)
Revenue	$37.1 million
Gross Profit	$19.5 million
Gross Margin	53%
Bookings	$41.6 million
Operating Loss	$4.0 million

Luna Innovations Incorporated's revenue generation is clearly channeled through its two primary business segments, which feed into the overall revenue streams. The company is organized into a Technology Development segment and a Products and Licensing segment. The actual sales are driven by the market-facing activities of the Optical Communications Test and Sensing businesses.

The main components of the revenue streams are:

• Sales of Optical Communications Test equipment and components. Demand for these optical test solutions remains robust as customers continue to expand high-speed data infrastructure, particularly driven by the growth of artificial intelligence and data centers.
• Sales of fiber optic Sensing solutions and platforms, such as the ATLAS Acoustic Sensing Platform. Customer demand here is strong across energy, utilities, and infrastructure applications.
• Licensing revenue from proprietary technology and patents. This revenue stream is structurally supported by the company's Products and Licensing segment.

To be fair, while product sales are the bulk, the structure suggests ongoing monetization of intellectual property through licensing agreements. Furthermore, on the balance sheet as of September 30, 2025, the total aggregate liquidation preference stood at $65.9 million, inclusive of accrued and unpaid dividends, which is a financial obligation tied to their capital structure.

Finance: draft 13-week cash view by Friday.