The company has not recorded any revenues for the current quarter. However, it has reported a revenue of $13.21 million for the previous year period.

However, the adjusted EBITDA for the quarter stood at $0.74 million compared with $0.40 million in the prior year period.

“We are extremely pleased with our continued improvement in operating results as we remain keenly focused on driving our operations to profitability," said My Chung, president and chief executive officer of Luna. "The third quarter showed increasing demand for our ODiSI systems for the measurement of strain in composite materials, and our recently announced new orders for 100G coherent receivers provides additional momentum for growth in the fourth quarter. We believe that these factors continue to validate our focus on high speed optical receivers and our ODiSI platform as the two key strategic initiatives that, along with our continued aggressive management of operating expenses, will provide significant enhanced value to our customers and to our stockholders."

The company has spent $1.75 million cash to meet investing activities during the nine month period as against cash outgo of $0.25 million in the last year period.

The company has spent $1.74 million cash to carry out financing activities during the nine month period as against cash outgo of $0.46 million in the last year period.

Cash and cash equivalents stood at $13.18 million as on Sep. 30, 2016, up 85.94 percent or $6.09 million from $7.09 million on Sep. 30, 2015.

Working capital increases sharply
Luna Innovations Inc has recorded an increase in the working capital over the last year. It stood at $20.48 million as at Sep. 30, 2016, up 35.83 percent or $5.40 million from $15.08 million on Sep. 30, 2015. Current ratio was at 2.43 as on Sep. 30, 2016, up from 2.16 on Sep. 30, 2015.