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Luna Innovations Q1 loss widens 74.0% YOY

Luna Innovations Inc. said its first-quarter normalized net income came to a loss of 3 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 1 cents per share.

The per-share loss narrowed year over year from 3 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $896,500, compared with a loss of $515,220 in the year-earlier period.

The normalized profit margin rose to negative 6.4% from negative 9.6% in the year-earlier period.

Total revenue rose year over year to $14.0 million from $5.3 million, and total operating expenses rose year over year to $15.3 million from $6.2 million.

Reported net income totaled a loss of $1.5 million, or a loss of 5 cents per share, compared to a loss of $2.7 million, or a loss of 18 cents per share, in the prior-year period.