Luna Innovations Announces Restatement Of Financial Statements; Says " Determined That Its Financial Statements For The Fiscal Year Ended Dec 31, 2022, Interim Periods Ended Mar 31, 2022, Jun 30, 2022, Sep 30, 2022 And Mar 31, 2023, Cannot Be Relied Upon And Need To Be Restated Due To Identified Accounting Errors Relating To Revenue Recognition"

Luna Innovations Incorporated (NASDAQ:LUNA) (the "Company"), a global leader in advanced fiber optic-based technology, today announced that its Audit Committee of the Board of Directors (the "Audit Committee"), after consultation with the Company's management and the Special Committee's external legal and financial advisors, determined that its financial statements for the fiscal year ended December 31, 2022, and the interim periods ended March 31, 2022, June 30, 2022, and September 30, 2022 and March 31, 2023, cannot be relied upon and need to be restated due to identified accounting errors relating to revenue recognition. Similarly, any previously issued or filed reports, press releases, earnings releases, investor presentations or other Company communications describing the Company's financial results or other financial information relating to the fiscal year ended December 31, 2022, should no longer be relied upon.

As disclosed on March 12, a Special Committee of the Company's Board of Directors has been conducting an independent review, with the assistance of external legal and financial advisors, of certain revenue recognition matters in connection with the Company's previously issued financial statements.

As the independent review remains ongoing and the full extent of this impact is still being determined, the Company cannot at this time estimate when it will file its restated financial statements. The Company is working diligently on this matter and will provide updated information as appropriate.