Luna Innovations Incorporated (LUNA)

Luna Innovations develops fiber optic test, measurement and sensing equipment. Its products include optical network analyzers used to test components for communications networks, distributed fiber sensing systems that measure strain and temperature in structures and vehicles, and terahertz and other instruments. Customers include telecom equipment makers, aerospace and automotive firms, and government agencies. It also made equipment for testing optical parts.

The company was founded in 1990 in Blacksburg, Virginia, as a research firm commercializing technology from Virginia Tech and government contracts. It went public on NASDAQ in 2006 under the symbol LUNA. Over the years it sold off its contract research unit and bought companies such as General Photonics, OptaSense and Lios to focus on fiber optic products. These deals gave it scale in fiber sensing.

In 2024 Luna disclosed problems with how it had recognized revenue on certain transactions and said its earlier financial statements could no longer be relied on. An internal review followed, senior management changed, and the company was unable to file its quarterly and annual reports on time, putting it out of compliance with Nasdaq rules. Auditors and regulators reviewed the matter.

After Luna could not file its delinquent reports within the period Nasdaq allowed, the exchange suspended its shares on January 7, 2025, and the stock was then delisted. Trading moved to the OTC Expert Market, where quotes are limited. The company continued to operate its fiber optic business while working through the reporting backlog. Shareholders kept their shares, though with far less liquidity.