Luna Innovations Appoints New Senior Leadership Across Sales and Product Marketing

Luna Innovations Incorporated (NASDAQ: LUNA) ("Luna" or the "Company"), a global leader in advanced fiber optic-based technology, today announced the appointment of two new members of its senior leadership team.

• Will Denman is appointed Senior Vice President, Sales, North America, overseeing the company's customer success and sales operations and strategy, effective May 1, 2024. Prior to joining Luna, Mr. Denman served as Senior Vice President of Global Sales and Marketing for National Instruments. Mr. Denman has over 20 years of experience in developing and leading world class strategic sales and marketing organizations.
• Matthew Friedman was recently appointed Vice President, Product Marketing, responsible for product marketing and management. He joined Luna from National Instruments, where he held several positions, including Chief Product Marketer for National Instruments software and Director of Offering Management. Mr. Friedman has over 20 years of experience in product marketing and management.

The company also announced on May 1, 2024 that it has appointed finance executive John Roiko as Chief Financial Officer. In addition, Heather Matzke-Hamlin has joined Luna as a consultant to evaluate, renew and document the Company's business process controls, including SOX controls. Recently, Ms. Matzke-Hamlin served as Chief Accounting Officer at IHS Markit. She has over 30 years of experience in public accounting, internal audit, and public company reporting and internal control execution, including accounting for complex business areas. She will partner closely with Luna's new CFO John Roiko.

"We are thrilled to welcome Will and Matthew to our leadership team as we continue to take important steps towards growing our business and advancing our leadership in fiber optic-based technologies" said Rich Roedel, Interim Executive Chairman and Interim President. "We believe their skills and experience will be critical to strengthening our operations and accelerating our mission of driving value for all of our stakeholders."

Biographies

Will Denman

Will Denman brings over 20 years of experience in developing and leading world class strategic sales and marketing organizations. Most recently, Mr. Denman served as the Senior Vice President of Global Sales and Marketing at National Instruments where he was responsible for the company's full $1.7B in revenue and a team of 600 people. Mr. Denman is known as a skilled developer of talent and as a leader that transformed the National Instrument's Go-To-Market organization, resulting in sustained multi-year growth and significant customer impact amongst many of the world's most prominent companies. He holds a MBA from the University of Denver, and a Bachelor's degree in Mechanical Engineering with a Computer Science minor from the University of Colorado at Boulder.

Matthew Friedman

Matthew Friedman joined Luna as Vice President of Product Marketing in March 2024. He has over 20 years of experience in product marketing and management. Prior to joining Luna, he held multiple senior leadership positions at National Instruments, including Chief Product Marketer for National Instruments software and Director of Offering Management. During his time at National Instruments, he was responsible for the launch and creation of some of National Instrument's most successful products, including the industry-defining Vector Signal Transceiver and the LabVIEW+ software suite. Mr. Friedman has also been active in multiple standards bodies, serving as a Board Member and Marketing Chairman of both the PXI Systems Alliance and the IVI Foundation. He holds a Bachelor's degree in Computer Science Engineering from the University of Colorado at Boulder.

About Luna

Luna Innovations Incorporated (www.lunainc.com) is a leader in optical technology, providing unique capabilities in high-performance, fiber optic-based, test products for the telecommunications industry and distributed fiber optic-based sensing for a multitude of industries. Luna's business model is designed to accelerate the process of bringing new and innovative technologies to market.

Forward-Looking Statements

This press release contains statements that constitute "forward looking information" and "forward-looking statements" within the meaning of U.S. securities laws. All statements other than statements of historical facts contained in this press release, including statements regarding the Company's future performance and operations and the acceleration of the Company's mission of driving value for its stakeholders, are forward-looking statements. Forward-looking statements are based on management's beliefs and assumptions and on information currently available to management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements, including the results of the Company's ongoing internal investigation, the uncertainties inherent in management transitions, uncertainties associated with the Company's previously announced exploration of strategic alternatives and such other risks and uncertainties described in Luna's filings with the U.S. Securities and Exchange Commission, including in Luna's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023. Such filings are available on the SEC's website at www.sec.gov and on Luna's website at www.lunainc.com. The Company expressly disclaims any obligation or undertaking to update the forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions, or circumstances on which such statements are based unless required to do so by applicable law. No assurance can be given that such future results will be achieved. Forward-looking statements speak only as of the date of this press release.