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Second-Quarter 2023 Results Investor Supplemental Materials August 10, 2023

Safe Harbor Luna Innovations Incorporated © 2 Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 This presentation includes information that constitutes “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements include the company's expectations regarding its technological and product capabilities, market growth and its market position, sales wins, revenue growth, customer activity, engagement and prospects, recurring sales, margin, general product performance, the company's future financial performance, including guidance, and market recognition of key technologies and demand for its products, the company’s overall growth potential, its capitalization and access to, and deployment of, capital, its strategic position and corporate and leadership strength and culture. Management cautions the reader that these forward-looking statements are only predictions and are subject to a number of both known and unknown risks and uncertainties, and actual results, performance, and/or achievements of the company may differ materially from the future results, performance, and/or achievements expressed or implied by these forward-looking statements as a result of a number of factors. These factors include, without limitation, customer relationships, failure of demand for the company’s products and services to meet expectations, failure to penetrate target markets or of those markets to grow and expand, technological, operational and strategic challenges, integration of acquisitions, global supply chain issues, geopolitical and economic factors and those risks and uncertainties set forth in the company’s periodic reports and other filings with the Securities and Exchange Commission ("SEC"). Such filings are available on the SEC’s website at sec.gov and on the company’s website at www.lunainc.com. The statements made in this presentation are based on information available to Luna as of the date of this presentation, August 10, 2023, and Luna undertakes no obligation to update any of the forward-looking statements after the date of this presentation, except as required by law. Adjusted Financial Measures In addition to U.S. GAAP financial information, this presentation includes Adjusted EBITDA and Adjusted EPS, which are non-GAAP financial measures. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. A reconciliation of Net Income to Adjusted EBITDA and Net Income to Adjusted EPS are included in the appendix to this presentation.

Speakers Luna Innovations Incorporated © 3 Scott Graeff President & Chief Executive Officer Brian Soller Chief Technology Officer & EVP, Corporate Development Gene Nestro Chief Financial Officer & SVP, Finance

Why Luna? Our investment thesis Luna Innovations Incorporated © 4 Enabling the future with fiber Proprietary measurement technology, offering unparalleled combination of resolution, accuracy and speed Customers in large, growing markets: Infrastructure, Energy, Defense, Communications, Automotive & Aerospace Aligned with macro trends in Energy, Infrastructure, Transport, Communications and more Robust IP portfolio with over 700 patents owned or in-licensed Attractive capital deployment, funded all investments internally; disciplined M&A Leverage: Scalable platforms, processes and people in place

Second-Quarter FY23 Results Luna Innovations Incorporated © 5

Second-Quarter 2023: Key Financial Results • Revenues of $29.2M, up 11% year over year • Gross margin of 58%, compared to 61% for the prior year • Net loss of $1.6M, compared to net loss of $2.4M for the prior year • Adjusted EBITDA1 of $2.7M, compared to $1.2M for the prior year • Adjusted EPS1 of $0.04, compared to $(0.02) for the prior year Luna Innovations Incorporated © 6 1Adj EPS and EBITDA are a non-GAAP measures. Reconciliation of comparable GAAP measures to non-GAAP measures are included in the appendix to this presentation.

Second-Quarter 2023 and Recent Highlights • Recognized significant wins for monitoring systems, including a contract for the largest power utility company in Italy • Secured large, follow-on, multi-unit Terahertz order for EV battery production process monitoring • Drove significant wins in our RIO line of lasers supported by macro trends such as LiDAR • Secured a seven-figure blanket order for polarization modules from a major data center hyper- scaler • Named industry veteran as Managing Director for Europe, Middle East and Africa region • Hosted Luna’s first Investor Day in New York City, outlining the company’s plans for future growth • Coverage initiated by two additional analysts – Stifel – Needham Luna Innovations Incorporated © 7

Revenue has been driven by strong organic growth, supplemented by efficient M&A $59.1 $87.5 $109.0 $54.2 FY20 FY21 FY22 FY23E Revenue1 (millions) Luna Innovations Incorporated © 8 2023 guidance: $125M - $130M 1Results exclude Luna Labs Q3 Guidance

We have delivered solid AEBITDA, while internally funding many initiatives $7.9 $7.6 $12.1 $3.6 FY20 FY21 FY22 FY23E Adjusted EBITDA1,2 (millions) Luna Innovations Incorporated © 9 FY23 guidance: $14M to $18M 1Results exclude Luna Labs 2 Adj EBITDA is a non-GAAP measure. Reconciliation of comparable GAAP measures to non-GAAP measures are included in this presentation.

Balance Sheet • Balance sheet on June 30, 2023: – $155.1M in total assets o $3.3M in cash and cash equivalents o $63.8M in working capital • Total debt of $30.7M outstanding Luna Innovations Incorporated © 10

2023 Guidance1 Luna Innovations Incorporated © 11 Full-year total revenue $125M to $130M Full-year adjusted EBITDA $14M to $18M Top-line revenue guidance for Q3 $29M to $32M 1 The outlook above does not include any future acquisitions, divestitures or unanticipated events..

Reconciliation of Net (Loss)/Income to Adjusted EBITDA Luna Innovations Incorporated © 13 A P P EN D IX 1 Other non-recurring charges primarily include facility consolidation, one-time insurance deductible, etc. (in thousands) 2023 2022 2023 2022 Reconciliation of EBITDA and Adjusted EBITDA GAAP net income/(loss) (1,596)$ (2,351)$ (3,438)$ 7,230$ Income from discontinued operations, net of tax (1,038) 591 (1,038) 11,515 GAAP net income/(loss) from continuing operations (558) (2,942) (2,400) (4,285) Interest expense, net 584 111 953 224 Income tax (benefit)/expense (350) 422 (917) (693) Depreciation and amortization 1,323 1,538 2,740 2,694 EBITDA 999 (871) 376 (2,060) Share‐based compensation 1,118 934 2,172 2,000 Integration and transaction expense 160 156 249 2,000 Amortization of inventory step‐up ‐ 257 ‐ 257 Other non‐recurring charges (1) 455 708 789 708 Adjusted EBITDA 2,732$ 1,184$ 3,586$ 2,905$ Three Months Ended June 30, (Unaudited) Six Months Ended June 30, (Unaudited)

Reconciliation of Net (Loss)/Income to Adjusted EPS Luna Innovations Incorporated © 14 A P P EN D IX 1 Other non-recurring charges primarily include facility consolidation, insurance one-time deductible, etc. 2023 2022 2023 2022 Reconciliation of Net (loss)/Income to Adjusted EPS GAAP net income/(loss) (1,596)$ (2,351)$ (3,438)$ 7,230$ Income from discontinued operations, net of tax (1,038) 591 (1,038) 11,515 GAAP net income/(loss) from continuing operations (558) (2,942) (2,400) (4,285) Adjustments: Share‐based compensation 1,118 934 2,172 2,000 Integration and transaction expense 160 156 249 2,000 Amortization of intangible assets 918 992 1,910 1,813 Amortization of inventory step‐up ‐ 257 ‐ 257 Other non‐recurring charges (1) 455 708 789 708 Total adjustments: 2,651 3,047 5,120 6,778 Income tax effect on adjustments (663) (762) (1,280) (1,695) Adjusted income (loss) from continuing operations 1,430$ (657)$ 1,440$ 798$ Adjusted EPS 0.04$ (0.02)$ 0.04$ 0.02$ Adjusted weighted average shares: Diluted 33,635 32,479 33,484 32,362 Three Months Ended June 30, (Unaudited) Six Months Ended June 30, (Unaudited) (in thousands, except per share data)

Historical Quarterly Results Luna Innovations Incorporated © 15 A P P EN D IX June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 Revenues 26,162$ 29,153$ 31,702$ 25,045$ 29,164$ Cost of revenues 10,199 12,234 12,367 10,072 12,299 Gross profit 15,963 16,919 19,335 14,973 16,865 Gross margin 61% 58% 61% 60% 58% Operating expense: Selling, general and administrative 14,612 12,065 13,292 13,207 13,279 Research, development and engineering 2,665 2,204 2,853 2,817 2,722 Amortization of intangibles 992 988 1,238 992 918 Integration and deal related expense 156 184 488 89 160 Total operating expense 18,425 15,441 17,871 17,105 17,079 Operating income/(loss) (2,462)$ 1,478$ 1,464$ (2,132)$ (214)$ (in thousands) Three Months Ended