Started looking into lua and corona sdk and couldn't find any info on this topic.
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The Corona SDK is an embedded lua environment that hosts your programs and provides them with APIs wrapped around native code. It happens to be luajit, but you don't have the option to use anything but what they provide.

Ben Grimm
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I assume it's still better than cordova when it comes to performance and native api access? – daniel Mar 24 '15 at 09:20
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As I understand it, you can embed PhoneGap within a Corona project. – Ben Grimm Mar 24 '15 at 12:39