TELOS CORP TLS
Telos Corporation is a Maryland corporation headquartered in Ashburn, Virginia. Telos Corporation, together with its subsidiaries (the "Company" or "Telos" or "We"), offers technology solutions and services that empower and protect the world's most security-conscious organizations.
We deliver efficient, adaptable, and secure solutions that protect people, organizations, and information across government and industry. From cyber governance, risk and compliance ("GRC") with Xacta®, to identity and biometric solutions, secure networks, and TSA PreCheck® enrollment, we help customers stay ahead of evolving threats. Our primary customers include the U.S. federal government, large commercial organizations and international customers. Our deep domain expertise, cleared workforce, and proven technologies give us a unique position at the intersection of cybersecurity, identity, and network security. Driven by purpose and guided by our core values, we build lasting partnerships, deliver superior solutions, and help create a more secure, interconnected world.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $164.8M | $108.3M | $145.4M | $216.9M | $242.4M | $179.9M | $159.2M | $138.0M | $107.7M | $134.9M |
| Cost of revenue | $103.8M | $73.8M | $92.4M | $137.8M | $156.4M | $117.5M | $106.9M | $85.0M | $67.2M | $91.4M |
| Gross profit | $61.0M | $34.4M | $52.9M | $79.0M | $86.0M | $62.4M | $52.3M | $53.1M | $40.6M | $43.4M |
| R&D | $7.1M | $8.4M | $11.8M | $16.9M | $19.1M | $14.2M | $10.6M | $8.8M | — | — |
| SG&A | $78.9M | $75.5M | $81.0M | $132.9M | $127.5M | $62.1M | $47.3M | $44.0M | $40.2M | $41.3M |
| Total operating expenses | $100.9M | $90.3M | $93.3M | — | — | — | — | — | — | — |
| Operating income | -$39.9M | -$55.9M | -$40.3M | -$53.9M | -$41.5M | $297.0K | $5.0M | $9.0M | $414.0K | $2.1M |
| Interest expense | $553.0K | $644.0K | $786.0K | $874.0K | $777.0K | $7.3M | $7.5M | $7.3M | $6.7M | $5.5M |
| Pre-tax income | -$37.2M | -$52.5M | -$34.4M | -$53.4M | -$43.2M | $6.8M | -$2.2M | $1.8M | -$6.3M | -$3.3M |
| Income tax | $663.0K | $26.0K | $36.0K | $54.0K | $28.0K | $46.0K | $104.0K | $31.0K | $2.8M | $334.0K |
| Net income | -$36.5M | -$52.5M | -$34.4M | -$53.4M | -$43.1M | $1.7M | -$6.4M | -$1.6M | -$5.8M | -$7.2M |
| EPS, basic | -0.50 | -0.73 | -0.50 | -0.79 | -0.65 | 0.04 | -0.17 | -0.04 | — | — |
| EPS, diluted | -0.50 | -0.73 | -0.50 | -0.79 | -0.65 | 0.04 | -0.17 | -0.04 | — | — |
| Shares, diluted (wtd. avg.) | $72.9M | $71.8M | $69.3M | $67.6M | $66.4M | $42.9M | $37.7M | $36.8M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $53.2M | $54.6M | $99.4M | $119.4M | $126.6M | $106.0M | $6.8M | $72.0K | $600.0K | $659.0K |
| Receivables | $17.0M | $19.2M | $30.4M | $40.1M | $59.8M | $30.9M | $27.9M | $34.5M | $24.5M | $19.1M |
| Inventory | $996.0K | $1.8M | $1.4M | $2.9M | $1.2M | $3.3M | $2.0M | $4.4M | $13.5M | $3.6M |
| Total current assets | $94.4M | $91.4M | $140.0M | $168.0M | $191.7M | $144.1M | $40.2M | $41.2M | $42.1M | $25.0M |
| Property, plant and equipment | $3.1M | $4.3M | $3.5M | $4.8M | $6.1M | $22.4M | $19.6M | $17.4M | $16.3M | $16.1M |
| Goodwill | $3.0M | $17.9M | $17.9M | $17.9M | $17.9M | $14.9M | $14.9M | $14.9M | $14.9M | $14.9M |
| Other intangibles | $30.3M | $30.4M | $39.6M | $37.4M | $19.2M | $7.4M | — | — | — | $0 |
| Total assets | $139.9M | $158.2M | $208.7M | $237.4M | $246.1M | $183.8M | $77.7M | $74.5M | $74.4M | $56.8M |
| Accounts payable | $4.1M | $1.2M | $8.3M | $12.6M | $7.9M | $14.7M | — | — | — | — |
| Total current liabilities | $36.8M | $22.1M | $39.2M | $45.5M | $50.9M | $38.9M | $37.3M | $39.1M | $46.2M | $33.6M |
| Long-term debt | — | — | — | — | — | — | — | $11.0M | $10.8M | — |
| Total liabilities | $43.9M | $31.1M | $49.7M | $65.0M | $65.8M | $56.7M | $214.3M | $206.6M | $210.5M | $186.8M |
| Retained earnings | -$363.9M | -$327.3M | -$274.8M | -$240.4M | -$187.0M | -$143.8M | -$145.5M | -$139.1M | -$141.4M | -$135.5M |
| Total equity | $96.0M | $127.1M | $159.0M | $172.4M | $180.3M | $127.1M | -$136.6M | -$132.1M | -$136.0M | -$130.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $30.2M | -$25.9M | $1.6M | $16.5M | $7.3M | -$2.1M | $11.8M | $6.3M | -$591.0K | $13.9M |
| Depreciation and amortisation | $11.5M | $11.9M | $8.9M | $5.9M | $5.6M | $5.4M | $5.0M | $3.0M | $2.0M | $2.9M |
| Stock-based compensation | $30.1M | $21.4M | $24.4M | $64.7M | $60.2M | $4.0K | $0 | $0 | $50.0K | $0 |
| Capital expenditure | $739.0K | $2.3M | $926.0K | $1.0M | $3.2M | $780.0K | $4.1M | $2.5M | $748.0K | $624.0K |
| Investing cash flow | -$8.9M | -$16.8M | -$15.5M | -$13.7M | -$19.1M | -$7.5M | -$6.5M | -$4.1M | -$2.2M | -$624.0K |
| Financing cash flow | -$22.7M | -$2.0M | -$6.2M | -$9.9M | $32.3M | $108.9M | $1.4M | -$2.7M | $2.8M | -$12.6M |
| Buybacks | $13.6M | $0 | $139.0K | $11.1M | $1.3M | $0 | $0 | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000320121-26-000010.
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