T
TELOS CORP
TLSCIK 0000320121NasdaqAcceleratedSmaller ReportingServices-Computer Integrated Systems DesignMarylandAUFY ends Dec 31
Period
FY 2025
Revenue
$164.81M
Net Income
$-36.55M
Total Assets
$139.86M
Equity
$95.95M
Shares Out
74.22M
Op. Cash Flow
$30.18M
Business
TELOS CORP provides software-based security solutions that protect organizations against sophisticated cyber and information threats. It offers cybersecurity and cloud security platforms and services (including Xacta, cybersecurity consulting and operations, Telos AMHS secure messaging, digital identity solutions such as IDTrust360 and ONYX) alongside identity-as-a-service capabilities. The company operates two reportable segments: Security Solutions and Secure Networks, the latter delivering secure mobility, network management, defense, and deployable communications. Telos sells primarily to U.S. federal, state and local governments and large commercial customers via direct sales, partner channels and government contract vehicles.
Summary from filing dated 2025-03-10
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Total revenue | 165 | 108 | 145 | 217 | 242 | |
| Impairment loss on intangible assets | 0 | 5 | 0 | — | — | |
| Depreciation and amortization | 8 | 6 | 4 | 793,000 | — | |
| Total cost of sales | 104 | 74 | 92 | 138 | 156 | |
| Gross profit | 61 | 34 | 53 | 79 | 86 | |
| Research and development expenses | 7 | 8 | 12 | 17 | 19 | |
| Selling, general and administrative expenses | 79 | 75 | 81 | 99 | 89 | |
| Goodwill impairment | 15 | 0 | — | — | — | |
| Impairment loss on intangible assets | 0 | 6 | 487,000 | — | — | |
| Total operating expenses | 101 | 90 | 93 | — | — | |
| Operating loss | −40 | −56 | −40 | −54 | −41 | |
| Other income | 3 | 4 | 7 | 1 | −921,000 | |
| Interest expense | −553,000 | −644,000 | −786,000 | — | — | |
| Loss before income taxes | −37 | −52 | −34 | −53 | −43 | |
| Benefit from (provision for) income taxes | 663,000 | −26,000 | −36,000 | −54,000 | 28,000 | |
| Net loss | −37 | −53 | −34 | −53 | −43 | |
| Basic (in dollars per share) | −0.5 | −0.73 | −0.5 | −0.79 | −0.65 | |
| Diluted (in dollars per share) | −0.5 | −0.73 | −0.5 | −0.79 | −0.65 | |
| Basic (in shares) | 73 | 72 | 69 | 68 | 66 | |
| Diluted (in shares) | 73 | 72 | 69 | 68 | 66 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2022 2022-09-30 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 53 | 55 | 99 | 119 | — | |
| Accounts receivable, net | 17 | 19 | 30 | 40 | — | |
| Prepaid expenses | 11 | 15 | 8 | 5 | — | |
| Deferred program expenses | 10 | 0 | — | — | — | |
| Other current assets | 4 | 3 | 1 | 893,000 | — | |
| Total current assets | 94 | 91 | 140 | 168 | — | |
| Property and equipment, net | 3 | 4 | 3 | 5 | — | |
| Finance lease right-of-use assets, net | 4 | 5 | 7 | 8 | — | |
| Operating lease right-of-use assets | 410,000 | 622,000 | 216,000 | 341,000 | — | |
| Goodwill | 3 | 18 | 18 | 18 | — | |
| Intangible assets, net | 30 | 30 | 40 | 37 | — | |
| Other assets | 5 | 8 | 885,000 | 1 | — | |
| Total assets | 140 | 158 | 209 | 237 | — | |
| Accounts payable | 4 | 1 | — | — | — | |
| Accrued liabilities | 7 | 4 | — | — | — | |
| Accrued compensation and benefits | 12 | 8 | 15 | 8 | — | |
| Contract liabilities current portion | 11 | 7 | 7 | 6 | — | |
| Finance lease obligations current portion | 2 | 2 | 2 | 2 | — | |
| Operating lease obligations current portion | 232,000 | 210,000 | 97,000 | 361,000 | — | |
| Total current liabilities | 37 | 22 | 39 | 46 | — | |
| Contract liabilities non-current portion | 1 | 0 | — | — | — | |
| Finance lease obligations non-current portion | 6 | 8 | 10 | 11 | — | |
| Operating lease obligations non-current portion | 186,000 | 418,000 | 123,000 | 27,000 | — | |
| Deferred income taxes | 53,000 | 813,000 | 813,000 | 758,000 | — | |
| Other liabilities | 159,000 | 91,000 | 44,000 | 297,000 | — | |
| Total liabilities | 44 | 31 | 50 | 65 | — | |
| Commitments and contingencies | — | — | — | — | — | |
| Common stock, $0.001 par value, 250,000,000 shares authorized, 72,773,272 shares and 72,514,652 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 111,000 | 111,000 | 109,000 | 106,000 | — | |
| Additional paid-in capital | 460 | 455 | 434 | 413 | 403 | |
| Accumulated other comprehensive loss | −96,000 | −129,000 | −60,000 | −55,000 | — | |
| Accumulated deficit | −364 | −327 | −275 | −240 | −226 | |
| Total stockholders' equity | 96 | 127 | 159 | 172 | — | |
| Total liabilities and stockholders' equity | 140 | 158 | 209 | 237 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Stock-based compensation | 30 | 21 | 24 | 65 | 60 | |
| Depreciation and amortization | 11 | 12 | 9 | 6 | 6 | |
| Provision for (recovery from) doubtful accounts, net | 2,000 | −20,000 | 152,000 | 99,000 | 7,000 | |
| Benefit from deferred income taxes | −760,000 | 0 | 55,000 | 35,000 | 70,000 | |
| Loss (gain) on disposal of fixed assets | 15,000 | −9,000 | 2,000 | 4,000 | 6,000 | |
| Unrealized gain on fair value adjustment of investment | −750,000 | 0 | — | — | — | |
| Amortization of debt issuance costs | 70,000 | 70,000 | 69,000 | 0 | 0 | |
| Provision for inventory obsolescence | 418,000 | 108,000 | 0 | — | 10,000 | |
| Impairment loss on intangible assets | 0 | 12 | — | — | — | |
| Accounts receivable | 2 | 11 | 9 | 20 | −29 | |
| Prepaid expenses, deferred program expenses, other current assets and other assets | −472,000 | −12 | −3 | −1 | — | |
| Accounts payable | 3 | −7 | — | — | — | |
| Accrued compensation and benefits | 650,000 | −7 | 7 | −317,000 | — | |
| Contract liabilities | 6 | 110,000 | 283,000 | 63,000 | 727,000 | |
| Accrued liabilities and other liabilities | 634,000 | −3 | — | — | — | |
| Net cash provided by (used in) operating activities | 30 | −26 | 2 | 17 | 7 | |
| Capitalized software development costs | −8 | −12 | −15 | −13 | −10 | |
| Purchases of property and equipment, net | −739,000 | −2 | −926,000 | −1 | −3 | |
| Purchase of investment | 0 | −3 | 0 | — | — | |
| Net cash used in investing activities | −9 | −17 | −15 | −14 | −19 | |
| Payments under finance lease obligations | −2 | −2 | −2 | −1 | −1 | |
| Payment of tax withholding related to net share settlement of equity awards | −7 | −457,000 | −4 | −6 | 0 | |
| Proceeds from exercise of stock options | 108,000 | 203,000 | 0 | — | — | |
| Repurchase of common stock | −14 | 0 | −139,000 | −11 | −1 | |
| Payments for debt issuance costs | −14,000 | 0 | −114,000 | −95,000 | 0 | |
| Net cash used in financing activities | −23 | −2 | −6 | −10 | 32 | |
| Net change in cash, cash equivalents, and restricted cash | −1 | −45 | −20 | −7 | 21 |
Filings
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