TELOS CORP Segments Disclosure
| Table 16: Results of Operations by Business Segment | |||||||||||||||||||||||||||||||||||
| For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||||||||||||||
| Security Solutions | Secure Networks | Total | Security Solutions | Secure Networks | Total | ||||||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||||||||
| Revenues | $ | 149,600 | $ | 15,205 | $ | 164,805 | $ | 76,760 | $ | 31,512 | $ | 108,272 | |||||||||||||||||||||||
| Cost of sales | |||||||||||||||||||||||||||||||||||
Depreciation and amortization (1) | 8,173 | 7 | 8,180 | 6,396 | 8 | 6,404 | |||||||||||||||||||||||||||||
Stock-based compensation expense (1) | 594 | 58 | 652 | 667 | 161 | 828 | |||||||||||||||||||||||||||||
Impairment loss on intangible assets (1) | — | — | — | 5,333 | — | 5,333 | |||||||||||||||||||||||||||||
Other segment items (2) | 83,274 | 11,682 | 94,956 | 36,685 | 24,593 | 61,278 | |||||||||||||||||||||||||||||
| Total cost of sales | 92,041 | 11,747 | 103,788 | 49,081 | 24,762 | 73,843 | |||||||||||||||||||||||||||||
| Gross profit | $ | 57,559 | $ | 3,458 | 61,017 | $ | 27,679 | $ | 6,750 | 34,429 | |||||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||||||||
| Research and development expenses | 7,057 | 8,442 | |||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 78,925 | 75,487 | |||||||||||||||||||||||||||||||||
| Goodwill impairment | 14,916 | — | |||||||||||||||||||||||||||||||||
| Impairment loss on intangible assets | — | 6,373 | |||||||||||||||||||||||||||||||||
| Total operating expenses | 100,898 | 90,302 | |||||||||||||||||||||||||||||||||
| Operating loss | (39,881) | (55,873) | |||||||||||||||||||||||||||||||||
| Other income | 3,225 | 4,023 | |||||||||||||||||||||||||||||||||
| Interest expense | (553) | (644) | |||||||||||||||||||||||||||||||||
| Loss before income taxes | (37,209) | (52,494) | |||||||||||||||||||||||||||||||||
| Benefit from (provision for) income taxes | 663 | (26) | |||||||||||||||||||||||||||||||||
| Net loss | $ | (36,546) | $ | (52,520) | |||||||||||||||||||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 16, 2026 | Showing above |
| 2024 | Mar 10, 2025 | |
| 2023 | Mar 15, 2024 | |
| 2022 | Mar 16, 2023 | |
| 2021 | Mar 28, 2022 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.