NASDAQ : TLS
Telos Corporation — Financial statements
Technology · Software - Infrastructure · United States
Last price 5.78 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 431.98M
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Financial statements
Telos Corporation (TLS) reported revenue of 193.71M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 193.71M | 164.81M | 108.27M | 145.38M | 216.89M | 242.43M |
| Cost of Revenue | 112.17M | 95.11M | 61.77M | 88.89M | 136.47M | 156.40M |
| Gross Profit | 81.54M | 69.69M | 46.51M | 56.49M | 80.41M | 86.03M |
| Selling, General & Admin | 68.59M | 78.92M | 75.49M | 81.01M | 115.97M | 108.40M |
| Research & Development | 6.68M | 7.06M | 8.44M | 11.76M | 16.92M | 19.10M |
| Operating Expenses | 85.34M | 94.16M | 90.33M | 96.31M | 133.69M | 127.49M |
| Operating Income | -3.80M | -24.47M | -43.83M | -39.83M | -53.27M | -41.46M |
| Interest Expense | -483.00K | -553.00K | -644.00K | -786.00K | -874.00K | -777.00K |
| Other Non Operating Income (Expenses) | 3.31M | 3.23M | 4.02M | 5.32M | 1.35M | |
| EBT Excluding Unusual Items | -975.00K | -21.80M | -40.45M | -35.30M | -52.80M | -42.24M |
| Merger & Restructuring Charges | -494.00K | -494.00K | -341.00K | -578.00K | ||
| Impairment of Goodwill | -14.92M | -14.92M | ||||
| Asset Writedown | -11.71M | -487.00K | ||||
| Legal Settlements | -921.00K | |||||
| Other Unusual Items | 1.40M | |||||
| Pretax Income | -16.39M | -37.21M | -52.49M | -34.39M | -53.37M | -43.16M |
| Income Tax Expense | -643.00K | -663.00K | 26.00K | 36.00K | 54.00K | -28.00K |
| Earnings From Continuing Operations | -15.74M | -36.55M | -52.52M | -34.42M | -53.43M | -43.13M |
| Net Income | -15.74M | -36.55M | -52.52M | -34.42M | -53.43M | -43.13M |
| Net Income to Common | -15.74M | -36.55M | -52.52M | -34.42M | -53.43M | -43.13M |
| Shares Outstanding (Basic) | 73.59M | 72.88M | 71.85M | 69.26M | 67.56M | 66.37M |
| Shares Outstanding (Diluted) | 73.59M | 72.88M | 71.85M | 69.26M | 67.56M | 66.37M |
| EPS (Basic) | -0.21 | -0.50 | -0.73 | -0.50 | -0.79 | -0.65 |
| EPS (Diluted) | -0.22 | -0.50 | -0.73 | -0.50 | -0.79 | -0.65 |
| Free Cash Flow | 33.74M | 29.44M | -28.19M | 661.00K | 15.50M | 4.06M |
| Free Cash Flow Per Share | 0.46 | 0.40 | -0.39 | 0.01 | 0.23 | 0.06 |
| Gross Margin | 42.09% | 42.29% | 42.95% | 38.86% | 37.08% | 35.49% |
| Operating Margin | -1.96% | -14.85% | -40.48% | -27.40% | -24.56% | -17.10% |
| Profit Margin | -8.13% | -22.18% | -48.51% | -23.68% | -24.63% | -17.79% |
| Free Cash Flow Margin | 17.42% | 17.87% | -26.04% | 0.46% | 7.15% | 1.68% |
| EBITDA | -117.00K | -20.83M | -40.26M | -35.35M | -48.74M | -37.44M |
| EBITDA Margin | -0.06% | -12.64% | -37.18% | -24.32% | -22.47% | -15.44% |
| D&A For EBITDA | 3.68M | 3.64M | 3.57M | 4.48M | 4.53M | 4.02M |
| EBIT | -3.80M | -24.47M | -43.83M | -39.83M | -53.27M | -41.46M |
| EBIT Margin | -1.96% | -14.85% | -40.48% | -27.40% | -24.56% | -17.10% |
| Revenue as Reported | 193.71M | 164.81M | 108.27M | 145.38M | 216.89M | 242.43M |
| Advertising Expenses | 500.00K | 700.00K | 800.00K | 1.30M | 1.80M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 50.65M | 53.18M | 54.58M | 99.26M | 119.31M | 126.56M |
| Cash & Short-Term Investments | 50.65M | 53.18M | 54.58M | 99.26M | 119.31M | 126.56M |
| Receivables | 18.00M | 17.00M | 19.17M | 30.42M | 40.07M | 59.84M |
| Inventory | 4.92M | 1.42M | 2.88M | 1.25M | ||
| Prepaid Expenses | 7.56M | 10.56M | 15.09M | 7.52M | 4.82M | 3.33M |
| Other Current Assets | 15.70M | 13.67M | 2.58M | 1.37M | 893.00K | 732.00K |
| Total Current Assets | 96.83M | 94.41M | 91.42M | 139.99M | 167.96M | 191.71M |
| Property, Plant & Equipment | 6.35M | 7.65M | 10.30M | 10.29M | 12.96M | 15.99M |
| Long-Term Investments | 3.75M | 3.75M | 3.00M | |||
| Goodwill | 3.01M | 3.01M | 17.92M | 17.92M | 17.92M | 17.92M |
| Other Intangible Assets | 29.21M | 30.28M | 30.41M | 39.62M | 37.41M | 19.20M |
| Other Long-Term Assets | 607.00K | 763.00K | 5.19M | 885.00K | 1.14M | 1.25M |
| Total Assets | 139.75M | 139.86M | 158.24M | 208.70M | 237.40M | 246.08M |
| Accounts Payable | 6.39M | 4.09M | 1.15M | 8.31M | 12.61M | 7.87M |
| Accrued Expenses | 13.96M | 17.76M | 12.02M | 21.44M | 19.86M | 32.84M |
| Current Portion of Leases | 2.37M | 2.27M | 2.09M | 1.83M | 1.95M | 2.02M |
| Current Unearned Revenue | 17.22M | 11.22M | 6.84M | 6.73M | 6.44M | 6.38M |
| Other Current Liabilities | 700.00K | 1.45M | 37.00K | 897.00K | 4.64M | 1.83M |
| Total Current Liabilities | 40.64M | 36.78M | 22.14M | 39.20M | 45.50M | 50.94M |
| Long-Term Leases | 4.60M | 5.79M | 8.06M | 9.64M | 11.28M | 13.23M |
| Long-Term Unearned Revenue | 874.00K | 1.12M | ||||
| Long-Term Deferred Tax Liabilities | 57.00K | 53.00K | 813.00K | 813.00K | 758.00K | 723.00K |
| Other Long-Term Liabilities | 171.00K | 159.00K | 91.00K | 44.00K | 7.51M | 935.00K |
| Total Liabilities | 46.34M | 43.91M | 31.10M | 49.70M | 65.04M | 65.83M |
| Common Stock | 113.00K | 111.00K | 111.00K | 109.00K | 106.00K | 105.00K |
| Additional Paid-In Capital | 454.61M | 459.83M | 454.50M | 433.78M | 412.71M | 367.15M |
| Retained Earnings | -361.21M | -363.89M | -327.35M | -274.83M | -240.41M | -186.98M |
| Comprehensive Income & Other | -101.00K | -96.00K | -129.00K | -60.00K | -55.00K | -27.00K |
| Total Common Equity | 93.41M | 95.95M | 127.14M | 159.00M | 172.35M | 180.25M |
| Shareholders' Equity | 93.41M | 95.95M | 127.14M | 159.00M | 172.35M | 180.25M |
| Total Liabilities & Equity | 139.75M | 139.86M | 158.24M | 208.70M | 237.40M | 246.08M |
| Total Debt | 6.97M | 8.06M | 10.15M | 11.47M | 13.23M | 15.25M |
| Net Cash (Debt) | 43.68M | 45.12M | 44.43M | 87.79M | 106.08M | 111.31M |
| Net Cash Per Share | 0.59 | 0.62 | 0.62 | 1.27 | 1.57 | 1.68 |
| Filing Date Shares Outstanding | 74.74M | 74.22M | 72.55M | 70.32M | 68.56M | 67.87M |
| Total Common Shares Outstanding | 74.74M | 72.77M | 72.51M | 70.24M | 67.43M | 66.77M |
| Working Capital | 56.19M | 57.63M | 69.28M | 100.79M | 122.46M | 140.77M |
| Book Value Per Share | 1.25 | 1.32 | 1.75 | 2.26 | 2.56 | 2.70 |
| Tangible Book Value | 61.19M | 62.66M | 78.81M | 101.47M | 117.02M | 143.13M |
| Tangible Book Value Per Share | 0.82 | 0.86 | 1.09 | 1.44 | 1.74 | 2.14 |
| Machinery | 17.29M | 17.27M | 17.24M | 16.21M | 16.03M | 15.42M |
| Leasehold Improvements | 3.52M | 3.42M | 3.40M | 3.21M | 3.15M | 2.99M |
| Order Backlog | 126.07M | 76.49M | 118.10M | 212.04M | 246.41M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -15.74M | -36.55M | -52.52M | -34.42M | -53.43M | -43.13M |
| Depreciation & Amortization | 3.68M | 3.64M | 3.57M | 4.48M | 4.53M | 4.02M |
| Other Amortization | 9.75M | 7.88M | 8.37M | 4.53M | 1.36M | 1.60M |
| Loss (Gain) From Sale of Assets | 67.00K | 15.00K | -9.00K | 2.00K | 4.00K | 6.00K |
| Asset Writedown & Restructuring Costs | 14.92M | 14.92M | 11.71M | 487.00K | ||
| Loss (Gain) From Sale of Investments | -750.00K | -750.00K | ||||
| Stock-Based Compensation | 21.53M | 30.15M | 21.41M | 24.40M | 64.66M | 60.23M |
| Provision & Write-off of Bad Debts | 23.00K | 2.00K | -20.00K | 152.00K | 99.00K | 7.00K |
| Other Operating Activities | -323.00K | -342.00K | 108.00K | -1.37M | 83.00K | 89.00K |
| Change in Accounts Receivable | 1.08M | 2.17M | 11.27M | 9.49M | 19.68M | -28.94M |
| Change in Inventory | -863.00K | 1.46M | -1.63M | 2.06M | ||
| Change in Accounts Payable | -8.97M | 2.72M | -7.12M | -8.82M | -12.32M | 16.09M |
| Change in Unearned Revenue | 5.14M | 5.51M | 110.00K | 283.00K | 63.00K | 727.00K |
| Change in Other Net Operating Assets | 5.07M | 812.00K | -22.81M | 915.00K | -6.59M | -5.50M |
| Operating Cash Flow | 34.62M | 30.18M | -25.94M | 1.59M | 16.51M | 7.26M |
| Capital Expenditures | -873.00K | -739.00K | -2.25M | -926.00K | -1.01M | -3.20M |
| Cash Acquisitions | -5.92M | |||||
| Sale (Purchase) of Intangibles | -7.88M | -8.18M | -11.51M | -14.55M | -12.71M | -9.97M |
| Investment in Securities | -3.00M | |||||
| Investing Cash Flow | -8.75M | -8.91M | -16.76M | -15.48M | -13.72M | -19.09M |
| Long-Term Debt Repaid | -1.88M | -1.73M | -1.59M | -1.46M | -1.34M | |
| Total Debt Repaid | -1.96M | -1.88M | -1.73M | -1.59M | -1.46M | -1.34M |
| Net Debt Issued (Repaid) | -1.96M | -1.88M | -1.73M | -1.59M | -1.46M | -1.34M |
| Issuance of Common Stock | 108.00K | 108.00K | 203.00K | 64.27M | ||
| Repurchase of Common Stock | -30.33M | -20.88M | -457.00K | -3.88M | -16.82M | -1.25M |
| Other Financing Activities | -35.00K | -14.00K | -678.00K | 8.36M | -29.33M | |
| Financing Cash Flow | -32.21M | -22.66M | -1.98M | -6.15M | -9.91M | 32.35M |
| Net Cash Flow | -6.35M | -1.40M | -44.68M | -20.04M | -7.12M | 20.52M |
| Free Cash Flow | 33.74M | 29.44M | -28.19M | 661.00K | 15.50M | 4.06M |
| Free Cash Flow Margin | 17.42% | 17.87% | -26.04% | 0.46% | 7.15% | 1.68% |
| Free Cash Flow Per Share | 0.46 | 0.40 | -0.39 | 0.01 | 0.23 | 0.06 |
| Levered Free Cash Flow | 24.84M | 27.19M | -21.63M | -5.71M | 34.12M | 11.19M |
| Unlevered Free Cash Flow | 25.09M | 27.47M | -21.30M | -5.28M | 34.66M | 11.67M |
| Cash Interest Paid | 433.00K | 482.00K | 563.00K | 693.00K | 803.00K | 758.00K |
| Cash Income Tax Paid | 109.00K | 42.00K | 55.00K | 147.00K | 188.00K | 60.00K |
| Change in Working Capital | 1.46M | 11.22M | -18.55M | 3.33M | -800.00K | -15.56M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 389.38M | 376.15M | 247.54M | 254.12M | 342.10M | 1.03B |
| Enterprise Value | 345.70M | 325.69M | 188.42M | 166.12M | 230.50M | 911.00M |
| Last Close Price | 5.21 | 5.10 | 3.42 | 3.65 | 5.09 | 15.42 |
| Forward PE | 32.56 | 65.81 | 81.91 | 81.91 | 81.91 | 59.39 |
| PS Ratio | 2.01 | 2.28 | 2.29 | 1.75 | 1.58 | 4.25 |
| PB Ratio | 4.17 | 3.92 | 1.95 | 1.60 | 1.99 | 5.71 |
| P/TBV Ratio | 6.36 | 6.00 | 3.14 | 2.50 | 2.92 | 7.19 |
| P/FCF Ratio | 11.54 | 12.78 | 384.45 | 22.07 | 253.48 | |
| P/OCF Ratio | 11.25 | 12.46 | 160.13 | 20.72 | 141.75 | |
| PEG Ratio | 1.02 | 1.02 | 1.02 | 1.02 | 1.32 | |
| EV/Sales Ratio | 1.78 | 1.98 | 1.74 | 1.14 | 1.06 | 3.76 |
| EV/FCF Ratio | 10.25 | 11.06 | 251.32 | 14.87 | 224.33 | |
| Debt / Equity Ratio | 0.07 | 0.08 | 0.08 | 0.07 | 0.08 | 0.09 |
| Debt / EBITDA Ratio | 39.69 | |||||
| Debt / FCF Ratio | 0.21 | 0.27 | 17.35 | 0.85 | 3.76 | |
| Net Debt / Equity Ratio | -0.47 | -0.47 | -0.35 | -0.55 | -0.61 | -0.62 |
| Net Debt / EBITDA Ratio | 373.34 | 2.17 | 1.10 | 2.48 | 2.18 | 2.97 |
| Net Debt / FCF Ratio | -1.29 | -1.53 | 1.58 | -132.82 | -6.84 | -27.41 |
| Asset Turnover | 1.27 | 1.11 | 0.59 | 0.65 | 0.90 | 1.13 |
| Inventory Turnover | 24.67 | 41.37 | 66.19 | 68.63 | ||
| Quick Ratio | 1.69 | 1.91 | 3.33 | 3.31 | 3.50 | 3.66 |
| Current Ratio | 2.38 | 2.57 | 4.13 | 3.57 | 3.69 | 3.76 |
| Return on Equity (ROE) | -14.86% | -32.76% | -36.71% | -20.78% | -30.30% | -28.07% |
| Return on Assets (ROA) | -1.56% | -10.26% | -14.93% | -11.16% | -13.77% | -12.06% |
| Return on Invested Capital (ROIC) | -7.34% | -36.65% | -56.95% | -57.94% | -78.79% | -77.31% |
| Return on Capital Employed (ROCE) | -3.80% | -23.70% | -32.20% | -23.50% | -27.80% | -21.20% |
| Earnings Yield | -4.14% | -9.72% | -21.22% | -13.54% | -15.62% | -4.19% |
| FCF Yield | 8.67% | 7.83% | -11.39% | 0.26% | 4.53% | 0.40% |
| Buyback Yield / Dilution | -1.28% | -1.43% | -3.75% | -2.51% | -1.79% | -54.80% |