Press release
Telos Corporation Announces First Quarter Results: Reports $35.2 Million of Revenue and 38.3% Gross Margin
Reported First Quarter Results Above High End of Guidance Range Delivered Quarterly Revenue of $35.2 Million Expanded Quarterly Gross Margin by 66 Basis
About this update from Telos Corporation
[{"type":"text","content":"\nReported First Quarter Results Above High End of Guidance Range\nDelivered Quarterly Revenue of $35.2 Million\nExpanded Quarterly Gross Margin by 66 Basis Points to 38.3% Year over Year\nImproved GAAP Net Loss by 35% Year over Year\nReaffirms Full Year Guidance\n\n ASHBURN, Va., May 10, 2023 (GLOBE NEWSWIRE) -- Telos Corporation (NASDAQ: TLS), a leading provider of cyber, cloud and enterprise security solutions for the world’s most security-conscious organizations, today announced financial results for the first quarter 2023.\n “We delivered $35.2 million of revenue in the first quarter of 2023 and expanded gross margins 66 basis points to 38.3%. We also reduced our GAAP net loss by 35% to $10.7 million. All metrics exceeded the high end of our guidance range,” said John B. Wood, chairman and CEO, Telos. “As expected, our first quarter results reflect lower revenues on large programs. We reaffirm our full year guidance and the Board and I remain focused on rebuilding and growing our revenue base throughout this transition year.”\n \n\n\n\tFirst Quarter 2023 Financial Highlights\n\n\n\t \n\t1Q 2023\n\t \n\t1Q 2022\n\n\n\t \n\t(in millions, except per share data)\n\n\n\tRevenue\n\t$35.2\n\t \n\t$50.2\n\n\n\tGross Profit\n\t$13.5\n\t \n\t$18.9\n\n\n\tGross Margin\n\t38.3%\n\t \n\t37.6%\n\n\n\tGAAP Net Loss\n\t($10.7)\n\t \n\t($16.6)\n\n\n\tAdjusted Net Loss 1\n\t($2.5)\n\t \n\t($0.7)\n\n\n\tEBITDA1\n\t($11.5)\n\t \n\t($15.0)\n\n\n\tAdjusted EBITDA1\n\t($0.8)\n\t \n\t$1.0\n\n\n\tAdjusted EBITDA Margin1\n\t(2.4%)\n\t \n\t1.9%\n\n\n\tGAAP EPS\n\t($0.16)\n\t \n\t($0.25)\n\n\n\tAdjusted EPS 1\n\t($0.04)\n\t \n\t($0.01)\n\n\n\tWeighted-average Shares of Common Stock Outstanding\n\t68.2\n\t \n\t67.6\n\n\n\tCash Flow from Operations\n\t($0.1)\n\t \n\t$0.2\n\n\n\tFree Cash Flow 1\n\t($4.1)\n\t \n\t($3.1)\n\n\n\n 1 Adjusted EBITDA, Adjusted EBITDA Margin, EBITDA, Adjusted Net Loss, Adjusted EPS and Free Cash Flow are non-GAAP financial measures. Refer to \"Non-GAAP Financial Measures\" below.\n Selected First Quarter Business Highlights:\n \nAchieved a 100% renewal rate on major customer contracts across the portfolio in the first quarter.\n\nReceived Xacta® renewals with several prominent customers including the U.S. Air Force, the Department of Homeland Secur...