Press release
Telos Corporation Announces Fourth Quarter Results: Delivers $47.3 Million of Revenue and 38.6% Gross Margin
Delivered Quarterly Revenue of $47.3 Million and Full Year Revenue of $216.9 Million Expanded Quarterly Gross Margin by 95 Basis Points to 38.6% and Full
About this update from Telos Corporation
[{"type":"text","content":"\nDelivered Quarterly Revenue of $47.3 Million and Full Year Revenue of $216.9 Million\nExpanded Quarterly Gross Margin by 95 Basis Points to 38.6% and Full Year Gross Margin by 96 Basis Points to 36.4%\nGenerated Full Year Cash Flow from Operations of $16.5 Million and Free Cash Flow of $11.2 Million; Deployed $11.3 Million to Share Repurchases During 2022\nForecasts Lower Revenues in 2023; Hired Two New Senior Leaders Focused on Growth and Customer Solutions \n\n ASHBURN, Va., March 16, 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 fourth quarter and full year 2022.\n “We delivered $47.3 million of revenue in the fourth quarter of 2022, and expanded gross margin 95 basis points to 38.6%, resulting in a $14.2 million GAAP net loss and $5.4 million of Adjusted EBITDA,” said John B. Wood, chairman and CEO, Telos. “However, the wind-down of large programs coming to completion in Secure Networks, insufficient new business wins in 2022, and meaningful revenue reductions on some ongoing programs will weigh heavily on 2023 performance. 2023 will be a transition year focused on generating new business wins for 2024 and beyond. The Board and I are fully aligned and focused on streamlining our operations and rebuilding and growing our revenue base.”\n Fourth Quarter 2022 Financial Highlights (in millions, except per share data)\n \n\n\n\t \n\t4Q 2022\n\t \n\t4Q 2021\n\n\n\tRevenue\n\t$47.3\n\t \n\t$64.1\n\n\n\tGross Profit\n\t$18.3\n\t \n\t$24.1\n\n\n\tGross Margin\n\t38.6%\n\t \n\t37.7%\n\n\n\tGAAP Net Loss\n\t($14.2)\n\t \n\t($5.5)\n\n\n\tGAAP Net Loss Margin\n\t(30.0%)\n\t \n\t(8.6%)\n\n\n\tAdjusted Net Income1\n\t$3.7\n\t \n\t$7.3\n\n\n\tEBITDA1\n\t($13.2)\n\t \n\t($4.0)\n\n\n\tAdjusted EBITDA1\n\t$5.4\n\t \n\t$8.8\n\n\n\tAdjusted EBITDA Margin1\n\t11.4%\n\t \n\t13.8%\n\n\n\tGAAP Net Loss per Share, Diluted\n\t($0.21)\n\t \n\t($0.08)\n\n\n\tAdjusted EPS1\n\t$0.05\n\t \n\t$0.11\n\n\n\tWeighted-average Shares of Common Stock Outstanding, Diluted\n\t67.3\n\t \n\t66.8\n\n\n\tCash Flow from Operations\n\t($3.6)\n\t \n\t($2.4)\n\n\n\tFree Cash Flow1\n\t$0.5\n\t \n\t($7.2)\n\n\...