Press release
Telos Corporation Announces Second Quarter Results Above Guidance: Reports $28.5 Million of Revenue, 34.1% GAAP Gross Margin, and 42.0% Cash Gross Margin
Reports Second Quarter Results Above High End of Guidance Range on Key Financial MetricsDelivered $28.5 Million of Revenue, Reflecting Outperformance by
About this update from Telos Corporation
[{"type":"text","content":"Reports Second Quarter Results Above High End of Guidance Range on Key Financial MetricsDelivered $28.5 Million of Revenue, Reflecting Outperformance by Secure NetworksGenerated 34.1% GAAP Gross Margin; Expanded Cash Gross Margin by 326 Basis Points to 42.0%Expanded Network of TSA PreCheck® Enrollment Centers from 28 to 83 Locations in Three Months; Expect to Reach 500 Locations in 2025 ASHBURN, Virginia, Aug. 09, 2024 (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 second quarter of 2024. “Telos exceeded the high end of our guidance range for the second quarter on key financial metrics including total company revenue, margin and profit. While GAAP gross margin contracted 349 basis points compared to the second quarter of 2023 primarily due to higher amortization, we expanded cash gross margin 326 basis points to 42.0%,” said John B. Wood, chairman and CEO, Telos. “I am also pleased to report we have accelerated expansion of our TSA PreCheck® enrollment locations in the second quarter and expect to reach 500 locations in 2025. We look forward to continuing to work with TSA and grow this important national security program throughout the remainder of 2024 and into 2025.” Second Quarter 2024 Financial Highlights Three Months Ended June 30, 2024 June 30, 2023 (in millions, except per share data)Revenue$28.5 $32.9Gross Profit$9.7 $12.4Gross Margin34.1% 37.6%Cash Gross Profit1$12.0 $12.8Cash Gross Margin142.0% 38.8%GAAP Net Loss$(7.8) $(8.0)Adjusted Net Loss1$(6.6) $(1.9)EBITDA1$(5.2) $(7.8)Adjusted EBITDA1$(2.9) $—Adjusted EBITDA Margin1(10.3)% (0.1)%GAAP EPS$(0.11) $(0.12)Adjusted EPS1$(0.09) $(0.03)Weighted-average Shares of Common Stock Outstanding72.0 69.4Cash Flow from Operations$(8.0) $(4.1)Free Cash Flow1$(11.3) $(8.6) 1 Cash Gross Profit, Cash Gross Margin, Adjusted Net Loss, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EPS, and Free Cash Flow are non-GAAP financial measures. Refer to \"Non-GAAP Financial Measures\" below. Selected Second Quarter Business Highlights: TSA PreCheck Successfully expanded network of enrollment locations from 28 locations to 83 locations over the past three months.Locations geographically distributed across key mark...