Press release
Telos Corporation Announces Second Quarter Results: Reports $32.9 Million of Revenue and 37.6% Gross Margin, and Raises Midpoint of Full-Year Guidance
Reported Second Quarter Results Above High End of Guidance Range Delivered $32.9 Million of Revenue, Reflecting Outperformance by Security Solutions
About this update from Telos Corporation
[{"type":"text","content":"\nReported Second Quarter Results Above High End of Guidance Range\nDelivered $32.9 Million of Revenue, Reflecting Outperformance by Security Solutions\nGenerated 37.6% Gross Margin; Expanded Gross Margin 36 Basis Points Year-over-Year in the First Half of 2023\nImproved GAAP Net Loss by 43% Year-over-Year\n\n ASHBURN, Va., Aug. 09, 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 second quarter 2023.\n “We executed effectively in the second quarter and delivered results above the high end of our guidance range,” said John B. Wood, chairman and CEO, Telos. “New business wins and management cost actions, including the restructuring plan announced earlier this year, enabled us to produce these results. We remain focused on rebuilding and growing our backlog and core revenue base by strengthening our business development operation and pipeline, and aligning investments in our solutions portfolio to the demands of the end markets and customers we know best.”\n \n\n\n\tSecond Quarter 2023 Financial Highlights\n\n\n\t \n\t2Q 2023\n\t \n\t2Q 2022\n\n\n\t \n\t(in millions, except per share data)\n\n\n\tRevenue\n\t$32.9\n\t \n\t$55.8\n\n\n\tGross Profit\n\t$12.4\n\t \n\t$20.9\n\n\n\tGross Margin\n\t37.6%\n\t \n\t37.5%\n\n\n\tGAAP Net Loss\n\t$(8.0)\n\t \n\t$(14.2)\n\n\n\tAdjusted Net (Loss)/Income 1\n\t$(1.9)\n\t \n\t$2.8\n\n\n\tEBITDA1\n\t$(7.8)\n\t \n\t$(12.5)\n\n\n\tAdjusted EBITDA1\n\t$—\n\t \n\t$4.5\n\n\n\tAdjusted EBITDA Margin1\n\t(0.1%)\n\t \n\t8.1%\n\n\n\tGAAP EPS\n\t$(0.12)\n\t \n\t$(0.21)\n\n\n\tAdjusted EPS 1\n\t$(0.03)\n\t \n\t$0.04\n\n\n\tWeighted-average Shares of Common Stock Outstanding\n\t69.4\n\t \n\t67.9\n\n\n\tCash Flow from Operations\n\t$(4.1)\n\t \n\t$7.9\n\n\n\tFree Cash Flow 1\n\t$(8.6)\n\t \n\t$5.4\n\n\n\t1 Adjusted EBITDA, Adjusted EBITDA Margin, EBITDA, Adjusted Net (Loss)/Income, Adjusted EPS and Free Cash Flow are non-GAAP financial measures. Refer to \"Non-GAAP Financial Measures\" below.\n\n\n\t \n\t \n\t \n\t \n\n\n\n Selected Second Quarter Business Highlights:\n \nReceived Xacta® renewals with several prominent customers, including ...