Press release
Telos Corporation Announces Substantial Progress on New Business Capture; Reports Fourth Quarter and Full Year 2023 Results Above Expectations
Telos’ Prime Partners Received Awards on New Programs Worth up to $525 Million to Telos’ Security Solutions Business Over Five Years, Subject to Customary
About this update from Telos Corporation
[{"type":"text","content":"Telos’ Prime Partners Received Awards on New Programs Worth up to $525 Million to Telos’ Security Solutions Business Over Five Years, Subject to Customary Protest Periods and Favorable Resolution of ProtestsReports Fourth Quarter and Full Year 2023 Revenue, Profit, and Cash Flow Above ExpectationsDelivered Fourth Quarter Revenue of $41.1 Million and Full Year Revenue of $145.4 MillionGenerated Fourth Quarter Cash Flow From Operations of $5.0 Million and Full Year Cash Flow From Operations of $1.6 Million; Generated $1.8 Million of Positive Free Cash Flow in the Fourth Quarter ASHBURN, Va., March 15, 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 fourth quarter 2023. “I am pleased to announce that Telos’ prime partners have received awards on new programs that are worth up to $525 million to Telos over a five-year period, subject to favorable resolution of protests. These opportunities would add high-quality revenues to the Telos portfolio, providing a path to sequential revenue growth later in 2024 and significant revenue growth in 2025,” said John B. Wood, chairman and CEO. “I am proud of the Telos team’s ability to manage through a challenging 2023 and deliver better than expected results across the board and I am excited about the future outlook for the Company.” Fourth Quarter 2023 Financial Highlights 4Q 2023 4Q 2022 (in millions, except per share data)Revenue$41.1 $47.3Gross Profit$14.1 $18.3Gross Margin34.3% 38.6%Cash Gross Profit 1$15.6 $19.8Cash Gross Margin 138.0% 41.8%GAAP Net Loss$(7.0) $(14.2)Adjusted Net (Loss)/Income 1$(6.5) $3.7EBITDA1$(5.1) $(13.2)Adjusted EBITDA1$(3.2) $5.4Adjusted EBITDA Margin1(7.8%) 11.4%GAAP EPS$(0.10) $(0.21)Adjusted EPS 1$(0.09) $0.05Weighted-average Shares of Common Stock Outstanding69.8 67.3Cash Flow from Operations$5.0 $(3.6)Free Cash Flow 1$1.8 $0.5 1 Cash Gross Profit, Cash Gross Margin, Adjusted Net (Loss)/Income, 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 Fourth Quarter Business Highlights: Telos’ prime partners received awards on new programs worth up to $525 million to Telos’ Sec...