TLS

MKT CAP:$339M

Telos Corporation

Market Cap

$339M

Technology·Information Technology Services·🇺🇸 United States·NASDAQ

Technology·IT Services·🇺🇸·NASDAQ

Stock Price

$4.36-$0.60 (-12.10%)

Apr 21, 2026

Company Details

Telos Corporation, together with its subsidiaries, provides information technology (IT) solutions and services worldwide. It provides Xacta, a premier platform for enterprise cyber risk management and security compliance automation solution...

CEO

John Wood

IPO Date

Nov 19, 2020

Website

www.telos.com

Key Metrics TTM

Revenue

$165M

+52.2% YoY

Net Income

-$37M

EPS (Diluted)

-$0.50

Free Cash Flow

$27M

Revenue / Share

$2.26

Gross Margin

37.0%

Operating Margin

-15.1%

Net Margin

-22.2%

FCF Margin

16.6%

P/S

2.1x

P/E

—

Earnings Reports

Q1 2026

May 8, 2026

PENDING

FY 2025

Mar 16, 2026

$165M+52.2%EPS -$0.50

Q4 2025

Mar 16, 2026

$47M+77.4%EPS -$0.22

Q3 2025

Nov 10, 2025

$51M+116.3%EPS -$0.03

Q2 2025

Aug 11, 2025

$36M+26.2%EPS -$0.13

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$50M	$19M	-$16M
Q2 22	$56M	$21M	-$14M
Q3 22	$64M	$21M	-$9M
Q4 22	$47M	$18M	-$19M
Q1 23	$35M	$13M	-$13M
Q2 23	$33M	$12M	-$9M
Q3 23	$36M	$13M	-$10M
Q4 23	$41M	$14M	-$8M
Q1 24	$30M	$10M	-$8M
Q2 24	$28M	$10M	-$9M
Q3 24	$24M	$8M	-$17M
Q4 24	$26M	$11M	-$10M
Q1 25	$31M	$12M	-$9M
Q2 25	$36M	$12M	-$10M
Q3 25	$51M	$21M	-$2M
Q4 25	$47M	$16M	-$4M

Valuation

Quarter	P/S	P/E
Q1 22	2.7x	—
Q2 22	2.4x	—
Q3 22	2.6x	—
Q4 22	1.6x	—
Q1 23	0.8x	—
Q2 23	1.1x	—
Q3 23	1.1x	—
Q4 23	1.9x	—
Q1 24	2.1x	—
Q2 24	1.9x	—
Q3 24	2.1x	—
Q4 24	2.3x	—
Q1 25	1.6x	—
Q2 25	2.0x	—
Q3 25	3.5x	—
Q4 25	2.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$249.0K	-$3M
Q2 22	$8M	$5M
Q3 22	$12M	$8M
Q4 22	-$4M	-$8M
Q1 23	-$100.0K	-$4M
Q2 23	-$4M	-$4M
Q3 23	$846.0K	-$3M
Q4 23	$5M	$4M
Q1 24	-$350.0K	-$4M
Q2 24	-$8M	-$11M
Q3 24	-$7M	-$7M
Q4 24	-$11M	-$15M
Q1 25	$6M	$6M
Q2 25	$7M	$7M
Q3 25	$9M	$7M
Q4 25	$8M	$8M

Capital Expenditures

Quarter	CapEx
Q1 22	$3M
Q2 22	$2M
Q3 22	$4M
Q4 22	$4M
Q1 23	$4M
Q2 23	$47.0K
Q3 23	$4M
Q4 23	$576.0K
Q1 24	$3M
Q2 24	$3M
Q3 24	$49.0K
Q4 24	$4M
Q1 25	$123.0K
Q2 25	$134.0K
Q3 25	$3M
Q4 25	$30.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-10.0%	-3.9%
Q2 22	+4.0%	-1.8%
Q3 22	-7.8%	-2.3%
Q4 22	-26.1%	-2.3%
Q1 23	-29.8%	-27.6%
Q2 23	-41.0%	-39.3%
Q3 23	-43.1%	-36.6%
Q4 23	-13.3%	-26.1%
Q1 24	-15.9%	-21.0%
Q2 24	-13.4%	-12.4%
Q3 24	-34.3%	-11.6%
Q4 24	-35.8%	-26.3%
Q1 25	+3.4%	+4.1%
Q2 25	+26.2%	+23.4%
Q3 25	+116.3%	+33.0%
Q4 25	+77.4%	+38.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$16M	31.8%
Q2 22	$17M	30.6%
Q3 22	$16M	24.9%
Q4 22	$20M	43.2%
Q1 23	$9M	27.0%
Q2 23	$8M	23.5%
Q3 23	$5M	14.4%
Q4 23	$2M	4.7%
Q1 24	$3M	10.1%
Q2 24	$2M	7.8%
Q3 24	$9M	37.1%
Q4 24	$7M	28.0%
Q1 25	$7M	23.0%
Q2 25	$8M	21.6%
Q3 25	$9M	18.2%
Q4 25	$6M	12.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$5M	$25M	$5M	—
Q2 22	$4M	$26M	$5M	—
Q3 22	$4M	$23M	$3M	—
Q4 22	$3M	$31M	$4M	—
Q1 23	$3M	$22M	$2M	—
Q2 23	$3M	$17M	$2M	—
Q3 23	$3M	$18M	$2M	—
Q4 23	$4M	$17M	$2M	—
Q1 24	$2M	—	—	$16M
Q2 24	$1M	—	—	$17M
Q3 24	$2M	—	—	$23M
Q4 24	$1M	$18M	$700.0K	—
Q1 25	$2M	—	—	$20M
Q2 25	$2M	—	—	$20M
Q3 25	$2M	—	—	$21M
Q4 25	$2M	—	—	$18M

Revenue Segments

Quarter	Secure Networks Segment	Security Solutions Segment	Product	Service
Q1 22	$23M	$27M	—	—
Q2 22	$25M	$31M	—	—
Q3 22	—	—	$8M	$55M
Q4 22	—	—	$8M	$39M
Q1 23	—	—	$4M	$32M
Q2 23	—	—	$4M	$29M
Q3 23	—	—	$2M	$34M
Q1 24	—	—	$768.0K	$29M
Q2 24	—	—	$2M	$27M
Q3 24	—	—	$2M	$22M
Q1 25	—	—	$2M	$29M
Q2 25	—	—	$7M	$29M
Q3 25	—	—	$8M	$43M
Q4 25	—	—	$12M	$35M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$120M	$0	$120M
Q2 22	$123M	$0	$123M
Q3 22	$125M	$0	$125M
Q4 22	$119M	$0	$119M
Q1 23	$112M	$0	$112M
Q2 23	$103M	$0	$103M
Q3 23	$100M	$0	$100M
Q4 23	$99M	$0	$99M
Q1 24	$94M	$0	$94M
Q2 24	$80M	$0	$80M
Q3 24	$70M	$0	$70M
Q4 24	$55M	$0	$55M
Q1 25	$58M	$0	$58M
Q2 25	$57M	$0	$57M
Q3 25	$59M	$0	$59M
Q4 25	$53M	$0	$53M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	68M	+1.2%	+4.5%
Q2 22	68M	+0.5%	+1.9%
Q3 22	67M	-0.6%	+1.1%
Q4 22	67M	-0.3%	+0.8%
Q1 23	68M	+1.3%	+0.9%
Q2 23	69M	+1.8%	+2.3%
Q3 23	70M	+0.2%	+3.1%
Q4 23	70M	+0.4%	+3.7%
Q1 24	71M	+1.1%	+3.6%
Q2 24	72M	+2.0%	+3.7%
Q3 24	72M	+0.4%	+3.9%
Q4 24	72M	+0.2%	+3.7%
Q1 25	73M	+0.4%	+3.0%
Q2 25	73M	+0.6%	+1.6%
Q3 25	73M	-0.5%	+0.7%
Q4 25	73M	+0.3%	+0.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$59.1K	849
Q2 22	$65.7K	849
Q3 22	$74.9K	849
Q4 22	$64.2K	738
Q1 23	$47.7K	738
Q2 23	$44.6K	738
Q3 23	$49.0K	738
Q4 23	$66.3K	619
Q1 24	$47.8K	619
Q2 24	$46.0K	619
Q3 24	$38.4K	619
Q4 24	$50.8K	519
Q1 25	$59.0K	519
Q2 25	$69.3K	519
Q3 25	$99.1K	519
Q4 25	$89.1K	525

Revenue / Employee