Telos Corporation, together with its subsidiaries, provides cyber, cloud, and enterprise security solutions in the United States and internationally. It operates through two segments: Security Solutions and Secure Networks. The company offers Xacta, a platform delivering automated cyber risk management and compliance processes for systems based in the cloud, on-premises, and in hybrid environments; Xacta.ai, an artificial intelligence capability at Xacta cyber GRC platform; and risk management framework consulting services, security assessment and compliance, engineering and evaluation, operations, penetration testing, and digital forensics. It also provides Telos Automated Message Handling System, a web-based organizational message distribution and management for mission-critical communications used by military field operatives. In addition, the company offers Telos Identity Solutions, a portfolio of identity solutions that support secure identity verification, biometric enrollment, and trusted identity services for government and commercial customers; TSA PreCheck enrollment services, IDVetting, and Aviation Channeling Services, which provide identity enrollment, FBI background check submission, and biometric services for government agencies, transportation security programs, and regulated industries; and ONYX, a proprietary touchless fingerprint biometric technology designed to enable secure and scalable biometric authentication across mobile and enterprise environments. Further, the company provides secure mobility solutions that enable work off-premise and minimize operational and security concerns across and beyond the enterprise; and network management and defense services for operating, maintaining, and defending complex enterprise networks. It serves the United States federal government, large commercial businesses, state and local governments, and international customers. Telos Corporation was founded in 1968 and is headquartered in Ashburn, Virginia.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $165M | $-25M | $-37M | $21M | -38.1% | 52.2% | -30.4% |
| 2024 | $108M | $-40M | $-53M | $-40M | -41.3% | -25.5% | 52.6% |
| 2023 | $145M | $-25M | $-34M | $-14M | -21.6% | -33.0% | -35.6% |
| 2022 | $217M | $-47M | $-53M | $3M | -31.0% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 216.89 | 145.38 | 108.27 | 164.80 |
| Operating Revenue | - | 216.89 | 145.38 | 108.27 | 164.80 |
| Cost Of Revenue | - | 137.84 | 92.44 | 73.84 | 103.79 |
| Gross Profit | - | 79.04 | 52.94 | 34.43 | 61.02 |
| Operating Expense | - | 132.89 | 92.77 | 83.93 | 85.98 |
| Research And Development | - | 16.92 | 11.76 | 8.44 | 7.06 |
| Selling General And Administration | - | 115.98 | 81.01 | 75.49 | 78.92 |
| Total Expenses | - | 270.74 | 185.21 | 157.77 | 189.77 |
| Operating Income | - | -53.85 | -39.83 | -49.50 | -24.96 |
| Total Operating Income As Reported | - | -53.85 | -40.32 | -55.87 | -39.88 |
| EBITDA | - | -46.61 | -24.66 | -39.98 | -25.20 |
| Normalized EBITDA | - | -46.61 | -24.17 | -33.61 | -10.29 |
| EBIT | - | -52.50 | -33.60 | -51.85 | -36.66 |
| Interest Expense | - | 0.87 | 0.79 | 0.64 | 0.55 |
| Net Interest Income | - | -0.87 | -0.79 | -0.64 | -0.55 |
| Other Non Operating Income Expenses | - | 1.35 | 6.72 | 4.02 | 3.22 |
| Other Income Expense | - | 1.35 | 6.23 | -2.35 | -11.69 |
| Interest Expense Non Operating | - | 0.87 | 0.79 | 0.64 | 0.55 |
| Net Non Operating Interest Income Expense | - | -0.87 | -0.79 | -0.64 | -0.55 |
| Pretax Income | - | -53.37 | -34.39 | -52.49 | -37.21 |
| Tax Provision | - | 0.05 | 0.04 | 0.03 | -0.66 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | -0.10 | -1.34 | -0.30 |
| Net Income Continuous Operations | - | -53.43 | -34.42 | -52.52 | -36.55 |
| Net Income From Continuing And Discontinued Operation | - | -53.43 | -34.42 | -52.52 | -36.55 |
| Net Income From Continuing Operation Net Minority Interest | - | -53.43 | -34.42 | -52.52 | -36.55 |
| Net Income | - | -53.43 | -34.42 | -52.52 | -36.55 |
| Net Income Common Stockholders | - | -53.43 | -34.42 | -52.52 | -36.55 |
| Net Income Including Noncontrolling Interests | - | -53.43 | -34.42 | -52.52 | -36.55 |
| Normalized Income | - | -53.43 | -34.04 | -47.49 | -21.93 |
| Diluted NI Availto Com Stockholders | - | -53.43 | -34.42 | -52.52 | -36.55 |
| Basic Average Shares | - | 67.56 | 69.26 | 71.85 | 72.88 |
| Diluted Average Shares | - | 67.56 | 69.26 | 71.85 | 72.88 |
| Reconciled Depreciation | - | 5.89 | 8.94 | 11.87 | 11.45 |
| Reconciled Cost Of Revenue | - | 137.84 | 92.44 | 73.84 | 103.79 |
| Total Unusual Items | - | - | -0.49 | -6.37 | -14.92 |
| Total Unusual Items Excluding Goodwill | - | - | -0.49 | -6.37 | -14.92 |
| Minority Interests | 0 | 0 | - | - | - |
| Special Income Charges | - | - | -0.49 | -6.37 | -14.92 |
| Impairment Of Capital Assets | - | - | 0.49 | 6.37 | 14.92 |
| General And Administrative Expense | - | 99.39 | 81.01 | 75.49 | 78.92 |
| Other Gand A | - | 99.39 | 81.01 | 75.49 | 78.92 |
| Selling And Marketing Expense | 19.66 | 16.58 | 7.12 | - | - |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Telos Corporationthis co. | TLS | $334M | -9.15 | 3.49 | -38.1% | -11.48 |
| Paysafe Limited | PSFE | $374M | -2.05 | 0.57 | -27.9% | 8.16 |
| Vuzix Corporation | VUZI | $352M | - | 10.14 | -93.3% | - |
| Atomera Incorporated | ATOM | $350M | -17.37 | 19.06 | -109.8% | -17.61 |
| Repay Holdings Corporation | RPAY | $328M | -1.28 | 0.68 |
| - |
| - |
| - |
| - |
| - |
| -53.0% |
| -4.03 |
| Digimarc Corporation | DMRC | $321M | -9.93 | 7.99 | -80.4% | -12.81 |
| Unisys Corporation | UIS | $315M | -0.93 | -1.11 | 120.2% | -5.58 |
| BK Technologies Corporation | BKTI | $311M | 22.96 | 6.95 | 30.3% | 16.30 |
| TechTarget, Inc. | TTGT | $306M | - | 0.51 | -169.6% | - |
| Peer Median | - | -1.66 | 3.81 | -66.7% | -4.80 | |