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Telos Corporation (TLS-1.39%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, indicating a decrease in total revenue to $108.3 million from $145.4 million in the previous year. This decline was primarily due to the completion and ramp-down of certain programs in the Secure Networks segment.
Security Solutions segment revenue slightly decreased by 1% compared to the previous year, with a total of $76.8 million. The segment faced challenges due to the reduction in revenue from a long-term program and the completion of a short-term program.
The Secure Networks segment reported a significant decrease in revenue, down by 54% to $31.5 million, attributed to the completion of certain programs without corresponding new business wins.
Operating expenses decreased by 3% to $90.3 million, driven by reductions in research and development expenses and selling, general, and administrative expenses.
The company reported a net loss of $52.5 million for the year, compared to a net loss of $34.4 million in the previous year. This increase in net loss was influenced by impairment losses on intangible assets and restructuring expenses.
Telos Corporation continues to focus on its Security Solutions and Secure Networks segments, offering cybersecurity, cloud, and enterprise security solutions to its customers, including U.S. government agencies.
The filing also discusses the company's strategic priorities, including efforts to optimize its cost structure and investment in research and development to drive future growth.
The company maintains a strong emphasis on liquidity management, with cash and cash equivalents of $54.6 million as of December 31, 2024. Telos believes it has adequate funds to meet its operating, investing, and financing needs for the next 12 months.
Telos Corporation's primary customers include the U.S. federal government, and the company acknowledges its dependence on government contracts for a significant portion of its revenue.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Telos Corporation annual 10-K report dated March 10, 2025. To report an error, please email earnings@qz.com.