- Telos Corp (NASDAQ: TLS) reported a fourth-quarter FY22 revenue decline of 26.1% year-on-year to $47.34 million. Services revenue decreased 32.1% Y/Y to $39.06 million.
- The gross margin expanded by 95 bps to 38.6%. Adjusted EPS was $0.05 versus $0.11 a year ago.
- Telos generated $0.5 million in free cash flow in the quarter and held $119.3 million in cash and equivalents.
- “We delivered $47.3 million of revenue in the fourth quarter of 2022, and expanded gross margin 95 basis points to 38.6%, resulting in a $14.2 million GAAP net loss and $5.4 million of Adjusted EBITDA,” said John B. Wood, chairman and CEO, Telos.
- “However, the wind-down of large programs coming to completion in Secure Networks, insufficient new business wins in 2022, and meaningful revenue reductions on some ongoing programs will weigh heavily on 2023 performance. 2023 will be a transition year focused on generating new business wins for 2024 and beyond. The Board and I are fully aligned and focused on streamlining our operations and rebuilding and growing our revenue base.”
- Outlook: Telos sees Q1 revenue of $30 million – $33 million, representing a 40% – 34% decline Y/Y.
- Telos expects FY23 revenue of $115 million – $140 million, representing a 47% – 35% decrease Y/Y.
- Price Action: TLS shares traded lower by 21.88% at $2.50 on the last check Thursday.
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