What is Telos' operating income?

Telos' total operating income in 2025 was -$39.88 million, based on the following breakdown: Total Gross Profit: $61.02 million Total Operating Expenses: $100.90 million

Telos (TLS) Financials

$4.88 -0.05 (-1.01%)

Closing price 04:00 PM Eastern

Extended Trading

$4.88 0.00 (-0.10%)

As of 06:29 PM Eastern

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Annual Income Statements for Telos

This table shows Telos' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-16	-7.18	-5.83	-1.64	-6.40	1.69	-43	-53	-34	-53	-37
Consolidated Net Income / (Loss)	-14	-3.67	-3.50	1.74	-2.14	6.84	-43	-53	-34	-53	-37
Net Income / (Loss) Continuing Operations	-14	-3.67	-3.50	1.74	-2.14	6.84	-43	-53	-34	-53	-37
Total Pre-Tax Income	-9.24	-3.34	-6.27	1.77	-2.24	6.80	-43	-53	-34	-52	-37
Total Operating Income	-3.62	2.11	0.41	9.01	5.03	0.30	-41	-54	-40	-56	-40
Total Gross Profit	31	43	41	53	52	62	86	79	53	34	61
Total Revenue	121	135	108	138	159	180	242	217	145	108	165
Operating Revenue	121	135	108	138	159	180	242	217	145	108	165
Total Cost of Revenue	90	91	67	85	107	117	156	138	92	74	104
Operating Cost of Revenue	90	91	67	85	107	117	156	138	92	74	104
Total Operating Expenses	34	41	40	44	47	62	127	133	93	90	101
Selling, General & Admin Expense	34	41	40	29	31	42	89	99	81	75	79
Research & Development Expense	-	-	-	8.76	11	14	19	17	12	8.44	7.06
Impairment Charge	-	-	-	-	-	-	-	-	0.49	6.37	15
Total Other Income / (Expense), net	-5.62	-5.45	-6.68	-7.25	-7.27	6.50	-1.70	0.48	5.93	3.38	2.67
Interest Expense	5.64	5.47	6.69	7.26	7.47	7.26	0.78	0.87	0.79	0.64	0.55
Other Income / (Expense), net	0.02	0.02	0.01	0.01	0.20	14	-0.92	1.35	6.72	4.02	3.23
Income Tax Expense	4.27	0.33	-2.77	0.03	-0.10	-0.05	-0.03	0.05	0.04	0.03	-0.66
Basic Earnings per Share	-	-	-	($0.04)	($0.17)	$0.04	($0.65)	($0.79)	($0.50)	($0.73)	($0.50)
Weighted Average Basic Shares Outstanding	44.28M	44.28M	49.25M	36.76M	37.73M	41.64M	66.37M	67.56M	69.26M	71.85M	72.88M
Diluted Earnings per Share	-	-	-	($0.04)	($0.17)	$0.04	($0.65)	($0.79)	($0.50)	($0.73)	($0.50)
Weighted Average Diluted Shares Outstanding	44.28M	44.28M	49.25M	36.76M	37.73M	42.88M	66.37M	67.56M	69.26M	71.85M	72.88M
Weighted Average Basic & Diluted Shares Outstanding	44.28M	44.28M	49.25M	49.20M	49.14M	64.63M	67.87M	68.56M	70.32M	72.55M	74.22M

This table shows Telos' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-8.67	-6.98	-7.38	-7.76	-28	-9.33	-8.60	-9.52	-2.11	-16	2.02
Consolidated Net Income / (Loss)	-8.67	-6.98	-7.38	-7.76	-28	-9.33	-8.60	-9.52	-2.11	-16	2.02
Net Income / (Loss) Continuing Operations	-8.67	-6.98	-7.38	-7.76	-28	-9.33	-8.60	-9.52	-2.11	-16	2.02
Total Pre-Tax Income	-8.65	-7.01	-7.36	-7.74	-28	-9.36	-8.61	-9.47	-2.09	-17	2.04
Total Operating Income	-9.69	-8.19	-8.44	-8.64	-29	-9.93	-9.02	-9.88	-2.47	-19	1.46
Total Gross Profit	13	14	11	9.71	3.14	11	12	12	21	16	17
Total Revenue	36	41	30	28	24	26	31	36	51	47	48
Operating Revenue	36	41	30	28	24	26	31	36	51	47	48
Total Cost of Revenue	23	27	19	19	21	16	18	24	31	30	30
Operating Cost of Revenue	23	27	19	19	21	16	18	24	31	30	30
Total Operating Expenses	23	22	19	18	32	21	21	22	23	35	16
Selling, General & Admin Expense	20	19	16	17	23	19	20	20	21	18	15
Research & Development Expense	2.81	3.48	3.17	1.46	2.41	1.40	1.57	1.51	1.90	2.08	1.36
Total Other Income / (Expense), net	1.04	1.17	1.08	0.90	0.83	0.57	0.41	0.41	0.38	1.47	0.59
Interest Expense	0.18	0.18	0.18	0.16	0.16	0.15	0.15	0.14	0.14	0.13	0.11
Other Income / (Expense), net	1.22	1.35	1.25	1.06	0.98	0.72	0.56	0.55	0.51	1.60	0.70
Income Tax Expense	0.02	-0.03	0.02	0.02	0.02	-0.03	-0.00	0.05	0.02	-0.73	0.02
Basic Earnings per Share	($0.12)	($0.10)	($0.10)	($0.11)	($0.39)	($0.13)	($0.12)	($0.13)	($0.03)	($0.22)	$0.03
Weighted Average Basic Shares Outstanding	69.57M	69.26M	70.63M	72.02M	72.31M	71.85M	72.72M	73.16M	72.58M	72.88M	73.82M
Diluted Earnings per Share	($0.12)	($0.10)	($0.10)	($0.11)	($0.39)	($0.13)	($0.12)	($0.13)	($0.03)	($0.22)	$0.03
Weighted Average Diluted Shares Outstanding	69.57M	69.26M	70.63M	72.02M	72.31M	71.85M	72.72M	73.16M	72.58M	72.88M	77.62M
Weighted Average Basic & Diluted Shares Outstanding	69.62M	70.32M	71.76M	72.26M	72.38M	72.55M	73.48M	72.70M	73.75M	74.22M	74.82M

This table details how cash moves in and out of Telos' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	0.03	0.60	-0.06	-0.53	6.68	99	21	-7.12	-20	-45	-1.40
Net Cash From Operating Activities	2.72	14	-0.59	6.27	12	-2.10	7.26	17	1.59	-26	30
Net Cash From Continuing Operating Activities	2.72	14	-0.59	6.27	12	-2.10	7.26	17	1.59	-26	30
Net Income / (Loss) Continuing Operations	-14	-3.67	-3.50	1.74	-2.14	6.84	-43	-53	-34	-53	-37
Consolidated Net Income / (Loss)	-14	-3.67	-3.50	1.74	-2.14	6.84	-43	-53	-34	-53	-37
Depreciation Expense	4.29	2.90	2.00	3.03	4.97	5.35	5.62	5.89	8.94	12	11
Amortization Expense	0.15	0.07	0.16	0.20	0.46	0.98	0.00	0.00	0.07	0.07	0.07
Non-Cash Adjustments To Reconcile Net Income	4.11	4.05	3.95	3.75	4.63	-11	60	65	24	33	50
Changes in Operating Assets and Liabilities, net	7.68	11	-3.20	-2.45	3.89	-4.40	-15	-0.77	3.10	-19	4.95
Net Cash From Investing Activities	-0.39	-0.62	-2.23	-4.11	-6.53	-7.46	-19	-14	-15	-17	-8.92
Net Cash From Continuing Investing Activities	-0.39	-0.62	-2.23	-4.11	-6.53	-7.46	-19	-14	-15	-17	-8.92
Purchase of Property, Plant & Equipment	-0.39	-0.62	-2.23	-4.11	-6.53	-7.46	-13	-14	-15	-14	-8.92
Purchase of Investments	-	-	-	-	-	-	-	-	0.00	-3.00	0.00
Net Cash From Financing Activities	-2.30	-13	2.76	-2.68	1.40	109	32	-9.92	-6.15	-1.98	-23
Net Cash From Continuing Financing Activities	-2.30	-13	2.76	-2.68	1.40	109	32	-9.92	-6.15	-1.98	-23
Repayment of Debt	-142	-80	-0.92	-1.01	0.00	-21	0.00	-0.10	-0.11	0.00	-0.01
Repurchase of Common Equity	-	-	-	-	0.00	-30	-28	-11	-0.14	0.00	-14
Other Financing Activities, net	0.70	-1.08	-	0.00	-1.12	-1.23	-1.34	1.33	-5.90	-1.98	-9.02

This table details how cash moves in and out of Telos' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-3.49	-0.69	-5.35	-14	-10	-15	3.21	-0.79	2.05	-5.87	-2.95
Net Cash From Operating Activities	0.85	4.95	-0.35	-7.99	-7.08	-11	6.11	6.95	9.15	7.98	8.66
Net Cash From Continuing Operating Activities	0.85	4.95	-0.35	-7.99	-7.08	-11	6.11	6.95	9.15	7.98	8.66
Net Income / (Loss) Continuing Operations	-8.67	-6.98	-7.38	-7.76	-28	-9.33	-8.60	-9.52	-2.11	-16	2.02
Consolidated Net Income / (Loss)	-8.67	-6.98	-7.38	-7.76	-28	-9.33	-8.60	-9.52	-2.11	-16	2.02
Depreciation Expense	2.87	2.96	3.13	3.49	2.75	2.50	2.34	2.51	3.18	3.43	3.43
Amortization Expense	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.01
Non-Cash Adjustments To Reconcile Net Income	5.58	2.38	3.03	2.15	21	7.51	7.04	7.74	9.41	26	3.02
Changes in Operating Assets and Liabilities, net	1.06	6.58	0.86	-5.89	-2.30	-11	5.31	6.20	-1.35	-5.22	0.17
Net Cash From Investing Activities	-3.84	-3.17	-4.15	-5.50	-2.84	-4.27	-2.34	-2.32	-2.55	-1.71	-2.28
Net Cash From Continuing Investing Activities	-3.84	-3.17	-4.15	-5.50	-2.84	-4.27	-2.34	-2.32	-2.55	-1.71	-2.28
Purchase of Property, Plant & Equipment	-3.84	-3.17	-3.30	-3.35	-2.84	-4.27	-2.34	-2.32	-2.55	-1.71	-2.28
Net Cash From Financing Activities	-0.50	-2.48	-0.85	-0.32	-0.42	-0.39	-0.56	-5.42	-4.55	-12	-9.33
Net Cash From Continuing Financing Activities	-0.50	-2.48	-0.85	-0.32	-0.42	-0.39	-0.56	-5.42	-4.55	-12	-9.33
Repayment of Debt	-	-	-	-	-	-	0.00	-	-	-	-0.02
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-3.64	-5.99	-2.20
Other Financing Activities, net	-0.50	-2.48	-0.85	-0.32	-0.42	-0.39	-0.56	-1.42	-0.91	-6.14	-7.11

This table presents Telos' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	60	57	74	74	78	184	246	237	209	158	140
Total Current Assets	26	25	42	41	40	144	192	168	140	91	94
Cash & Equivalents	0.06	0.66	0.60	0.07	6.75	106	127	119	99	55	53
Accounts Receivable	19	19	25	35	28	31	60	40	30	19	17
Prepaid Expenses	0.73	0.19	2.07	0.24	1.72	3.06	3.33	4.82	7.52	15	11
Other Current Assets	3.11	1.52	1.44	1.99	1.87	0.79	0.73	0.89	1.37	2.58	14
Plant, Property, & Equipment, net	17	16	16	17	20	15	6.09	4.79	3.46	4.28	3.07
Total Noncurrent Assets	17	16	16	16	18	25	48	65	65	63	42
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	9.05	7.83	6.61	5.39	4.17
Goodwill	15	15	15	15	15	15	18	18	18	18	3.01
Intangible Assets	1.13	-	-	-	0.00	7.42	19	37	40	30	30
Other Noncurrent Operating Assets	0.81	0.76	1.01	0.92	2.96	2.39	2.11	1.48	1.10	8.81	4.92
Total Liabilities & Shareholders' Equity	60	57	74	74	78	184	246	237	209	158	140
Total Liabilities	184	187	210	207	214	57	66	65	50	31	44
Total Current Liabilities	25	34	46	39	37	39	51	46	39	22	37
Short-Term Debt	2.23	3.95	1.01	1.12	1.22	2.02	-	-	-	0.21	0.23
Accounts Payable	13	15	26	22	15	21	35	23	14	1.15	4.09
Accrued Expenses	-	-	-	-	-	-	-	-	-	4.45	6.90
Current Employee Benefit Liabilities	4.76	8.07	7.46	9.08	12	8.47	6.56	8.39	15	7.61	12
Other Current Liabilities	1.64	1.41	12	7.13	8.84	7.56	9.84	15	11	8.72	13
Total Noncurrent Liabilities	160	153	164	167	177	18	15	20	10	8.96	7.13
Capital Lease Obligations	20	19	18	17	16	-	13	11	9.52	7.64	5.61
Noncurrent Deferred Revenue	-	-	-	-	-	-	-	-	-	0.00	1.12
Noncurrent Deferred & Payable Income Tax Liabilities	3.20	3.39	0.74	0.82	0.62	0.65	0.72	0.76	0.81	0.81	0.05
Other Noncurrent Operating Liabilities	127	131	132	136	141	17	1.32	7.54	0.17	0.51	0.35
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-124	-130	-136	-132	-137	127	180	172	159	127	96
Total Preferred & Common Equity	-125	-132	-137	-135	-141	127	180	172	159	127	96
Total Common Equity	-125	-132	-137	-135	-141	127	180	172	159	127	96
Common Stock	3.23	3.23	4.39	4.39	4.39	271	367	413	434	455	460
Retained Earnings	-128	-136	-141	-139	-146	-144	-187	-240	-275	-327	-364
Accumulated Other Comprehensive Income / (Loss)	0.04	0.03	0.03	0.02	0.01	0.04	-0.03	-0.06	-0.06	-0.13	-0.10

This table presents Telos' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	205	195	182	166	158	165	164	140
Total Current Assets	136	123	110	99	94	103	103	96
Cash & Equivalents	100	94	80	70	58	57	59	50
Accounts Receivable	25	19	17	15	19	19	20	16
Prepaid Expenses	8.10	7.79	10	12	15	16	13	11
Other Current Assets	1.75	1.27	1.09	1.25	0.83	6.73	7.16	18
Plant, Property, & Equipment, net	3.39	2.91	2.88	3.57	3.89	3.48	3.49	2.69
Total Noncurrent Assets	65	69	69	63	60	59	58	42
Noncurrent Note & Lease Receivables	6.92	6.31	6.00	5.70	5.09	4.78	4.48	3.87
Goodwill	18	18	18	18	18	18	18	3.01
Intangible Assets	39	41	41	30	31	32	31	30
Other Noncurrent Operating Assets	1.31	4.57	4.68	10	5.87	4.52	4.32	4.90
Total Liabilities & Shareholders' Equity	205	195	182	166	158	165	164	140
Total Liabilities	41	41	33	37	32	47	45	43
Total Current Liabilities	30	30	23	27	24	39	37	37
Short-Term Debt	0.22	0.20	-	0.21	0.22	0.22	0.23	0.25
Accounts Payable	7.46	9.16	5.79	6.29	5.82	13	2.78	2.58
Accrued Expenses	-	-	-	-	-	-	7.14	6.61
Current Employee Benefit Liabilities	13	11	8.11	9.28	7.43	8.64	11	7.36
Other Current Liabilities	9.31	9.79	9.25	12	10	17	16	20
Total Noncurrent Liabilities	11	11	10	9.55	8.42	7.90	7.33	6.38
Capital Lease Obligations	9.97	9.07	8.60	8.13	7.15	-	6.13	5.08
Noncurrent Deferred Revenue	-	-	-	-	-	-	-	0.95
Noncurrent Deferred & Payable Income Tax Liabilities	0.80	0.83	0.84	0.85	0.81	0.84	0.85	0.06
Other Noncurrent Operating Liabilities	0.37	0.68	0.63	0.58	0.46	7.06	0.35	0.30
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	164	154	149	129	126	118	120	97
Total Preferred & Common Equity	164	154	149	129	126	118	120	97
Total Common Equity	164	154	149	129	126	118	120	97
Common Stock	432	437	439	448	462	464	467	459
Retained Earnings	-268	-282	-290	-318	-336	-345	-348	-362
Accumulated Other Comprehensive Income / (Loss)	-0.02	-0.13	-0.15	-0.12	-0.04	-0.05	-0.05	-0.10

This table displays calculated financial ratios and metrics derived from Telos' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	44,276,089.00	44,276,089.00	49,251,089.00	49,196,088.00	49,136,088.00	39,062,238.00	66,755,230.00	67,210,624.00	69,623,209.00	-	73,754,329.00
DEI Adjusted Shares Outstanding	44,276,089.00	44,276,089.00	49,251,089.00	49,196,088.00	49,136,088.00	39,062,238.00	66,755,230.00	67,210,624.00	69,623,209.00	-	73,754,329.00
DEI Earnings Per Adjusted Shares Outstanding	-0.36	-0.16	-0.12	-0.03	-0.13	0.04	-0.65	-0.79	-0.49	-	-0.50
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-5.43%	11.80%	-20.12%	28.12%	15.36%	13.00%	34.75%	-10.54%	-32.97%	-25.52%	52.21%
EBITDA Growth	112.17%	502.72%	-49.26%	374.15%	-13.00%	91.25%	-280.33%	-26.79%	47.25%	-62.32%	37.03%
EBIT Growth	67.96%	159.20%	-80.05%	2,023.76%	-42.10%	168.92%	-401.59%	-23.86%	36.00%	-54.32%	29.30%
NOPAT Growth	68.94%	158.39%	-80.40%	2,955.88%	-60.28%	-91.50%	-9,806.95%	-29.87%	25.13%	-38.59%	28.62%
Net Income Growth	-27.23%	72.83%	4.66%	149.66%	-223.03%	420.12%	-730.52%	-23.87%	35.57%	-52.58%	30.42%
EPS Growth	0.00%	0.00%	0.00%	0.00%	-325.00%	123.53%	-1,725.00%	-21.54%	36.71%	-46.00%	31.51%
Operating Cash Flow Growth	-55.97%	408.81%	-104.27%	1,160.58%	88.51%	-117.81%	445.15%	127.32%	-90.39%	-1,734.40%	216.36%
Free Cash Flow Firm Growth	263.38%	17.88%	-117.19%	272.62%	107.09%	-1,381.07%	44.25%	19.02%	31.30%	-50.82%	107.73%
Invested Capital Growth	-21.73%	-16.23%	2.91%	3.78%	-6.59%	121.52%	188.33%	19.75%	7.72%	15.79%	-39.55%
Revenue Q/Q Growth	-2.41%	-0.64%	9.37%	0.51%	7.06%	-0.87%	8.58%	-7.15%	-4.14%	-11.94%	14.13%
EBITDA Q/Q Growth	29.60%	-22.46%	197.11%	-15.55%	14.24%	17.11%	-33.97%	-22.53%	25.99%	-9.04%	-36.90%
EBIT Q/Q Growth	4.10%	-27.00%	109.18%	-22.09%	15.80%	25.99%	-28.45%	-19.67%	17.49%	-4.78%	-26.61%
NOPAT Q/Q Growth	7.87%	-27.25%	108.92%	-54.90%	16.43%	-97.36%	9.34%	-20.75%	13.84%	-3.22%	-27.42%
Net Income Q/Q Growth	-133.52%	58.79%	69.90%	-78.62%	28.74%	114.79%	-23.56%	-19.47%	17.33%	-4.68%	-23.61%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-38.30%	-17.91%	16.67%	-4.29%	-21.95%
Operating Cash Flow Q/Q Growth	47.43%	7.00%	82.03%	-8.74%	93.17%	-110.85%	264.15%	-6.96%	122.75%	-147.83%	158.32%
Free Cash Flow Firm Q/Q Growth	208.52%	-32.37%	-310.11%	-53.38%	107.63%	-783.88%	62.08%	-49.83%	39.56%	-57.95%	118.63%
Invested Capital Q/Q Growth	-12.06%	-2.50%	2.84%	-2.14%	-6.85%	121.35%	30.23%	23.39%	-6.73%	17.85%	-27.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	25.43%	32.21%	37.66%	38.45%	32.88%	34.69%	35.49%	36.44%	36.42%	31.80%	37.02%
EBITDA Margin	0.70%	3.78%	2.40%	8.88%	6.69%	11.33%	-15.16%	-21.49%	-16.91%	-36.86%	-15.25%
Operating Margin	-3.00%	1.57%	0.38%	6.53%	3.16%	0.17%	-17.10%	-24.83%	-27.73%	-51.60%	-24.20%
EBIT Margin	-2.98%	1.58%	0.39%	6.54%	3.28%	7.81%	-17.48%	-24.21%	-23.11%	-47.89%	-22.24%
Profit (Net Income) Margin	-11.19%	-2.72%	-3.25%	1.26%	-1.34%	3.80%	-17.79%	-24.63%	-23.68%	-48.51%	-22.18%
Tax Burden Percent	146.17%	110.02%	55.83%	98.25%	95.36%	100.68%	99.94%	100.10%	100.10%	100.05%	98.22%
Interest Burden Percent	256.73%	-156.57%	-1,474.12%	19.59%	-42.88%	48.35%	101.83%	101.66%	102.34%	101.24%	101.51%
Effective Tax Rate	0.00%	0.00%	0.00%	1.75%	0.00%	-0.68%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-64.78%	-63.90%	-42.26%	-52.34%	-43.28%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-51.82%	-50.48%	-35.99%	-32.72%	-24.93%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	36.71%	33.59%	21.48%	15.63%	10.51%
Return on Equity (ROE)	11.60%	2.88%	2.63%	-1.30%	1.59%	-143.75%	-28.07%	-30.30%	-20.78%	-36.71%	-32.76%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	-563.48%	-161.78%	-81.87%	-49.69%	-66.97%	6.02%
Operating Return on Assets (OROA)	-5.38%	3.65%	0.65%	12.12%	6.87%	10.75%	-19.72%	-21.72%	-15.06%	-28.26%	-24.59%
Return on Assets (ROA)	-20.18%	-6.28%	-5.33%	2.33%	-2.81%	5.23%	-20.07%	-22.10%	-15.43%	-28.63%	-24.52%
Return on Common Equity (ROCE)	11.66%	2.92%	2.66%	-1.31%	1.63%	-211.92%	-28.07%	-30.30%	-20.78%	-36.71%	-32.76%
Return on Equity Simple (ROE_SIMPLE)	10.80%	2.78%	2.55%	-1.29%	1.51%	0.00%	0.00%	-31.00%	-21.65%	-41.31%	0.00%
Net Operating Profit after Tax (NOPAT)	-2.53	1.48	0.29	8.86	3.52	0.30	-29	-38	-28	-39	-28
NOPAT Margin	-2.10%	1.10%	0.27%	6.42%	2.21%	0.17%	-11.97%	-17.38%	-19.41%	-36.12%	-16.94%
Net Nonoperating Expense Percent (NNEP)	34.24%	19.06%	14.12%	22.64%	18.58%	17.53%	-12.96%	-13.41%	-6.27%	-19.62%	-18.35%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	0.23%	-15.03%	-	-16.75%	-29.02%	-27.43%
Cost of Revenue to Revenue	74.57%	67.79%	62.34%	61.55%	67.12%	65.31%	64.51%	63.56%	63.58%	68.20%	62.98%
SG&A Expenses to Revenue	28.42%	30.65%	37.27%	21.21%	19.29%	23.18%	36.60%	45.83%	55.72%	69.72%	47.89%
R&D to Revenue	0.00%	0.00%	0.00%	6.34%	6.69%	7.92%	7.88%	7.80%	8.09%	7.80%	4.28%
Operating Expenses to Revenue	28.42%	30.65%	37.27%	31.92%	29.72%	34.53%	52.59%	61.27%	64.15%	83.40%	61.22%
Earnings before Interest and Taxes (EBIT)	-3.60	2.13	0.43	9.03	5.23	14	-42	-53	-34	-52	-37
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	0.85	5.09	2.58	12	11	20	-37	-47	-25	-40	-25
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	10.14	5.71	1.98	1.60	1.95	3.92
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	12.30	7.19	2.92	2.50	3.14	6.00
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	7.16	4.25	1.58	1.75	2.29	2.28
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	763.65	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	51.32	13.76	3.64	2.37	2.50	6.76
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	6.58	3.78	1.08	1.13	1.85	2.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	58.09	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	84.26	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	3,960.54	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	126.09	14.18	103.58	0.00	10.89
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	84.67
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-0.26	-0.18	-0.24	-0.24	-0.26	0.02	0.07	0.07	0.06	0.06	0.06
Long-Term Debt to Equity	-0.24	-0.15	-0.23	-0.23	-0.26	0.00	0.07	0.07	0.06	0.06	0.06
Financial Leverage	-0.28	-0.21	-0.20	-0.23	-0.23	7.84	-0.71	-0.67	-0.60	-0.48	-0.42
Leverage Ratio	-0.57	-0.46	-0.49	-0.56	-0.57	-27.48	1.40	1.37	1.35	1.28	1.34
Compound Leverage Factor	-1.47	0.72	7.27	-0.11	0.24	-13.28	1.42	1.39	1.38	1.30	1.36
Debt to Total Capital	-34.32%	-21.43%	-30.87%	-31.39%	-35.95%	1.56%	6.65%	6.13%	5.65%	5.67%	5.74%
Short-Term Debt to Total Capital	-2.40%	-3.69%	-0.98%	-1.11%	-1.22%	1.56%	0.00%	0.00%	0.00%	0.00%	0.23%
Long-Term Debt to Total Capital	-31.91%	-17.74%	-29.89%	-30.28%	-34.73%	0.00%	6.65%	6.13%	5.65%	5.67%	5.51%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-0.69%	-2.08%	-0.88%	-2.61%	-4.49%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	135.09%	123.58%	131.82%	134.00%	140.44%	98.44%	93.35%	93.87%	94.35%	94.33%	94.26%
Debt to EBITDA	37.61	4.50	12.41	2.58	3.39	0.10	-0.35	-0.24	-0.39	-0.19	-0.23
Net Debt to EBITDA	37.54	4.37	12.18	2.57	2.76	-5.10	3.09	2.32	3.65	1.18	1.88
Long-Term Debt to EBITDA	34.97	3.73	12.02	2.49	3.27	0.00	-0.35	-0.24	-0.39	-0.19	-0.22
Debt to NOPAT	-12.55	15.51	110.66	3.56	10.27	6.74	-0.44	-0.30	-0.34	-0.20	-0.21
Net Debt to NOPAT	-12.53	15.07	108.59	3.56	8.35	-347.91	3.92	2.87	3.18	1.20	1.70
Long-Term Debt to NOPAT	-11.67	12.85	107.16	3.44	9.92	0.00	-0.44	-0.30	-0.34	-0.20	-0.20
Altman Z-Score	0.00	0.00	0.00	0.00	0.00	14.45	9.42	2.54	1.97	2.01	2.30
Noncontrolling Interest Sharing Ratio	-0.59%	-1.19%	-1.24%	-1.35%	-2.66%	-47.43%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.04	0.74	0.91	1.05	1.08	3.70	3.76	3.69	3.57	4.13	2.57
Quick Ratio	0.77	0.59	0.54	0.89	0.93	3.52	3.66	3.50	3.31	3.33	1.91
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	14	17	-2.84	4.90	10	-130	-72	-48	-33	-50	3.88
Operating Cash Flow to CapEx	691.12%	2,220.35%	-26.51%	152.36%	180.89%	-28.20%	55.14%	120.35%	10.25%	-188.54%	338.55%
Free Cash Flow to Firm to Interest Expense	2.48	3.02	-0.42	0.68	1.36	-17.91	-93.28	-55.26	-42.22	-77.72	7.02
Operating Cash Flow to Interest Expense	0.48	2.54	-0.09	0.86	1.58	-0.29	9.35	18.89	2.02	-40.28	54.58
Operating Cash Flow Less CapEx to Interest Expense	0.41	2.42	-0.42	0.30	0.71	-1.32	-7.60	3.19	-17.67	-61.64	38.46
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.80	2.31	1.64	1.85	2.09	1.38	1.13	0.90	0.65	0.59	1.11
Accounts Receivable Turnover	5.80	7.07	4.94	4.67	5.10	6.11	5.34	4.34	4.12	4.37	9.11
Inventory Turnover	28.81	28.33	7.87	9.49	33.64	44.54	68.63	66.85	43.02	46.11	0.00
Fixed Asset Turnover	6.67	8.08	6.64	8.17	8.61	10.42	23.02	39.89	35.27	27.98	44.82
Accounts Payable Turnover	5.90	6.53	3.28	3.58	5.80	6.54	5.64	4.83	5.09	8.18	39.61
Days Sales Outstanding (DSO)	62.88	51.60	73.87	78.10	71.62	59.70	68.32	84.07	88.49	83.60	40.06
Days Inventory Outstanding (DIO)	12.67	12.88	46.39	38.47	10.85	8.19	5.32	5.46	8.48	7.92	0.00
Days Payable Outstanding (DPO)	61.86	55.88	111.44	101.98	62.89	55.84	64.70	75.60	71.67	44.61	9.21
Cash Conversion Cycle (CCC)	13.69	8.60	8.83	14.59	19.58	12.06	8.94	13.94	25.31	46.90	30.84
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-93	-108	-105	-101	-107	23	67	64	69	80	49
Invested Capital Turnover	-1.43	-1.35	-1.02	-1.35	-1.53	-4.28	5.41	3.68	2.18	1.45	2.55
Increase / (Decrease) in Invested Capital	-17	-15	3.13	3.96	-6.63	130	43	11	4.96	11	-32
Enterprise Value (EV)	0.00	0.00	0.00	0.00	0.00	1,184	916	234	164	201	329
Market Capitalization	0.00	0.00	0.00	0.00	0.00	1,288	1,029	342	254	248	376
Book Value per Share	($2.83)	($2.99)	($2.78)	($2.74)	($2.87)	$3.25	$2.70	$2.56	$2.28	$1.76	$1.30
Tangible Book Value per Share	($3.19)	($3.32)	($3.08)	($3.04)	($3.17)	$2.68	$2.14	$1.74	$1.46	$1.09	$0.85
Total Capital	-93	-107	-104	-101	-100	129	193	184	169	135	102
Total Debt	32	23	32	32	36	2.02	13	11	9.52	7.64	5.84
Total Long-Term Debt	30	19	31	30	35	0.00	13	11	9.52	7.64	5.61
Net Debt	32	22	31	31	29	-104	-114	-108	-90	-47	-47
Capital Expenditures (CapEx)	0.39	0.62	2.23	4.11	6.53	7.46	13	14	15	14	8.92
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3.24	-5.35	-3.66	3.17	-2.59	1.14	14	3.16	1.53	15	4.68
Debt-free Net Working Capital (DFNWC)	3.30	-4.69	-3.06	3.24	4.17	107	141	122	101	69	58
Net Working Capital (NWC)	1.07	-8.64	-4.08	2.13	2.94	105	141	122	101	69	58
Net Nonoperating Expense (NNE)	11	5.15	3.79	7.12	5.65	-6.54	14	16	6.20	13	8.63
Net Nonoperating Obligations (NNO)	32	22	31	31	29	-104	-114	-108	-90	-47	-47
Total Depreciation and Amortization (D&A)	4.44	2.96	2.16	3.23	5.43	6.33	5.62	5.89	9.01	12	12
Debt-free, Cash-free Net Working Capital to Revenue	2.69%	-3.97%	-3.40%	2.30%	-1.62%	0.63%	5.86%	1.46%	1.05%	13.58%	2.84%
Debt-free Net Working Capital to Revenue	2.74%	-3.48%	-2.84%	2.35%	2.62%	59.57%	58.07%	56.46%	69.33%	63.99%	35.11%
Net Working Capital to Revenue	0.89%	-6.40%	-3.78%	1.54%	1.85%	58.45%	58.07%	56.46%	69.33%	63.99%	34.97%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.04	($0.65)	$0.00	($0.50)	($0.73)	($0.50)
Adjusted Weighted Average Basic Shares Outstanding	44.28M	44.28M	49.25M	49.20M	49.14M	41.64M	66.37M	0.00	69.26M	71.85M	72.88M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.04	($0.65)	$0.00	($0.50)	($0.73)	($0.50)
Adjusted Weighted Average Diluted Shares Outstanding	44.28M	44.28M	49.25M	49.20M	49.14M	42.88M	66.37M	0.00	69.26M	71.85M	72.88M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	44.28M	44.28M	49.25M	49.20M	49.14M	64.63M	67.87M	0.00	70.32M	72.55M	74.22M
Normalized Net Operating Profit after Tax (NOPAT)	-2.53	1.48	0.29	8.86	3.52	0.21	-29	-38	-28	-35	-17
Normalized NOPAT Margin	-2.10%	1.10%	0.27%	6.42%	2.21%	0.12%	-11.97%	-17.38%	-19.18%	-32.00%	-10.60%
Pre Tax Income Margin	-7.66%	-2.47%	-5.82%	1.28%	-1.41%	3.78%	-17.80%	-24.61%	-23.65%	-48.48%	-22.58%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.64	0.39	0.06	1.24	0.70	1.94	-54.55	-60.07	-42.75	-80.51	-66.29
NOPAT to Interest Expense	-0.45	0.27	0.04	1.22	0.47	0.04	-37.36	-43.13	-35.90	-60.73	-50.48
EBIT Less CapEx to Interest Expense	-0.71	0.28	-0.27	0.68	-0.17	0.91	-71.50	-75.76	-62.44	-101.87	-82.41
NOPAT Less CapEx to Interest Expense	-0.52	0.16	-0.29	0.65	-0.40	-0.99	-54.30	-58.82	-55.60	-82.09	-66.60
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-17.68%	-52.11%	-104.37%	96.09%	-110.95%	40.10%	-5.65%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-17.68%	-52.11%	-104.37%	96.09%	-110.95%	478.63%	-70.90%	-20.86%	-0.40%	0.00%	-37.29%

This table displays calculated financial ratios and metrics derived from Telos' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	69,582,809.00	69,623,209.00	70,319,620.00	71,757,998.00	72,256,759.00	-	72,552,120.00	73,484,720.00	72,703,011.00	73,754,329.00	74,217,621.00
DEI Adjusted Shares Outstanding	69,582,809.00	69,623,209.00	70,319,620.00	71,757,998.00	72,256,759.00	-	72,552,120.00	73,484,720.00	72,703,011.00	73,754,329.00	74,217,621.00
DEI Earnings Per Adjusted Shares Outstanding	-0.12	-0.10	-0.10	-0.11	-0.39	-	-0.12	-0.13	-0.03	-0.22	0.03
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-43.10%	-13.27%	-15.91%	-13.41%	-34.28%	-35.77%	3.37%	26.21%	116.31%	77.37%	55.94%
EBITDA Growth	17.19%	69.08%	55.27%	33.31%	-349.38%	-73.03%	-51.19%	-67.11%	104.93%	-101.33%	191.50%
EBIT Growth	-2.48%	51.03%	31.39%	3.04%	-229.13%	-34.61%	-17.74%	-23.09%	92.98%	-83.72%	125.43%
NOPAT Growth	-10.35%	44.18%	34.94%	8.69%	-197.78%	-21.28%	-6.92%	-14.33%	91.45%	-86.44%	122.84%
Net Income Growth	-2.57%	50.84%	31.34%	3.33%	-223.51%	-33.67%	-16.62%	-22.69%	92.46%	-74.82%	123.51%
EPS Growth	7.69%	50.00%	37.50%	8.33%	-225.00%	-30.00%	-20.00%	-18.18%	92.31%	-69.23%	125.00%
Operating Cash Flow Growth	-92.94%	237.23%	-250.00%	-94.26%	-936.88%	-312.31%	1,844.57%	186.98%	229.18%	175.87%	41.76%
Free Cash Flow Firm Growth	-303.65%	48.76%	-55.90%	-1.95%	51.61%	-67.28%	32.68%	147.22%	95.30%	204.12%	307.94%
Invested Capital Growth	42.50%	7.72%	21.43%	20.50%	-8.36%	15.79%	8.53%	-20.62%	-1.57%	-39.55%	-31.78%
Revenue Q/Q Growth	9.95%	13.47%	-27.86%	-3.78%	-16.55%	10.89%	16.09%	17.48%	43.03%	-9.07%	2.06%
EBITDA Q/Q Growth	8.44%	30.86%	-4.55%	-0.77%	-516.95%	73.38%	8.64%	-11.38%	118.18%	-1,188.20%	141.52%
EBIT Q/Q Growth	-8.35%	19.29%	-5.10%	-5.48%	-267.82%	66.99%	8.06%	-10.27%	79.02%	-763.98%	112.73%
NOPAT Q/Q Growth	-2.39%	15.56%	-3.09%	-2.44%	-233.92%	65.61%	9.12%	-9.54%	75.03%	-649.92%	111.13%
Net Income Q/Q Growth	-8.08%	19.51%	-5.70%	-5.14%	-261.67%	66.74%	7.78%	-10.61%	77.79%	-671.57%	112.40%
EPS Q/Q Growth	0.00%	16.67%	0.00%	-10.00%	-254.55%	66.67%	7.69%	-8.33%	76.92%	-633.33%	113.64%
Operating Cash Flow Q/Q Growth	120.57%	485.58%	-107.07%	-2,182.86%	11.39%	-48.56%	158.05%	13.82%	31.60%	-12.75%	8.47%
Free Cash Flow Firm Q/Q Growth	-53.15%	63.04%	-70.34%	-5.74%	27.31%	-27.77%	32.24%	174.18%	-107.24%	2,961.28%	35.31%
Invested Capital Q/Q Growth	15.24%	-6.73%	0.69%	11.34%	-12.36%	17.85%	-5.87%	-18.57%	8.68%	-27.43%	6.22%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	35.96%	34.31%	37.01%	34.06%	13.22%	40.26%	39.79%	33.17%	39.94%	34.97%	36.39%
EBITDA Margin	-15.45%	-9.41%	-13.64%	-14.29%	-105.60%	-25.35%	-19.95%	-18.91%	2.40%	-28.78%	11.71%
Operating Margin	-26.79%	-19.93%	-28.49%	-30.33%	-121.36%	-37.64%	-29.47%	-27.48%	-4.80%	-39.57%	3.05%
EBIT Margin	-23.41%	-16.65%	-24.26%	-26.60%	-117.23%	-34.90%	-27.64%	-25.94%	-3.80%	-36.15%	4.51%
Profit (Net Income) Margin	-23.97%	-17.00%	-24.91%	-27.22%	-117.96%	-35.38%	-28.10%	-26.46%	-4.11%	-34.87%	4.24%
Tax Burden Percent	100.27%	99.54%	100.23%	100.22%	100.06%	99.73%	99.95%	100.49%	101.00%	95.74%	99.12%
Interest Burden Percent	102.10%	102.56%	102.44%	102.11%	100.56%	101.65%	101.74%	101.51%	106.95%	100.76%	94.84%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.88%
Return on Invested Capital (ROIC)	-45.01%	-30.38%	-43.84%	-40.45%	-146.81%	-38.18%	-31.00%	-32.24%	-7.18%	-70.76%	8.63%
ROIC Less NNEP Spread (ROIC-NNEP)	-43.25%	-29.11%	-42.34%	-38.50%	-136.42%	-34.69%	-27.61%	-28.19%	-6.51%	-63.62%	7.41%
Return on Net Nonoperating Assets (RNNOA)	27.23%	17.38%	25.74%	21.23%	70.28%	16.57%	13.29%	13.52%	2.98%	26.83%	-3.17%
Return on Equity (ROE)	-17.78%	-13.00%	-18.10%	-19.23%	-76.53%	-21.61%	-17.70%	-18.73%	-4.20%	-43.93%	5.46%
Cash Return on Invested Capital (CROIC)	-86.90%	-49.69%	-58.75%	-53.04%	-44.53%	-66.97%	-62.53%	-35.00%	-30.87%	6.02%	5.46%
Operating Return on Assets (OROA)	-15.70%	-10.85%	-16.30%	-18.04%	-77.69%	-20.59%	-17.09%	-17.43%	-3.32%	-39.97%	5.50%
Return on Assets (ROA)	-16.08%	-11.08%	-16.74%	-18.46%	-78.18%	-20.88%	-17.38%	-17.78%	-3.59%	-38.56%	5.17%
Return on Common Equity (ROCE)	-17.78%	-13.00%	-18.10%	-19.23%	-76.53%	-21.61%	-17.70%	-18.73%	-4.20%	-43.93%	5.46%
Return on Equity Simple (ROE_SIMPLE)	-25.39%	0.00%	-20.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-6.79	-5.73	-5.91	-6.05	-20	-6.95	-6.32	-6.92	-1.73	-13	1.44
NOPAT Margin	-18.75%	-13.95%	-19.94%	-21.23%	-84.95%	-26.35%	-20.63%	-19.23%	-3.36%	-27.70%	3.02%
Net Nonoperating Expense Percent (NNEP)	-1.76%	-1.26%	-1.49%	-1.95%	-10.38%	-3.48%	-3.39%	-4.05%	-0.68%	-7.13%	1.22%
Return On Investment Capital (ROIC_SIMPLE)	-	-3.40%	-3.61%	-3.84%	-14.66%	-5.16%	-4.73%	-5.83%	-1.37%	-12.73%	1.42%
Cost of Revenue to Revenue	64.04%	65.69%	62.99%	65.94%	86.78%	59.74%	60.21%	66.83%	60.06%	65.03%	63.61%
SG&A Expenses to Revenue	54.03%	45.44%	54.79%	59.27%	97.65%	72.58%	64.13%	56.45%	41.04%	38.21%	30.50%
R&D to Revenue	7.75%	8.47%	10.70%	5.12%	10.13%	5.32%	5.13%	4.20%	3.69%	4.44%	2.84%
Operating Expenses to Revenue	62.75%	54.25%	65.50%	64.39%	134.58%	77.90%	69.26%	60.65%	44.74%	74.53%	33.35%
Earnings before Interest and Taxes (EBIT)	-8.47	-6.84	-7.19	-7.58	-28	-9.20	-8.46	-9.33	-1.96	-17	2.15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-5.59	-3.86	-4.04	-4.07	-25	-6.69	-6.11	-6.80	1.24	-13	5.59
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.01	1.60	1.89	1.93	2.00	1.95	1.37	1.97	4.16	3.92	3.22
Price to Tangible Book Value (P/TBV)	1.55	2.50	3.05	3.19	3.17	3.14	2.24	3.38	7.05	6.00	4.88
Price to Revenue (P/Rev)	1.10	1.75	2.09	2.13	2.11	2.29	1.58	2.00	3.44	2.28	1.71
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.03	2.37	2.98	2.79	2.91	2.50	1.62	2.86	6.64	6.76	5.15
Enterprise Value to Revenue (EV/Rev)	0.50	1.13	1.49	1.60	1.61	1.85	1.12	1.51	3.08	2.00	1.46
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	103.58	155.48	0.00	0.00	0.00	0.00	0.00	38.05	10.89	8.13
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	84.67	76.61
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.00	0.05	0.06	0.06
Long-Term Debt to Equity	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.00	0.05	0.06	0.05
Financial Leverage	-0.63	-0.60	-0.61	-0.55	-0.52	-0.48	-0.48	-0.48	-0.46	-0.42	-0.43
Leverage Ratio	1.33	1.35	1.28	1.26	1.26	1.28	1.26	1.30	1.33	1.34	1.34
Compound Leverage Factor	1.35	1.38	1.31	1.29	1.27	1.30	1.28	1.32	1.42	1.35	1.27
Debt to Total Capital	5.85%	5.65%	5.66%	5.45%	6.05%	5.67%	5.52%	0.19%	5.04%	5.74%	5.23%
Short-Term Debt to Total Capital	0.13%	0.00%	0.12%	0.00%	0.15%	0.00%	0.16%	0.19%	0.18%	0.23%	0.25%
Long-Term Debt to Total Capital	5.72%	5.65%	5.54%	5.45%	5.90%	5.67%	5.36%	0.00%	4.87%	5.51%	4.99%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	94.15%	94.35%	94.34%	94.55%	93.95%	94.33%	94.48%	99.81%	94.96%	94.26%	94.77%
Debt to EBITDA	-0.31	-0.39	-0.47	-0.49	-0.22	-0.19	-0.18	0.00	-0.35	-0.23	-0.40
Net Debt to EBITDA	2.70	3.65	4.32	4.07	1.66	1.18	1.20	1.27	2.87	1.88	3.34
Long-Term Debt to EBITDA	-0.30	-0.39	-0.46	-0.49	-0.22	-0.19	-0.17	0.00	-0.33	-0.22	-0.38
Debt to NOPAT	-0.31	-0.34	-0.37	-0.35	-0.22	-0.20	-0.19	-0.01	-0.29	-0.21	-0.26
Net Debt to NOPAT	2.74	3.18	3.38	2.92	1.62	1.20	1.28	1.41	2.40	1.70	2.18
Long-Term Debt to NOPAT	-0.30	-0.34	-0.36	-0.35	-0.21	-0.20	-0.18	0.00	-0.28	-0.20	-0.25
Altman Z-Score	1.85	2.39	3.43	4.16	2.25	2.90	1.32	1.05	5.05	2.77	2.54
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.60	3.57	4.05	4.76	3.64	4.13	4.00	2.65	2.76	2.57	2.59
Quick Ratio	4.24	3.31	3.71	4.20	3.10	3.33	3.25	1.96	2.13	1.91	1.80
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-29	-11	-18	-19	-14	-18	-12	9.10	-0.66	19	25
Operating Cash Flow to CapEx	22.02%	156.38%	-10.61%	-238.65%	-249.47%	-246.21%	261.28%	299.44%	359.09%	466.67%	380.15%
Free Cash Flow to Firm to Interest Expense	-162.55	-61.11	-104.09	-120.38	-89.17	-117.68	-83.42	64.51	-4.84	146.08	229.71
Operating Cash Flow to Interest Expense	4.75	28.31	-2.00	-49.94	-45.10	-69.20	41.54	49.29	67.25	61.86	77.98
Operating Cash Flow Less CapEx to Interest Expense	-16.83	10.21	-20.85	-70.86	-63.17	-97.30	25.64	32.83	48.52	48.60	57.47
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.67	0.65	0.67	0.68	0.66	0.59	0.62	0.67	0.87	1.11	1.22
Accounts Receivable Turnover	3.97	4.12	5.24	5.26	6.10	4.37	5.84	6.43	8.18	9.11	10.34
Inventory Turnover	33.40	43.02	57.76	55.86	71.18	46.11	49.84	28.45	37.26	0.00	0.00
Fixed Asset Turnover	35.61	35.27	38.23	40.30	35.32	27.98	32.18	36.75	40.90	44.82	55.31
Accounts Payable Turnover	4.20	5.09	6.58	7.86	12.38	8.18	9.83	8.23	19.66	39.61	27.55
Days Sales Outstanding (DSO)	91.94	88.49	69.70	69.39	59.82	83.60	62.52	56.72	44.62	40.06	35.29
Days Inventory Outstanding (DIO)	10.93	8.48	6.32	6.53	5.13	7.92	7.32	12.83	9.80	0.00	0.00
Days Payable Outstanding (DPO)	86.97	71.67	55.50	46.46	29.49	44.61	37.14	44.36	18.57	9.21	13.25
Cash Conversion Cycle (CCC)	15.90	25.31	20.52	29.46	35.46	46.90	32.70	25.20	35.85	30.84	22.04
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	74	69	70	78	68	80	76	62	67	49	52
Invested Capital Turnover	2.40	2.18	2.20	1.91	1.73	1.45	1.50	1.68	2.14	2.55	2.86
Increase / (Decrease) in Invested Capital	22	4.96	12	13	-6.21	11	5.95	-16	-1.07	-32	-24
Enterprise Value (EV)	77	164	208	217	198	201	122	176	445	329	266
Market Capitalization	166	254	293	288	259	248	173	233	497	376	311
Book Value per Share	$2.36	$2.28	$2.20	$2.08	$1.79	$1.76	$1.74	$1.61	$1.65	$1.30	$1.30
Tangible Book Value per Share	$1.54	$1.46	$1.36	$1.26	$1.13	$1.09	$1.06	$0.94	$0.97	$0.85	$0.86
Total Capital	174	169	164	158	138	135	133	119	126	102	102
Total Debt	10	9.52	9.26	8.60	8.33	7.64	7.37	0.22	6.36	5.84	5.33
Total Long-Term Debt	9.97	9.52	9.07	8.60	8.13	7.64	7.15	0.00	6.13	5.61	5.08
Net Debt	-90	-90	-85	-72	-61	-47	-50	-57	-53	-47	-45
Capital Expenditures (CapEx)	3.84	3.17	3.30	3.35	2.84	4.27	2.34	2.32	2.55	1.71	2.28
Debt-free, Cash-free Net Working Capital (DFCFNWC)	6.90	1.53	-0.99	6.92	2.47	15	13	7.27	6.74	4.68	8.67
Debt-free Net Working Capital (DFNWC)	107	101	93	87	72	69	71	64	66	58	59
Net Working Capital (NWC)	107	101	93	87	72	69	71	64	66	58	59
Net Nonoperating Expense (NNE)	1.89	1.25	1.47	1.71	7.85	2.38	2.29	2.60	0.39	3.36	-0.58
Net Nonoperating Obligations (NNO)	-90	-90	-85	-72	-61	-47	-50	-57	-53	-47	-45
Total Depreciation and Amortization (D&A)	2.88	2.97	3.15	3.51	2.77	2.52	2.35	2.53	3.19	3.45	3.44
Debt-free, Cash-free Net Working Capital to Revenue	4.55%	1.05%	-0.71%	5.11%	2.01%	13.58%	11.93%	6.22%	4.66%	2.84%	4.76%
Debt-free Net Working Capital to Revenue	70.46%	69.33%	66.48%	64.29%	58.74%	63.99%	64.82%	55.05%	45.56%	35.11%	32.37%
Net Working Capital to Revenue	70.31%	69.33%	66.35%	64.29%	58.58%	63.99%	64.62%	54.86%	45.40%	34.97%	32.23%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.12)	($0.10)	($0.10)	($0.11)	($0.39)	($0.13)	($0.12)	($0.13)	($0.03)	($0.22)	$0.03
Adjusted Weighted Average Basic Shares Outstanding	69.57M	69.26M	70.63M	72.02M	72.31M	71.85M	72.72M	73.16M	72.58M	72.88M	73.82M
Adjusted Diluted Earnings per Share	($0.12)	($0.10)	($0.10)	($0.11)	($0.39)	($0.13)	($0.12)	($0.13)	($0.03)	($0.22)	$0.03
Adjusted Weighted Average Diluted Shares Outstanding	69.57M	69.26M	70.63M	72.02M	72.31M	71.85M	72.72M	73.16M	72.58M	72.88M	77.62M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	69.62M	70.32M	71.76M	72.26M	72.38M	72.55M	73.48M	72.70M	73.75M	74.22M	74.82M
Normalized Net Operating Profit after Tax (NOPAT)	-6.54	-5.73	-5.91	-6.05	-16	-6.95	-6.32	-6.92	-1.73	-13	1.44
Normalized NOPAT Margin	-18.08%	-13.95%	-19.94%	-21.23%	-66.20%	-26.35%	-20.63%	-19.23%	-3.36%	-27.70%	3.02%
Pre Tax Income Margin	-23.90%	-17.08%	-24.85%	-27.16%	-117.89%	-35.47%	-28.12%	-26.33%	-4.07%	-36.42%	4.28%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-47.59	-39.07	-41.06	-47.38	-177.59	-60.55	-57.56	-66.17	-14.39	-131.07	19.39
NOPAT to Interest Expense	-38.12	-32.74	-33.75	-37.82	-128.69	-45.72	-42.96	-49.06	-12.70	-100.43	12.99
EBIT Less CapEx to Interest Expense	-69.17	-57.17	-59.91	-68.30	-195.66	-88.65	-73.46	-82.63	-33.12	-144.33	-1.13
NOPAT Less CapEx to Interest Expense	-59.70	-50.84	-52.60	-58.74	-146.77	-73.82	-58.86	-65.53	-31.43	-113.69	-7.52
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-8.84%	-0.40%	0.00%	0.00%	0.00%	0.00%	0.00%	-7.21%	-25.84%	-37.29%	-61.06%

Financials Breakdown Chart

Key Financial Trends

Telos (NASDAQ: TLS) showed a mixed but improving picture in Q1 2026, with revenue growth and a return to profitability, but the company still has a long way to go on margins, balance sheet quality, and earnings consistency.

For the quarter ended March 31, 2026, Telos generated $47.7 million in revenue, up from $46.8 million in Q4 2025 and $30.6 million in Q1 2025. That suggests the top line has strengthened meaningfully over the last year. More importantly, the company posted net income of $2.0 million, a big improvement from a $16.3 million loss in Q4 2025 and an $8.6 million loss in Q1 2025.

Profitability improved at the operating level too. Telos reported $1.5 million in operating income in Q1 2026, compared with a loss of $18.5 million in Q4 2025 and $9.0 million in Q1 2025. However, operating margins remain thin, and the company is still spending a large share of revenue on SG&A.

Cash generation remains a key strength. Telos produced $8.7 million in operating cash flow in Q1 2026, which helped offset $2.3 million in capital spending. Even so, financing outflows were heavy, including $2.2 million of common equity repurchases and $7.1 million of other financing items, leading to a $3.0 million decline in cash during the quarter.

The balance sheet looks more stable than it did a year ago, but there are still signs of leverage and capital structure pressure. Cash and equivalents were $50.2 million at the end of Q1 2026, down from $59.0 million in Q3 2025 and $57.8 million in Q1 2025. Total liabilities were $43.4 million, while total equity stood at $96.5 million. Retained earnings remain deeply negative at $(361.9) million, reflecting the company’s long operating history of losses.

Revenue growth has improved materially year over year, rising to $47.7 million in Q1 2026 from $30.6 million in Q1 2025.
Telos returned to profitability with $2.0 million in net income in Q1 2026 versus losses in the prior quarter and prior-year quarter.
Operating income turned positive at $1.5 million, a notable swing from prior losses.
Operating cash flow was solid at $8.7 million, showing the business can still convert earnings into cash.
Cash and equivalents remained substantial at $50.2 million, giving the company some near-term flexibility.
Gross margin remains moderate, with gross profit of $17.4 million on $47.7 million of revenue.
Other income helped the quarter, contributing $0.6 million to pre-tax income.
Depreciation and amortization remain meaningful, which supports reported operating cash flow but also reflects a sizable asset base.
SG&A remains high at $14.6 million, limiting operating margin expansion.
Financing cash outflows were large, including share repurchases and other financing items that reduced cash during the quarter.

Looking at the longer trend, Telos has made a clear improvement from 2024, when quarterly losses were often much larger and operating cash flow was inconsistent. Revenue has generally held up in the mid-$40 million range to low-$50 million range in recent quarters, while losses narrowed and then briefly turned into profit in Q1 2026. That said, quarterly results have been volatile, and the company has not yet established a durable earnings pattern.

Bottom line: Telos is showing signs of operating improvement, and Q1 2026 was one of its better recent quarters. But investors should still watch for sustained revenue growth, more consistent operating margins, and whether management can preserve cash while improving profitability.

07/10/26 11:38 PM ETAI Generated. May Contain Errors.

Telos Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Telos' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Telos' net income appears to be on an upward trend, with a most recent value of -$36.55 million in 2025, rising from -$13.50 million in 2015. The previous period was -$52.52 million in 2024. Find out what analysts predict for Telos in the coming months.

Telos' total operating income in 2025 was -$39.88 million, based on the following breakdown:

Total Gross Profit: $61.02 million
Total Operating Expenses: $100.90 million

Over the last 10 years, Telos' total revenue changed from $120.63 million in 2015 to $164.81 million in 2025, a change of 36.6%.

Telos' total liabilities were at $43.91 million at the end of 2025, a 41.2% increase from 2024, and a 76.2% decrease since 2015.

In the past 10 years, Telos' cash and equivalents has ranged from $58 thousand in 2015 to $126.56 million in 2021, and is currently $53.18 million as of their latest financial filing in 2025.

Over the last 10 years, Telos' book value per share changed from -2.83 in 2015 to 1.30 in 2025, a change of -146.0%.

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Financial statements for NASDAQ:TLS last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Telos (TLS) Financials

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Telos (TLS) Financials

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Telos Financials - Frequently Asked Questions

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