Telos® Corporation (NASDAQ: TLS), a leading provider of cyber,
cloud and enterprise security solutions for the world’s most
security-conscious organizations, today announced financial results
for the second quarter 2021.
“We delivered a solid second quarter, as we continued to deliver
revenue growth and win meaningful, large-scale contracts such as a
task order for our Xacta solution from the Air Force and an
expanded partnership with a major intelligence community customer,”
said John B. Wood, CEO and chairman, Telos. “Since the beginning of
2021, we have achieved our objective and tripled our sales,
marketing and channel team and continued to attract top talent. Our
impressive results continue to be driven by strong demand for our
advanced security solutions, supported by recent increased funding
to address cybersecurity needs. We are well positioned to continue
to execute as a leading, world class organization in the cyber,
cloud and enterprise security market, and we reaffirm our outlook
for the full year.”
Second Quarter 2021 Financial Highlights (in
millions, except per share data)
|
2Q 2021 |
|
2Q 2020 |
Revenue1 |
$52.6 |
|
$48.6 |
Gross
Profit |
$20.6 |
|
$17.6 |
Gross
Margin |
39.1% |
|
36.2% |
GAAP Net
Income (Loss) |
$(18.7) |
|
$3.1 |
Adjusted
Net Income (Loss)2, 3 |
$2.6 |
|
$0.3 |
Enterprise EBITDA2 |
$(17.2) |
|
$6.4 |
Adjusted
EBITDA2, 3 |
$4.2 |
|
$6.4 |
GAAP Net
Income (Loss) per Share Attributable to Telos Corporation,
Diluted |
$(0.28) |
|
$0.01 |
Adjusted
EPS2, 3 |
$0.04 |
|
$0.01 |
Weighted-average Shares of Common Stock Outstanding, Diluted |
66.6 |
|
39.9 |
Cash Flow from Operations |
$3.5 |
|
$(0.9) |
1 Includes $1.4 million of revenue from the contract with the US
Census Bureau in Q2 2021 and $14.1 million in Q2 2020. Excluding
this contract, year-over-year growth is 48%.2 Adjusted EBITDA,
Enterprise EBITDA, Adjusted Net Income (Loss) and Adjusted EPS are
non-GAAP financial measures. Refer to “Non-GAAP Financial Measures”
below.3 After adjustment for stock compensation expense of $21.3
million in the second quarter 2021 and $0 in the second quarter
2020.
Selected Second Quarter and Recent 2021 Business
Highlights:
New Business Activities
- Telos added a third cloud service provider to our roster of
cloud customers using Xacta®. This is in addition to the strong
relationships the company has with Amazon Web Services and
Microsoft Azure.
- Xacta continued to provide significant value to the financial
services market, as evidenced by a software license and support
renewal by a major Fortune 50 insurance company.
- Telos saw increased commercial adoption of their security
solutions, with new and renewed contracts from AT&T, Collins
Aerospace, Accenture, Northrop Grumman, Vibrent Health, IronNet
Cybersecurity and Comtech Telecommunications Corp.
Partner Enhancements
- Telos launched the Telos CyberProtect Partner Program, with
launch partners DLT, a Tech Data company, and Presidio Federal. By
formalizing the channel program, Telos will drive accelerated
growth, generate new revenue streams and deliver on the mission of
providing world-class security solutions.
Solution Enhancements
- On June 30, Telos announced a new version of cyber risk
management platform Xacta.io, which expands the control mapping
capability needed by regulated industries to address audit fatigue.
On July 30, Telos released a new version of Xacta 360, which
enables more efficient collaboration, regulatory reporting and
reciprocity. These new capabilities increase commercial and
international opportunities for Xacta where there is increasing
demand for automation.
- The Cybersecurity Maturity Model Certification Accreditation
Body (CMMC-AB) authorized Telos as a Registered Provider
Organization (RPO). As a CMMC-AB RPO, Telos is able to offer
assistance to more than 300,000 organizations seeking CMMC
compliance to be eligible for contract awards by the Department of
Defense.
Notable Transactions
- Telos acquired the assets of Diamond Fortress Technologies,
including all patents, and will integrate the ONYX® touchless
fingerprinting software with the IDTrust360® platform. This
integration will eliminate much of the friction involved in
biometric data gathering for identity and access management and
will better serve the company’s growing customer base at both the
enterprise and consumer levels.
- Telos completed a follow-on offering of 9.1 million shares of
common stock, resulting in net proceeds to Telos of $64.3 million,
of which $28.1 million was utilized to repurchase 39,682 shares of
common stock and 900,970 outstanding warrants. The remaining net
proceeds will be used to further invest in their sales force and
growth opportunities.
Organizational Updates and Highlights
- Telos expanded its leadership team, appointing Mark Bendza as
the new chief financial officer. Mark brings with him over 20 years
of experience in investor relations, business development,
financial planning and analysis, financial strategy, mergers and
acquisitions and capital markets.
- The Washington Post named Telos a 2021 Top Workplace in the
Washington D.C. area, acknowledging the positive work environment
that will continue to attract top talent.
- The Business Intelligence Group named Telos Ghost® a winner of
the 2021 Fortress Cyber Security Awards in the Network Security
category.
Financial Outlook
|
Full Year Guidance |
Revenue |
$283M - $295M |
YoY Organic Growth |
57% - 64% |
Adjusted
EBITDA1 |
$33M - $36M |
YoY Adjusted EBITDA Growth |
190% - 216% |
1 Adjusted EBITDA, Enterprise EBITDA, Adjusted Net Income (Loss)
and Adjusted EPS are non-GAAP financial measures. Refer to
“Non-GAAP Financial Measures” below.
This guidance consists of forward-looking statements and actual
results may differ materially. Refer to the Forward-Looking
Statements section below for information on the factors that could
cause the Company’s actual results to differ materially from these
forward-looking statements. Adjusted EBITDA is a non-GAAP financial
measure. The Company has not provided the most directly comparable
GAAP measure to this forward-looking non-GAAP financial measure
because certain items are out of the Company’s control or cannot be
reasonably predicted. Accordingly, a reconciliation for
forward-looking Adjusted EBITDA is not available without
unreasonable effort.
Conference Call InformationTelos will host a
conference call and live webcast to discuss its second quarter 2021
financial results at 4:30 p.m. Eastern Time today, August 16, 2021.
To access the conference call, dial (833) 540-1172 for the U.S. or
Canada, or (409) 217-8402 for international calls and provide
conference ID 2889372. The webcast will be available live on the
Investors section of the Company’s website at
www.investors.telos.com. In addition, an archived webcast will be
available approximately two hours after the conclusion of the live
event.
Forward-Looking Statements This press release
contains forward-looking statements which are made under the safe
harbor provisions of the federal securities laws. These statements
are based on the Company’s management’s current beliefs,
expectations and assumptions about future events, conditions and
results and on information currently available to them. By their
nature, forward-looking statements involve risks and uncertainties
because they relate to events and depend on circumstances that may
or may not occur in the future. The Company believes that these
risks and uncertainties include, but are not limited to, those
described under the captions “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” set forth from time to time in the Company’s filings
and reports with the U.S. Securities and Exchange Commission (SEC),
including their Annual Report on Form 10-K for the year ended
December 31, 2020 and their Report on Form 10-Q for the quarter
ended March 31, 2021, as well as future filings and reports by the
Company, copies of which are available at
www.investors.telos.com and on the SEC’s website at
www.sec.gov.
Although the Company bases these forward-looking statements on
assumptions that they believe are reasonable when made, they
caution the reader that forward-looking statements are not
guarantees of future performance and that the Company’s actual
results of operations, financial condition and liquidity, and
industry developments may differ materially from statements made in
or suggested by the forward-looking statements contained in this
release. Given these risks, uncertainties and other factors, many
of which are beyond their control, the Company cautions the reader
not to place undue reliance on these forward-looking statements.
Any forward-looking statement speaks only as of the date of such
statement and, except as required by law, the Company undertakes no
obligation to update any forward-looking statement publicly, or to
revise any forward-looking statement to reflect events or
developments occurring after the date of the statement, even if new
information becomes available in the future. Comparisons of results
for current and any prior periods are not intended to express any
future trends or indications of future performance, unless
specifically expressed as such, and should only be viewed as
historical data.
Non-GAAP Financial Measures In addition to its
results determined in accordance with GAAP, the Company believes
the non-GAAP financial measures of Enterprise EBITDA, Adjusted
EBITDA, Adjusted Net Income (Loss) and Adjusted EPS are useful in
evaluating its operating performance. The Company believes that
this non-GAAP financial information, when taken collectively with
the Company’s GAAP results, may be helpful to readers of its
financial statements because that information provides consistency
and comparability with past financial performance and assists in
comparisons with other companies, some of which use similar
non-GAAP financial information to supplement their GAAP results.
The non-GAAP financial information is presented for supplemental
informational purposes only, should not be considered a substitute
for financial information presented in accordance with GAAP, and
may be different from similarly-titled non-GAAP measures used by
other companies. A reconciliation is provided below for each of
these non-GAAP financial measures to the most directly comparable
financial measure stated in accordance with GAAP.
The Company uses these non-GAAP financial measures to understand
and evaluate its core operating performance and trends, to prepare
and approve its annual budget, to develop short-term and long-term
operating plans, and to evaluate the performance of certain
management personnel when determining incentive compensation. The
Company believes these non-GAAP financial measures facilitate
comparison of its operating performance on a consistent basis
between periods by excluding certain items that may, or could, have
a disproportionate positive or negative impact on its results of
operations in any particular period. When viewed in combination
with the Company’s results prepared in accordance with GAAP, these
non-GAAP financial measures help provide a broader picture of
factors and trends affecting the Company’s results of
operations.
Enterprise EBITDA, Adjusted EBITDA, Adjusted Net Income (Loss)
and Adjusted EPS are supplemental measures of operating performance
that are not made under GAAP and do not represent, and should not
be considered as, an alternative to net income (loss) or earnings
per share as determined by GAAP. The Company defines Enterprise
EBITDA as net income (loss) attributable to Telos Corporation,
adjusted for net income attributable to non-controlling interest,
non-operating (expense) income, interest expense, (benefit)
provision for income taxes, and depreciation and amortization. The
Company defines Adjusted EBITDA as Enterprise EBITDA, adjusted for
stock-based compensation expense, the gain realized on redemption
of the public preferred stock upon the closing of the initial
public offering, the losses realized on the extinguishment of
senior term loan and subordinated debt upon the closing of the
initial public offering, bonuses paid as a result of the closing of
the initial public offering, and other expenses related to the
initial public offering. The Company defines Adjusted Net Income
(Loss) as net income (loss) attributable to Telos Corporation,
adjusted for non-operating expense (income) and stock-based
compensation expense. The Company defines Adjusted EPS as Adjusted
Net Income (Loss) divided by the weighted-average number of common
shares outstanding for the period.
Each of Enterprise EBITDA, Adjusted EBITDA, Adjusted Net Income
(Loss), and Adjusted EPS has limitations as an analytical tool, and
the reader should not consider it in isolation, or as a substitute
for analysis of the Company’s results as reported under GAAP. Among
other limitations, each of Enterprise EBITDA, Adjusted EBITDA,
Adjusted Net Income (Loss), and Adjusted EPS does not reflect the
Company’s cash expenditures, or future requirements for capital
expenditures, or contractual commitments, does not reflect the
impact of certain cash charges resulting from matters the Company
considers not to be indicative of its ongoing operations, and does
not reflect income tax expense or benefit. Other companies in the
Company’s industry may calculate Adjusted EBITDA, Adjusted Net
Income (Loss), and Adjusted EPS differently than the Company does,
which limits its usefulness as a comparative measure. Because of
these limitations, each of Enterprise EBITDA, Adjusted EBITDA,
Adjusted Net Income (Loss), and Adjusted EPS should not be
considered as a replacement for net income (loss) or earnings per
share, as determined by GAAP, or as a measure of the Company’s
profitability. The Company compensates for these limitations by
relying primarily on its GAAP results and using non-GAAP measures
only for supplemental purposes.
About Telos CorporationTelos Corporation
(NASDAQ: TLS) empowers and protects the world’s most
security-conscious organizations with solutions for continuous
security assurance of individuals, systems, and information. Telos’
offerings include cybersecurity solutions for IT risk management
and information security; cloud security solutions to protect
cloud-based assets and enable continuous compliance with industry
and government security standards; and enterprise security
solutions for identity and access management, secure mobility,
organizational messaging, and network management and defense. The
company serves military, intelligence and civilian agencies of the
federal government, allied nations and commercial organizations
around the world.
Media: Mia Wilcox media@telos.com (610)
564-6773
Investors: Brinlea Johnson The Blueshirt Group
on behalf of Telos Corporation brinlea@blueshirtgroup.com (415)
269-2645
TELOS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited)(amounts in
thousands, except per share data)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Revenue |
|
|
|
|
|
|
|
Services |
$ |
47,618 |
|
|
$ |
45,486 |
|
|
$ |
99,676 |
|
|
$ |
80,044 |
|
Products |
4,941 |
|
|
3,124 |
|
|
8,641 |
|
|
7,545 |
|
|
52,559 |
|
|
48,610 |
|
|
108,317 |
|
|
87,589 |
|
Costs and expenses |
|
|
|
|
|
|
|
Cost of sales - Services |
29,501 |
|
|
29,378 |
|
|
69,103 |
|
|
54,243 |
|
Cost of sales - Products |
2,501 |
|
|
1,659 |
|
|
4,299 |
|
|
3,531 |
|
|
32,002 |
|
|
31,037 |
|
|
73,402 |
|
|
57,774 |
|
Selling, general and administrative expenses |
|
|
|
|
|
|
|
Sales and marketing |
5,043 |
|
|
1,473 |
|
|
8,869 |
|
|
3,065 |
|
Research and development |
5,327 |
|
|
3,815 |
|
|
9,388 |
|
|
7,472 |
|
General and administrative |
28,743 |
|
|
7,219 |
|
|
48,708 |
|
|
13,809 |
|
|
39,113 |
|
|
12,507 |
|
|
66,965 |
|
|
24,346 |
|
Operating (loss) income |
(18,556 |
) |
|
5,066 |
|
|
(32,050 |
) |
|
5,469 |
|
Other income (expense) |
|
|
|
|
|
|
|
Other income (expense) |
32 |
|
|
4 |
|
|
(1,022 |
) |
|
12 |
|
Interest expense |
(192 |
) |
|
(1,996 |
) |
|
(388 |
) |
|
(4,013 |
) |
(Loss) income before income
taxes |
(18,716 |
) |
|
3,074 |
|
|
(33,460 |
) |
|
1,468 |
|
(Provision for) benefit from
income taxes |
(13 |
) |
|
(2 |
) |
|
(47 |
) |
|
144 |
|
Net (loss) income |
(18,729 |
) |
|
3,072 |
|
|
(33,507 |
) |
|
1,612 |
|
Less: Net income attributable
to non-controlling interest |
— |
|
|
(2,806 |
) |
|
— |
|
|
(3,590 |
) |
Net (loss) income attributable
to Telos Corporation |
$ |
(18,729 |
) |
|
$ |
266 |
|
|
$ |
(33,507 |
) |
|
$ |
(1,978 |
) |
Net (loss) income per share
attributable to Telos Corporation, basic |
$ |
(0.28 |
) |
|
$ |
0.01 |
|
|
$ |
(0.51 |
) |
|
$ |
(0.05 |
) |
Net (loss) income per share
attributable to Telos Corporation, diluted |
$ |
(0.28 |
) |
|
$ |
0.01 |
|
|
$ |
(0.51 |
) |
|
$ |
(0.05 |
) |
Weighted-average shares of
common stock outstanding, basic |
66,616 |
|
|
38,583 |
|
|
65,621 |
|
|
38,328 |
|
Weighted-average shares of
common stock outstanding, diluted |
66,616 |
|
|
39,927 |
|
|
65,621 |
|
|
38,328 |
|
|
|
|
|
|
|
|
|
TELOS
CORPORATIONCONDENSED CONSOLIDATED BALANCE
SHEETS(amounts in thousands)
|
June 30, 2021 |
|
December 31, 2020 |
|
(Unaudited) |
|
|
ASSETS |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
130,996 |
|
|
$ |
106,045 |
|
Accounts receivable, net of reserve of $122 and $308,
respectively |
39,412 |
|
|
30,913 |
|
Inventories, net of obsolescence reserve of $865 and $851,
respectively |
1,784 |
|
|
3,311 |
|
Prepaid expenses |
5,451 |
|
|
3,059 |
|
Other current assets |
760 |
|
|
786 |
|
Total current assets |
178,403 |
|
|
144,114 |
|
Property and equipment,
including capitalized software development costs, net of
accumulated depreciation and amortization of $38,867 and $36,891,
respectively |
24,725 |
|
|
22,397 |
|
Operating lease right-of-use
assets |
1,168 |
|
|
1,464 |
|
Goodwill |
14,916 |
|
|
14,916 |
|
Other assets |
882 |
|
|
926 |
|
Total assets |
$ |
220,094 |
|
|
$ |
183,817 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities |
|
|
|
Accounts payable and other accrued liabilities |
$ |
21,036 |
|
|
$ |
20,899 |
|
Accrued compensation and benefits |
7,811 |
|
|
8,474 |
|
Contract liabilities |
5,925 |
|
|
5,654 |
|
Finance lease obligations – short-term |
1,399 |
|
|
1,339 |
|
Operating lease obligations – short-term |
656 |
|
|
677 |
|
Other current liabilities |
1,831 |
|
|
1,903 |
|
Total current liabilities |
38,658 |
|
|
38,946 |
|
|
|
|
|
Finance lease obligations –
long-term |
13,591 |
|
|
14,301 |
|
Operating lease liabilities –
long-term |
642 |
|
|
941 |
|
Deferred income taxes |
670 |
|
|
652 |
|
Other liabilities |
1,833 |
|
|
1,873 |
|
Total liabilities |
55,394 |
|
|
56,713 |
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
Common stock, $0.001 par value, 250,000,000 shares authorized,
66,755,230 shares and 64,625,071 shares issued and outstanding as
of June 30, 2021 and December 31, 2020, respectively |
105 |
|
|
103 |
|
Additional paid-in capital |
341,928 |
|
|
270,800 |
|
Accumulated other comprehensive income |
17 |
|
|
44 |
|
Accumulated deficit |
(177,350 |
) |
|
(143,843 |
) |
Total stockholders’ equity |
164,700 |
|
|
127,104 |
|
Total liabilities and stockholders’ equity |
$ |
220,094 |
|
|
$ |
183,817 |
|
|
|
|
|
|
|
|
|
TELOS
CORPORATION CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS(Unaudited)(amounts
in thousands)
|
Six Months Ended June 30, |
|
2021 |
|
2020 |
Operating activities: |
|
|
|
Net (loss) income |
$ |
(33,507 |
) |
|
$ |
1,612 |
|
Adjustments to reconcile net (loss) income to cash (used in)
provided by operating activities: |
|
|
|
Stock-based compensation |
35,006 |
|
|
— |
|
Dividends from preferred stock recorded as interest expense |
— |
|
|
1,911 |
|
Depreciation and amortization |
2,764 |
|
|
2,734 |
|
Amortization of debt issuance costs |
— |
|
|
453 |
|
Deferred income tax provision |
18 |
|
|
19 |
|
Loss on disposal of fixed assets |
5 |
|
|
— |
|
Other noncash items |
(2 |
) |
|
(17 |
) |
Changes in other operating assets and liabilities |
(10,074 |
) |
|
(5,873 |
) |
Cash (used in) provided by operating activities |
(5,790 |
) |
|
839 |
|
|
|
|
|
Investing activities: |
|
|
|
Capitalized software development costs |
(3,663 |
) |
|
(3,159 |
) |
Purchases of property and equipment |
(1,070 |
) |
|
(332 |
) |
Cash used in investing activities |
(4,733 |
) |
|
(3,491 |
) |
|
|
|
|
Financing activities: |
|
|
|
Proceeds from issuance of common stock, net of issuance costs |
64,269 |
|
|
— |
|
Repurchase of outstanding warrants |
(26,894 |
) |
|
— |
|
Repurchase of common stock |
(1,251 |
) |
|
— |
|
Payments under finance lease obligations |
(650 |
) |
|
(594 |
) |
Amendment fee paid to lender |
— |
|
|
(100 |
) |
Distributions to Telos ID Class B member - non-controlling
interest |
— |
|
|
(1,000 |
) |
Cash provided by (used in) financing activities |
35,474 |
|
|
(1,694 |
) |
|
|
|
|
Increase (decrease) in cash
and cash equivalents |
24,951 |
|
|
(4,346 |
) |
Cash and cash equivalents,
beginning of period |
106,045 |
|
|
6,751 |
|
|
|
|
|
Cash and cash equivalents, end
of period |
$ |
130,996 |
|
|
$ |
2,405 |
|
|
|
|
|
Supplemental disclosures of
cash flow information: |
|
|
|
Cash paid during the period
for: |
|
|
|
Interest |
$ |
388 |
|
|
$ |
1,474 |
|
Income taxes |
$ |
54 |
|
|
$ |
50 |
|
|
|
|
|
Noncash: |
|
|
|
Dividends from preferred stock recorded as interest expense |
$ |
— |
|
|
$ |
1,911 |
|
|
|
|
|
|
|
|
|
Enterprise EBITDA and Adjusted EBITDA
(Unaudited, amounts in
thousands)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Net (loss) income attributable to Telos Corporation |
$ |
(18,729 |
) |
|
$ |
266 |
|
|
$ |
(33,507 |
) |
|
$ |
(1,978 |
) |
Adjustments: |
|
|
|
|
|
|
|
Net income attributable to non-controlling interest |
— |
|
|
2,806 |
|
|
— |
|
|
3,590 |
|
Non-operating (income) expense |
(32 |
) |
|
(4 |
) |
|
1,022 |
|
|
(12 |
) |
Interest expense |
192 |
|
|
1,996 |
|
|
388 |
|
|
4,013 |
|
Provision for (benefit from) income taxes |
13 |
|
|
2 |
|
|
47 |
|
|
(144 |
) |
Depreciation and amortization |
1,404 |
|
|
1,345 |
|
|
2,764 |
|
|
2,734 |
|
Enterprise EBITDA |
(17,152 |
) |
|
6,411 |
|
|
(29,286 |
) |
|
8,203 |
|
Stock-based compensation expense |
21,336 |
|
|
— |
|
|
35,006 |
|
|
— |
|
Adjusted EBITDA |
$ |
4,184 |
|
|
$ |
6,411 |
|
|
$ |
5,720 |
|
|
$ |
8,203 |
|
Adjusted Net Income (Loss) and Adjusted EPS
(Unaudited)
Three Months Ended
June 30, |
2021 |
|
2020 |
|
Adjusted Net Income (Loss) |
|
Adjusted Earnings Per Share |
|
Adjusted Net Income (Loss) |
|
Adjusted Earnings Per Share |
|
(in thousands) |
|
|
|
(in thousands) |
|
|
Reported GAAP measure |
$ |
(18,729 |
) |
|
$ |
(0.28 |
) |
|
$ |
266 |
|
|
$ |
0.01 |
|
Adjustments: |
|
|
|
|
|
|
|
Non-operating income |
(32 |
) |
|
— |
|
|
(4 |
) |
|
$ |
— |
|
Stock-based compensation expense |
21,336 |
|
|
0.32 |
|
|
— |
|
|
$ |
— |
|
Adjusted non-GAAP measure |
$ |
2,575 |
|
|
$ |
0.04 |
|
|
$ |
262 |
|
|
$ |
0.01 |
|
Weighted-average shares of
common stock outstanding |
66,616 |
|
|
|
|
38,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30, |
2021 |
|
2020 |
|
Adjusted Net Income (Loss) |
|
Adjusted Earnings Per Share |
|
Adjusted Net Income (Loss) |
|
Adjusted Earnings Per Share |
|
(in thousands) |
|
|
|
(in thousands) |
|
|
Reported GAAP measure |
$ |
(33,507 |
) |
|
$ |
(0.51 |
) |
|
$ |
(1,978 |
) |
|
$ |
(0.05 |
) |
Adjustments: |
|
|
|
|
|
|
|
Non-operating expense (income) |
1,022 |
|
|
0.02 |
|
|
(12 |
) |
|
$ |
— |
|
Stock-based compensation expense |
35,006 |
|
|
0.53 |
|
|
— |
|
|
$ |
— |
|
Adjusted non-GAAP measure |
$ |
2,521 |
|
|
$ |
0.04 |
|
|
$ |
(1,990 |
) |
|
$ |
(0.05 |
) |
Weighted-average shares of
common stock outstanding |
65,621 |
|
|
|
|
38,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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