TLS TELOS CORP

Overview and Growth

In fiscal 2025, TELOS CORP recorded $164.81M of revenue, net loss of $36.55M, and an operating cash inflow of $30.18M. At $164.81M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 52.2% above fiscal 2024 revenue of $108.27M, marking a year-over-year increase. Diluted earnings per share were -$0.50, translating the period’s attributable earnings into the amount reported for each diluted share. At period end, total assets were $139.86M, framing the scale of the company’s operating and financing commitments. Asset turnover was 1.18x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

After reported cost of revenue, the company retained $61.02M as gross profit before recognizing operating expenses and other items. Gross profit represented 37.0% of revenue, showing how much of the top line remained after direct costs. The reported operating result was an operating loss of $39.88M, reflecting costs that exceeded gross profit. The operating loss equaled 24.2% of revenue, showing the scale of the operating deficit relative to sales. After all below-operating-line items, the company recorded a net loss of $36.55M for the fiscal year. Measured against revenue, the bottom-line deficit represented 22.2% after all recognized items. Before income taxes, the company recorded a loss of $37.21M, bridging the operating result to the final net loss. The pretax loss equaled 22.6% of revenue, measuring the pre-tax deficit against sales. An income-tax benefit of $663.00K improved the final result relative to pretax income or loss. The loss-to-equity relationship was 38.1%, placing the bottom-line deficit against shareholder capital. The loss-to-assets relationship was 26.1%, placing the bottom-line deficit against the company’s resource base. The net loss narrowed to $36.55M from $52.52M in fiscal 2024.

Liquidity and Capital Structure

Total assets were $139.86M, supported by $43.91M of liabilities and $95.95M of shareholder equity. At period end, current assets of $94.41M compared with current liabilities of $36.78M, defining the company’s short-term resource position. Current assets covered current liabilities by 2.57x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $53.18M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 144.6% of current liabilities, showing how much near-term coverage came from cash alone. Book equity represented 68.6% of total assets, quantifying the balance-sheet share supported by shareholder capital. Liabilities represented 31.4% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 38.0%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 11.6% lower than fiscal 2024 assets of $158.24M, measuring the company’s own balance-sheet change. Against $127.14M of equity in fiscal 2024, the current book-equity balance moved 24.5% and ended lower. Cash and equivalents were 2.6% lower than fiscal 2024 cash of $54.58M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

The company reported $30.18M of operating cash flow, a cash inflow that shows the cash generated by operations. Capital expenditures used $739.00K, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital spending absorbed 2.4% of operating cash flow, quantifying the share of cash from operations directed to investment. The combination of operating cash flow and capital spending produced $29.44M of positive free cash flow for the period. Relative to revenue, free cash flow equaled 17.9%, showing how much sales converted into cash after investment. Free cash flow equaled 21.1% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.