Telos Corporation Reports Strong Second Quarter Financial Results
Intellectia.AI Updated: 1970-01-01
Telos Corporation Reports Strong Second Quarter Financial Results
ASHBURN, Virginia, Aug. 09, 2024 (GLOBE NEWSWIRE) -- Telos Corporation (NASDAQ: TLS), a leading provider of cyber, cloud, and enterprise security solutions, today announced its financial results for the second quarter of 2024.
Key Financial Metrics
| Metric | Q2 2024 | Consensus Estimate | Performance vs. Estimates |
|---|---|---|---|
| Total Revenue | $28.5M | $26.45M | Above by $2.05M |
| GAAP Gross Margin | 34.1% | N/A | N/A |
| Cash Gross Margin | 42.0% | N/A | N/A |
Telos exceeded the high end of guidance for key financial metrics, delivering $28.5 million in revenue, surpassing the consensus estimate of $26.45 million. GAAP gross margin stood at 34.1%, while cash gross margin expanded by 326 basis points to 42.0%.
Segment Revenue Performance
| Segment | Q2 2024 | Previous Guidance | Performance vs. Guidance |
|---|---|---|---|
| Secure Networks | N/A | N/A | Outperformed |
| TSA PreCheck® Enrollment | Expanded | N/A | Accelerated Expansion |
Revenue performance in the Secure Networks segment was a notable contributor, outperforming expectations. The TSA PreCheck® enrollment network significantly expanded from 28 to 83 locations within three months, with an expectation to reach 500 locations by 2025.
Key Operational Data
| Operational Metric | Data |
|---|---|
| TSA PreCheck Enrollment Centers | Expanded from 28 to 83 locations |
Telos successfully expanded its TSA PreCheck® enrollment centers from 28 to 83 locations over the recent quarter, demonstrating substantial progress in this segment.
Executive Commentary
"Telos exceeded the high end of our guidance range for the second quarter on key financial metrics, including total company revenue, margin, and profit," said John B. Wood, Chairman and CEO of Telos. "We expanded our TSA PreCheck® enrollment locations substantially and look forward to continuing this momentum throughout 2024 and into 2025."
Dividends and Share Repurchase Program
No announcements regarding dividends or share repurchase programs were made in this earnings report.
Forward Guidance
Telos did not provide forward-looking guidance in the earnings report.
Stock Price Movement Post Earnings Release
| Post-Earnings Stock Price Change |
|---|
| +0.80% |
Following the release of the earnings report, Telos' stock price increased by approximately 0.80%.
Conclusion
Telos Corporation reported a strong financial performance in the second quarter of 2024, surpassing revenue expectations and demonstrating significant growth in its TSA PreCheck® enrollment network. The company remains on a positive trajectory as it moves towards expanding its operations further in 2024 and beyond.
