- Telos Corp (NASDAQ:TLS) reported a first-quarter FY22 revenue decline of 10% year-on-year to $50.2 million. Services revenue declined 7.6% Y/Y to $48.1 million.
- The gross margin expanded by 1,160 bps to 37.6%. Adjusted EPS loss was $(0.01).
- Telos generated $0.25 million in operating cash flow in the quarter and held $120.2 million in cash and equivalents.
- Telos reported several key new wins and renewals, including the U.S. Air Force, the U.S. State Department, EY, Amazon.com Inc (NASDAQ:AMZN) Amazon Web Services, the National Geospatial-Intelligence Agency, and the National Security Agency. Additionally, the company began a new relationship with a foreign government customer to implement and utilize Xacta.
- Outlook: Telos sees Q2 revenue of $50 million - $54 million, representing (7%) - 1% change Y/Y.
- Telos reiterated FY22 revenue of $226 million - $257 million, representing (7%) - 6% change Y/Y.
- Price Action: TLS shares traded lower by 3.14% at $6.78 on the last check Tuesday.
