Telos Recorded $145M in Full-Year 2023 Revenue; John Wood on New Business Capture

Telos (Nasdaq: TLS) recorded $41.1 million in revenue during the fourth quarter of 2023 and logged full-year revenue of $145.4 million.

The Ashburn, Virginia-based information technology and cybersecurity company said Friday Q4 cash flow from operations was $5 million and its free cash flow in the previous quarter hit $1.8 million.

“I am pleased to announce that Telos’ prime partners have received awards on new programs that are worth up to $525 million to Telos over a five-year period, subject to favorable resolution of protests,” said John Wood, chairman and CEO of Telos. “These opportunities would add high-quality revenues to the Telos portfolio, providing a path to sequential revenue growth later in 2024 and significant revenue growth in 2025.”

During the earnings call on Friday, Wood told analysts that the company’s Xacta business secured critical renewals with the Department of Energy and a major intelligence agency as well as new orders and incremental scope on existing contracts from the U.S. Government Publishing Office, U.S. Department of the Interior, several other U.S. federal agencies, the Australian government and a large commercial client in the tech sector.

“Additionally, our automated message handling system business achieved several major contact renewals, including with the US Special Operations Command, the Defense Information Systems Agency and several other federal government customers,” the Telos chief executive said during the call.

Wood added that the company’s Secure Networks team completed and delivered a global satellite communications platform to the U.S. Air Force.

For the first quarter of calendar year 2024, Telos said it expects to record revenue of $28 million to $29 million.

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