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Telos Telos Corporation Reports First Quarter 2021 Results May 17 , 2021 • Revenue Increases 43 % Year - Over - Year to $ 55.8 Million • Gross Profit Increases to $ 14.4 Million ● Company Reaffirms Full Year 2021 Guidance ASHBURN , Va . , May 17 , 2021 ( GLOBE NEWSWIRE ) -- 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 first quarter 2021 . " I am extremely proud of our team and execution this quarter - delivering 43 % year - over - year revenue growth and continuing to win meaningful contracts and exceeding our prior guidance , giving us even greater confidence for the full year , " said John B. Wood , CEO and chairman of Telos . " We surpassed our expectations on both the top and bottom line as we were able to execute on our customers ' request to accelerate deliveries expected in the second quarter into the first quarter . Our exceptional results continue to be driven by strong demand for our advanced security solutions , recent long - term contract wins and our growing sales channel . We are very well positioned to continue to execute as a leading , world class organization in the cyber , cloud and enterprise security market . " First Quarter 2021 Financial Highlights • Revenue : Total revenue increased 43 % to $ 55.8 million , compared to $ 39.0 million in the first quarter of 2020 . • Gross Profit : Gross profit increased to $ 14.4 million , compared to $ 12.3 million in the first quarter of 2020 . • GAAP Net Income ( Loss ) : Net loss was $ ( 14.8 ) million , compared to $ ( 2.2 ) million in the first quarter of 2020 . • Adjusted Net Income ( Loss ) : Adjusted Net Loss was $ ( 0.05 ) million compared to $ ( 2.3 ) million in the first quarter of 2020 . • Enterprise EBITDA : Enterprise EBITDA was $ ( 12.1 ) million , compared to $ 1.8 million in the first quarter of 2020 . • Adjusted EBITDA : Adjusted EBITDA was $ 1.5 million , compared to $ 1.8 million in the first quarter of 2020 . • GAAP Net loss per share attributable to Telos Corporation , diluted : $ ( 0.23 ) . ● Adjusted EPS : Adjusted EPS was $ ( 0.00 ) per share , compared to $ ( 0.06 ) per share in the first quarter of 2020 . ● Weighted - average shares of common stock outstanding : 64.6 million . Enterprise EBITDA , Adjusted EBITDA , Adjusted Net Income ( Loss ) and Adjusted EPS are non - GAAP financial measures . Refer to " Non - GAAP Financial Measures " below . Selected First Quarter and Recent 2021 Business Highlights : • Microsoft expanded their Xacta® deployment to support all Microsoft Azure U.S. Government cloud instances , including Azure Government , Azure Government Secret and Azure Government Top Secret . • Telos continued building its leadership team , with industry veteran Troy M. Bertram joining as a vice president to lead global enterprise sales teams across state and local governments , education , regulated industries and commercial business verticals . • The City of Philadelphia and the City of Charlotte contracted with Telos to provide Transportation Security Administration ( TSA ) -approved Designated Aviation Channeling ( DAC ) services for processing worker background checks at Philadelphia International Airport ( PHL ) and Charlotte Douglas International Airport ( CLT ) . • Zscaler selected Telos ' enterprise cyber risk management framework Xacta , for management and automation of FedRAMP and Department of Defense ( DoD ) authorizations . • Telos announced a strategic partnership with Johnson Controls , to integrate the Telos GhostⓇ solution into Johnson Controls OpenBlue Cloudvue Gateway . • Telos launched Xacta.io 1.5 , the latest version of its cyber risk and compliance analytics platform , offering full vulnerability and asset management support for AWS cloud resources . • Telos announced the release of its cyber supply chain risk management ( SCRM ) offering , Xacta SCRM , to help organizations understand the security risks and compliance gaps within their supply chain , allow them to prioritize and manage remediation efforts , verify due - care via a robust body of evidence and automated reporting , and continuously manage supply chain risk over time . • Telos announced that the Social Security Administration ( SSA ) has exercised the first option year on the contract , including options , for its Xacta solution . " On April 6 , we completed a follow - on offering of 9.1 million shares of common stock , resulting in net proceeds to Telos of $ 64.5 million , further strengthening our balance sheet and allowing us to continue to invest in our salesforce and growth opportunities , " said Michele Nakazawa , CFO , Telos .