- Telos Corp (NASDAQ: TLS) reported a first-quarter FY23 revenue decline of 29.8% year-on-year to $35.2 million, beating the consensus of $31.4 million. Services revenue decreased 34.5% Y/Y to $31.5 million.
- Gross margin expanded by 66 bps to 38.3%. Adjusted EPS loss of $(0.04) beat the consensus loss of $(0.13).
- Telos used $(4.1) million in free cash flow and held $112.5 million in cash and equivalents.
- "All metrics exceeded the high end of our guidance range," said John B. Wood, chairman and CEO, Telos. "As expected, our first quarter results reflect lower revenues on large programs."
- Outlook: Telos sees Q2 revenue of $28 million - $32 million (consensus $30.49 million), representing a 50% - 43% decline Y/Y.
- Telos reiterates FY23 revenue of $115 million - $140 million versus the consensus of $127.15 million.
- Price Action: TLS shares traded higher by 16.57% at $2.11 on the last check Wednesday.
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