10-Q Filing

TELOS CORP CIK: 320121 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000320121-23-000027`
Period End Date	20230331
Filing Date	20230510
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	tls-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 34 Cash Flow Statement 62 Stockholders Equity 21 Comprehensive Income 6

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$119.31M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$112.46M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`ReceivablesNetCurrent`	$40.07M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Accounts receivable, net	`ReceivablesNetCurrent`	$34.70M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	67.43M	shares	Point-in-time
Inventories, net	`InventoryNet`	$2.88M	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	69.39M	shares	Point-in-time
Inventories, net	`InventoryNet`	$1.63M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	67.43M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$5.48M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$4.82M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	69.39M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.04M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$893.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$167.96M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$155.31M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$4.41M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$4.79M	USD	Point-in-time
Finance lease right-of-use assets, net	`FinanceLeaseRightOfUseAsset`	$7.83M	USD	Point-in-time
Finance lease right-of-use assets, net	`FinanceLeaseRightOfUseAsset`	$7.53M	USD	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$341.00K	USD	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$458.00K	USD	Point-in-time
Goodwill	`Goodwill`	$17.92M	USD	Point-in-time
Goodwill	`Goodwill`	$17.92M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$37.41M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$33.80M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.22M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.14M	USD	Point-in-time
Total assets	`Assets`	$237.40M	USD	Point-in-time
Total assets	`Assets`	$220.65M	USD	Point-in-time
Accounts payable and other accrued liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$22.55M	USD	Point-in-time
Accounts payable and other accrued liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$18.01M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$7.67M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$8.39M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$6.44M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$7.20M	USD	Point-in-time
Finance lease obligations current portion	`FinanceLeaseLiabilityCurrent`	$1.59M	USD	Point-in-time
Finance lease obligations current portion	`FinanceLeaseLiabilityCurrent`	$1.62M	USD	Point-in-time
Operating lease obligations current portion	`OperatingLeaseLiabilityCurrent`	$361.00K	USD	Point-in-time
Operating lease obligations current portion	`OperatingLeaseLiabilityCurrent`	$494.00K	USD	Point-in-time
Other financing obligations current portion	`OtherFinancingObligationsCurrent`	-	USD	Point-in-time
Other financing obligations current portion	`OtherFinancingObligationsCurrent`	$1.25M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$4.92M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$3.86M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$45.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$38.85M	USD	Point-in-time
Finance lease obligations non-current portion	`FinanceLeaseLiabilityNoncurrent`	$10.83M	USD	Point-in-time
Finance lease obligations non-current portion	`FinanceLeaseLiabilityNoncurrent`	$11.25M	USD	Point-in-time
Operating lease liabilities non-current portion	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Operating lease liabilities non-current portion	`OperatingLeaseLiabilityNoncurrent`	$27.00K	USD	Point-in-time
Other financing obligations non-current portion	`OtherFinancingObligationsNoncurrent`	$7.21M	USD	Point-in-time
Other financing obligations non-current portion	`OtherFinancingObligationsNoncurrent`	-	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$770.00K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$758.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$297.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$301.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$50.76M	USD	Point-in-time
Total liabilities	`Liabilities`	$65.04M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value, 250,000,000 shares authorized, 69,388,256 shares and 67,431,632 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$108.00K	USD	Point-in-time
Common stock, $0.001 par value, 250,000,000 shares authorized, 69,388,256 shares and 67,431,632 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$106.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$420.98M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$412.71M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-42.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-55.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-251.15M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-240.41M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$175.06M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$180.25M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$169.90M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$172.35M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$237.40M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$220.65M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$50.16M	USD	1 Quarter
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$35.22M	USD	1 Quarter
Total cost of sales	`CostOfGoodsAndServicesSold`	$21.74M	USD	1 Quarter
Total cost of sales	`CostOfGoodsAndServicesSold`	$31.29M	USD	1 Quarter
Gross profit	`GrossProfit`	$18.87M	USD	1 Quarter
Gross profit	`GrossProfit`	$13.48M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$5.25M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$1.64M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$2.83M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$5.43M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$21.98M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$24.56M	USD	1 Quarter
Total selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$35.24M	USD	1 Quarter
Total selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$26.45M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-16.37M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-12.97M	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$12.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$2.50M	USD	1 Quarter
Interest expense	`InterestExpense`	$190.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$249.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-16.55M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-10.72M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$23.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$71.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.75M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-16.62M	USD	1 Quarter
Net loss per share, basic (in dollars per share)	`EarningsPerShareBasic`	$-0.16	USD	1 Quarter
Net loss per share, basic (in dollars per share)	`EarningsPerShareBasic`	$-0.25	USD	1 Quarter
Net loss per share, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.16	USD	1 Quarter
Net loss per share, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.25	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	68.18M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	67.56M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	68.18M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	67.56M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-10.75M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-16.62M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$15.93M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$9.50M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.41M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.43M	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$12.00K	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$12.00K	USD	1 Quarter
Accretion of discount in acquisition holdback	`AccretionExpense`	$12.00K	USD	1 Quarter
Accretion of discount in acquisition holdback	`AccretionExpense`	$2.00K	USD	1 Quarter
Loss on disposal of fixed assets	`GainLossOnDispositionOfAssets1`	$-1.00K	USD	1 Quarter
Loss on disposal of fixed assets	`GainLossOnDispositionOfAssets1`	-	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$89.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$95.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$17.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	-	USD	1 Quarter
Gain on early extinguishment of other financing obligations	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Gain on early extinguishment of other financing obligations	`GainsLossesOnExtinguishmentOfDebt`	$1.43M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-5.28M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.01M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$850.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.25M	USD	1 Quarter
Prepaid expenses, other current assets, other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.56M	USD	1 Quarter
Prepaid expenses, other current assets, other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$927.00K	USD	1 Quarter
Accounts payable and other accrued payables	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$674.00K	USD	1 Quarter
Accounts payable and other accrued payables	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-4.49M	USD	1 Quarter
Accrued compensation and benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$495.00K	USD	1 Quarter
Accrued compensation and benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-364.00K	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$758.00K	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$655.00K	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$-477.00K	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$-15.00K	USD	1 Quarter
Net cash (used in)/provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-100.00K	USD	1 Quarter
Net cash (used in)/provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$249.00K	USD	1 Quarter
Capitalized software development costs	`PaymentsToDevelopSoftware`	$2.79M	USD	1 Quarter
Capitalized software development costs	`PaymentsToDevelopSoftware`	$3.80M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$546.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$223.00K	USD	1 Quarter
Payment of DFT holdback amount	`PaymentOfDFTHoldbackAmount`	$564.00K	USD	1 Quarter
Payment of DFT holdback amount	`PaymentOfDFTHoldbackAmount`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.59M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.34M	USD	1 Quarter
Payments under finance lease obligations	`FinanceLeasePrincipalPayments`	$351.00K	USD	1 Quarter
Payments under finance lease obligations	`FinanceLeasePrincipalPayments`	$383.00K	USD	1 Quarter
Payment of tax withholding related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.89M	USD	1 Quarter
Payment of tax withholding related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.52M	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$139.00K	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Payments for debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$114.00K	USD	1 Quarter
Payments for debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.24M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.16M	USD	1 Quarter
Net change in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-6.84M	USD	1 Quarter
Net change in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-6.33M	USD	1 Quarter
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$112.59M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$120.23M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$126.56M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$119.44M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$112.59M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$120.23M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$126.56M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$119.44M	USD	Point-in-time

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Beginning balance (in shares)	`CommonStockSharesOutstanding`	67.43M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	69.39M	shares	Point-in-time
Beginning balance	`StockholdersEquity`	$175.06M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$180.25M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$169.90M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$172.35M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-10.75M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-16.62M	USD	1 Quarter
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$29.00K	USD	1 Quarter
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$13.00K	USD	1 Quarter
Restricted stock unit awards vested, net of shares withheld to cover tax withholding	`RestrictedStockValueSharesIssuedNetOfTaxWithholdings`	$-2.89M	USD	1 Quarter
Restricted stock unit awards vested, net of shares withheld to cover tax withholding	`RestrictedStockValueSharesIssuedNetOfTaxWithholdings`	$-1.58M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$14.28M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$7.92M	USD	1 Quarter
Issuance of common stock for 401K match	`StockIssuedDuringPeriodValueNewIssues`	$1.94M	USD	1 Quarter
Ending balance (in shares)	`CommonStockSharesOutstanding`	67.43M	shares	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	69.39M	shares	Point-in-time
Ending balance	`StockholdersEquity`	$175.06M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$180.25M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$169.90M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$172.35M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-10.75M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-16.62M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$29.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$13.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-10.73M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-16.59M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.