10-K Filing

TELOS CORP CIK: 320121 FY 2023

Filing Information

Form Type	10-K
Accession Number	`0000320121-24-000017`
Period End Date	20231231
Filing Date	20240315
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	tls-20231231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 36 Cash Flow Statement 66 Stockholders Equity 20 Comprehensive Income 6

Balance Sheet 77 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`	$99.26M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Accounts receivable, net	`ReceivablesNetCurrent`	$30.42M	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
Common stock, issued (in shares)	`CommonStockSharesIssued`	70.24M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	67.43M	shares	Point-in-time
Inventories, net	`InventoryNet`	$1.42M	USD	Point-in-time
Inventories, net	`InventoryNet`	$2.88M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$7.52M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	67.43M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$4.82M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	70.24M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$893.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.37M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$139.99M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$167.96M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$4.79M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.46M	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`	$6.61M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$216.00K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$341.00K	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`	$39.62M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$885.00K	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`	$208.70M	USD	Point-in-time
Accounts payable and other accrued liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$13.75M	USD	Point-in-time
Accounts payable and other accrued liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$22.55M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$8.39M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$14.57M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$6.44M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$6.73M	USD	Point-in-time
Finance lease obligations current portion	`FinanceLeaseLiabilityCurrent`	$1.73M	USD	Point-in-time
Finance lease obligations current portion	`FinanceLeaseLiabilityCurrent`	$1.59M	USD	Point-in-time
Operating lease obligations current portion	`OperatingLeaseLiabilityCurrent`	$361.00K	USD	Point-in-time
Operating lease obligations current portion	`OperatingLeaseLiabilityCurrent`	$97.00K	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`	$2.32M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$4.92M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$45.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$39.20M	USD	Point-in-time
Finance lease obligations non-current portion	`FinanceLeaseLiabilityNoncurrent`	$11.25M	USD	Point-in-time
Finance lease obligations non-current portion	`FinanceLeaseLiabilityNoncurrent`	$9.52M	USD	Point-in-time
Operating lease obligations non-current portion	`OperatingLeaseLiabilityNoncurrent`	$27.00K	USD	Point-in-time
Operating lease obligations non-current portion	`OperatingLeaseLiabilityNoncurrent`	$123.00K	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`	$758.00K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$813.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$297.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$44.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$49.70M	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, 70,239,890 shares and 67,431,632 shares issued and outstanding as of December 31, 2023 and 2022, respectively	`CommonStockValue`	$106.00K	USD	Point-in-time
Common stock, $0.001 par value, 250,000,000 shares authorized, 70,239,890 shares and 67,431,632 shares issued and outstanding as of December 31, 2023 and 2022, respectively	`CommonStockValue`	$109.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$433.78M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$412.71M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-60.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-55.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-240.41M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-274.83M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$159.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$172.35M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$180.25M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$237.40M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$208.70M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$216.89M	USD	Annual
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$145.38M	USD	Annual
Depreciation and amortization	`CostOfGoodsAndServicesSoldDepreciationAndAmortization`	$3.54M	USD	Annual
Depreciation and amortization	`CostOfGoodsAndServicesSoldDepreciationAndAmortization`	$793.00K	USD	Annual
Total cost of sales	`CostOfGoodsAndServicesSold`	$137.84M	USD	Annual
Total cost of sales	`CostOfGoodsAndServicesSold`	$92.44M	USD	Annual
Gross profit	`GrossProfit`	$79.04M	USD	Annual
Gross profit	`GrossProfit`	$52.94M	USD	Annual
Sales and marketing	`SellingAndMarketingExpense`	$7.12M	USD	Annual
Sales and marketing	`SellingAndMarketingExpense`	$16.58M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$16.92M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$12.25M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$73.89M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$99.39M	USD	Annual
Total selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$93.26M	USD	Annual
Total selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$132.89M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-53.85M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-40.31M	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$6.71M	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$1.35M	USD	Annual
Interest expense	`InterestExpense`	$874.00K	USD	Annual
Interest expense	`InterestExpense`	$786.00K	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-34.39M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-53.37M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$54.00K	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$36.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-53.43M	USD	Annual
Net loss	`NetIncomeLoss`	$-34.42M	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.50	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.79	USD	Annual
Net loss per share, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.50	USD	Annual
Net loss per share, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.79	USD	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	69.26M	shares	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	67.56M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	67.56M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	69.26M	shares	Annual

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-34.42M	USD	Annual
Net loss	`NetIncomeLoss`	$-53.43M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$64.66M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$24.40M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$9.43M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.89M	USD	Annual
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$152.00K	USD	Annual
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$99.00K	USD	Annual
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$55.00K	USD	Annual
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$35.00K	USD	Annual
Loss on disposal of fixed assets	`GainLossOnDispositionOfAssets1`	$-4.00K	USD	Annual
Loss on disposal of fixed assets	`GainLossOnDispositionOfAssets1`	$-2.00K	USD	Annual
Accretion of discount on acquisition holdback	`AccretionExpense`	$2.00K	USD	Annual
Accretion of discount on acquisition holdback	`AccretionExpense`	$48.00K	USD	Annual
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$69.00K	USD	Annual
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	-	USD	Annual
Gain on early extinguishment of other financing obligations	`GainsLossesOnExtinguishmentOfDebt`	$1.43M	USD	Annual
Gain on early extinguishment of other financing obligations	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-19.68M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-9.49M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$1.63M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-1.46M	USD	Annual
Intangible assets software held for resale	`IncreaseDecreaseInAssetsHeldForSale`	$7.12M	USD	Annual
Intangible assets software held for resale	`IncreaseDecreaseInAssetsHeldForSale`	-	USD	Annual
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.06M	USD	Annual
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.25M	USD	Annual
Accounts payable and other accrued payables	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-8.82M	USD	Annual
Accounts payable and other accrued payables	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-12.32M	USD	Annual
Accrued compensation and benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-317.00K	USD	Annual
Accrued compensation and benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$6.60M	USD	Annual
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$283.00K	USD	Annual
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$63.00K	USD	Annual
Other current liabilities and other liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$2.10M	USD	Annual
Other current liabilities and other liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$-2.63M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$16.51M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.59M	USD	Annual
Capitalized software development costs	`PaymentsToDevelopSoftware`	$12.71M	USD	Annual
Capitalized software development costs	`PaymentsToDevelopSoftware`	$14.55M	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.01M	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$926.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-15.48M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-13.72M	USD	Annual
Payments under finance lease obligations	`FinanceLeasePrincipalPayments`	$1.46M	USD	Annual
Payments under finance lease obligations	`FinanceLeasePrincipalPayments`	$1.59M	USD	Annual
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$11.14M	USD	Annual
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$139.00K	USD	Annual
Payment of tax withholding related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$5.67M	USD	Annual
Payment of tax withholding related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$3.74M	USD	Annual
Payments for debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$114.00K	USD	Annual
Payments for debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$95.00K	USD	Annual
Payments of DFT holdback amount	`PaymentOfDFTHoldbackAmount`	$564.00K	USD	Annual
Payments of DFT holdback amount	`PaymentOfDFTHoldbackAmount`	-	USD	Annual
Proceeds from other financing obligations	`ProceedsFromOtherFinancingObligations`	-	USD	Annual
Proceeds from other financing obligations	`ProceedsFromOtherFinancingObligations`	$9.09M	USD	Annual
Payments of other financing obligations	`PaymentsOfOtherFinancingObligations`	-	USD	Annual
Payments of other financing obligations	`PaymentsOfOtherFinancingObligations`	$635.00K	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-9.91M	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-6.15M	USD	Annual
Net change in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-20.04M	USD	Annual
Net change in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-7.12M	USD	Annual
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$99.40M	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, beginning 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
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$99.40M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$126.56M	USD	Point-in-time

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Beginning balance (in shares)	`CommonStockSharesOutstanding`	67.43M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	70.24M	shares	Point-in-time
Beginning balance	`StockholdersEquity`	$159.00M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$172.35M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$180.25M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-34.42M	USD	Annual
Net loss	`NetIncomeLoss`	$-53.43M	USD	Annual
Foreign currency translation loss	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-28.00K	USD	Annual
Foreign currency translation loss	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-5.00K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$62.51M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$22.87M	USD	Annual
Restricted stock unit award vested, net of shares withheld to cover tax withholding	`RestrictedStockValueSharesIssuedNetOfTaxWithholdings`	$-3.74M	USD	Annual
Restricted stock unit award vested, net of shares withheld to cover tax withholding	`RestrictedStockValueSharesIssuedNetOfTaxWithholdings`	$-5.67M	USD	Annual
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$11.28M	USD	Annual
Issuance of common stock for 401K match	`StockIssuedDuringPeriodValueNewIssues`	$1.94M	USD	Annual
Ending balance (in shares)	`CommonStockSharesOutstanding`	67.43M	shares	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	70.24M	shares	Point-in-time
Ending balance	`StockholdersEquity`	$159.00M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$172.35M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$180.25M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-34.42M	USD	Annual
Net loss	`NetIncomeLoss`	$-53.43M	USD	Annual
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-5.00K	USD	Annual
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-28.00K	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-34.43M	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-53.46M	USD	Annual

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