Telos Q3 revenue falls to $23.8M, GAAP net loss $28.1M; guides Q4 rev up 3-11% sequentially

TELOS CORP

2024-Q3 EPS reported -$0.60 revenue$81,900,000

Revenue $23.8M, down 34% YoY from $36.2M; GAAP net loss $28.1M vs $8.7M loss YoY.
GAAP gross margin 13.2% (down from 36.0% YoY); cash gross margin 44.0% (up from 41.5%).
Non-cash impairment of $11.7M on capitalized software and $1.4M restructuring charge hit results.
Security Solutions (TSA PreCheck) drives sequential growth; enrollment centers at 173, targeting 500 by 2025.
Q4 guidance: revenue $24.5-26.5M, adjusted EBITDA loss $4.5-3.5M; expects significant revenue growth in 2025.

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