Telos revenue surges 52% on identity expansion; Secure Networks impaired $14.9M

Filed March 16, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 10, 2025 · ~2 min read

Key Changes

• high

  Revenue jumped 52% to $164.8M driven by 95% growth in Security Solutions (primarily Telos ID programs); operating cash flow swung from $25.9M outflow to $30.2M inflow; backlog up 65% to $126M.

  MD&A: Financial Performance verify on EDGAR →
• high

  Recorded $14.9M goodwill impairment for Secure Networks in Q4 2025 as segment revenue fell 52% year-over-year to $15.2M (now 9% of total revenue vs 29% prior year) due to program completions without new wins.

  MD&A: Goodwill Impairment verify on EDGAR →
• high

  Federal government concentration disclosed at 91% of FY2025 revenue; partial DHS shutdown began Feb 14, 2026 affecting TSA, FEMA, Coast Guard, and other agencies that are Telos customers.

  Business & MD&A: Customer Concentration verify on EDGAR →