Full-year net loss of -$36.5M against a loss of -$36.5M; Telos revenue surges 52% on identity expansion; Secure Networks impaired

Filed March 16, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 10, 2025 · ~1 min read

Key Changes

• high

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

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

  Recorded goodwill impairment for Secure Networks in Q4 2025 as segment revenue fell year-over-year to now 9% of total revenue prior year due to program completions without new wins.

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

  Federal government concentration disclosed 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 →