Telos Corporation (NASDAQ: TLS) is currently experiencing an upward trajectory in the current session. At the last check, Telos shares exhibited a notable increase in market activity rising 19.90% and reaching a trading value of $3.6450. This surge in TLS stock follows the disclosure of its quarterly performance.
Telos (TLS) disclosed its financial results for the third quarter of 2023, demonstrating commendable execution during this period. The outcomes surpassed the upper bounds of its projected ranges across all key metrics. TLS achieved a substantial enhancement in gross margin, marking a 303 basis points increase compared to the third quarter of 2022, and returned to positive cash flow from operations.
Additionally, Telos successfully initiated its TSA PreCheck program. The notable performance of TLS, coupled with effective risk mitigation strategies year-to-date and a positive outlook on key portfolio programs, has prompted an upward revision of its full-year projections across all metrics.
In the reported quarter, Telos secured renewals for Xacta with pivotal government and commercial clients. TLS obtained renewals for cyber services with the Defense Health Agency, General Services Administration, and the U.S. Department of Homeland Security. A new accolade was received for the Telos Automated Message Handling System through the Joint Cryptologic Mission Simulation program via the National Security Agency.
Furthermore, Telos secured a new contract award in Secure Networks for the installation of a new network with the U.S. Air Force. Notably, Telos announced a $6.7 million, two-year contract extension with the Central Intelligence Agency (CIA), reinforcing its six-year partnership and incorporating three additional option periods (27 months) into the existing contract.
The CIA will persist in utilizing Xacta professional services to facilitate their Commercial Cloud Enterprise (C2E) Assessment and Authorization (A&A) endeavors. These professional services encompass the automation of all A&A initiatives within the C2E office, including the generation of body of evidence (BoE), vulnerability assessments, business intelligence, and data-driven workflows.
