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- Telos Corp (NASDAQ:TLS) reported third-quarter FY21 revenue growth of 48% year-on-year to $70.1 million, missing the consensus of $76 million.
- Services revenue rose 44.2% Y/Y to $63.7 million.
- The gross margin expanded 229 bps to 37%, aided by every business line.
- EPS of $0.10 missed the consensus of $0.11.
- Telos generated $12.5 million in operating cash flow and held $134.1 million in cash and equivalents.
- "We saw strong third-quarter results, as we delivered 48% reported sales growth, 80% adjusted sales growth, and increased gross profit 57% to a record $26.1 million," Chair and CEO John B. Wood said.
- Outlook: Telos slashed FY21 revenue outlook from $283 million - $295 million to $240 million - $245 million, below the consensus of $286.3 million.
- It sees Adjusted EBITDA of $18 million - $19 million (prior view $33 million - $36 million).
- Price Action: TLS shares traded lower by 20.2% at $19.45 in premarket on the last check Monday.
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