TELOS CORP

For the period ended Dec 31, 2025. Filed Mar 16, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 16, 2026

TLS$7.17+48.8%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Table of Contents to 2025 Form 10-K

Page
	Special Note Regarding Forward-Looking Statements	4
PART I
Item 1.	Business	5
Item 1A.	Risk Factors	11
Item 1B.	Unresolved Staff Comments	25
Item 1C.	Cybersecurity	25
Item 2.	Properties	27
Item 3.	Legal Proceedings	27
Item 4.	Mine Safety Disclosures	27
PART II
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	28
Item 6.	[Reserved]	28
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	29
	Overview	29
	Business Environment	29
	Key Performance Measures	31
	Backlog	31
	Financial Highlights	32
	Results of Operations	32
	Non-GAAP Financial Measures	34
	Liquidity and Capital Resources	35
	Critical Accounting Policies and Estimates	36
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk	38
Item 8.	Consolidated Financial Statements and Supplementary Data	39
	Report of Independent Registered Public Accounting Firm (PCAOB ID No. 238)	39
	Consolidated Statements of Operations	41
	Consolidated Statements of Comprehensive Loss	42
	Consolidated Balance Sheets	43
	Consolidated Statements of Cash Flows	44
	Consolidated Statements of Changes in Stockholders' Equity	45
	Notes to the Consolidated Financial Statements	46
	1.Organization	46
	2. Summary of Significant Accounting Policies	46
	3. Revenue Recognition	54
	4. Accounts Receivable, Net	57
	5. Property and Equipment, Net	58
	6. Goodwill, Net	58
	7. Intangible Assets, Net	59
	8. Other Balance Sheet Components	60
	9. Revolving Credit Facility	61
	10. Stockholders' Equity	61
	11. Stock-Based Compensation	62
	12. Leases	64
	13. Employee Benefit Plan	65
	14. Income Taxes	66
	15. Loss Per Share	68
	16. Segment Information	69
	17. Supplemental Cash Flow Information	70
	18. Commitments, Contingencies and Subsequent Events	70

Page
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	71
Item 9A.	Controls and Procedures	71
Item 9B.	Other Information	72
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspection	72
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	73
Item 11.	Executive Compensation	73
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	73
Item 13.	Certain Relationships and Related Transactions, and Director Independence	73
Item 14.	Principal Accounting Fees and Services	73
PART IV
Item 15.	Exhibits and Financial Statement Schedules	74
	Signatures	76

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.