Telos published a fourth-quarter and full-year 2025 earnings call presentation reporting Q4 revenue of USD 46.8 million, up 77% year over year. Q4 GAAP gross margin was 35% and adjusted EBITDA was USD 7.3 million. Cash flow from operations in Q4 was USD 8 million and free cash flow was USD 6.3 million. For FY2025, revenue was USD 164.8 million, up 52% year over year, driven by Security Solutions revenue of USD 149.6 million, which nearly doubled due to expansion within the Telos ID portfolio, while Secure Networks revenue fell 52% to USD 15.2 million due to ramp down and completion of certain programs. Telos guided for FY2026 revenue of USD 187 million to USD 200 million and adjusted EBITDA of USD 20.6 million to USD 28 million.
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