ASHBURN, Va. – The cybersecurity company Telos Corp. recently announced its financial results for the fourth quarter and fiscal year 2020.
“2020 was a momentous year for the company – we delivered strong revenue growth, continued to expand our customer relationships and closed our public offering in November,” Telos CEO and chairman John B. Wood said in a news release. “We are a leading cyber-security company with a 25-year history of providing innovative security solutions to the most security-conscious customers, and we have accelerated our efforts since the pandemic started. Our results are being driven by strong demand for our advanced security solutions, recent lonGterm contract wins and our growing sales channel.”
Wood said Telos is off to a strong start this year, as the company continues execute its growth strategy and significantly expand its sales and marketing capabilities. He noted that the company recently added its partnership with the cloud security company Zscaler to integrate Telos’ enterprise risk management solution, Xacta, into Zscaler’s offering.
The company has also announced two partnerships involving the integration of Telos’ virtual obfuscation solution, Telos Ghost. One partnership is with Johnson Controls for Johnson’s OpenBlue Cloudvue Gateway, which is used for Internet Protocol cameras to be sold to customers around the world. The second partnership will integrate Telos Ghost into Omnilert Gun Detect, the industry’s first artificial intelligence-powered visual gun detection solution to be sold for use on campuses.
FOURTH- QUARTER FINANCIAL HIGHLIGHTS
Revenue: Total revenue was $44.9 million, compared to $46.5 million in the fourth quarter of 2019. The expected decline in revenue was due to the ramping down of the U.S. Census contract during the fourth quarter of 2020.
Gross profit: Gross profit was $16.0 million, compared to $17.0 million in the fourth quarter of 2019.
Net income (loss): Net income (loss) was $3.9 million, compared to $(3.5) million in the fourth quarter of 2019.
FULL- YEAR FINANCIAL HIGHLIGHTS
Revenue: Total revenue increased 13% to $179.9 million, compared to $159.2 million in 2019.
Gross profit: Gross profit increased 19% to $62.4 million, compared to $52.3 million in 2019.
Net income (loss): Net income was $1.7 million, compared to a net loss of $(6.4) million in 2019.