Telos Corp (NASDAQ: TLS) is a government-focused cybersecurity and secure networking company that provides identity management, security solutions, and secure network architectures primarily to U.S. defense and civilian government agencies. Revenue comes from two reported segments: Security Solutions, which represented 90.8% of total revenues in FY2025, and Secure Networks, which represented 9.2% of total revenues in FY2025, down from 29.1% in FY2024. Total revenue was $164.8 million in FY2025, up 52.2% year-over-year, driven by 94.9% growth in Security Solutions due to expansion of large programs in Telos ID. Cash flow from operations was $30.2 million in FY2025, compared to a $25.9 million outflow in FY2024. The company repurchased approximately 3.1 million shares at an average price of $4.38 per share in FY2025. John B. Wood serves as Chairman and CEO, and Mark Bendza serves as CFO, as of the 10-K filed March 16, 2026.

Revenue model

Telos generates revenue through two segments: Security Solutions, which includes identity and access management programs such as Telos ID, and Secure Networks, which covers secure mobility solutions and network management and defense services. Contracts are primarily with U.S. government agencies, with revenue recognized under government contracting arrangements.

Products and services

Security Solutions: identity management and credentialing programs, including Telos ID. Secure Networks: secure mobility solutions, network design, operations and sustainment, system integration and engineering, network security and compliance, deployable communications, service desk, defensive cyber operations, and program management. Products span wired and wireless, fixed and deployable, classified and unclassified voice, data, and video secure network solutions.

Customers and end markets

Primary customers are U.S. federal government defense and civilian agencies. The company serves both defense missions and civilian government programs. Revenue growth in FY2025 was concentrated in large Telos ID programs within the Security Solutions segment.

Value-chain role

Telos acts as a system integrator and solutions provider, combining internally developed technologies, licensed third-party software, and engineering services to deliver cybersecurity and secure networking capabilities to government customers. The company holds security clearances and industry certifications relevant to government contracting.

Geographic exposure

The filing does not provide a detailed geographic revenue breakdown. Operations and intellectual property protections are noted as primarily U.S.-based.

Source: SEC 10-K, filed 2026-03-16

Industry: Services-Computer Integrated Systems Design Peers: Microsoft Corp A10 Networks Inc Appgate, Inc. Arteris Inc Intrusion Inc ZeroFox Holdings, Inc. OneSpan Inc SecureWorks Corp ZUORA INC