Telos plunges after Q2 loss widens, revenue declines

Telos

09/08/2024 17:42

** Shares of cybersecurity firm Telos Corp  TLS.O  fall ~41%
to $2.22 in afternoon trade 
    ** Stock hits lowest levels since early November 2023 after
results 
    ** Co reports Q2 revenue of $28.5 mln vs $32.9 mln, a year
ago 
    ** Adjusted quarterly loss widens to 9 cents/share compared
with a loss of 3 cents, in year-ago quarter 
    ** Analysts at D.A. Davidson write company's "cash burn has
been significant" 
    ** TLS says gross margin in the quarter contracted 349 basis
points due to higher amortization
    ** Stock down ~39% YTD, including session loss 

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com))