Filing Flows › Telos (TLS) › Q1 2026 › vs Q4 2025
Telos (TLS) Q1 2026 vs Q4 2025 (quarter over quarter)
Telos's revenue rose $965K (+2%) from $46.8M in Q4 2025 to $47.7M in Q1 2026. The biggest changes: Service +$7.1M (+20%); Product −$6.2M (-52%). Gross margin 36.4% against 35.0% (+1.4 pts).
Telos, Q1 2026: revenue $47.7M (+56% year over year), operating margin 3.0%, net earnings $2.0M, operating cash flow $8.7M. The chart draws each line against Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Gross margin | 36.4% | 35.0% | +1.4 pts |
| Operating margin | 3.0% | -39.6% | +42.6 pts |
| Net margin | 4.2% | -34.9% | +39.1 pts |
| Free cash flow margin | 17.8% | 17.0% | +0.8 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Service | $42.1M | $34.9M | $7.1M | +20% |
| Product | $5.7M | $11.9M | −$6.2M | -52% |
| Revenue | $47.7M | $46.8M | $965K | +2% |
| Gross profit | $17.4M | $16.4M | $1.0M | +6% |
| Cost of revenue | $30.4M | $30.4M | −$53K | -0.2% |
| Other income, net | $586K | $1.5M | −$885K | -60% |
| Operating profit | $1.5M | −$18.5M | $20.0M | — |
| Operating expenses | $15.9M | $34.9M | −$18.9M | -54% |
| Pre-tax earnings | $2.0M | −$17.0M | $19.1M | — |
| Research & development | $1.4M | $2.1M | −$718K | -35% |
| SG&A | $14.6M | $17.9M | −$3.3M | -19% |
| Net earnings | $2.0M | −$16.3M | $18.3M | — |
| Income tax | $18K | −$726K | $744K | — |
| Depreciation & amortization | $3.4M | $3.4M | $0 | 0% |
| Share-based compensation | $3.0M | $6.0M | −$3.0M | -50% |
| Working capital & other | $233K | $14.9M | −$14.7M | -98% |
| Operating cash flow | $8.7M | $8.0M | $676K | +8% |
| Free cash flow (OCF − capex) | $8.5M | $8.0M | $561K | +7% |
| Capital expenditures | $145K | $30K | $115K | +383% |
Questions
How much did Telos's revenue grow quarter over quarter in Q1 2026?
Telos's revenue rose $965K (+2%) from $46.8M in Q4 2025 to $47.7M in Q1 2026.
What drove Telos's revenue change in Q1 2026?
Service +$7.1M (+20%); Product −$6.2M (-52%).