Telos Corporation ( TLS ) shares are trading higher on Friday.

The company reported fourth-quarter adjusted earnings per share of $(0.09) loss, narrower than the street view of $(0.12) loss.

Quarterly sales of $41.059 million beat the street view of $32.06 million.

Gross profit in the quarter under review totaled $14.1 million, lower than $18.3 million a year ago. Quarterly gross margin contracted to 34.3% from 38.6%.

“I am pleased to announce that Telos’ prime partners have received awards on new programs that are worth up to $525 million to Telos ( TLS ) over a five-year period, subject to favorable resolution of protests,” said John B. Wood, chairman and CEO. 

Fourth quarter adjusted EBITDA stood at $(3.2) million loss, significantly lower than $5.4 million a year ago.

“These opportunities would add high-quality revenues to the Telos ( TLS ) portfolio, providing a path to sequential revenue growth later in 2024 and significant revenue growth in 2025,” Wood added.

Telos ( TLS ) exited the quarter with cash and equivalents worth $99.26 million.

Outlook: Telos Corp ( TLS ) expects first-quarter revenue to decline (21%) – (18%) Y/Y to $28 million-$29 million versus $33.06 million estimate.

Price Action: TLS shares are trading higher by 10.9% to $3.495 on the last check Friday.