ASHBURN, Va. - Telos Corporation (NASDAQ:TLS), a provider of security solutions, announced today the opening of twelve new TSA PreCheck enrollment centers across multiple states including California, Florida, and Texas. This expansion brings the total number of Telos-operated centers to 137 in 28 states, marking a significant increase in the company's footprint in the TSA PreCheck program.
The new centers, which begin operations today, are part of Telos's commitment to extending the convenience of TSA PreCheck enrollment to more consumers by increasing accessibility and service hours. TSA PreCheck, a Trusted Traveler program by the Department of Homeland Security, offers expedited security screening to enrolled members at participating airports.
John Wood, CEO and chairman of Telos, emphasized the importance of the expansion for travelers, stating that the new locations will make enrollment more accessible. He also highlighted the benefits of TSA PreCheck, which include faster screening times for members, with about 99% experiencing wait times of less than ten minutes.
Prospective applicants can pre-enroll or schedule an appointment via the authorized Telos TSA PreCheck website. Current members throughout the U.S. can renew their membership directly on the website, regardless of their original enrollment provider.
The press release also provides a list of Telos enrollment locations and notes the company's ongoing efforts to empower and protect security-conscious organizations with a range of cybersecurity, cloud security, and enterprise security solutions.
The information for this article is based on a press release statement from Telos Corporation.
In other recent news, Telos Corporation has secured a $485 million government contract, following the withdrawal of a protest against the award. This development comes on the heels of the company's announcement of teaming agreements with prime partners for federal government awards potentially totaling $525 million. However, another award estimated at $40 million over five years remains under protest.
Telos also secured a prime position on the United States Air Force's $12.5 billion infrastructure modernization contract, potentially adding approximately $50 million of annual revenue to Telos's Secure Networks business. BMO Capital Markets has lowered its price target for Telos to $3, citing concerns about extended protests and delays in securing large contracts. In contrast, B. Riley maintains a Buy rating on Telos and has increased its price target to $5.00, following Telos surpassing its Q2 2024 financial forecasts, recording revenues of $28.5 million.
These are recent developments in the company's operations and financial performance. Telos has also announced the opening of eight new TSA PreCheck enrollment centers across the United States, bringing the total to 91 centers nationwide, with plans to expand to 500 by 2025. These recent developments reflect the company's ongoing efforts to secure large-scale contracts and expand its services.
InvestingPro Insights
As Telos Corporation (NASDAQ:TLS) expands its TSA PreCheck enrollment centers, investors may be interested in the company's financial health and market performance. According to InvestingPro data, Telos has a market capitalization of $255.79 million USD, reflecting its position in the security solutions sector.
Despite the expansion of its TSA PreCheck program, Telos faces some financial challenges. An InvestingPro Tip indicates that analysts anticipate a sales decline in the current year, with revenue growth showing a -24.41% decrease in the last twelve months as of Q2 2024. This contraction in revenue might be a concern for investors, especially in light of the company's expansion efforts.
On a positive note, another InvestingPro Tip reveals that Telos holds more cash than debt on its balance sheet, which could provide financial flexibility as it continues to invest in growth initiatives like the new enrollment centers. This strong liquidity position is further supported by the fact that the company's liquid assets exceed its short-term obligations.
It's worth noting that Telos's stock has shown significant price volatility, according to InvestingPro Tips. This volatility is reflected in the company's price performance, with a 1-year price total return of 38.82% as of the latest data, despite a year-to-date decline of -3.01%.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights beyond those mentioned here. In fact, there are 7 more InvestingPro Tips available for Telos Corporation, providing a deeper understanding of the company's financial position and market outlook.
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