vs
Side-by-side financial comparison of TELOS CORP (TLS) and Voyager Technologies, Inc. (VOYG). Click either name above to swap in a different company.
TELOS CORP is the larger business by last-quarter revenue ($46.8M vs $46.7M, roughly 1.0× Voyager Technologies, Inc.). TELOS CORP runs the higher net margin — -34.9% vs -70.7%, a 35.9% gap on every dollar of revenue. On growth, TELOS CORP posted the faster year-over-year revenue change (77.4% vs 23.7%). TELOS CORP produced more free cash flow last quarter ($8.0M vs $-54.5M).
Telos Corporation is an information technology and cybersecurity company located in Ashburn, Virginia. Telos primarily serves government and enterprise clients, receiving a large number of its contracts from the United States Department of Defense. Customers are primarily military, intelligence and civilian agencies of the US government and NATO allies.
TLS vs VOYG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $46.8M | $46.7M |
| Net Profit | $-16.3M | $-33.0M |
| Gross Margin | 35.0% | 21.4% |
| Operating Margin | -39.6% | — |
| Net Margin | -34.9% | -70.7% |
| Revenue YoY | 77.4% | 23.7% |
| Net Profit YoY | -74.8% | -71.2% |
| EPS (diluted) | $-0.22 | $-0.52 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $46.8M | $46.7M | ||
| Q3 25 | $51.4M | $39.6M | ||
| Q2 25 | $36.0M | $45.7M | ||
| Q1 25 | $30.6M | — | ||
| Q4 24 | $26.4M | — | ||
| Q3 24 | $23.8M | — | ||
| Q2 24 | $28.5M | — | ||
| Q1 24 | $29.6M | — |
| Q4 25 | $-16.3M | $-33.0M | ||
| Q3 25 | $-2.1M | $-16.3M | ||
| Q2 25 | $-9.5M | $-31.4M | ||
| Q1 25 | $-8.6M | — | ||
| Q4 24 | $-9.3M | — | ||
| Q3 24 | $-28.1M | — | ||
| Q2 24 | $-7.8M | — | ||
| Q1 24 | $-7.4M | — |
| Q4 25 | 35.0% | 21.4% | ||
| Q3 25 | 39.9% | 15.4% | ||
| Q2 25 | 33.2% | 18.0% | ||
| Q1 25 | 39.8% | — | ||
| Q4 24 | 40.3% | — | ||
| Q3 24 | 13.2% | — | ||
| Q2 24 | 34.1% | — | ||
| Q1 24 | 37.0% | — |
| Q4 25 | -39.6% | — | ||
| Q3 25 | -4.8% | -60.7% | ||
| Q2 25 | -27.5% | -52.8% | ||
| Q1 25 | -29.5% | — | ||
| Q4 24 | -37.6% | — | ||
| Q3 24 | -121.4% | — | ||
| Q2 24 | -30.3% | — | ||
| Q1 24 | -28.5% | — |
| Q4 25 | -34.9% | -70.7% | ||
| Q3 25 | -4.1% | -41.1% | ||
| Q2 25 | -26.5% | -68.7% | ||
| Q1 25 | -28.1% | — | ||
| Q4 24 | -35.4% | — | ||
| Q3 24 | -118.0% | — | ||
| Q2 24 | -27.2% | — | ||
| Q1 24 | -24.9% | — |
| Q4 25 | $-0.22 | $-0.52 | ||
| Q3 25 | $-0.03 | $-0.28 | ||
| Q2 25 | $-0.13 | $-1.23 | ||
| Q1 25 | $-0.12 | — | ||
| Q4 24 | $-0.13 | — | ||
| Q3 24 | $-0.39 | — | ||
| Q2 24 | $-0.11 | — | ||
| Q1 24 | $-0.10 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $53.2M | $491.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $96.0M | — |
| Total Assets | $139.9M | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $53.2M | $491.3M | ||
| Q3 25 | $59.0M | $413.3M | ||
| Q2 25 | $57.0M | $468.9M | ||
| Q1 25 | $57.8M | — | ||
| Q4 24 | $54.6M | — | ||
| Q3 24 | $69.8M | — | ||
| Q2 24 | $80.1M | — | ||
| Q1 24 | $93.9M | — |
| Q4 25 | $96.0M | — | ||
| Q3 25 | $119.7M | $590.9M | ||
| Q2 25 | $118.4M | $554.7M | ||
| Q1 25 | $126.1M | — | ||
| Q4 24 | $127.1M | — | ||
| Q3 24 | $129.5M | — | ||
| Q2 24 | $149.1M | — | ||
| Q1 24 | $154.4M | — |
| Q4 25 | $139.9M | — | ||
| Q3 25 | $164.3M | $727.8M | ||
| Q2 25 | $165.0M | $685.3M | ||
| Q1 25 | $158.1M | — | ||
| Q4 24 | $158.2M | — | ||
| Q3 24 | $166.3M | — | ||
| Q2 24 | $182.4M | — | ||
| Q1 24 | $195.4M | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $8.0M | $-60.9M |
| Free Cash FlowOCF − Capex | $8.0M | $-54.5M |
| FCF MarginFCF / Revenue | 17.0% | -116.9% |
| Capex IntensityCapex / Revenue | 0.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $29.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.0M | $-60.9M | ||
| Q3 25 | $9.1M | $-15.1M | ||
| Q2 25 | $7.0M | $-30.9M | ||
| Q1 25 | $6.1M | — | ||
| Q4 24 | $-10.5M | — | ||
| Q3 24 | $-7.1M | — | ||
| Q2 24 | $-8.0M | — | ||
| Q1 24 | $-350.0K | — |
| Q4 25 | $8.0M | $-54.5M | ||
| Q3 25 | $8.7M | $-53.8M | ||
| Q2 25 | $6.8M | $-88.8M | ||
| Q1 25 | $6.0M | — | ||
| Q4 24 | $-12.4M | — | ||
| Q3 24 | $-7.1M | — | ||
| Q2 24 | $-8.2M | — | ||
| Q1 24 | $-447.0K | — |
| Q4 25 | 17.0% | -116.9% | ||
| Q3 25 | 16.9% | -135.8% | ||
| Q2 25 | 19.0% | -194.4% | ||
| Q1 25 | 19.5% | — | ||
| Q4 24 | -47.0% | — | ||
| Q3 24 | -30.0% | — | ||
| Q2 24 | -28.9% | — | ||
| Q1 24 | -1.5% | — |
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.9% | 97.8% | ||
| Q2 25 | 0.4% | 126.7% | ||
| Q1 25 | 0.4% | — | ||
| Q4 24 | 7.1% | — | ||
| Q3 24 | 0.2% | — | ||
| Q2 24 | 0.8% | — | ||
| Q1 24 | 0.3% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TLS
| Security Solutions Segment | $44.8M | 96% |
| Secure Networks Segment | $1.9M | 4% |
VOYG
| Defense and National Security | $35.7M | 77% |
| Space Solutions | $12.5M | 27% |
