ASHBURN, Va. - Telos Corporation (NASDAQ: TLS), a provider authorized to enroll travelers in the TSA PreCheck program, announced the opening of twelve new enrollment centers across eight states, starting operations on Monday. The addition of centers in California, Colorado, Indiana, Mississippi, Missouri, Oregon, Texas, and Washington brings the company's total to 149 locations in 28 states.
The expansion is part of Telos' ongoing efforts to increase the accessibility of TSA PreCheck services, offering more convenient locations and extended hours for both enrollment and renewals. CEO John Wood emphasized the value of time-saving benefits that TSA PreCheck offers to travelers, such as reduced wait times at airport security checkpoints.
TSA PreCheck members enjoy expedited screening, typically waiting less than 10 minutes, and do not need to remove shoes, belts, light jackets, or take out electronics and liquids during the security process. The program has grown to over 20 million passengers since its inception in December 2013.
Prospective applicants can pre-enroll or schedule appointments via Telos' authorized TSA PreCheck website, while current members nationwide can renew directly online, irrespective of their original enrollment provider.
The press release also included a list of current and new enrollment locations, which can be found on Telos' TSA PreCheck website. This expansion aligns with Telos' mission to provide security assurance solutions to highly regulated industries and government entities.
While the press release contains forward-looking statements, it is important to note that these are based on current expectations and are subject to risks and uncertainties that may cause actual results to differ materially.
The information in this article is based on a press release statement from Telos Corporation.
In other recent news, Telos Corporation has been making significant strides in its operations and financial performance. The company recently secured a major federal contract worth up to $485 million over five years, following the withdrawal of a protest against the award. This development comes after Telos's announcement of teaming agreements with prime partners for federal government awards potentially totaling $525 million.
Additionally, Telos 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. However, BMO Capital Markets lowered its price target for Telos to $3 due to concerns about extended protests and delays in securing large contracts. On the other hand, B. Riley maintains a Buy rating on Telos and increased its price target to $5.00 after Telos surpassed its Q2 2024 financial forecasts, recording revenues of $28.5 million.
In addition to these developments, Telos announced the opening of twelve new TSA PreCheck enrollment centers across multiple states, bringing the total number of Telos-operated centers to 137 in 28 states. This expansion is part of Telos's commitment to extending the convenience of TSA PreCheck enrollment to more consumers. These are just some of the recent developments in Telos Corporation's operations and financial performance.
InvestingPro Insights
As Telos Corporation (NASDAQ: TLS) expands its TSA PreCheck enrollment centers, investors may find value in examining the company's financial health and market performance. According to InvestingPro data, Telos has a market capitalization of $263.01 million, reflecting its position in the security solutions sector.
Despite the expansion efforts, Telos faces some financial challenges. An InvestingPro Tip indicates that analysts anticipate a sales decline in the current year, which aligns with the reported revenue growth of -24.41% over the last twelve months as of Q2 2024. This decline may be a concern for investors considering the company's growth prospects.
On a positive note, Telos holds more cash than debt on its balance sheet, as highlighted by another InvestingPro Tip. This financial stability could provide the company with flexibility to fund its expansion plans and navigate potential market uncertainties.
Interestingly, Telos has shown a strong market performance with a 53.59% price total return over the past year. This suggests that investors have been optimistic about the company's prospects, possibly due to initiatives like the TSA PreCheck enrollment center expansion.
For those seeking a deeper analysis, InvestingPro offers additional insights with 8 more tips available for Telos Corporation. These tips could provide valuable context for understanding the company's financial position and future outlook in light of its recent operational expansions.
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