Telos Corporation Announces Resolution of Protest on an Award Worth up to $485 Million to Telos Over Five Years
Telos (NASDAQ: TLS) has announced the resolution of a protest on a significant government award. The award, worth up to $485 million over five years, was initially announced on March 15, 2024, as part of a larger $525 million package of awards to Telos' Security Solutions business. The Government Accountability Office (GAO) disclosed that the protester has withdrawn its protest, and Telos' prime partner has informed the company that the government's "Stop-Work Order" will be lifted effective September 28, 2024. This development allows Telos to proceed with the contract execution. However, one other award worth up to $40 million over five years remains under protest.
Telos (NASDAQ: TLS) ha annunciato la risoluzione di un ricorso su un importante contratto governativo. L'appalto, del valore di $485 milioni per cinque anni, era stato inizialmente annunciato il 15 marzo 2024, come parte di un pacchetto più ampio di premi del valore di $525 milioni per il settore Soluzioni di Sicurezza di Telos. L'Ufficio per la Responsabilità del Governo (GAO) ha comunicato che il ricorrente ha ritirato il suo ricorso, e il principale partner di Telos ha informato l'azienda che l''Ordine di Sospensione dei Lavori' sarà revocato a partire dal 28 settembre 2024. Questo sviluppo consente a Telos di procedere con l'esecuzione del contratto. Tuttavia, un altro premio del valore di $40 milioni per cinque anni rimane ancora sotto ricorso.
Telos (NASDAQ: TLS) ha anunciado la resolución de una protesta sobre un importante contrato gubernamental. El contrato, por un valor de $485 millones durante cinco años, fue anunciado inicialmente el 15 de marzo de 2024, como parte de un paquete más grande de premios de $525 millones para el negocio de Soluciones de Seguridad de Telos. La Oficina de Responsabilidad del Gobierno (GAO) reveló que el demandante ha retirado su protesta, y el socio principal de Telos ha informado a la empresa que la 'Orden de Cese de Trabajos' se levantará a partir del 28 de septiembre de 2024. Este desarrollo permite a Telos continuar con la ejecución del contrato. Sin embargo, otro premio de hasta $40 millones durante cinco años sigue bajo protesta.
텔로스 (NASDAQ: TLS)는 중요한 정부 계약에 대한 항의가 해결되었음을 발표했습니다. 이 계약은 5년 동안 최대 $485백만의 가치를 지니며, 2024년 3월 15일에 텔로스의 보안 솔루션 사업을 위한 $525백만 패키지의 일환으로 처음 발표되었습니다. 정부 회계청(GAO)은 항의자가 항의를 철회했다고 밝혔고, 텔로스의 주요 파트너는 정부의 '작업 중지 명령'이 2024년 9월 28일부터 해제될 것이라고 통보했습니다. 이 개발은 텔로스가 계약 이행을 진행할 수 있도록 합니다. 그러나 다른 하나의 계약은 5년 동안 최대 $40백만의 가치가 있으며 여전히 항의 중입니다.
Telos (NASDAQ: TLS) a annoncé la résolution d'une contestation concernant un important contrat gouvernemental. Le contrat, d'une valeur pouvant atteindre 485 millions de dollars sur cinq ans, a été annoncé pour la première fois le 15 mars 2024, dans le cadre d'un ensemble plus large de 525 millions de dollars de contrats pour le secteur des Solutions de Sécurité de Telos. Le Bureau de la Responsabilité Gouvernementale (GAO) a révélé que le plaignant a retiré sa contestation, et le principal partenaire de Telos a informé l'entreprise que l''Ordre de Suspension des Travaux' sera levé à compter du 28 septembre 2024. Ce développement permet à Telos de poursuivre l'exécution du contrat. Cependant, un autre contrat d'une valeur de jusqu'à 40 millions de dollars sur cinq ans reste sous contestation.
Telos (NASDAQ: TLS) hat die Lösung eines Protestes gegen einen bedeutenden Regierungsauftrag bekannt gegeben. Der Auftrag, der bis zu 485 Millionen Dollar über fünf Jahre wert ist, wurde erstmals am 15. März 2024 im Rahmen eines größeren Pakets von 525 Millionen Dollar für das Sicherheitslösungs-Geschäft von Telos angekündigt. Das Government Accountability Office (GAO) gab bekannt, dass der Protestierende seinen Protest zurückgezogen hat, und der Hauptpartner von Telos hat das Unternehmen darüber informiert, dass die 'Stopp-Arbeitsauftrag' ab dem 28. September 2024 aufgehoben wird. Diese Entwicklung ermöglicht es Telos, mit der Ausführung des Vertrags fortzufahren. Es bleibt jedoch ein weiterer Auftrag im Wert von bis zu 40 Millionen Dollar über fünf Jahre im Protest.
- Resolution of protest on a major government award worth up to $485 million over five years
- Lifting of the "Stop-Work Order" effective September 28, 2024, allowing contract execution to proceed
- Potential for significant revenue increase from the resolved contract
- One award worth up to $40 million over five years still remains under protest
- Delay in contract execution due to the protest process
Insights
The resolution of the protest on a
The withdrawal of the protest and subsequent lifting of the Stop-Work Order is a important milestone for Telos. In government contracting, protests can significantly delay contract execution, impacting revenue forecasts. The resolution within 5 months is relatively quick, suggesting the strength of the original award decision. It's worth noting that Telos is operating through teaming agreements with prime partners, which is a common strategy for smaller contractors to access larger contracts. This approach allows Telos to leverage its specialized security solutions while benefiting from the prime contractor's past performance and contract management capabilities.
This contract resolution underscores the growing demand for advanced security solutions in the federal sector. Telos, specializing in cybersecurity and secure communications, is well-positioned to capitalize on this trend. The substantial contract value suggests a comprehensive, multi-faceted security implementation, likely involving cloud security, identity management and secure networks. As government agencies continue to modernize their IT infrastructure and face evolving cyber threats, companies like Telos with proven federal contracting experience are poised for growth. Investors should monitor Telos' execution on this contract as it could lead to future opportunities and solidify its market position.
ASHBURN, Va., Aug. 28, 2024 (GLOBE NEWSWIRE) -- On March 15, 2024, Telos Corporation (NASDAQ: TLS), announced that it had teaming agreements in place with prime partners who received awards from the federal government worth up to
On August 28, 2024, the Government Accountability Office (“GAO”) publicly disclosed that the protester on an award worth up to
One other award worth up to
About Telos Corporation
Telos Corporation (NASDAQ: TLS) empowers and protects the world’s most security-conscious organizations with solutions for continuous security assurance of individuals, systems, and information. Telos’ offerings include cybersecurity solutions for IT risk management and information security; cloud security solutions to protect cloud-based assets and enable continuous compliance with industry and government security standards; and enterprise security solutions for identity and access management, secure mobility, organizational messaging, and network management and defense. The company serves commercial enterprises, regulated industries and government customers around the world.
Forward-Looking Statements
This press release contains forward-looking statements which are made under the safe harbor provisions of the federal securities laws. These statements are based on the Company’s management’s current beliefs, expectations and assumptions about future events, conditions and results and on information currently available to them. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The Company believes that these risks and uncertainties include, but are not limited to, those described under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” set forth from time to time in the Company’s filings and reports with the U.S. Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year ended December 31, 2023, as well as future filings and reports by the Company, copies of which are available at https://investors.telos.com and on the SEC’s website at www.sec.gov.
Although the Company bases these forward-looking statements on assumptions that its management believes are reasonable when made, the Company cautions the reader that forward-looking statements are not guarantees of future performance and that the Company’s actual results of operations, financial condition and liquidity, and industry developments, may differ materially from statements made in or suggested by the forward-looking statements contained in this release. Given these risks, uncertainties and other factors, many of which are beyond its control, the Company cautions the reader not to place undue reliance on these forward-looking statements. Any forward-looking statement speaks only as of the date of such statement and, except as required by law, the Company undertakes no obligation to update any forward-looking statement publicly, or to revise any forward-looking statement to reflect events or developments occurring after the date of the statement, even if new information becomes available in the future. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless specifically expressed as such, and should only be viewed as historical data.
Media: media@telos.com
Investors: InvestorRelations@telos.com
FAQ
What is the value of the government award that Telos (TLS) received after protest resolution?
When will the "Stop-Work Order" be lifted for Telos 's (TLS) recently resolved contract?
How many government awards to Telos (TLS) are still under protest as of August 28, 2024?
When did Telos (TLS) initially announce the government awards that were subsequently protested?
