TLS (TLS) financial statements
TLS reported revenue of $165M in fiscal 2025, up 2.3% a year over 9 years.
Net income was -$37M and the operating margin -24.2%, against 1.6% in 2016.
Free cash flow was $21M, and the company returned $14M in net buybacks.
The diluted share count rose 98% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from TLS's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $135M | $108M | $138M | $159M | $180M | $242M | $217M | $145M | $108M | $165M |
| Cost of revenue | $91M | $67M | $85M | $107M | $117M | $156M | $138M | $92M | $74M | $104M |
| Gross profit | $43M | $41M | $53M | $52M | $62M | $86M | $79M | $53M | $34M | $61M |
| Research and development | $3M | $4M | $9M | $11M | $14M | $19M | $17M | $12M | $8M | $7M |
| Selling, general and admin | $41M | $40M | $44M | $47M | $62M | $127M | $133M | $93M | $75M | $79M |
| Operating income | $2M | $414,000 | $9M | $5M | $297,000 | -$41M | -$54M | -$40M | -$56M | -$40M |
| Interest expense | $5M | $7M | $7M | $7M | $7M | $777,000 | $874,000 | $786,000 | $644,000 | $553,000 |
| Pre-tax income | -$3M | -$6M | $2M | -$2M | $7M | -$43M | -$53M | -$34M | -$52M | -$37M |
| Income tax | $334,000 | -$3M | $31,000 | -$104,000 | -$46,000 | -$28,000 | $54,000 | $36,000 | $26,000 | -$663,000 |
| Net income | -$7M | -$6M | -$2M | -$6M | $2M | -$43M | -$53M | -$34M | -$53M | -$37M |
| EPS (diluted) | — | — | -$0.04 | -$0.17 | $0.04 | -$0.65 | -$0.79 | -$0.50 | -$0.73 | -$0.50 |
| Diluted shares | — | — | 37M | 38M | 43M | 66M | 68M | 69M | 72M | 73M |
| Gross margin | 32.2% | 37.7% | 38.4% | 32.9% | 34.7% | 35.5% | 36.4% | 36.4% | 31.8% | 37.0% |
| Operating margin | 1.6% | 0.4% | 6.5% | 3.2% | 0.2% | -17.1% | -24.8% | -27.7% | -51.6% | -24.2% |
| Net margin | -5.3% | -5.4% | -1.2% | -4.0% | 0.9% | -17.8% | -24.6% | -23.7% | -48.5% | -22.2% |
Balance sheet
Fiscal years, from TLS's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $659,000 | $600,000 | $72,000 | $7M | $106M | $127M | $119M | $99M | $55M | $53M |
| Receivables | $19M | $25M | $35M | $28M | $31M | $60M | $40M | $30M | $19M | $17M |
| Inventory | $4M | $14M | $4M | $2M | $3M | $1M | $3M | $1M | $2M | $996,000 |
| Total current assets | $25M | $42M | $41M | $40M | $144M | $192M | $168M | $140M | $91M | $94M |
| Property, plant and equipment | $16M | $16M | $17M | $20M | $15M | $6M | $5M | $3M | $4M | $3M |
| Goodwill | $15M | $15M | $15M | $15M | $15M | $18M | $18M | $18M | $18M | $3M |
| Total assets | $57M | $74M | $74M | $78M | $184M | $246M | $237M | $209M | $158M | $140M |
| Total current liabilities | $34M | $46M | $39M | $37M | $39M | $51M | $46M | $39M | $22M | $37M |
| Total liabilities | $187M | $210M | $207M | $214M | $57M | $66M | $65M | $50M | $31M | $44M |
| Shareholders' equity | -$132M | -$137M | -$135M | -$141M | $127M | $180M | $172M | $159M | $127M | $96M |
| Net debt | -$659,000 | -$600,000 | -$72,000 | -$7M | -$106M | -$127M | -$119M | -$99M | -$55M | -$53M |
Cash flow
Fiscal years, from TLS's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $14M | -$591,000 | $6M | $12M | -$2M | $7M | $17M | $2M | -$26M | $30M |
| Capital spending | $624,000 | $2M | $4M | $7M | $7M | $13M | $14M | $15M | $14M | $9M |
| Free cash flow | $13M | -$3M | $2M | $5M | -$10M | -$6M | $3M | -$14M | -$40M | $21M |
| Stock-based compensation | $0 | $50,000 | $0 | $0 | $4,000 | $60M | $65M | $24M | $21M | $30M |
| Share buybacks (net) | — | — | — | $0 | $0 | -$1M | -$11M | -$139,000 | $0 | -$14M |
| Free cash flow margin | 9.8% | -2.6% | 1.6% | 3.3% | -5.3% | -2.4% | 1.3% | -9.6% | -36.7% | 12.9% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for TLS.
Open TLS in InvestinglyQuestions
What was TLS's revenue in 2025?
$165M in fiscal 2025, from its 10-K filing.
How much free cash flow does TLS generate?
$21M in fiscal 2025 (operating cash flow minus capital spending).
From TLS's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.