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Summary of Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2019
Summary of Selected Quarterly Financial Data (Unaudited) [Abstract]  
Summary of Selected Quarterly Financial Data (Unaudited)
Note 12. Summary of Selected Quarterly Financial Data (Unaudited)

The following is a summary of selected quarterly financial data for the previous two fiscal years (in thousands):

 
Quarters Ended
 
  
March 31
  
June 30
  
Sept. 30
  
Dec. 31
 
2019
            
Revenue
 
$
31,166
  
$
36,048
  
$
45,531
  
$
46,473
 
Gross profit
  
8,976
   
10,015
   
16,313
   
17,040
 
(Loss) income before income taxes and non-controlling interest
  
(3,137
)
  
(1,974
)
  
3,708
   
(838
)
Net income (loss) attributable to Telos Corporation (1)(2)
  
(3,413
)
  
(1,741
)
  
2,233
   
(3,480
)
Weighted Average Common Shares Outstanding, Class A, Basic
  
33,912
   
34,438
   
34,869
   
34,869
 
Weighted Average Common Shares Outstanding, Class B, Basic
  
3,204
   
3,204
   
3,204
   
3,204
 
Weighted Average Common Shares Outstanding, Class A, Diluted
  
33,912
   
34,438
   
36,727
   
34,869
 
Weighted Average Common Shares Outstanding, Class B, Diluted
  
3,204
   
3,204
   
3,204
   
3,204
 
Earnings per Share, Class A - Basic
  
(0.09
)
  
(0.05
)
  
0.06
   
(0.09
)
Earnings per Share, Class B - Basic
  
(0.09
)
  
(0.05
)
  
0.06
   
(0.09
)
Earnings per Share, Class A - Diluted
  
(0.09
)
  
(0.05
)
  
0.06
   
(0.09
)
Earnings per Share, Class B - Diluted
  
(0.09
)
  
(0.05
)
  
0.06
   
(0.09
)
                 
2018
                
Revenue
 
$
32,401
  
$
34,943
  
$
34,695
  
$
35,977
 
Gross profit
  
10,232
   
12,078
   
16,287
   
14,465
 
(Loss) income before income taxes and non-controlling interest
  
(1,693
)
  
450
   
4,722
   
(1,711
)
Net (loss) income attributable to Telos Corporation (1)(3)
  
(1,986
)
  
(87
)
  
4,113
   
(3,680
)
Weighted Average Common Shares Outstanding, Class A, Basic
  
32,927
   
33,468
   
33,912
   
33,912
 
Weighted Average Common Shares Outstanding, Class B, Basic
  
3,204
   
3,204
   
3,204
   
3,204
 
Weighted Average Common Shares Outstanding, Class A, Diluted
  
32,927
   
33,468
   
36,752
   
33,912
 
Weighted Average Common Shares Outstanding, Class B, Diluted
  
3,204
   
3,204
   
3,204
   
3,204
 
Earnings per Share, Class A - Basic
  
(0.05
)
  
0.00
   
0.11
   
(0.10
)
Earnings per Share, Class B - Basic
  
(0.05
)
  
0.00
   
0.11
   
(0.10
)
Earnings per Share, Class A - Diluted
  
(0.05
)
  
0.00
   
0.10
   
(0.10
)
Earnings per Share, Class B - Diluted
  
(0.05
)
  
0.00
   
0.10
   
(0.10
)

(1)
Changes in net income are the result of several factors, including seasonality of the government year-end buying season, as well as the nature and timing of other deliverables.
(2)
Net income for the third quarter of 2019 is attributable to $2.6 million in proprietary software sales which carry lower cost of sales.
(3)
Net income for the third quarter of 2018 included $5.6 million of revenue accruals for multiple contracts as a result of several years of cumulative indirect rate adjustments which did not include direct costs in Secure Mobility and Network Management/Defense Enterprise solutions deliverables.