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Summary of Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2020
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
 
2020
            
Revenue
 
$
38,980
  
$
48,610
  
$
47,440
  
$
44,887
 
Gross profit
  
12,242
   
17,573
   
16,562
   
16,043
 
(Loss) income before income taxes and non-controlling interest
  
(1,606
)
  
3,074
   
2,502
   
2,825
 
 Net (loss) income attributable to Telos Corporation (1)(2)
  
(2,244
)
  
266
   
(200
)
  
3,865
 
      Weighted-average common shares outstanding, basic
  
38,073
   
38,583
   
39,002
   
50,383
 
      Weighted-average common shares outstanding, diluted
  
38,073
   
39,927
   
39,002
   
51,288
 
      Basic net (loss) earnings per share
  
(0.06
)
  
0.01
   
(0.01
)
  
0.08
 
      Diluted net (loss) earnings per share
  
(0.06
)
  
0.01
   
(0.01
)
  
0.08
 
                 
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 (loss) income attributable to Telos Corporation (1)(3)
  
(3,413
)
  
(1,741
)
  
2,233
   
(3,480
)
Weighted-average common shares outstanding, basic
  
37,116
   
37,642
   
38,073
   
38,073
 
Weighted-average common shares outstanding, diluted
  
37,116
   
37,642
   
39,931
   
38,073
 
Basic net (loss) earnings per share
  
(0.09
)
  
(0.05
)
  
0.06
   
(0.09
)
Diluted net (loss) earnings per share
  
(0.09
)
  
(0.05
)
  
0.06
   
(0.09
)

(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 second quarter of 2020 is attributable to a change in the mix and timing of Telos ID  deliverables.
(3)
Net income for the third quarter of 2019  is attributable to $2.6 million in proprietary software sales which carry lower cost of sales.