Signal: Security Checkpoint Notes $396M Net Loss in Leidos Q3 Financials

Leidos reported a net loss of $396 million on total revenue of $3.9 billion and adjusted EBITDA of $451 million in its third-quarter financial statement released on Oct. 31, 2023, which equates to a loss of $2.91 per diluted share.

Thomas Bell, CEO of Leidos, commented: “Our third quarter financial results build on last quarter’s momentum and are the direct result of aligning our entire team with our direction and our intent to deliver on our commitments.”

Leidos assigns the loss in a $699 million pre-tax, non-cash impairment and restructuring charge related to the company’s Security Enterprise Solutions division. Non-cash impairments of this type often refer to a part of a company that has lost value.

However, revenue of $3.9 billion represents a 9% year-over-year increase, with Leidos taking on major contracts this quarter. The US Army Program Executive Office (PEO) has awarded Leidos a ten-year, $7.9 billion contract to enhance mission readiness in complex IT hardware throughout its life cycle.

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From GlobalData

The Department of Homeland Security also awarded Leidos a $918 million, seven-year contract to leverage cutting-edge technologies, including the development of quantum-resistant cryptography.

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A £125 million contract has been awarded to Leidos by PEO for prototype visualization of software components for missile and space weapon systems.

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