Company: QLYS
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001107843-25-000017
Chunk: 203

Company: QUALYS, INC.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 203
---
 of Three and Three Months Ended March 31, 2025 and 2024

Revenues

Three Months EndedMarch 31,Change20252024$%(in thousands, except percentages)Revenues$159,899 $145,805 $14,094 10 %

Revenues increased by $14.1 million for the three months ended March 31, 2025 compared to the same period in 2024, driven by increased demand for our subscription services by our end customers. Of the total increase of $14.1 million in revenues, 96% was from revenues from customers existing prior to January 1, 2025, and the remaining 4% was from new customers added in the three months ended March 31, 2025. Of the total increase of $14.1 million, 34% was from customers in the United States and the remaining 66% was from customers in foreign countries. Of the total increase of $14.1 million, 11% was from direct customers and the remaining 89% was from partners. In the three months ended March 31, 2025, 51% of total revenue was direct and the remaining 49% was from partners.

With our strong market position driving further demand for our solutions, we expect revenue growth from new and existing customers to continue.

Cost of Revenues

Three Months EndedMarch 31,Change20252024$%(in thousands, except percentages)Cost of revenues$28,926 $27,198 $1,728 6 %

Cost of revenues increased by $1.7 million for the three months ended March 31, 2025 compared to the same period in 2024, primarily due to an increase in personnel costs, including stock-based compensation, of $1.2 million, driven by additional employees hired to support the growth of our business, an increase in license expenses and professional service expenses of $1.0 million, and an increase in shared cloud platform cost of $0.6 million, partially offset by a decrease in depreciation and amortization expense of $1.1 million resulting from certain of our assets becoming fully depreciated or amortized. 

Research and Development Expenses

Three Months EndedMarch 31,Change20252024$%(in thousands, except percentages)Research and development$29,154 $27,530 $1,624 6 %

Research and development expenses increased by $1.6 million for the three months ended