Company: QLYS
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001107843-25-000038
Chunk: 225

Company: QUALYS, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 225
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, partially offset by an increase in personnel costs, including stock-based compensation, of $1.1 million, driven by additional employees hired to support the growth of our business, and an increase in license expenses and professional service expenses of $0.2 million.

Cost of revenues increased by $3.2 million for the nine months ended September 30, 2025 compared to the same period in 2024, primarily due to an increase in personnel costs, including stock-based compensation, of $4.3 million, driven by additional employees hired to support the growth of our business, and an increase in license expenses of $1.7 million, partially offset by a decrease in depreciation and amortization expense of $2.8 million resulting from certain of our assets becoming fully depreciated or amortized.

Research and Development Expenses

Three Months EndedSeptember 30,ChangeNine Months EndedSeptember 30,Change20252024$%20252024$%(in thousands, except percentages)(in thousands, except percentages)Research and development$28,927 $28,901 $26 —%$88,330 $83,550 $4,780 6%

Research and development expenses remained relatively flat for the three months ended September 30, 2025 compared to the same period in 2024, primarily due to the impact of headcount growth to support product development, partially offset by lower average personnel costs, including stock-based compensation driven by lower average grant-date fair value and geographic mix of the incremental hires.

Research and development expenses increased by $4.8 million for the nine months ended September 30, 2025 compared to the same period in 2024, primarily due to an increase in personnel costs, including stock-based compensation, of $3.5 million, driven by additional employees hired to support the growth of our business, and an increase in shared cloud platform cost of $1.3 million.

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Sales and Marketing Expenses

Three Months EndedSeptember 30,ChangeNine Months EndedSeptember 30,Change20252024$%20252024$%(in thousands, except percentages)(in thousands, except percentages)Sales and marketing$35,280 $32,686 $2,594 8%$103,750 $94,240 $9,510 10%

Sales and marketing expenses increased by $2.6 million for the three months ended September 30, 2025 compared to the same period in 2024, primarily due to an