Company: QLYS
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001107843-25-000038
Chunk: 286

Company: QUALYS, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 286
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 the remaining 63% was from customers in foreign countries. Of the total increase of $45.5 million, 20% was from direct customers and the remaining 80% was from partners. In the nine months ended September 30, 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.

32

Cost of Revenues

Three Months EndedSeptember 30,ChangeNine Months EndedSeptember 30,Change20252024$%20252024$%(in thousands, except percentages)(in thousands, except percentages)Cost of revenues$27,798 $28,832 $(1,034)(4%)$85,601 $82,445 $3,156 4%

Cost of revenues decreased by $1.0 million for the three months ended September 30, 2025 compared to the same period in 2024, primarily due to a decrease in shared cloud platform cost of $1.4 million driven by the completion of our effort to migrate certain cloud platform footprint to a lower cost region to optimize infrastructure efficiency, a decrease in depreciation and amortization expense of $0.9 million resulting from certain of our assets that became fully depreciated or amortized, 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,