Company: QLYS
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001107843-25-000031
Chunk: 267

Company: QUALYS, INC.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 2
Chunk 267
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 June 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.

Cost of Revenues

Three Months EndedJune 30,ChangeSix Months EndedJune 30,Change20252024$%20252024$%(in thousands, except percentages)(in thousands, except percentages)Cost of revenues$28,877 $26,415 $2,462 9%$57,803 $53,613 $4,190 8%

Cost of revenues increased by $2.5 million for the three months ended June 30, 2025 compared to the same period in 2024, primarily due to an increase in personnel costs, including stock-based compensation, of $1.8 million, driven by additional employees hired to support the growth of our business, an increase in shared cloud platform cost of $0.9 million, and an increase in license expenses and professional service expenses of $0.7 million, partially offset by a decrease in depreciation and amortization expense of $0.9 million resulting from certain of our assets becoming fully depreciated or amortized.

Cost of revenues increased by $4.2 million for the six months ended June 30, 2025 compared to the same period in 2024, primarily due to an increase in personnel costs, including stock-based compensation, of $3.1 million, driven by additional employees hired to support the growth of our business, an increase in shared cloud platform cost of $1.6 million, and an increase in license expenses and professional service expenses of $1.4 million, partially offset by a decrease in depreciation and amortization expense of $1.9 million resulting from certain of our assets becoming fully depreciated or amortized.

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Research and Development Expenses

Three Months EndedJune 30,ChangeSix Months EndedJune 30,Change20252024$%20252024$%(in thousands, except percentages)(in thousands, except percentages)Research and development$30,249 $27,119 $3,130 12%$59,403 $54,649 $4,754 9%

Research and development expenses increased by $3.1 million for the three months ended June 30, 2025 compared to the same period in 2024, primarily due to an increase in personnel costs, including stock