Technology

Qualys Announces Fourth Quarter and Full Year 2024 Financial Results

Published

1 year ago

February 6, 2025

Q4 Revenue Growth of 10% Year-Over-Year

Full Year 2024 Revenue Growth of 10% Year-Over-Year

Announces $200 Million Increase to Share Repurchase Program

FOSTER CITY, Calif., Feb. 6, 2025 /PRNewswire/ — Qualys, Inc. (NASDAQ: QLYS), a leading provider of disruptive cloud-based IT, security and compliance solutions, today announced financial results for the fourth quarter and full year ended December 31, 2024. For the quarter, the Company reported revenues of $159.2 million, net income under United States Generally Accepted Accounting Principles (“GAAP”) of $44.0 million, non-GAAP net income of $59.4 million, Adjusted EBITDA of $74.2 million, GAAP net income per diluted share of $1.19, and non-GAAP net income per diluted share of $1.60.

“Customers are starting to leverage the breadth and depth of the Qualys Enterprise TruRisk Platform as they look to rearchitect and transform their security stacks,” said Sumedh Thakar, Qualys’ president and CEO. “Our results this quarter demonstrate the rapid pace of innovation at Qualys and reflect the growing success of newer product initiatives, including Cybersecurity Asset Management, Patch Management, and TotalCloud. With our natively integrated platform and frictionless approach to quantifying, prioritizing, articulating, and remediating cyber risk, we believe we’ll continue to perform well against our competitors, extend our leadership, and provide a runway for long-term sustainable growth.”

Fourth Quarter 2024 Financial Highlights

Revenues: Revenues for the fourth quarter of 2024 increased by 10% to $159.2 million compared to $144.6 million for the same quarter in 2023.

Gross Profit: GAAP gross profit for the fourth quarter of 2024 increased by 11% to $130.2 million compared to $117.4 million for the same quarter in 2023. GAAP gross margin was 82% for the fourth quarter of 2024 compared to 81% for the same quarter in 2023. Non-GAAP gross profit for the fourth quarter of 2024 increased by 11% to $133.0 million compared to $120.2 million for the same quarter in 2023. Non-GAAP gross margin was 84% for the fourth quarter of 2024 compared to 83% for the same quarter in 2023.

Operating Income: GAAP operating income for the fourth quarter of 2024 increased by 19% to $49.4 million compared to $41.5 million for the same quarter in 2023. As a percentage of revenues, GAAP operating income was 31% for the fourth quarter of 2024 compared to 29% for the same quarter in 2023. Non-GAAP operating income for the fourth quarter of 2024 increased by 16% to $70.7 million compared to $60.8 million for the same quarter in 2023. As a percentage of revenues, non-GAAP operating income was 44% for the fourth quarter of 2024 compared to 42% for the same quarter in 2023.

Net Income: GAAP net income for the fourth quarter of 2024 increased by 8% to $44.0 million, or $1.19 per diluted share, compared to $40.6 million, or $1.08 per diluted share, for the same quarter in 2023. As a percentage of revenues, GAAP net income was 28% for both the fourth quarter of 2024 and the same quarter in 2023. Non-GAAP net income for the fourth quarter of 2024 was $59.4 million, or $1.60 per diluted share, compared to $52.8 million, or $1.40 per diluted share, for the same quarter in 2023. As a percentage of revenues, non-GAAP net income was 37% for both the fourth quarter of 2024 and the same quarter in 2023.

Adjusted EBITDA: Adjusted EBITDA (a non-GAAP financial measure) for the fourth quarter of 2024 increased by 13% to $74.2 million compared to $65.8 million for the same quarter in 2023. As a percentage of revenues, Adjusted EBITDA was 47% for the fourth quarter of 2024 compared to 46% for the same quarter in 2023.

Operating Cash Flow: Operating cash flow for the fourth quarter of 2024 increased by 41% to $47.7 million compared to $33.8 million for the same quarter in 2023. As a percentage of revenues, operating cash flow was 30% for the fourth quarter of 2024 compared to 23% for the same quarter in 2023.

Fourth Quarter 2024 Business Highlights

Full Year 2024 Financial Highlights

Revenues: Revenues for 2024 increased by 10% to $607.6 million compared to $554.5 million for 2023.

Gross Profit: GAAP gross profit for 2024 increased by 11% to $496.1 million compared to $447.0 million for 2023. GAAP gross margin was 82% for 2024 compared to 81% in 2023. Non-GAAP gross profit increased by 11% to $507.1 million for 2024 compared to $457.3 million for 2023. Non-GAAP gross margin was 83% in 2024 compared to 82% in 2023.

Operating Income: GAAP operating income for 2024 was $187.2 million compared to $163.1 million for 2023. As a percentage of revenues, GAAP operating income was 31% for 2024 compared to 29% for 2023. Non-GAAP operating income for 2024 was $267.2 million compared to $235.2 million for 2023. As a percentage of revenues, non-GAAP operating income was 44% for 2024 compared to 42% for 2023.

Net Income: GAAP net income for 2024 increased by 15% to $173.7 million, or $4.65 per diluted share, compared to $151.6 million, or $4.03 per diluted share for 2023. As a percentage of revenues, GAAP net income was 29% for 2024 compared to 27% for 2023. Non-GAAP net income for 2024 was $229.0 million, or $6.13 per diluted share, compared to non-GAAP net income of $198.1 million, or $5.27 per diluted share for 2023. As a percentage of revenues, non-GAAP net income was 38% for 2024 compared to 36% for 2023.

Adjusted EBITDA: Adjusted EBITDA (a non-GAAP financial measure) for 2024 increased by 9% to $282.8 million compared to $259.1 million for 2023. As a percentage of revenues, Adjusted EBITDA was 47% for 2024 compared to 47% for 2023.

Operating Cash Flow: Operating cash flow for 2024 was $244.1 million compared to $244.6 million for 2023. As a percentage of revenues, operating cash flow was 40% for 2024 compared to 44% for 2023.

Full Year 2024 Business Highlights

Market Recognition

Gartner recognized Qualys’ TotalCloud among solutions named in its July 2024, Marketguide for Cloud Native Application Protection Platforms.Industry analyst firm KuppingerCole recognized Qualys’ TotalCloud as an Overall and Market Leader in their 2024 Leadership Compass for Cloud Security Posture Management.Qualys’ Cybersecurity Asset Management ranked as a strong performer among top vendors in the Forrester Wave for Attack Surface Management.The 2024 GigaOm Radar Report for Continuous Vulnerability Management ranked Qualys’ VMDR as a leading vulnerability management solution for the fourth straight year. It noted VMDR stands apart from the competition as a “comprehensive risk-based approach to vulnerability management.”Qualys’ VMDR and TotalCloud were named finalists for the SC Awards Europe in categories of Best Vulnerability Management and Best Cloud Security solutions, highlighting their excellence and contributions to shaping the future of technology and cybersecurity in the UK and Europe.Italian Security Awards names Qualys Best Enterprise Risk Management and Regulatory Compliance Solution.

Products & Features

Launched the Risk Operations Center (ROC) with Enterprise TruRisk Management (ETM) to enable CISOs and business leaders to manage cybersecurity risks in real time, transforming fragmented, siloed data into actionable insights that align cyber risk operations with business priorities.Announced Qualys’ TruRisk Eliminate, a remediation solution extending beyond patching by providing patchless patching, targeted isolation, and other mitigation strategies to help organizations reduce risk.Unveiled TotalCloud 2.0 with TruRisk Insights, bringing together cloud infrastructure, SaaS apps, and externally exposed assets for a unified view of risk across multi-cloud environments.Introduced Qualys’ Containerized Scanner Appliance (QCSA) providing agility, flexibility, scalability, isolation, and standardization of Docker containers, an invaluable tool for modern IT environments.Expanded our portfolio by introducing Qualys TotalAI, designed to address the growing challenges and risks of securing generative AI and large language model (LLM) applications to detect data leaks, injection issues, and model theft.Delivered CyberSecurity Asset Management 3.0 with significant External Attack Surface Management (EASM) enhancements for an accurate, real-time view of asset inventory that reduces false positives.Qualys’ enhanced CyberSecurity Asset Management solution detects unmanaged and untrusted devices in real time through passive discovery functionality within the Qualys Cloud Agent. This enhancement reinforces the solutions leadership in internal and external attack surface management.Introduced updates to Qualys’ Web Application Security solution including context-aware TruRisk prioritization, advanced API security features, and a redesigned user interface offering guided workflows and feedback loops. These updates address the growing complexity of securing web applications and APIs in digital environments.Expanded File Integrity Monitoring (FIM) to support network devices, providing customers with comprehensive tracking of file and folder changes, as well as critical file access. This includes real-time File Access Monitoring and Agentless FIM to help organizations achieve Payment Card Industry – Data Security Standard (PCI DSS) 4.0 compliance.

Business Developments

Celebrated Qualys’ 25-year anniversary along with showcasing the Company’s cutting-edge innovation and industry leadership to over 1,500 participants at Qualys Security Conferences held throughout the year in the U.S., U.K., and India.Reinforced Qualys’ commitment to the Managed Security Service Provider (MSSP) channel by launching a new global MSSP portal to streamline partner operations with a single-user interface that helps accelerate client acquisition and growth.Expanded our focus on the government sector by accelerating support for federal zero-trust strategies through automated asset visibility and attack surface risk management aligning with the Federal Information Security Modernization Act (FISMA) guidelines. Additionally, Qualys hosted more than 200 attendees at its first Public Sector Cyber Risk Conference in Washington, D.C., with notable speakers from the public sector.Expanded Qualys’ partnership with Oracle to include VMDR and TotalCloud, which are both now integrated natively with Oracle Cloud Infrastructure (OCI), and available on the Oracle Cloud Marketplace.

Financial Performance Outlook

Based on information as of today, February 6, 2025, Qualys is issuing the following financial guidance for the first quarter and full year fiscal 2025. The Company emphasizes that the guidance is subject to various important cautionary factors referenced in the sections entitled “Legal Notice Regarding Forward-Looking Statements” and “Non-GAAP Financial Measures” below.

First Quarter 2025 Guidance: Management expects revenues for the first quarter of 2025 to be in the range of $155.5 million to $158.5 million, representing 7% to 9% growth over the same quarter in 2024. GAAP net income per diluted share is expected to be in the range of $0.95 to $1.05, which assumes an effective income tax rate of 22%. Non-GAAP net income per diluted share is expected to be in the range of $1.40 to $1.50, which assumes a non-GAAP effective income tax rate of 21%. First quarter 2025 net income per diluted share estimates are based on approximately 37.0 million weighted average diluted shares outstanding for the quarter.

Full Year 2025 Guidance: Management expects revenues for the full year of 2025 to be in the range of $645.0 million to $657.0 million, representing 6% to 8% growth over 2024. GAAP net income per diluted share is expected to be in the range of $3.62 to $4.02. This assumes an effective income tax rate of 22%. Non-GAAP net income per diluted share is expected to be in the range of $5.50 to $5.90. This assumes a non-GAAP effective income tax rate of 21%. Full year 2025 net income per diluted share estimates are based on approximately 36.9 million weighted average diluted shares outstanding.

Qualys has not reconciled non-GAAP net income per diluted share guidance to GAAP net income per diluted share guidance because Qualys does not provide guidance on the various reconciling cash and non-cash items between GAAP net income and non-GAAP net income (i.e., stock-based compensation, amortization of intangible assets from acquisitions and non-recurring items). The actual dollar amount of reconciling items in the first quarter and full year 2025 is likely to have a significant impact on the Company’s GAAP net income per diluted share in the first quarter and full year 2025. A reconciliation of the non-GAAP net income per diluted share guidance to the GAAP net income per diluted share guidance is not available without unreasonable effort.

Investor Conference Call

Qualys will host a conference call and live webcast to discuss its fourth quarter and full year 2024 financial results at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on Thursday, February 6, 2025. To access the conference call by phone, please register here. A live webcast of the earnings conference call, investor presentation and prepared remarks can be accessed at https://investor.qualys.com/events-presentations. A replay of the conference call will be available through the same webcast link following the end of the call.

Investor Contact
Blair King
Vice President, Investor Relations and Corporate Development
(650) 538-2088
ir@qualys.com

About Qualys

Qualys, Inc. (NASDAQ: QLYS) is a leading provider of disruptive cloud-based Security, Compliance and IT solutions with more than 10,000 subscription customers worldwide, including a majority of the Forbes Global 100 and Fortune 100. Qualys helps organizations streamline and consolidate their security and compliance solutions onto a single platform for greater agility, better business outcomes, and substantial cost savings.

The Qualys Enterprise TruRisk Platform leverages a single agent to continuously deliver critical security intelligence while enabling enterprises to automate the full spectrum of vulnerability detection, compliance, and protection for IT systems, workloads and web applications across on premises, endpoints, servers, public and private clouds, containers, and mobile devices. Founded in 1999 as one of the first SaaS security companies, Qualys has strategic partnerships and seamlessly integrates its vulnerability management capabilities into security offerings from cloud service providers, including Amazon Web Services, the Google Cloud Platform and Microsoft Azure, along with a number of leading managed service providers and global consulting organizations. For more information, please visit www.qualys.com.

Qualys, Qualys VMDR® and the Qualys logo are proprietary trademarks of Qualys, Inc. All other products or names may be trademarks of their respective companies.

Legal Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, quotations of management and statements related to: the benefits of our existing, new and upcoming products, features, integrations, acquisitions, collaborations and joint solutions, and their impact upon our long-term growth; our ability to advance our value proposition and competitive differentiation in the market; our ability to address demand trends; our ability to maintain and strengthen our category leadership; our ability to solve modern security challenges at scale; our strategies and ability to achieve and maintain durable profitable growth; statements regarding our share repurchase; our guidance for revenues, GAAP EPS and non-GAAP EPS for the first quarter and full year 2025; and our expectations for the number of weighted average diluted shares outstanding and the GAAP and non-GAAP effective income tax rate for the first quarter and full year 2025. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include our ability to continue to develop platform capabilities and solutions; the ability of our platform and solutions to perform as intended; customer acceptance and purchase of our existing solutions and new solutions; real or perceived defects, errors or vulnerabilities in our products or services; our ability to retain existing customers and generate new customers; the budgeting cycles and seasonal buying patterns of our customers; general market, political, economic and business conditions in the United States as well as globally; our ability to manage costs as we increase our customer base and the number of our platform solutions; the market for cloud solutions for IT security and compliance not increasing at the rate we expect; competition from other products and services; fluctuations in currency exchange rates; unexpected fluctuations in our effective income tax rate on a GAAP and non-GAAP basis; our ability to effectively manage our rapid growth and our ability to anticipate future market needs and opportunities; and any unanticipated accounting charges. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

The forward-looking statements in this press release are based on information available to Qualys as of the date hereof, and Qualys disclaims any obligation to update any forward-looking statements, except as required by law.

Non-GAAP Financial Measures

In addition to reporting financial results in accordance with GAAP, Qualys provides investors with certain non-GAAP financial measures, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, Adjusted EBITDA (defined as earnings before interest expense, interest income and other income (expense), net, income taxes, depreciation, amortization, and stock-based compensation) and non-GAAP free cash flows (defined as cash provided by operating activities less purchases of property and equipment, net of proceeds from disposal).

In computing non-GAAP financial measures, Qualys excludes the effects of stock-based compensation expense, amortization of intangible assets from acquisitions, non-recurring items and for non-GAAP net income, certain tax effects. Qualys believes that these non-GAAP financial measures help illustrate underlying trends in its business that could otherwise be masked by the effect of the income or expenses that are excluded in non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, Adjusted EBITDA and non-GAAP free cash flows.

Furthermore, Qualys uses some of these non-GAAP financial measures to establish budgets and operational goals for managing its business and evaluating its performance. Qualys believes that non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, Adjusted EBITDA and non-GAAP free cash flows provide additional tools for investors to use in comparing its recurring core business operating results over multiple periods with other companies in its industry.

Although Qualys does not focus on or use quarterly billings in managing or monitoring the performance of its business, Qualys provides calculated current billings (defined as total revenues recognized in a period plus the sequential change in current deferred revenue in the corresponding period) for the convenience of investors and analysts in building their own financial models.

In order to provide a more complete picture of recurring core operating business results, the Company’s non-GAAP net income and non-GAAP net income per diluted share include adjustments for non-recurring income tax items and certain tax effects of non-GAAP adjustments to achieve the effective income tax rate on a non-GAAP basis. The Company’s non-GAAP effective tax rate may differ from the GAAP effective income tax rate as a result of these income tax adjustments. The Company believes its estimated non-GAAP effective income tax rate of 21% in 2025 is a reasonable estimate under its current global operating structure and core business operations. The Company may adjust this rate during the year to take into account events or trends that it believes materially impact the estimated annual rate. The non-GAAP effective income tax rate could be subject to change for a number of reasons, including but not limited to, significant changes resulting from tax legislation, material changes in geographic mix of revenues and expenses and other significant events.

The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures discussed in this press release to the most directly comparable GAAP financial measures is included with the financial statements contained in this press release. Management uses both GAAP and non-GAAP information in evaluating and operating its business internally and as such has determined that it is important to provide this information to investors.

Qualys, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)

Three Months Ended
December 31,

Twelve Months Ended
December 31,

2024

2023

2024

2023

Revenues

$ 159,191

$ 144,570

$ 607,571

$ 554,458

Cost of revenues (1)

29,037

27,130

111,482

107,485

Gross profit

130,154

117,440

496,089

446,973

Operating expenses:

Research and development (1)

28,302

27,471

111,852

110,472

Sales and marketing (1)

34,063

31,941

128,303

111,691

General and administrative (1)

18,376

16,559

68,738

61,741

Total operating expenses

80,741

75,971

308,893

283,904

Income from operations

49,413

41,469

187,196

163,069

Other income (expense), net:

Interest income

6,194

5,563

25,784

16,905

Other income (expense), net

(1,777)

560

(3,158)

(1,323)

Total other income, net

4,417

6,123

22,626

15,582

Income before income taxes

53,830

47,592

209,822

178,651

Income tax provision

9,865

6,999

36,142

27,056

Net income

$ 43,965

$ 40,593

$ 173,680

$ 151,595

Net income per share:

Basic

$ 1.20

$ 1.10

$ 4.72

$ 4.11

Diluted

$ 1.19

$ 1.08

$ 4.65

$ 4.03

Weighted average shares used in computing net income per share:

Basic

36,568

36,845

36,799

36,879

Diluted

37,000

37,748

37,353

37,602

(1) Includes stock-based compensation as follows:

Cost of revenues

$ 2,162

$ 2,045

$ 8,129

$ 7,300

Research and development

5,277

5,357

21,188

21,091

Sales and marketing

3,670

3,654

14,690

12,234

General and administrative

9,570

7,463

33,126

28,454

Total stock-based compensation, net of amounts capitalized

$ 20,679

$ 18,519

$ 77,133

$ 69,079

Qualys, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands)

December 31,
2024

December 31,
2023

Assets

Current assets:

Cash and cash equivalents

$ 232,182

$ 203,665

Restricted cash

—

1,500

Short-term marketable securities

149,241

221,893

Accounts receivable, net

164,551

146,226

Prepaid expenses and other current assets

39,717

26,714

Total current assets

585,691

599,998

Long-term marketable securities

193,887

56,644

Property and equipment, net

30,349

32,599

Operating leases – right of use asset

40,968

22,391

Deferred tax assets, net

81,307

62,761

Intangible assets, net

6,812

9,715

Goodwill

7,447

Noncurrent restricted cash

1,200

Other noncurrent assets

25,876

19,863

Total assets

$ 973,537

$ 812,618

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$ 1,270

$ 988

Accrued liabilities

45,942

43,096

Deferred revenues, current

371,457

333,267

Operating lease liabilities, current

9,721

11,857

Total current liabilities

428,390

389,208

Deferred revenues, noncurrent

24,265

31,671

Operating lease liabilities, noncurrent

37,500

16,885

Other noncurrent liabilities

6,266

6,680

Total liabilities

496,421

444,444

Stockholders’ equity:

Common stock

Additional paid-in capital

664,879

597,921

Accumulated other comprehensive income (loss)

1,417

(1,704)

Accumulated deficit

(189,217)

(228,080)

Total stockholders’ equity

477,116

368,174

Total liabilities and stockholders’ equity

$ 973,537

$ 812,618

Qualys, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

Twelve Months Ended
December 31,

2024

2023

Cash flow from operating activities:

Net income

$ 173,680

$ 151,595

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization expense

18,513

26,991

Provision for credit losses

764

547

Loss on non-marketable securities

—

533

Stock-based compensation, net of amounts capitalized

77,133

69,079

Accretion of discount on marketable securities, net

(6,735)

(5,712)

Deferred income taxes

(19,465)

(16,636)

Changes in operating assets and liabilities:

Accounts receivable

(19,089)

(24,978)

Prepaid expenses and other assets

(14,655)

(3,407)

Accounts payable

219

(1,578)

Accrued liabilities and other noncurrent liabilities

2,945

451

Deferred revenues

30,784

47,720

Net cash provided by operating activities

244,094

244,605

Cash flow from investing activities:

Purchases of marketable securities

(368,277)

(306,812)

Sales and maturities of marketable securities

309,184

242,432

Purchases of property and equipment

(12,334)

(8,786)

Net cash used in investing activities

(71,427)

(73,166)

Cash flow from financing activities:

Repurchase of common stock

(139,875)

(170,800)

Proceeds from exercise of stock options

17,269

45,576

Payments for taxes related to net share settlement of equity awards

(28,416)

(22,346)

Proceeds from issuance of common stock through employee stock purchase plan

6,872

6,077

Payment of acquisition-related holdback

(1,500)

—

Net cash used in financing activities

(145,650)

(141,493)

Net increase in cash, cash equivalents and restricted cash

27,017

29,946

Cash, cash equivalents and restricted cash at beginning of period

206,365

176,419

Cash, cash equivalents and restricted cash at end of period

$ 233,382

$ 206,365

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

ADJUSTED EBITDA

(unaudited)

(in thousands, except percentages)

Three Months Ended
December 31,

Twelve Months Ended
December 31,

2024

2023

2024

2023

Net income

$ 43,965

$ 40,593

$ 173,680

$ 151,595

Net income as a percentage of revenues

28 %

29 %

27 %

Depreciation and amortization of property and equipment

3,464

5,080

15,610

23,904

Amortization of intangible assets

639

771

2,903

3,087

Income tax provision

9,865

6,999

36,142

27,056

Stock-based compensation

20,679

18,519

77,133

69,079

Total other income, net

(4,417)

(6,123)

(22,626)

(15,582)

Adjusted EBITDA

$ 74,195

$ 65,839

$ 282,842

$ 259,139

Adjusted EBITDA as a percentage of revenues

47 %

46 %

47 %

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

(unaudited)

(in thousands, except per share data)

Three Months Ended
December 31,

Twelve Months Ended
December 31,

2024

2023

2024

2023

GAAP Cost of revenues

$ 29,037

$ 27,130

$ 111,482

$ 107,485

Less: Stock-based compensation

(2,162)

(2,045)

(8,129)

(7,300)

Less: Amortization of intangible assets

(639)

(746)

(2,837)

(2,987)

Non-GAAP Cost of revenues

$ 26,236

$ 24,339

$ 100,516

$ 97,198

GAAP Gross profit

$ 130,154

$ 117,440

$ 496,089

$ 446,973

Plus: Stock-based compensation

2,162

2,045

8,129

7,300

Plus: Amortization of intangible assets

639

746

2,837

2,987

Non-GAAP Gross Profit

$ 132,955

$ 120,231

$ 507,055

$ 457,260

GAAP Research and development

$ 28,302

$ 27,471

$ 111,852

$ 110,472

Less: Stock-based compensation

(5,277)

(5,357)

(21,188)

(21,091)

Less: Amortization of intangible assets

—

(25)

(66)

(100)

Non-GAAP Research and development

$ 23,025

$ 22,089

$ 90,598

$ 89,281

GAAP Sales and marketing

$ 34,063

$ 31,941

$ 128,303

$ 111,691

Less: Stock-based compensation

(3,670)

(3,654)

(14,690)

(12,234)

Non-GAAP Sales and marketing

$ 30,393

$ 28,287

$ 113,613

$ 99,457

GAAP General and administrative

$ 18,376

$ 16,559

$ 68,738

$ 61,741

Less: Stock-based compensation

(9,570)

(7,463)

(33,126)

(28,454)

Non-GAAP General and administrative

$ 8,806

$ 9,096

$ 35,612

$ 33,287

GAAP Operating expenses

$ 80,741

$ 75,971

$ 308,893

$ 283,904

Less: Stock-based compensation

(18,517)

(16,474)

(69,004)

(61,779)

Less: Amortization of intangible assets

—

(25)

(66)

(100)

Non-GAAP Operating expenses

$ 62,224

$ 59,472

$ 239,823

$ 222,025

GAAP Income from operations

$ 49,413

$ 41,469

$ 187,196

$ 163,069

Plus: Stock-based compensation

20,679

18,519

77,133

69,079

Plus: Amortization of intangible assets

639

771

2,903

3,087

Non-GAAP Income from operations

$ 70,731

$ 60,759

$ 267,232

$ 235,235

GAAP Net income

$ 43,965

$ 40,593

$ 173,680

$ 151,595

Plus: Stock-based compensation

20,679

18,519

77,133

69,079

Plus: Amortization of intangible assets

639

771

2,903

3,087

Less: Tax adjustment

(5,916)

(7,046)

(24,728)

(25,615)

Non-GAAP Net income

$ 59,367

$ 52,837

$ 228,988

$ 198,146

GAAP Net income per share:

Basic

$ 1.20

$ 1.10

$ 4.72

$ 4.11

Diluted

$ 1.19

$ 1.08

$ 4.65

$ 4.03

Non-GAAP Net income per share:

Basic

$ 1.62

$ 1.43

$ 6.22

$ 5.37

Diluted

$ 1.60

$ 1.40

$ 6.13

$ 5.27

Weighted average shares used in GAAP and non-GAAP net income per share:

Basic

36,568

36,845

36,799

36,879

Diluted

37,000

37,748

37,353

37,602

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

FREE CASH FLOWS

(unaudited)

(in thousands)

Twelve Months Ended
December 31,

2024

2023

GAAP Cash flows provided by operating activities

$ 244,094

$ 244,605

Less:

Purchases of property and equipment, net of proceeds from disposal

(12,334)

(8,786)

Non-GAAP Free cash flows

$ 231,760

$ 235,819

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

CALCULATED CURRENT BILLINGS

(unaudited)

(in thousands, except percentages)

Three Months Ended
December 31,

2024

2023

GAAP Revenue

$ 159,191

$ 144,570

GAAP Revenue growth compared to same quarter of prior year

10 %

Plus: Current deferred revenue at December 31

371,457

333,267

Less: Current deferred revenue at September 30

(337,821)

(307,179)

Non-GAAP Calculated current billings

$ 192,827

$ 170,658

Calculated current billings growth compared to same quarter of prior year

13 %

17 %

View original content:https://www.prnewswire.com/news-releases/qualys-announces-fourth-quarter-and-full-year-2024-financial-results-302370564.html

SOURCE Qualys, Inc.

Technology

Fox ESS Ranks No. 1 Globally in Residential Energy Storage

Published

21 minutes ago

April 24, 2026

WENZHOU, China, April 23, 2026 /CNW/ — Fox ESS, a global leader in renewable energy solutions, has been ranked No. 1 among residential energy storage providers worldwide for 2025, based on MWh shipments in S&P Global Energy’s Residential Energy Storage Market Tracker.

The report also places Fox ESS at No. 1 in Germany and the UK, highlighting the company’s momentum in key markets and expanding distribution footprint.

Compared with 2024, Fox ESS’s global market share rose 50% in 2025, reinforcing its position in a rapidly growing residential storage sector. The company has continued to scale internationally, with global headcount doubling from the end of 2024. As of April 2026, Fox ESS employs more than 5,000 people worldwide, and has added local support through new offices, including in Sydney, Australia.

“We’re thrilled for this remarkable achievement. It reflects our commitment to innovation and product quality, and to making clean, reliable energy practical for households around the world,” said Michael Zhu, CEO of Fox ESS. “We will continue pushing the boundaries to deliver solutions that help homes and businesses move toward energy independence.”

Notably, Fox ESS has launched the Champion’s Choice campaign globally, combining the endorsement of sports champions with recognition from prestigious organizations. With the first stop in Australia, the company signed Ian Thorpe, a five-time Olympic champion last December. The campaign underscores Fox ESS’s ambition to deliver better value for customers and partners.

Fox ESS is committed to building long-term trust with customers and partners. The company delivers reliable, high-quality energy storage systems engineered for consistent performance, supported by rigorous quality-control processes designed to help ensure every product meets the highest standards.

Fox ESS develops solutions that serve both installers and end users. With ongoing investment in R&D, the company stays ahead of evolving market needs, helping installers work more efficiently while enabling homeowners to move toward energy transition and reduce electricity costs.

With a team of more than 400 experts in R&D, Fox ESS continues to refine its product design for easier transportation, installation, and everyday use. The AI-powered FoxCloud app also makes energy management more intuitive, enabling users to monitor and control home energy consumption, manage smart devices, and track detailed generation and usage data in a single streamlined platform, delivering greater peace of mind.

View original content to download multimedia:https://www.prnewswire.com/news-releases/fox-ess-ranks-no-1-globally-in-residential-energy-storage-302752471.html

SOURCE Fox ESS

Technology

Deepvein Mining Tech Wins NY Product Design Gold for Exploration Robotics

Published

21 minutes ago

April 24, 2026

SHANGHAI, April 23, 2026 /PRNewswire/ — Deepvein Mining Tech, a developer of robotic systems for mining operations, has received Gold at the 2026 NY Product Design Awards for its Intelligent Geological Mapping and Geochemical Sampling Quadrupedal Robots, a robotics series developed for mineral exploration in remote and high-risk field environments.

The NY Product Design Awards, organized by the International Awards Associate (IAA), recognize achievements in product design and industrial innovation worldwide.

Mining exploration has become increasingly costly and technically challenging as easily accessible deposits are depleted, particularly in remote and geologically complex regions where fieldwork can be slow, labor-intensive and operationally demanding.

Deepvein’s award-winning robotics series was developed to address those constraints through a combination of quadrupedal robotic hardware and integrated software systems. The solution supports route planning, equipment coordination, sample logging and geological data management, helping standardize field operations and reduce manual workloads.

Designed for geological mapping and geochemical sampling, the robotic units can autonomously perform targeted collection tasks while reducing repeated manual fieldwork. A single operating cycle can gather approximately 30 to 50 samples.

According to deployment data from company-operated mining assets in Africa, exploration data collection cycles were reduced from around 12 months to one week, while overall workflow costs fell by approximately 40%.

Beyond efficiency gains, the use of robotic systems in steep, high-temperature or hard-to-access areas can help reduce personnel exposure to hazardous conditions. Improved targeting and digital workflow management can also limit unnecessary surface disturbance during early-stage exploration.

Deepvein is developing a broader portfolio of mining robotics covering the industry lifecycle, with future applications expected in transport support, inspection, maintenance and site rehabilitation, alongside continued iteration of its exploration-stage systems.

View original content to download multimedia:https://www.prnewswire.com/news-releases/deepvein-mining-tech-wins-ny-product-design-gold-for-exploration-robotics-302752483.html

SOURCE Deepvein Mining Tech

Technology

SK Group Establishes Foundation for AI Collaboration with Vietnam

Published

1 hour ago

April 24, 2026

SK Telecom and SK Innovation sign separate MOUs with Vietnam’s Nghe An Province and the National Innovation Center (NIC) to foster artificial intelligence (AI) ecosystem development.From AI data center (AIDC) construction to stable power supply, Korea’s full-stack AI is poised for its first overseas expansion.SK Chairman Chey Tae-won: “SK Group will contribute to the advancement of Vietnam’s AI industry through its comprehensive AI portfolio.”

SEOUL, South Korea, April 24, 2026 /PRNewswire/ — SK Group announced it will collaborate with Vietnam to build the country’s artificial intelligence (AI) industry ecosystem and develop core AI infrastructure.

At the Korea–Vietnam Business Forum held in Hanoi on April 23, SK Group signed separate memoranda of understanding (MOUs) with the Nghe An Provincial Government and Vietnam’s National Innovation Center (NIC) to foster AI ecosystem development.

The signing ceremony was held in the presence of Kim Jung-kwan, Minister of Trade, Industry and Resources of Korea, and Ngo Van Tuan, Minister of Finance of Vietnam.

The Memorandum of Understanding (MOU) between the Nghe An Provincial People’s Committee and SK Group was signed by Vo Trong Hai, Chairman of the Nghe An Provincial People’s Committee; Choo Hyeong-wook, President & CEO of SK Innovation; and Jung Jai-hun, President & CEO of SK Telecom.

Another MOU between the National Innovation Center (NIC) and SK Group was signed by Vu Quoc Huy, Director General of NIC; Choo Hyeong-wook, President & CEO of SK Innovation; and Jung Jai-hun, President & CEO of SK Telecom.

Chey Tae-won, Chairman of SK Group and Chairman of the Korea Chamber of Commerce and Industry (KCCI), also attended the ceremony.

Earlier, at the Korea–Vietnam Summit, the two countries agreed to expand cooperation in future growth sectors such as AI, semiconductors, and energy. SK Group’s MOUs with Vietnam represent this bilateral cooperation being put into action by the private sector.

Through these partnerships, SK Group plans to support Vietnam’s growth as a key partner in its national AI strategy. In addition, building on AI data center development and stable power supply, SK Group is expected to lay the groundwork for the first overseas expansion of its “Korean-style AI full-stack” model, linking AI model development and validation with the rollout of industry-specific AI services.

Joint AIDC feasibility study in Nghe An linked to the Quynh Lap LNG Power Project

SK Innovation and SK Telecom signed an MOU with the Nghe An provincial government to jointly explore developing an AIDC and related infrastructure projects in the region. Nghe An is a major economic hub in north-central Vietnam and has emerged as a fast-growing region for manufacturing, energy and advanced industries, supported by its port and logistics infrastructure.

SK Innovation will explore broad cooperation opportunities in energy solutions, including supplying electricity to the data center and building dedicated generation facilities connected to the Quynh Lap LNG Power Project, for which it was recently selected as the developer.

SK Telecom plans to review options for developing, building, and operating the AIDC while also seeking to secure global demand. The Nghe An provincial government agreed to discuss support measures to help advance the partnership, including permits, administrative procedures, inter-ministerial coordination and incentive programs.

In February, SK Innovation was selected as a developer for the Quynh Lap LNG power project in Nghe An Province, together with PV Power, a power generation subsidiary of Vietnam’s state-owned oil and gas group PVN, and local company NASU. The project is a large-scale energy infrastructure initiative that includes the development of a 1,500-MW gas-fired combined cycle power plant, an LNG terminal, and a dedicated port, with construction scheduled to begin in 2027 and completion targeted for 2030. From the proposal stage, SK Innovation also presented a model to foster high value-added industries by integrating SK Group’s AI and semiconductor capabilities in areas near the power plant, thereby laying the foundation for the current partnership.

At the forum, the Nghe An government also presented the SK Innovation consortium with the Investment Registration Certificate (IRC) for the Quynh Lap Power Project, reaffirming its commitment to the development.

“Drawing on SK Group’s experience in operating large-scale power generation and diverse energy solution businesses, we will ensure the successful development of the local power infrastructure,” said Choo Hyeong-wook, President & CEO of SK Innovation, during a presentation titled “Vietnam’s Economic Leap through AI + Energy Innovation.”

Cooperation with NIC to Build Vietnam’s AI Ecosystem

SK Telecom and SK Innovation also signed a comprehensive MOU with Vietnam’s NIC to support the development of the country’s AI ecosystem.

The two sides agreed to cooperate on AIDC development, energy infrastructure development and the establishment of policy and institutional frameworks to foster the AI industry.

Under the agreement, SK Telecom will support AI ecosystem development in Vietnam through technology collaboration and investment promotion, and SK Innovation will provide energy solutions for AIDCs and related industries. The NIC will provide institutional support, such as coordinating with government agencies, improving regulations and developing policy, while also identifying and connecting local partners to facilitate project execution.

Established in 2019 by the Vietnamese government, NIC serves as the country’s national innovation hub, leading initiatives in AI, semiconductors and investment promotion. SK Group has maintained a close partnership with NIC, including a previous $30 million contribution toward its establishment.

Jung Jai-hun, President and CEO of SK Telecom, said, “AI data centers are key infrastructure that underpins the growth of the AI industry. Building on SK Group’s accumulated capabilities in the development, construction, and operation of AI data centers, we will further refine a collaboration model tailored to the Vietnamese market.”

First Overseas Expansion of Chairman Chey Tae-won’s “AI Full-Stack Provider” Vision

This partnership in Vietnam is significant as it could mark SK Group’s first overseas expansion of the “AI full-stack provider” strategy, integrating capabilities in AIDC, power, and energy solutions.

Chairman Chey Tae-won has consistently articulated his vision of transforming SK Group into an “AI full-stack provider.” Leveraging SK Group’s strengths across the AI value chain—including semiconductors, data centers, power and energy solutions, and AI services—the Group aims to build the most efficient AI infrastructure model.

Under this vision, SK Group is advancing the development of the 100-MW hyperscale “SK AI Data Center Ulsan,” targeted for completion in 2027. The Group has also been laying the groundwork for Korea to emerge as an Asia-Pacific AI hub by engaging in discussions with OpenAI on collaboration for AI data center development in Korea.

Ahead of the Korea–Vietnam Business Forum, Chairman Chey Tae-won said at a business roundtable, “AI will play a critical role in Vietnam’s continued growth. SK Group has a portfolio spanning the entire AI ecosystem—from energy and semiconductors to AI models and applications—and we will leverage this to make tangible contributions to the development of Vietnam’s AI industry.”

About SK Telecom

SK Telecom has been leading the growth of the mobile industry since 1984. Now, it is taking customer experience to new heights by extending beyond connectivity. By placing AI at the core of its business, SK Telecom is rapidly transforming into an AI company with a strong global presence. It is focusing on driving innovations in areas of AI Infrastructure, AI Transformation (AIX) and AI Service to deliver greater value for industry, society, and life.

For more information, please contact skt_press@sk.com or visit our LinkedIn page www.linkedin.com/company/sk-telecom.

About SK Innovation

Founded in 1962 as Korea Oil Corporation, SK Innovation has been at the forefront of Korea’s energy industry for over six decades. The company has pioneered numerous milestones, including Korea’s first overseas oil field development, the vertical integration of its energy and chemical businesses, the nation’s first private LNG import, and a strategic entry into the electric vehicle battery business.

Now, SK Innovation has reached a transformative turning point in its journey to become a Comprehensive Global Energy Company. Extending beyond its traditional oil business to encompass the entire energy value chain -spanning LNG & Power, Renewable Energy, and Energy Solutions- the company is driving global expansion, including in Vietnam.

For more information, please visit the official SK Innovation website at www.skinnovation.com.

View original content:https://www.prnewswire.com/apac/news-releases/sk-group-establishes-foundation-for-ai-collaboration-with-vietnam-302752442.html

SOURCE SK Group; SK Telecom