Qualys, Inc. reported a revenue increase of 10% for the fiscal year ending December 31, 2024, reaching $607.6 million, up from $554.5 million in 2023. The growth was primarily driven by heightened demand for its cloud-based IT, security, and compliance solutions, with 69% of the revenue increase attributed to existing customers and 31% from new customers. The company’s net income also rose to $173.7 million, or $4.72 per share, compared to $151.6 million, or $4.11 per share, in the previous year. This reflects a net income margin of 29%, up from 27% in 2023.
In terms of operational metrics, Qualys reported a net dollar expansion rate of 103% for 2024, slightly down from 105% in 2023. The company’s customer base exceeded 10,000, including a majority of the Forbes Global 100. The revenue breakdown indicated that 54% of total revenues were generated directly, while 46% came through channel partners. The company continues to expand its global reach, with 58% of revenues derived from international customers.
Qualys has made strategic investments in research and development, with expenses increasing to $111.9 million in 2024 from $110.5 million in 2023. The company aims to enhance its cloud platform and introduce new solutions to meet evolving market demands. Additionally, Qualys has been active in share repurchases, spending approximately $140.3 million to buy back 1 million shares during the year, with $143.4 million remaining under its repurchase program as of December 31, 2024.
Looking ahead, Qualys anticipates continued revenue growth driven by both existing and new customers, despite potential macroeconomic challenges such as inflation and reduced IT spending. The company plans to maintain its focus on innovation and expanding its suite of solutions while managing operational efficiencies to sustain profitability. The outlook remains cautiously optimistic, with expectations for ongoing demand for its comprehensive cloud-based security solutions.
About QUALYS, INC.
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