Qualys: Strong Q3 2025 Results Amid Competitive Challenges Justify Hold Rating6:13 AM Qualys (NASDAQ: QLYS) Hold (2) ESG $145.00 Platform Adoption Drives Solid Q, But Rivalry May Escalate; Maintain Hold View Full Report THE TD COWEN INSIGHT For 3Q25, QLYS delivered solid results, highlighted by 10% y/y rev growth, and powered by platform adoption and rising spend, particularly from larger customers. The company improved 2025 guidance, raising EPS and the lower end of the revenue range. Addressing the AI boom, QLYS is bolstering its AI toolkit. Still, we anticipate increased competitive rivalry. $145 target. For 3Q25, QLYS posted revenue of $169.9M, up 10% y/y, beating the consensus $166M. As QLYS maintains its focus on leveraging the channel, the mix of revenue from partners increased to 49% from 46%. Non-GAAP EPS came in at $1.86, beating the consensus $1.56.