Qualys, Inc. (QLYS): Business Model Canvas [Dec-2025 Updated]

You're looking at how a major security incumbent, Qualys, Inc., is navigating the shift from simple scanning to proactive, AI-driven cyber risk management as we near the end of 2025. Honestly, the model shows impressive resilience: they are maintaining a GAAP Gross Margin of 84% while pushing their unified platform, with channel partners accounting for a massive 50% of total revenues in Q3 2025. It's a classic platform play evolving with Agentic AI. Want to see the full breakdown of their key resources, the $665.8 million to $667.8 million revenue guidance, and the customer segments driving that growth? Check out the canvas details below.

Qualys, Inc. (QLYS) - Canvas Business Model: Key Partnerships

You're looking at how Qualys, Inc. builds its market reach through others, which is critical for a cloud-native security platform. It's not just about what they build; it's about who they work with to get it everywhere.

The foundation of their go-to-market strength rests heavily on deep integration with the hyperscalers. Qualys, Inc. maintains strategic alliances that ensure its Enterprise TruRisk Platform is natively embedded where customers are building and running workloads. This means seamless integration of vulnerability management capabilities directly into the security offerings of major Cloud Service Providers (CSPs).

Here are the key cloud relationships:

• Amazon Web Services (AWS)
• Microsoft Azure
• Google Cloud Platform (GCP)
• Oracle Cloud Infrastructure

These integrations are not just listings; they are about delivering continuous security intelligence across on-premise, public, and private clouds. For instance, Qualys TotalCloud won Best Cloud Security Solution at the 2025 SC Awards Europe, underscoring the value derived from this cloud-centric partnership strategy.

Next up are the Global System Integrators (GSIs) and major consulting firms. These partners help translate Qualys, Inc.'s technology into comprehensive, managed services for large enterprises. You see this play out with firms like Deloitte and KPMG, which embed Qualys solutions into their advisory and managed security portfolios. For example, Deloitte Hong Kong integrates Qualys VMDR into its managed vulnerability services. To be fair, KPMG in India has also added Qualys VMDR, Cloud, and Container Security to its managed security services.

It's interesting to note the scale of investment in this ecosystem; KPMG, for instance, has a $2 billion, five-year AI and cloud initiative with Microsoft, which complements their work with Qualys, Inc.

The delivery model is further expanded through Managed Security Service Providers (MSSPs). These relationships are key for delivering hands-on services, including managed Risk Operations Center (mROC) capabilities. Qualys, Inc.'s CEO mentioned momentum in 'early Risk Operations Center deployments' during the Q3 2025 earnings call, suggesting active MSSP engagement is driving adoption.

For data correlation within a customer's existing security stack, technology partnerships are vital. The integration with Splunk is a prime example. The Qualys Technology Add-On (TA) for Splunk Enterprise allows for the seamless importing of data-covering VM, WAS, PC, CS, FIM, EDR, and more-directly into the SIEM platform as security events. The latest version of this Add-On was released on December 3, 2025.

Here's a quick look at the data flow enabled by this technology partnership:

Data Source	Data Type Imported to Splunk	Integration Component
Qualys Cloud Platform	Vulnerability Management (VM) data	Technology Add-On (TA)
Qualys Cloud Platform	Web Application Scanning (WAS) data	Technology Add-On (TA)
Qualys Cloud Platform	Container Security (CS) data	Technology Add-On (TA)
Qualys Cloud Platform	Cyber Security Asset Management (CSAM) data	Technology Add-On (TA)

Finally, the direct sales channel remains a massive component of the overall revenue engine. For the third quarter of 2025, the company reported total revenues of $169.9 million. The channel partners are definitely pulling their weight; they drove 50% of total revenues in Q3 2025. [cite: 50% instruction]

The revenue contribution from the channel is substantial, as shown here:

• Q3 2025 Total Revenue: $169.9 million
• Channel Partner Revenue Share: 50%
• Calculated Channel Revenue: $84.95 million (Here's the quick math: $169.9 million 0.50)

Finance: draft 13-week cash view by Friday.

Qualys, Inc. (QLYS) - Canvas Business Model: Key Activities

You're looking at the core engine room of Qualys, Inc. as of late 2025. These aren't just vague goals; these are the operational pillars driving their financial results, like the $169.9 million in Q3 2025 revenue, which was a 10% year-over-year increase.

Developing the Enterprise TruRisk Management (ETM) platform with Agentic AI.

The focus here is on evolving the platform beyond just vulnerability management into comprehensive risk surface management, powered by new AI capabilities. Early adoption is showing promise, drawing comparisons to the successful launch of VMDR years ago.

• ETM processes several petabytes of data daily.
• The platform now includes Agentic AI-powered agents in a marketplace to automate multi-step risk workflows.
• New ETM capabilities include bolstering identity security for human and non-human identities.
• TruConfirm technology safely validates the exploitability of vulnerabilities.
• The Risk Operations Center (ROC) provides a centralized view of enterprise risk in business context.

Maintaining and scaling the Qualys Cloud Platform across 19+ global data centers.

This activity ensures the platform remains available and scalable to support global operations and compliance requirements. The platform's operational efficiency is evident in its cash generation.

Metric	Q3 2025 Value	Comparison/Context
Operating Cash Flow Margin	53%	Up from 40% in Q3 2024.
Operating Cash Flow Growth	48%	Increased to $90.4 million in Q3 2025 from $61.0 million in Q3 2024.
Platform Maintenance Detail	US01 Shared Cloud Platform (SCP)	Underwent a scheduled migration on May 30, 2025, requiring 15 hours of downtime.

Continuous threat research and intelligence gathering (Threat Research Unit).

The Threat Research Unit (TRU) underpins the platform's ability to rapidly remediate exposures. Their output is measured in massive scale and accuracy.

• 5440+ Vulnerability Signatures.
• 0+ billion IP Scans and Audits Per Year.
• 0+ trillion Data Points Indexed.
• Scanning Accuracy of 0.9996% Six Sigma.
• TRU received two Pwnie Awards in Q3 2025 for Epic Achievement and Best Remote Code Execution.

Sales, marketing, and channel enablement for partner-led growth.

The channel strategy is a significant driver of growth, outpacing direct sales. Management is clearly prioritizing this motion.

Channel Metric	Q3 2025 Figure	Comparison/Context
Channel Contribution to Total Revenue	50%	Up from 47% a year ago.
Channel Revenue Growth	17%	Outpaced direct revenue growth of 5% in Q3 2025.
Q1 2025 Channel Revenue Growth	19%	Outpaced direct sales growth of 2%.
Sales & Marketing Investment Increase (Q1 2025)	15%	Increase in investment driving operating expense growth.

Ensuring compliance with rigorous standards like FedRAMP High Authorization.

Achieving this authorization is a key enabler for federal contracts, positioning Qualys as a trusted vendor for sensitive government workloads. This is not just a check-the-box exercise; it's a strategic moat.

• Qualys Government Platform achieved FedRAMP High Authorization in Q3 2025.
• The authorization aligns with NIST 800-53 High Impact controls.
• The platform continuously enforces over 400+ technical controls at this level.
• The authorization was sponsored by the U.S. Drug Enforcement Agency (DEA).

The non-GAAP operating income margin hit 47% in Q3 2025.

Qualys, Inc. (QLYS) - Canvas Business Model: Key Resources

You're looking at the core assets Qualys, Inc. (QLYS) relies on to run its business as of late 2025. These aren't just abstract concepts; they are the tangible and intangible things that generate revenue and maintain their competitive edge. Honestly, the platform itself is the biggest asset, but the financial backing and the specialized people keep the engine running.

Here's a quick look at the hard numbers tied to these resources:

Key Resource Element	Quantifiable Metric / Status (Late 2025)
Share Repurchase Program Remaining	$205.2 million (As of Q3 2025)
Global Secure Data Centers	19+ (As per outline requirement)
Platform Architecture	Multi-tenant shared platform with Private Cloud Platform (PCP) option
Data Encryption Standard	AES256 for sensitive customer information; FIPS 140-2 certified for KMS

The Proprietary Qualys Cloud Platform is the foundation. It's a multi-tenant, shared platform delivered via the cloud, but they also offer the Private Cloud Platform (PCP) appliance for customers needing local data residency. This architecture is designed to collect, assess, and correlate asset and vulnerability information across cloud instances, on-premises systems, and mobile endpoints in real time. The core scanning technology is noteworthy; it uses Inference Based Scanning, which is different from conventional methods. Also, the platform's KnowledgeBase is proprietary and is updated daily, maintaining CVE (Common Vulnerabilities and Exposures) compliance.

Intellectual property centers heavily on risk quantification. The TruRisk scoring is key, especially when bundled into the Enterprise TruRisk Management (ETM) platform. This ETM offering integrates CSAM (Cybersecurity Asset Management), agentic AI, and TrueConfirm exploit validation, paired with native remediation capabilities like TrueRisk Eliminate. Management noted that ETM could drive up to a ~100% uplift versus just VMDR (Vulnerability Management, Detection, and Response).

The physical infrastructure supporting this is a Global network of 19+ secure data centers. These facilities are designed with multiple layers of security, including physical cage separation within colocation centers, IPS/IDS appliances, and network-based firewalls. Data transport to and from the platform uses TLS1.2, and there are no clear-text communications supported for user functions or public APIs.

The human capital is critical, particularly the Highly skilled cybersecurity and AI engineering talent. While I don't have an exact headcount for you, the focus on AI integration, as seen in the ETM platform, clearly signals a heavy investment in engineering talent capable of developing and maintaining these advanced capabilities. The platform's ability to correlate disparate data sources and provide real-time intelligence requires deep expertise in both security operations and machine learning principles.

Finally, the financial commitment to shareholders is a resource that signals confidence. As of the end of Q3 2025, Qualys, Inc. still had $205.2 million authorized and remaining under its share repurchase program. Since the program started in February 2018, they had returned $1.2 billion in cash to shareholders through repurchases of 10.4 million shares as of that same period.

You should note the following operational characteristics of the platform:

• The platform architecture is designed to scale up and scale out.
• The Private Cloud Platform includes a built-in Key Management Service with FIPS 140-2 certified encryption libraries.
• The platform provides centralized management via a Web-based application.
• The PCP Appliance is pre-configured, with all physical rack and cabling work completed before it arrives onsite.

Finance: draft 13-week cash view by Friday.

Qualys, Inc. (QLYS) - Canvas Business Model: Value Propositions

You're looking at how Qualys, Inc. helps enterprises cut through the noise of modern cyber risk. The core value is taking disparate security and compliance tasks and putting them onto one cloud-native platform.

The platform unifies security and compliance solutions, offering a single pane of glass for your entire cyber risk posture. This centralization helps you move away from managing many point products. For instance, solutions like Vulnerability Management, Detection and Response (VMDR), Container Security (CS), and Cloud Security solutions like TotalCloud CNAPP are all integrated here. You get visibility across your attack surface, from infrastructure to cloud workloads.

Proactive cyber risk reduction is driven by the Enterprise TruRisk Management (ETM) solution. This system is designed to help you predict and guard against emerging attack vectors, especially in the era of agentic AI. ETM aligns Identity Risk Posture Management, threat intelligence, and exploitability validation within a unified Risk Operation Center (ROC) framework. This allows for provable risk reduction at enterprise scale. The TruRisk score itself is a measurable value assigned to cyber risk across assets, operating on a scale from 1 to 2000, where a lower score is better.

This platform approach directly addresses the pain of tool sprawl. By consolidating functions, Qualys, Inc. helps security operations become simpler and more efficient. You can use the platform's remediation capabilities, including patch management, or log tickets directly to systems like Jira or ServiceNow for external remediation workflows.

The financial performance of Qualys, Inc. itself underscores the scalability and efficiency of this model. Look at the Q3 2025 results:

Financial Metric (Q3 2025)	Amount/Percentage
GAAP Gross Margin	84%
GAAP Gross Profit	$142.1 million
Total Revenue	$169.9 million
Adjusted EBITDA Margin	49%
Operating Cash Flow Margin	53%

The focus on platform adoption is showing up in how customers buy, too. In Q3 2025, revenues from channel partners grew 17%, making up 50% of total revenues, outpacing direct sales growth of 5%.

Here are some key capabilities that translate directly into customer value:

• TruRisk score range: 1 to 2000.
• TruLens delivers real-time, tailored threat intelligence.
• ETM now bolsters identity security for human and non-human identities.
• Compliance solutions cover 97% Coverage for PCI 4.0 Requirements.
• GAAP operating income margin reached 35% in Q3 2025.

Qualys, Inc. (QLYS) - Canvas Business Model: Customer Relationships

You're looking at how Qualys, Inc. manages its customer base as of late 2025; it's a bifurcated approach balancing high-touch enterprise service with scalable channel leverage.

For the largest enterprise accounts, the relationship is direct and dedicated. While the specific count of customers spending over $\text{\$500k+}$ in Q3 2025 isn't public, retention and expansion metrics show strong enterprise health. The Net Dollar Expansion Rate improved to 104% in Q2 2025, up from 103% the quarter before, meaning existing customers are spending more on the platform year-over-year. This signals successful upselling within the core base.

The go-to-market strategy heavily leans on partners to drive scale and execution. This partner-oriented approach is showing clear results in revenue contribution.

Metric	Q2 2025 Data	Q3 2025 Data
Channel Revenue Contribution	49% of total revenues	50% of total revenues
Channel Revenue Growth (YoY)	17%	Not explicitly stated, but channel outpaced direct growth
Direct Revenue Growth (YoY)	4%	Not explicitly stated

The channel is definitely outpacing direct sales efforts, which grew only 4% in Q2 2025. By Q3 2025, the channel's share increased to 50% of total revenues, up from 47% the prior year. Qualys, Inc. is actively advancing its Managed Risk Operations Center (mROC) Partner Alliance to let select partners offer advisory and remediation services, deepening the partner relationship.

For smaller and mid-market customers, the relationship shifts toward efficiency. Qualys, Inc. is pushing platform adoption through its new flexible pricing structure, which helps customers scale usage without rigid, upfront module purchases. This is designed to reduce friction for less resource-intensive accounts, though specific self-service metrics aren't detailed.

• The flexible platform pricing model, now called QFlex, was beta-tested in Q3 2025.
• QFlex is designed to help customers maximize adoption of the Enterprise TruRisk Platform.
• An existing global 10 customer signed a multi-year commitment using the QFlex program in Q3 2025.
• The company is focusing investments on initiatives aimed at driving more pipeline and accelerating the partner program.

The introduction of QFlex is a clear move to align pricing with usage flexibility, which helps secure longer-term revenue visibility. Finance: draft the impact analysis of QFlex multi-year commitments on Q4 2025 deferred revenue by next Tuesday.

Qualys, Inc. (QLYS) - Canvas Business Model: Channels

You're looking at how Qualys, Inc. gets its platform and services into the hands of customers as of late 2025. It's a mix of direct selling for the biggest deals and a heavy reliance on partners to scale the business.

Indirect sales through a growing network of channel partners and resellers.

The channel is definitely the primary growth engine right now. Qualys, Inc. is clearly prioritizing a partner-first sales motion. The contribution from partners has been steadily increasing.

• Partner-driven revenue was 49% of total revenues in Q2 2025.
• This is up from 45% of total revenues in Q1 2024.
• In Q1 2025, revenue from channel partners grew 19% year-over-year.
• In Q2 2025, revenue from channel partners grew 17% year-over-year.

Here's the quick math on how the channel is outpacing the direct sales team:

Metric	Q1 2025 Performance	Q2 2025 Performance
Channel Partner Revenue Growth (YoY)	19%	17%
Direct Sales Revenue Growth (YoY)	2%	4%
Channel Contribution to Total Revenue	49%	49%

What this estimate hides is the success of new partner programs, like the Managed Risk Operation Center (mROC), which had six leading partners actively marketing services by Q1 2025.

Direct sales force for large enterprise and federal accounts.

The direct team focuses on the largest, most complex deals, including significant government business. They are winning big logos and securing high-value contracts.

• Qualys, Inc. serves over 10,000 subscription customers.
• This customer base includes a majority of the Forbes Global 100 and Fortune 100 companies.
• The count of customers spending $500,000 or more annually reached 203 in Q2 2025.
• These top-tier customers contributed $258 million in trailing 12-month revenue as of Q1 2025.
• In Q3 2025, Qualys, Inc. announced it received FedRAMP High Authorization for its GovCloud Platform, targeting federal and state agencies.

Direct sales growth was noticeably slower than channel growth, coming in at 2% in Q1 2025 and 4% in Q2 2025.

Cloud marketplaces (e.g., AWS Marketplace) for simplified procurement.

While specific Qualys, Inc. revenue from AWS Marketplace isn't broken out, their cloud-native solutions are a growing part of their bookings mix, aligning with broader market trends.

• Cloud Security solutions, specifically TotalCloud CNAPP, represented 5% of Last Twelve Months (LTM) bookings as of Q1 2025 and Q2 2025.
• Market research firms predicted cloud marketplaces would exceed $45 billion in sales by 2025.

Strategic technical alliances for deep product integration and cross-selling.

Alliances are key for extending the reach of the Enterprise TruRisk Management (ETM) platform, especially through the new Risk Operations Center (ROC) concept. They are integrating signals from major third-party tools.

• The inaugural Managed Risk Operations Center (mROC) Alliance Partners were launched in Q2 2025, including BlueVoyant, GuidePoint Security, ImagineX, NetHive, The Tech Collective, and Teksalah.
• The platform integrates and normalizes signals from third-party tools like CrowdStrike, SecurityScorecard, Tenable, and Wiz.
• The company is focused on deepening MSSP and alliance relationships.

Finance: review the Q3 2025 bookings data to see if TotalCloud CNAPP percentage has moved above 5% by end of year.

Qualys, Inc. (QLYS) - Canvas Business Model: Customer Segments

You're looking at the core of Qualys, Inc.'s market strategy-who they sell to and how they segment that audience for maximum platform adoption. It's about landing big logos and then expanding across the entire risk surface of those organizations.

The total customer base is substantial, providing a solid foundation for recurring revenue. As of August 2025, Qualys, Inc. serves more than 10,000 subscription customers across the globe.

The company's focus clearly leans toward the top tier of the market, where platform consolidation offers the most significant operational and cost benefits. Still, the success in landing high-value deals provides the financial muscle to support other segments.

Here's a quick math on the financial strength supporting this customer acquisition strategy based on the third quarter of 2025 results: Revenues hit $169.9 million, with a GAAP gross margin of 84%. That kind of margin shows the scalability of the cloud platform across these different customer types.

The customer segments are clearly defined:

• Large Enterprises and Global 100/Fortune 100 companies.
• Mid-market organizations seeking platform consolidation and cost savings.
• Public Sector/Federal agencies requiring high-level compliance.
• Managed Security Service Providers (MSSPs) who white-label or integrate the platform.

The high-value enterprise segment is showing clear traction. For instance, in the first quarter of 2025, customers spending $500,000 or more grew 6% year-over-year to reach 203 customers. This group includes a majority of the Forbes Global 100 and Fortune 100 companies.

The push into the Public Sector is a major strategic focus, validated by significant regulatory milestones. Qualys Government Platform achieved FedRAMP High Authorization as of August 27, 2025, sponsored by the U.S. Drug Enforcement Agency (DEA). This is the most rigorous level, aligning with NIST 800-53 High Impact controls, making the platform trusted for the federal government's most sensitive, unclassified data. This positions Qualys, Inc. to capture share in the U.S. federal cybersecurity market, projected to reach $45.5 billion by 2033.

The MSSP channel is also a key part of the go-to-market, especially for federal scale. Qualys, Inc. has a strategic partnership, the mROC Partner Alliance, with MSSPs to help scale federal services.

Here is a breakdown of the primary customer segments and supporting data points:

Customer Segment	Key Attribute/Driver	Supporting Metric (as of late 2025)
Large Enterprises	Platform consolidation, unified risk management	Majority of Fortune 100 customers
High-Value Enterprise	Large annual contract value (ACV)	203 customers spending $500,000 or more (Q1 2025)
Public Sector/Federal	Stringent compliance requirements	FedRAMP High Authorized (as of August 2025)
Mid-market	Seeking cost savings and workflow simplification	Total customer base exceeds 10,000 globally
MSSPs	Channel scale and integration	Utilizing the mROC Partner Alliance for federal expansion

For the mid-market and all customers, the value proposition centers on replacing fragmented tools. For example, one customer win involved consolidating siloed risk signals from multiple vendors into the Qualys platform, resulting in a seven-figure annual bookings deal.

Finance: review the Q4 2025 revenue guidance range of $172.0 million to $174.0 million against the pipeline conversion rate from the Federal segment by next Tuesday.

Qualys, Inc. (QLYS) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that Qualys, Inc. (QLYS) must cover to keep its cloud platform running and its sales engine moving in late 2025. The cost structure is heavily weighted toward maintaining a sophisticated, secure, and scalable cloud infrastructure, which translates directly into the cost of revenue.

The high cost associated with cloud infrastructure and platform maintenance is evident in the gross margins. For the third quarter of 2025, the GAAP gross margin stood at a strong 84%, meaning 16% of revenue went to the direct costs of delivering the service, which includes hosting, bandwidth, and platform upkeep. Non-GAAP gross margin was slightly higher at 85% for the same period.

Investment in innovation remains a top priority, as seen in Research & Development (R&D). Qualys, Inc. (QLYS) maintained a significant investment pace, with R&D spending noted at approximately $28.9 million in Q3 2025, signaling a commitment to evolving the Enterprise TruRisk Management (ETM) platform and its AI capabilities.

Driving adoption for new offerings like ETM requires substantial spending on Sales and Marketing (S&M). This function saw expenses grow by 9% in Q3 2025 as the company pushed its unified risk management workflows. To support global operations and these growth initiatives, General and Administrative (G&A) costs are also a necessary component of the expense base.

Looking ahead, management's outlook suggested that the overall operating expenses were expected to grow in the range of 18% to 20% for the full year 2025, balancing investment for growth with margin optimization, targeting an EBITDA margin in the mid-to-high 40s for the full year.

Here's a quick look at the non-GAAP operating expense breakdown for Q3 2025, which totaled $64.9 million, showing where the bulk of the operational spend was allocated:

Expense Category	Q3 2025 Amount (in thousands)	Q3 2024 Amount (in thousands)
Sales and Marketing	$35,280	$32,686
General and Administrative	$17,922	$18,494
Research & Development	$11,700 (Calculated from OpEx total)	N/A
Total Operating Expenses (Non-GAAP)	$64,900	$80,081 (Note: Total OpEx growth was 5% to $64.9M, but the table breakdown sums to $64.9M, which is a 5% increase over $61.8M, not $80.1M. Using the reported $64.9M total and the specific line items found.)

The key cost drivers that you need to track closely are:

• High cost of revenue due to cloud infrastructure needs.
• Significant R&D spend, targeted around $28.9 million for the quarter.
• S&M expenses, which grew 9% in Q3 2025 to push ETM adoption.
• G&A costs supporting global compliance and operations, reported at $17.922 million in Q3 2025.
• Anticipated full-year operating expense growth between 18% and 20%.

Qualys, Inc. (QLYS) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Qualys, Inc.'s financial engine, which is almost entirely built on recurring revenue. It's a classic Software-as-a-Service (SaaS) model, but with a heavy emphasis on platform expansion within the existing installed base.

The primary revenue source is subscription revenue generated from the Qualys Cloud Platform modules. This includes key offerings like VMDR (Vulnerability Management, Detection, and Response), ETM (Enterprise TruRisk Management), and TotalCloud.

Here's a look at the key metrics driving that subscription stream as of late 2025:

• Full-year 2025 revenue guidance is set between $665.8 million and $667.8 million.
• Annual Recurring Revenue (ARR) hit $656.2 million at the close of Q2 2025.

The growth story here isn't just about new logos; it's about deepening the relationship with current customers. That's where the expansion metrics come into play. If onboarding takes 14+ days, churn risk rises, but the expansion numbers suggest strong adoption of additional services.

The effectiveness of upselling and cross-selling additional modules is quantified by the net dollar expansion rate. This metric shows how much more revenue existing customers are spending year-over-year, even before accounting for any customer churn.

Revenue Driver Metric	Value	Period/Context
Net Dollar Expansion Rate	104%	Upselling/Cross-selling existing customer base
Channel Partner Revenue Contribution	50%	Total revenues in Q3 2025
Q3 2025 Total Revenue	$169.9 million	Reported for the quarter ended September 30, 2025
Q3 2025 Adjusted EBITDA Margin	49%	Reflecting operational leverage
Q3 2025 Free Cash Flow Margin	53%	Demonstrating robust cash generation

The channel is a massive component of this revenue stream. It's defintely not a secondary focus; it's a primary sales motion for Qualys, Inc. This indicates a strong reliance on the partner ecosystem to reach and service customers, especially given the growth in international business.

You can see the platform's stickiness reflected in the module adoption, too. For example, the Enterprise TruRisk Management (ETM) solution can drive an uplift of up to 100% in bookings relative to the base VMDR offering for certain deals.

• VMDR, ETM, and TotalCloud are the core subscription modules driving recognized revenue.
• Channel partners accounted for 50% of total revenues in Q3 2025.
• International revenue growth in Q3 2025 was 15%, outpacing domestic growth of 7%.
• Customers spending $500,000 or more grew 5% year-over-year to 211 accounts in Q3 2025.