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Grid Dynamics Reports Second Quarter 2025 Financial Results

Record Revenues of $101.1 million and GAAP Net Income of $5.3 million

SAN RAMON, Calif.--(BUSINESS WIRE)-- Grid Dynamics Holdings, Inc. (Nasdaq: GDYN) (鈥淕rid Dynamics鈥� or the 鈥淐ompany鈥�), a leader in enterprise-level AI and digital transformation, today announced results for the second quarter ended June 30, 2025.

We are pleased to report second quarter 2025 revenues of $101.1 million, slightly above the midpoint of our outlook of $100.0 million to $102.0 million that we provided in May 2025.

Retail remained our largest vertical, contributing 29.2% of total revenues in the second quarter of 2025. The Finance vertical maintained its strong growth, doubling revenues year-over-year for the fourth consecutive quarter. This performance was driven by sustained demand from fintech customers, together with contributions from our 2024 acquisitions. As a result, Finance became our second-largest vertical, accounting for 25.1% of total revenues in the quarter. Our Technology, Media and Telecom (鈥淭MT鈥�) vertical represented 24.9% of the second-quarter revenues, increasing 6.7% sequentially and 8.4% year-over-year. Revenues from the Consumer Packaged Goods (鈥淐PG鈥�) and Manufacturing vertical were flat on a sequential basis but grew 7.7% year-over-year, primarily due to contributions from our 2024 acquisitions. Lastly, the Healthcare and Pharma, and Other verticals grew by 6.3% and 10.1%, respectively, compared to the first quarter of 2025, and contributed 2.5% and 7.8% of total second-quarter revenues, respectively.

鈥淥ur second quarter revenue was a record aided by demand from both our new and existing customers, which are prioritizing innovation-centric initiatives from a spending perspective. Our ability to provide high-caliber technology consulting and engineering services continues to promote success for our clients.

Across the majority of our customers, AI is having a profound impact on how they plan their future initiatives. Companies are actively seeking AI-native partners that can lead and drive adoption within their organizations. Grid Dynamics is aligning every aspect of its business with an AI-first approach. I鈥檓 pleased to report that in the first half of 2025, our AI and Data practice accounted for 23% of our total organic revenue and is growing almost three times faster than our overall organic business.

I鈥檓 excited to see the growth in our opportunity pipeline as we enter the third quarter with accelerated business momentum. Grid Dynamics has emerged stronger with greater differentiation from our industry peers whenever the industry has undergone transitions, whether due to economic cycles or technological shifts,鈥� said Leonard Livschitz, CEO.

Second Quarter 2025 Financial Highlights

• Total revenues were $101.1 million, flat on a sequential basis and up 21.7% on a year-over-year basis.
• GAAP gross profit was $34.5 million, or 34.1% of revenues, compared to $29.6 million, or 35.6% of revenues, in the second quarter of 2024.
• Non-GAAP gross profit was $35.1 million, or 34.7% of revenues, compared to $30.1 million, or 36.2% of revenues, in the second quarter of 2024.
• GAAP net income was $5.3 million, or $0.06 per share, based on 86.4 million diluted weighted-average common shares outstanding in the second quarter of 2025, compared to a net loss of $0.8 million, or $0.01 per share, based on 76.6 million diluted weighted-average common shares outstanding in the second quarter of 2024.
• Non-GAAP net income was $8.3 million, or $0.10 per diluted share, based on 86.4 million diluted weighted-average common shares outstanding in the second quarter of 2025, compared to $8.5 million, or $0.11 per diluted share, based on 77.9 million diluted weighted-average common shares outstanding in the second quarter of 2024.
• Non-GAAP EBITDA (earnings before interest, taxes, depreciation, amortization, other income and expenses, fair value adjustments, stock-based compensation, transaction and transformation-related costs, restructuring costs as well as geographic reorganization expenses), a non-GAAP metric, was $12.7 million, compared to $11.7 million in the second quarter of 2024.

See 鈥淣on-GAAP Financial Measures鈥� and 鈥淩econciliation of Non-GAAP Information鈥� below for a discussion of our non-GAAP measures.

Cash Flow and Other Metrics

• Cash provided by operating activities was $23.7 million for the six months ended June 30, 2025, compared to $13.9 million for the six months ended June 30, 2024.
• Cash and cash equivalents totaled $336.8 million as of June 30, 2025, compared to $334.7 million as of December 31, 2024.
• Total headcount was 5,013 as of June 30, 2025, compared with 3,961 as of June 30, 2024.

Financial Outlook

Third Quarter

• The Company expects revenue in the third quarter of 2025 to be in the range of $103 to $105 million.
• Non-GAAP EBITDA in the third quarter of 2025 is expected to be between $12 and $13 million.
• For the third quarter of 2025, we expect our basic share count to be in the 84 - 85 million range and diluted share count to be in the 87 - 89 million range.

Full Year

• The Company expects full-year 2025 revenues to be in the range of $415 to $435 million, representing growth of 18.4% to 24.1% on a year-over-year basis.

Grid Dynamics is not able, at this time, to provide GAAP targets for net income/(loss) for the third quarter of 2025 because of the difficulty of estimating certain items excluded from Non-GAAP EBITDA that cannot be reasonably predicted, such as interest income, taxes, other income/(expenses), fair-value adjustments, geographic reorganization expenses, restructuring expenses, transaction-related costs and charges related to stock-based compensation expense. The effect of these excluded items may be significant.

Conference Call and Webcast

Grid Dynamics will host a video conference call at 4:30 p.m. ET on Thursday, July 31, 2025 to discuss its second quarter financial results. Investors and other interested parties can access a webcast of the video conference call on the Investor Relations section of the Company鈥檚 website at .

A replay will also be available after the call at with the passcode $Q2@2025.

About Grid Dynamics

Grid Dynamics (Nasdaq: GDYN) is a leading provider of technology consulting, platform and product engineering, AI, and digital engagement services. Fusing technical vision with business acumen, we solve the most pressing technical challenges and enable positive business outcomes for enterprise companies undergoing business transformation. A key differentiator for Grid Dynamics is our 8 years of experience and leadership in enterprise AI, supported by profound expertise and ongoing investment in , , , and . Founded in 2006, Grid Dynamics is headquartered in Silicon Valley with offices across the Americas, Europe, and India. Follow us on .

Non-GAAP Financial Measures

To supplement the financial measures presented in Grid Dynamics press release in accordance with generally accepted accounting principles in the United States (鈥淕AAP鈥�), the Company also presents Non-GAAP measures of financial performance.

A 鈥渘on-GAAP financial measure鈥� refers to a numerical measure of Grid Dynamics historical or future financial performance or financial position that is included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. Grid Dynamics provides certain non-GAAP measures as additional information relating to its operating results as a complement to results provided in accordance with GAAP. The non-GAAP financial information presented herein should be considered in conjunction with, and not as a substitute for or superior to, the financial information presented in accordance with GAAP and should not be considered a measure of liquidity and profitability.

Grid Dynamics has included these non-GAAP financial measures because they are financial measures used by Grid Dynamics鈥� management to evaluate Grid Dynamics鈥� core operating performance and trends, to make strategic decisions regarding the allocation of capital and new investments and are among the factors analyzed in making performance-based compensation decisions for key personnel.

Grid Dynamics believes the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are either not part of core operations or do not require a cash outlay, such as stock-based compensation expense. Grid Dynamics believes these non-GAAP measures provide investors and other users of its financial information consistency and comparability with its past financial performance and facilitate period to period comparisons of operations. Grid Dynamics believes these non-GAAP measures are useful in evaluating its operating performance compared to that of other companies in its industry, as they generally eliminate the effects of certain items that may vary for different companies for reasons unrelated to overall operating performance.

There are significant limitations associated with the use of non-GAAP financial measures. Further, these measures may differ from the non-GAAP information, even where similarly titled, used by other companies and therefore should not be used to compare our performance to that of other companies. Grid Dynamics compensates for these limitations by providing investors and other users of its financial information a reconciliation of non-GAAP measures to the related GAAP financial measures. Grid Dynamics encourages investors and others to review its financial information in its entirety, not to rely on any single financial measure, and to view its non-GAAP measures in conjunction with GAAP financial measures. Please see the reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures attached to this release.

Forward-Looking Statements

This communication contains 鈥渇orward-looking statements鈥� within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are not historical facts, and involve risks and uncertainties that could cause actual results of Grid Dynamics to differ materially from those expected and projected. These forward-looking statements can be identified by the use of forward-looking terminology, including the words 鈥渂elieves,鈥� 鈥渆stimates,鈥� 鈥渁nticipates,鈥� 鈥渆xpects,鈥� 鈥渋ntends,鈥� 鈥減lans,鈥� 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥減otential,鈥� 鈥減rojects,鈥� 鈥減redicts,鈥� 鈥渃ontinue,鈥� or 鈥渟hould,鈥� or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include, without limitation, the quotations of management, the section titled 鈥淔inancial Outlook,鈥� and statements concerning Grid Dynamics鈥檚 expectations with respect to future performance, particularly in light of the macroeconomic environment and the Russian invasion of Ukraine, as well as its GigaCube strategy.

These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Grid Dynamics鈥檚 control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (i) Grid Dynamics operates in a rapidly evolving industry, which makes it difficult to evaluate future prospects and may increase the risk that it will not continue to be successful; (ii) Grid Dynamics may be unable to effectively manage its growth or achieve anticipated growth, particularly as it expands into new geographies, which could place significant strain on Grid Dynamics鈥� management personnel, systems and resources; (iii) Grid Dynamics鈥� revenues are highly dependent on a limited number of clients and industries, and any decrease in demand for outsourced services in these industries may reduce Grid Dynamics鈥� revenues and adversely affect Grid Dynamics鈥� business, financial condition and results of operations; (iv) macroeconomic conditions, inflationary pressures, the risk of recession, the impact of tariffs and other factors impacting world trade, and the geopolitical climate, including the Russian invasion of Ukraine, have and may continue to materially adversely affect our stock price, business operations, overall financial performance and growth prospects; (v) Grid Dynamics鈥� revenues are highly dependent on clients primarily located in the United States, and any economic downturn in the United States or in other parts of the world, including Europe or disruptions in the credit markets may have a material adverse effect on Grid Dynamics鈥� business, financial condition and results of operations; (vi) Grid Dynamics faces intense and increasing competition; (vii) Grid Dynamics鈥� failure to successfully attract, hire, develop, motivate and retain highly skilled personnel could materially adversely affect Grid Dynamics鈥� business, financial condition and results of operations; (viii) failure to adapt to rapidly changing technologies, methodologies and evolving industry standards may have a material adverse effect on Grid Dynamics鈥� business, financial condition and results of operations; (ix) issues relating to the use of artificial intelligence technologies may result in reputational ham or liability, (x) security breaches and other incidents could expose us to liability and cause our business and reputation to suffer; (xi) failure to successfully deliver contracted services or causing disruptions to clients鈥� businesses may have a material adverse effect on Grid Dynamics鈥� reputation, business, financial condition and results of operations; (xii) risks and costs related to acquiring and integrating other companies; (xiii) risks relating to the global regulatory environment as well as legal proceedings and other claims, and (xiv) other risks and uncertainties indicated in Grid Dynamics filings with the SEC.

Grid Dynamics cautions that the foregoing list of factors is not exclusive. Grid Dynamics cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Grid Dynamics does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Further information about factors that could materially affect Grid Dynamics, including its results of operations and financial condition, is set forth under the 鈥淩isk Factors鈥� section of the Company鈥檚 quarterly report on Form 10-Q filed May 1, 2025, in its annual report on Form 10-K filed February 27, 2025 and in other periodic filings Grid Dynamics makes with the SEC.

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Source: Grid Dynamics Holdings, Inc.