GRID DYNAMICS HOLDINGS, INC. GDYN
Grid Dynamics Holdings, Inc. ("Grid Dynamics," the "Company," "we," "us," or "our") is an Enterprise Artificial Intelligence ("AI") transformation partner for the Fortune 1000. We combine deep AI expertise with proven enterprise-scale delivery to help clients identify where to invest in AI, deliver systems that work at scale, and capture real business value from AI deployments. The building blocks of AI have always been our foundation — distributed systems, real-time data, machine learning algorithms, and natural language processing. What has changed is that these capabilities have now converged into Enterprise AI.
This technical heritage is matched with business acumen. We solve the most pressing technical challenges and enable positive business outcomes for enterprise companies. A key differentiator is our nearly two decades of technology leadership and pioneering enterprise AI expertise. This is supported by deep capabilities and ongoing investment in data and machine learning platform engineering, cloud platform and product engineering, Internet of Things ("IoT") and edge computing, and digital engagement services.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $411.8M | $350.6M | $312.9M | $310.5M | $211.3M | $111.3M | $118.3M | $91.9M | — |
| Cost of revenue | $269.5M | $223.6M | $199.8M | $189.9M | $123.6M | $69.7M | $70.1M | $52.6M | — |
| Gross profit | $142.3M | $127.0M | $113.1M | $120.6M | $87.7M | $41.6M | $48.2M | $39.3M | — |
| R&D | $23.7M | $18.3M | $14.7M | $15.8M | $8.5M | $9.3M | $4.3M | $2.6M | — |
| SG&A | $90.5M | $82.1M | $79.8M | $106.0M | $64.8M | $37.7M | $21.3M | $17.6M | — |
| Total operating expenses | $144.2M | $129.1M | $118.7M | $141.6M | $87.7M | $57.1M | $32.6M | $25.5M | — |
| Operating income | -$1.9M | -$2.1M | -$5.6M | -$21.0M | $50.0K | -$15.4M | $15.6M | $13.8M | — |
| Interest expense | — | — | — | — | — | — | $1.8M | — | — |
| Pre-tax income | $15.7M | $11.1M | $4.8M | -$20.5M | -$2.5M | -$15.2M | $15.4M | $13.1M | — |
| Income tax | $6.0M | $7.0M | $6.6M | $8.8M | $5.2M | $2.6M | $4.6M | $3.9M | — |
| Net income | $9.7M | $4.0M | -$1.8M | -$29.2M | -$7.7M | -$12.6M | $10.8M | $9.2M | — |
| EPS, basic | 0.11 | 0.05 | -0.02 | -0.42 | -0.13 | -0.28 | 0.49 | 0.46 | — |
| EPS, diluted | 0.11 | 0.05 | -0.02 | -0.42 | -0.13 | -0.28 | 0.49 | 0.46 | — |
| Shares, diluted (wtd. avg.) | $86.9M | $80.0M | $75.2M | $69.2M | $58.7M | $44.7M | $21.1M | $20.2K | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $342.1M | $334.7M | $257.2M | $256.7M | $144.4M | $112.7M | $42.2M | $17.9M | $10.4M |
| Receivables | $79.5M | $69.4M | $53.6M | $48.4M | $38.8M | $16.9M | $13.9M | — | — |
| Total current assets | $439.5M | $423.3M | $324.0M | $323.1M | $192.8M | $134.6M | $66.0M | $1.2M | — |
| Property, plant and equipment | $17.7M | $14.0M | $11.4M | $8.2M | $6.2M | $4.1M | $4.0M | — | — |
| Goodwill | $84.4M | $83.4M | $53.9M | $45.5M | $36.0M | $14.7M | $0 | — | — |
| Other intangibles | $41.6M | $47.9M | $26.5M | $20.4M | $19.1M | $8.1M | $18.0K | — | — |
| Total assets | $612.9M | $592.2M | $435.2M | $411.1M | $256.7M | $167.1M | $71.5M | $222.4M | — |
| Accounts payable | $3.7M | $4.1M | $3.6M | $3.9M | $2.1M | $757.0K | $768.0K | $216.5K | — |
| Total current liabilities | $52.1M | $55.5M | $42.2M | $38.7M | $25.3M | $13.3M | $8.3M | $445.1K | — |
| Total liabilities | $70.8M | $74.4M | $52.3M | $48.1M | $29.7M | $15.4M | $8.3M | $8.1M | — |
| Retained earnings | -$2.2M | -$11.8M | -$15.9M | -$14.1M | $15.1M | $22.8M | -$2.7M | $615.4K | — |
| Total equity | $542.1M | $517.8M | $382.9M | $363.0M | $227.1M | $151.7M | $54.0M | $33.4M | $24.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $40.6M | $30.2M | $41.1M | $31.7M | $18.0M | $5.9M | $12.5M | $10.6M | — |
| Depreciation and amortisation | $12.2M | $9.2M | $5.2M | $4.2M | $3.1M | $2.6M | $2.2M | — | — |
| Stock-based compensation | $30.3M | $34.2M | $35.5M | $61.0M | $33.0M | $20.0M | $2.4M | $1.8M | — |
| Capital expenditure | $15.3M | $11.8M | $7.9M | $6.1M | $4.7M | $2.3M | $2.8M | $3.1M | — |
| Investing cash flow | -$15.1M | -$51.3M | -$25.9M | -$16.3M | -$35.4M | -$18.3M | -$2.8M | -$3.1M | — |
| Financing cash flow | -$19.9M | $101.2M | -$16.3M | $97.8M | $49.1M | $83.0M | $14.6M | — | — |
| Dividends paid | — | — | — | — | $0 | $0 | $2.0M | — | — |
| Buybacks | $2.0M | $0 | $0 | $0 | $0 | $123.9M | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-053052.
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