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Grid Dynamics Holdings, Inc. (NASDAQ: GDYN) is a premier engineering IT services company specializing in transformative, mission-critical cloud solutions tailored for the retail, finance, and technology sectors. Founded in 2006, and headquartered in San Ramon, California, Grid Dynamics boasts a global presence with offices across the US and Eastern Europe. The company is renowned for its expertise in big data analytics, scalable omnichannel services, DevOps, and cloud enablement.
Grid Dynamics is celebrated for architecting some of the busiest e-commerce platforms on the internet with unparalleled reliability, ensuring no outages during peak seasons. Their core business revolves around providing enterprise-level digital transformation services, including omnichannel customer experience, big data, analytics, artificial intelligence, cloud and DevOps, and application modernization. These services are delivered to Fortune 1000 companies, predominantly within the retail sector, generating substantial revenue primarily from North America and Europe.
Recent achievements highlight Grid Dynamics' leadership in digital transformation. A notable collaboration with Yieldmo introduced an advanced machine learning (ML) platform that optimizes ad campaign delivery and performance. This platform leverages high scalability, rapid feature deployment, and low maintenance requirements, underscoring Grid Dynamics' innovative capabilities in the adtech domain.
Additionally, Grid Dynamics has been recognized as an AWS Well-Architected Partner, reflecting their proficiency in constructing secure, high-performing, and efficient infrastructure on AWS. This status enhances their ability to offer robust digital commerce solutions, leveraging advanced data, analytics, and AI to improve customer experiences.
Grid Dynamics' commitment to excellence is reflected in their collaborative engineering culture, where highly skilled engineers and scientists work together to tackle complex problems, driving innovation and quality. Their ongoing projects and strategic partnerships continue to position them as a leader in the digital transformation landscape, fostering growth and competitive advantage for their clients.
For more detailed information, visit www.griddynamics.com.
Grid Dynamics (NASDAQ: GDYN) reported its fourth quarter and full year 2024 financial results. The company achieved Q4 revenue of $100.3 million, surpassing its October 2024 outlook of $95.0-$97.0 million and marking a 28.5% year-over-year increase. Full-year 2024 revenue reached $350.6 million, up from $312.9 million in 2023.
Key verticals included Retail (32.6% of Q4 revenue), Technology, Media, and Telecom (23.0%), and Finance (23.0%), with Finance growing 63.8% sequentially and 180.1% year-over-year. The CPG and Manufacturing vertical, contributing 11.2% of Q4 revenue, grew 14.8% sequentially and 16.4% year-over-year.
For Q4 2024, GAAP gross profit was $37.0 million (36.9% margin), Non-GAAP gross profit was $37.6 million (37.5% margin), and GAAP net income was $4.5 million ($0.05 per share). Non-GAAP net income was $10.3 million ($0.12 per share), with Non-GAAP EBITDA at $15.6 million.
Full-year 2024 saw GAAP gross profit of $127.0 million (36.2% margin) and Non-GAAP gross profit of $129.1 million (36.8% margin). GAAP net income was $4.0 million ($0.05 per share), while Non-GAAP net income was $37.2 million ($0.47 per share). Non-GAAP EBITDA reached $52.5 million.
For Q1 2025, the company expects revenues of $98.0-$100.0 million and Non-GAAP EBITDA of $12.9-$13.9 million. Full-year 2025 revenue is projected at $415.0-$435.0 million, representing 18.4%-24.1% growth.
Grid Dynamics Holdings (Nasdaq: GDYN) has launched a Visual Process Monitoring starter kit designed to streamline the development of edge video analytics solutions. The framework leverages vision-language models (VLMs) to enable rapid development of monitoring workflows for tracking moving objects and evaluating behavior patterns.
The solution aims to reduce costs and complexity in visual analytics projects by replacing traditional computer vision approaches with VLM-centric design. Applications include safety monitoring, labor productivity analysis, order packaging verification, and other use cases in manufacturing and logistics settings.
The starter kit addresses challenges in developing computer vision solutions by providing a zero-shot framework, eliminating the need for extensive training data collection and manual labeling. This technology can be applied across various scenarios including shelf space optimization in retail, workforce management in restaurants, and quality control in manufacturing operations.
Grid Dynamics Holdings (Nasdaq: GDYN) has scheduled its fourth quarter and full year 2024 financial results announcement for February 20, 2025. The company will host a video conference call at 4:30 p.m. ET to discuss the results. The earnings press release will be published on the company's website before the call. Investors can access both the live webcast and replay of the video conference call through the company's Investor Relations website section.
Grid Dynamics Holdings (NASDAQ: GDYN) is set to join the S&P SmallCap 600 index, replacing Revelyst (NYSE: GEAR) effective prior to market opening on January 2, 2025. The change comes as Strategic Value Partners is acquiring Revelyst, with the deal expected to close soon pending final conditions. Grid Dynamics will be classified under the Information Technology sector in the index, while Revelyst, currently listed under Consumer Discretionary, will be removed.
Grid Dynamics (NASDAQ: GDYN) has launched a new developer portal designed to streamline the software development lifecycle. The self-service system provides a unified interface for managing software components, environments, and provisioning templates, centralizing access to various development tools and processes.
The portal addresses the challenge of increased complexity in development teams by acting as a control center, offering capabilities such as environment management, software component and API management, provisioning and deployment tools, and automatic environment checks with resource optimization recommendations. According to Ilya Katsov, VP of Technology, the solution provides a modular and customizable framework that enables companies to build custom self-service portals efficiently and at a low cost.
Grid Dynamics (NASDAQ: GDYN) has launched its Composable Commerce Starter Kit on Microsoft Azure, offering a rapid solution for businesses transitioning from legacy systems to modern digital commerce capabilities. The starter kit, which can be deployed within months, features a MACH-compliant architecture (Microservices, API-first, Cloud-native, and Headless) centered on commercetools' platform. It includes pre-built connectors for third-party vendors providing various commerce functionalities like retail search, content management, and payment systems. The solution enables both B2C and B2B businesses to create flexible, customized digital platforms while leveraging Azure's AI technologies.
Grid Dynamics Holdings (NASDAQ:GDYN) has announced the pricing of its public offering of 5,750,000 shares of common stock at $17.25 per share. The company expects to raise approximately $93.4 million in net proceeds, which will be used for working capital, capital expenditures, and general corporate purposes including acquisitions. The offering is expected to close on November 14, 2024. Grid Dynamics has granted underwriters a 30-day option to purchase up to 862,500 additional shares. J.P. Morgan Securities, William Blair & Company, and TD Cowen are acting as joint book-running managers, with Needham & Company as co-manager.
Grid Dynamics Holdings (NASDAQ:GDYN), a technology consulting and engineering services company, has announced a proposed public offering of 5,000,000 shares of its common stock. The company plans to grant underwriters a 30-day option to purchase up to 750,000 additional shares. J.P. Morgan Securities, William Blair & Company, and TD Cowen will serve as joint book-running managers, with Needham & Company acting as co-manager. The offering will be made through an automatic shelf registration statement on Form S-3.
Grid Dynamics (GDYN) reported record Q3 2024 revenues of $87.4 million, exceeding their guidance of $84.0-86.0 million. The company achieved GAAP net income of $4.3 million ($0.05 per share). Retail and TMT were the largest verticals at 34.1% and 27.7% of revenues respectively, while Finance vertical grew 94.0% year-over-year. The company's AI initiatives pipeline grew 50% from last quarter to over 100 opportunities. For Q4 2024, Grid Dynamics expects revenues between $95.0-97.0 million and Non-GAAP EBITDA of $13.5-15.5 million.
Grid Dynamics Holdings, Inc. (NASDAQ: GDYN) has acquired Mobile Computing S.A., a software development services provider based in Buenos Aires, Argentina. This strategic move enhances Grid Dynamics' delivery capabilities in the Americas and strengthens its follow-the-sun delivery model. Mobile Computing, founded in 1998, is known for its expertise in digital transformation, particularly in the manufacturing, CPG, and financial services industries.
The acquisition brings several benefits to Grid Dynamics, including:
- Expanded client portfolio with blue-chip companies
- Enhanced capabilities in application development and UI/UX services
- A skilled team with a reputation for delivery excellence
- Support for Grid Dynamics' GigaCube growth strategy
This move aligns with Grid Dynamics' commitment to providing engineering excellence for its global enterprise clients and expands its service offerings in the Americas.
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