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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 Holdings, Inc. (Nasdaq: GDYN) reported record revenue of $39.1 million for Q1 2021, marking a 30% sequential increase and a 21% year-over-year rise. Excluding a $6.5 million contribution from the Daxx acquisition, revenue reached $32.6 million, a 12% sequential gain. The non-retail sector provided 77% of total revenue, demonstrating strong growth. GAAP net loss narrowed to $(2.1) million or $(0.04) per share. The company anticipates Q2 revenue between $40.5 million to $42.0 million and expects at least $165.0 million for the full year.
Grid Dynamics (Nasdaq: GDYN) has unveiled a cutting-edge digital banking assistant designed to enhance the mobile banking experience. This solution utilizes AI to transform mobile banking apps into interactive financial advisors, allowing users to engage via voice, chat, or gestures. The technology aims to improve customer retention and competitiveness against fintechs. According to Max Martynov, CTO, this digital assistant allows banks to deliver personalized experiences swiftly, integrating seamlessly with existing systems while addressing the growing demand for user-friendly banking interfaces.
Grid Dynamics Holdings, Inc. (Nasdaq: GDYN) will host a conference call on May 6, 2021, at 4:30 p.m. ET to discuss its Q1 2021 financial results. The call will be accessible via a webcast on the company's website and by phone. A news release with the financial results will precede the call. As a leader in digital transformation, Grid Dynamics serves Fortune 1000 companies, providing services in areas such as big data analytics and cloud migration. Founded in 2006, the company is headquartered in Silicon Valley.
Grid Dynamics (Nasdaq: GDYN) announced its upcoming series of free Data Points Virtual Summits aimed at industry professionals in data science and analytics. The first summit, scheduled for March 25, will focus on data-related challenges in the Media, Entertainment & Technology sectors, featuring speakers from firms like The New York Times and Spotify. Additional summits will cover Healthcare & Finance on June 9 and Manufacturing, Retail & Ecommerce on December 8. This initiative is designed to provide valuable insights into personalization and analytics in dynamic environments.
Grid Dynamics (Nasdaq: GDYN) reported fourth quarter 2020 revenue of $30.1 million, an 11% sequential growth from $29.1 million, surpassing guidance of $27.7 to $28.7 million. However, this marks a 6% decline year-over-year. The company's non-retail segments constituted 74% of revenue, with significant growth in the Technology, Media, and Telecom vertical. Full-year revenue was $111.3 million, a 6% decrease year-over-year. Looking ahead, GDYN projects Q1 2021 revenue between $35 million to $36.5 million, inclusive of Daxx's contribution.
Grid Dynamics (Nasdaq: GDYN) has been recognized by Forrester in its Q1 2021 report on Continuous Automation and Testing Services Providers. This acknowledgment highlights Grid Dynamics’ commitment to improving software testing capabilities to enhance quality, efficiency, and speed during the digital transformation process. With a strong portfolio including DevOps, DataOps, and AI-powered testing, the company claims to achieve a 10x increase in speed to market and reduced infrastructure costs. Max Martynov, CTO, emphasized the need for modern automation to avoid traditional pitfalls that slow down digital transformation.
Grid Dynamics (Nasdaq:GDYN) has launched an Analytical Data Platform in partnership with Amazon Web Services, aimed at accelerating cloud migration for advanced analytics and AI applications. This solution, available on the AWS Marketplace, enables companies to cut down implementation costs and risks. With a microservices architecture, the platform allows for rapid deployment, reducing time to insights to a single day. The CTO stated that it helps businesses achieve AI and ML capabilities with reduced time and cost by up to 10x.
Grid Dynamics (Nasdaq: GDYN) will host a conference call on March 4, 2021, at 4:30 p.m. ET to discuss its financial results for Q4 and the full year 2020. Investors can access the call via the Investor Relations section of the company's website or by dialing in. A replay will be available shortly after the call and will remain accessible until March 18, 2021. Grid Dynamics is a digital-native technology services provider, specializing in digital transformation for Fortune 1000 companies.
Grid Dynamics Holdings (Nasdaq: GDYN) has acquired Daxx, a software development firm based in the Netherlands. This acquisition enhances Grid Dynamics' services by integrating Daxx's two decades of experience in software development and technology consulting. Daxx specializes in agile process reengineering, lean development, and DevOps, serving clients in Europe and the U.S. The move aims to expand Grid Dynamics' presence in Western Europe, leveraging Amsterdam as a strategic hub for growth in the fast-evolving digital transformation sector.
Grid Dynamics announced Q3 2020 results, reporting $26.3 million in revenue, an 18% sequential growth from Q2 but a 16% year-over-year decline. The Technology vertical, which constituted 48% of revenue, grew by 45% year-over-year. Despite a GAAP Net Loss of $(1.1) million, the company achieved an Adjusted EBITDA of $4.2 million, or 16% of revenue. The company expects Q4 revenues between $27.7 million and $28.7 million. Cash reserves increased to $126.5 million due to a merger earlier in the year.
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