Grid Dynamics Holdings, Inc. - GDYN STOCK NEWS

Grid Dynamics reported record revenue of $81.2 million for Q3 2022, a 40.1% year-over-year increase, marking the ninth consecutive quarter of record results. Non-retail verticals contributed 68.9% of revenue, with technology growth at 49.7% year-over-year. Despite revenue growth, the GAAP net loss increased to $(6.7) million compared to $(0.5) million a year prior. The company anticipates Q4 2022 revenue between $77.0 million and $78.0 million, with EBITDA between $12.6 million and $13.2 million.

Grid Dynamics (NASDAQ:GDYN) has earned the AWS Service Delivery Designation as an inaugural recipient for Amazon EKS, demonstrating its expertise in helping clients manage containerized workloads on AWS. This recognition highlights Grid Dynamics' ability to leverage its PCF to AWS Kubernetes Migration Starter Kit to streamline the transition from Pivotal Cloud Foundry to Amazon EKS. By providing customized solutions, the company accelerates cloud modernization efforts for customers, reducing the complexities and costs associated with backend infrastructure management.

Grid Dynamics announced the launch of its new Churn Analytics Starter Kit designed for Google Cloud's Vertex AI, aimed at reducing customer churn and enhancing operational efficiency. This kit allows companies to assess churn risk, analyze behavior, and create personalized treatment programs. The initiative showcases Grid Dynamics' collaboration with Google, expanding their suite of AI-driven solutions for enterprises. By leveraging advanced analytics, organizations can improve customer retention and streamline operations, ultimately driving cost savings and brand loyalty.

Grid Dynamics has launched a new Industrial IoT (IIoT) Analytics Starter Kit designed for Google Vertex AI to enhance smart manufacturing applications. This kit aims to reduce costs and improve efficiencies in application development, leveraging Grid Dynamics' expertise and collaboration with Google Cloud. The IIoT Starter Kit accelerates AI deployment, enables real-time system health monitoring, and features templates for manufacturing organizations. This development is part of Grid Dynamics' strategic focus on accelerating digital transformation for Fortune 1000 companies.

Grid Dynamics (Nasdaq:GDYN) will host a video conference call on November 3, 2022, at 4:30 p.m. ET to discuss its third quarter 2022 financial results. A press release with details will precede the call. Investors can access the webcast via the Investor Relations section of the company’s website. A replay will also be available afterward.

Grid Dynamics is a leader in digital transformation services for Fortune 1000 firms, offering consulting and implementation services in areas like big data analytics and cloud migration.

Grid Dynamics has launched a new Modern Application Development practice to strengthen its digital transformation capabilities. This practice focuses on cloud, cybersecurity, and automation, aimed at enhancing enterprise application development.

Chuck Tsocanos has been appointed as Vice President to lead this initiative, bringing extensive experience in cloud and security technology. The new practice integrates zero-trust security into the core development process, enabling clients to achieve digital maturity.

Grid Dynamics has launched a new Kubernetes Migration Starter Kit aimed at assisting enterprises in transitioning from Pivotal Cloud Foundry to Microsoft Azure Kubernetes Service. This innovative kit streamlines cloud migrations, reducing both time and costs by leveraging Grid Dynamics' expertise in microservices and Azure. By utilizing this starter kit, companies can deploy a production-ready microservices platform quickly, enhancing their infrastructure provisioning and accelerating time-to-market for new products.

Grid Dynamics Holdings (NASDAQ:GDYN) has announced a public offering of 5,714,286 shares at $17.50 per share, expected to close on September 12, 2022, pending customary conditions. The underwriters also have a 30-day option to buy an additional 857,142 shares. J.P. Morgan and William Blair are leading the offering, with co-managers Needham and Cantor Fitzgerald. The shares will be registered under a prior effective shelf registration statement. This release includes forward-looking statements regarding the offering's completion.

Grid Dynamics (NASDAQ:GDYN) announced a proposed underwritten public offering of $100 million in common stock, all to be sold by the company. An additional $15 million in shares may be available through a 30-day option for underwriters. The offering is subject to market conditions and is managed by J.P. Morgan Securities LLC and William Blair & Company, L.L.C. The offering will utilize an effective shelf registration statement, with no assurance on completion timing or terms. The company provides digital transformation services to Fortune 1000 companies.