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Grid Dynamics Holdings, Inc., together with its subsidiaries, provides enterprise artificial intelligence and digital transformation services in North America, Europe, and internationally. The company offers artificial intelligence services, such as AI-Readiness through strategy consulting, data modernization, rapid and deployment-ready prototyping, and software development lifecycle transformation; identify AI use cases service, which deploys AI in customer-facing, operational, and knowledge management scenarios; AI infrastructure agentic systems; and enterprise AI scale, which helps enterprises gain enterprise-wide efficiency with deployment. It also provides cloud platform and product engineering services, including digital engagement, which delivers modular composable commerce platforms; IoT and edge computing, which assists manufacturers and logistics providers in implementing physical AI; and AI and data platforms. The company serves retail, technology, media and telecom, finance, consumer packaged goods and manufacturing, healthcare and pharma, and other verticals. Grid Dynamics Holdings, Inc. was founded in 2006 and is headquartered in San Ramon, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $412M | $23M | $10M | $25M | 1.8% | 17.5% | 139.2% |
| 2024 | $351M | $19M | $4M | $18M | 0.8% | 12.0% | -329.0% |
| 2023 | $313M | $8M | $-2M | $33M | -0.5% | 0.8% | -94.0% |
| 2022 | $310M | $-11M | $-29M | $26M | -8.0% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 310.48 | 312.91 | 350.57 | 411.83 |
| Operating Revenue | - | 310.48 | 312.91 | 350.57 | 411.83 |
| Cost Of Revenue | - | 189.89 | 199.76 | 223.57 | 269.48 |
| Gross Profit | - | 120.59 | 113.15 | 127 | 142.35 |
| Operating Expense | - | 141.60 | 117.73 | 126.71 | 143.94 |
| Research And Development | - | 15.77 | 14.74 | 18.35 | 23.66 |
| Selling General And Administration | - | 125.83 | 102.98 | 108.36 | 120.28 |
| Total Expenses | - | 331.49 | 317.49 | 350.28 | 413.42 |
| Operating Income | - | -21.01 | -4.58 | 0.30 | -1.60 |
| Total Operating Income As Reported | - | 21.01 | -5.58 | -2.10 | -1.90 |
| EBITDA | - | -11.36 | 7.54 | 19.03 | 23.21 |
| Normalized EBITDA | - | -11.36 | 8.54 | 21.43 | 23.51 |
| EBIT | - | -21.01 | -4.58 | 0.30 | -1.60 |
| Interest Income | - | 0.56 | 10.42 | 13.16 | 17.60 |
| Net Interest Income | - | 0.56 | 10.42 | 13.16 | 17.60 |
| Other Non Operating Income Expenses | -2.50 | 0.56 | 10.42 | - | - |
| Other Income Expense | - | 0.56 | -1 | -2.40 | -0.30 |
| Interest Income Non Operating | - | 0.56 | 10.42 | 13.16 | 17.60 |
| Net Non Operating Interest Income Expense | - | 0.56 | 10.42 | 13.16 | 17.60 |
| Pretax Income | - | -20.45 | 4.84 | 11.06 | 15.70 |
| Tax Provision | - | 8.76 | 6.60 | 7.01 | 6.03 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | -0.21 | -0.50 | -0.12 |
| Net Income Continuous Operations | - | -29.21 | -1.76 | 4.04 | 9.67 |
| Net Income From Continuing And Discontinued Operation | - | -29.21 | -1.76 | 4.04 | 9.67 |
| Net Income From Continuing Operation Net Minority Interest | - | -29.21 | -1.76 | 4.04 | 9.67 |
| Net Income | - | -29.21 | -1.76 | 4.04 | 9.67 |
| Net Income Common Stockholders | - | -29.21 | -1.76 | 4.04 | 9.67 |
| Net Income Including Noncontrolling Interests | - | -29.21 | -1.76 | 4.04 | 9.67 |
| Normalized Income | - | -29.21 | -0.98 | 5.94 | 9.85 |
| Diluted NI Availto Com Stockholders | - | -29.21 | -1.76 | 4.04 | 9.67 |
| Basic Average Shares | - | 69.20 | 75.19 | 77.46 | 84.54 |
| Diluted Average Shares | - | 69.20 | 75.19 | 79.97 | 86.89 |
| Reconciled Depreciation | - | 9.65 | 12.12 | 18.74 | 24.80 |
| Reconciled Cost Of Revenue | - | 189.89 | 199.76 | 223.57 | 269.48 |
| Total Unusual Items | - | - | -1 | -2.40 | -0.30 |
| Total Unusual Items Excluding Goodwill | - | - | -1 | -2.40 | -0.30 |
| Special Income Charges | - | - | -1 | -2.40 | -0.30 |
| Restructuring And Mergern Acquisition | - | - | 1 | 2.40 | 0.30 |
| General And Administrative Expense | - | 106.02 | 78.83 | 79.74 | 90.25 |
| Other Gand A | - | 106.02 | 78.83 | 79.74 | 90.25 |
| Selling And Marketing Expense | - | 19.81 | 24.15 | 28.62 | 30.03 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Grid Dynamics Holdings, Inc.this co. | GDYN | $583M | 60.29 | 1.08 | 1.8% | 11.11 |
| Clearfield, Inc. | CLFD | $605M | -75.10 | 2.36 | -3.1% | 40.02 |
| Mesa Laboratories, Inc. | MLAB | $603M | -305.44 | 3.77 | -1.2% | 17.88 |
| PAR Technology Corporation | PAR | $598M | -7.09 | 0.73 | -10.2% | -34.55 |
| PowerFleet, Inc. | AIOT | $567M |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 14.73 |
| -11.4% |
| 37.91 |
| Cerence Inc. | CRNC | $557M | - | 3.70 | -12.4% | 57.48 |
| i3 Verticals, Inc. | IIIV | $555M | 31.04 | 1.42 | 4.6% | 11.46 |
| PubMatic, Inc. | PUBM | $552M | -38.15 | 2.10 | -5.5% | 16.98 |
| OneSpan Inc. | OSPN | $546M | 7.49 | 2.01 | 26.8% | 8.00 |
| Peer Median | - | -22.62 | 2.23 | -4.3% | 17.43 | |