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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 |
| 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 |
| Operating Income | - | -21.01 | -4.58 | 0.30 | -1.60 |
| EBITDA | - | -11.36 | 7.54 | 19.03 | 23.21 |
| EBIT | - | -21.01 | -4.58 | 0.30 | -1.60 |
| Pretax Income | - | -20.45 | 4.84 | 11.06 | 15.70 |
| Tax Provision | - | 8.76 | 6.60 | 7.01 | 6.03 |
| Net Income | - | -29.21 | -1.76 | 4.04 | 9.67 |
| Net Income Common Stockholders | - | -29.21 | -1.76 | 4.04 | 9.67 |
| Total Expenses | - | 331.49 | 317.49 | 350.28 | 413.42 |
| Interest Income | - | 0.56 | 10.42 | 13.16 | 17.60 |
| Research And Development | - | 15.77 | 14.74 | 18.35 | 23.66 |
| Selling General And Administration | - | 125.83 | 102.98 | 108.36 | 120.28 |
| Normalized EBITDA | - | -11.36 | 8.54 | 21.43 | 23.51 |
| Normalized Income | - | -29.21 | -0.98 | 5.94 | 9.85 |
| Market Cap | 488.22 | 488.22 | 488.22 | 488.22 | 488.22 |
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 | $502M | 50.50↓ discount | 0.90 | 1.8% | 7.03 |
| PAR Technology Corporation | PAR | $551M | - | 0.66 | -10.2% | -21.78 |
| Mesa Laboratories, Inc. | MLAB | $529M | 147.32 | 2.83 | -1.2% | 15.82 |
| International Money Express, Inc. | IMXI | $480M | 14.74 | 2.94 | 20.3% | 5.96 |
| Frequency Electronics, Inc. |
| - |
| - |
| - |
| - |
| - |
| - |
| FEIM |
| $464M |
| 64.62 |
| 7.70 |
| 42.6% |
| 54.74 |
| Paysafe Limited | PSFE | $464M | - | 0.71 | -27.9% | 7.05 |
| Consensus Cloud Solutions, Inc. | CCSI | $463M | 5.79 | 34.68 | 613.7% | 5.75 |
| PubMatic, Inc. | PUBM | $461M | - | 1.74 | -5.5% | 85.34 |
| Ooma, Inc. | OOMA | $442M | 70.00 | 4.77 | 7.0% | 29.36 |
| Peer Median | - | 64.62 | 2.89 | 2.9% | 11.44 | |