Q1 2026 Grid Dynamics Holdings Inc Earnings Call Transcript
Key Points
- Grid Dynamics Holdings Inc (GDYN) reported Q1 revenue of $104.1 million, exceeding guidance and market expectations.
- AI revenue accounted for 29.3% of total company revenue, growing nearly 60% year-over-year.
- The company has diversified its top five accounts entirely outside of retail, focusing on technology and financial services.
- Grid Dynamics is benefiting from vendor consolidation among top customers, positioning it to capture greater market share.
- The company is actively engaged in AI initiatives across its top customers, driving strategic programs and expanding its addressable market.
- The company faced a negative impact from FX fluctuations, resulting in a $1.2 million headwind on EBITDA.
- GAAP gross profit declined year-over-year due to FX headwinds and higher cost structures.
- Non-GAAP EBITDA decreased compared to the previous quarter and year-ago quarter, largely due to FX headwinds and higher operating costs.
- GAAP net loss for the first quarter was $1.5 million, compared to net income in the previous quarter and year-ago quarter.
- Cash and cash equivalents decreased from $342.1 million to $327.5 million, partly due to share repurchases.
(audio in progress) earnings conference call. I'm Cary Savas, Director of Branding and Communications. At this time, our participants are in listen-only mode. With us today are Leonard Livschitz, Chief Executive Officer and Director; Anil Doradla, Chief Financial Officer; Dr. Eugene Steinberg, Chief Technology Officer; and Rahul Bindlish, Senior Vice President, Global Head of Partnerships and Marketing.
Following the prepared remarks, we will open the call to your questions. Before we begin, I'd like to remind everyone that today's discussion will contain forward-looking statements.This includes our business and a financial outlook and the answers to some of your questions.
Such statements are subject to the risks and uncertainty as described in the company's earnings release and other filings with the SEC. During this call, we will discuss certain non-GAAP measures of our performance. GAAP to non-GAAP financial reconciliations and supplemental financial
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