Grid Dynamics Q1 revenue up 12.1% to $80.1M; GAAP net loss widens to $8.0M

GRID DYNAMICS HOLDINGS, INC.

2023-Q1 EPS reported -$0.11 revenue$80,080,000

GAAP net loss $(8.0)M ($(0.11)/share) vs $(2.7)M ($(0.04)/share) YoY; non-GAAP net income $6.5M ($0.08/diluted).
Non-GAAP EBITDA $10.8M vs $11.4M YoY; GAAP gross margin 35.7% (37.5% YoY), non-GAAP gross margin 36.3% (37.8% YoY).
TMT vertical (33.5% of revenue) grew 25% YoY; Finance vertical grew 43.9% YoY; CPG & Manufacturing fell 15.6% YoY.
Signed new enterprise clients in global pharma and US telecom; established partnerships in supply-chain and marketing areas.
Total headcount and operating cash flow not disclosed; CEO cited strong pipeline and AI generative applications with clients.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

GRID DYNAMICS HOLDINGS, INC. reported first quarter ended March 31, 2023 results: revenue $80.1 million, net income $(8.0) million, EPS $(0.11) per share.

Period: first quarter ended March 31, 2023
Revenue: $80.1 million
Net income: $(8.0) million
EPS: $(0.11) per share
Result: reported results

Exact text from the filing

• Total revenue was $80.1 million, a 12.1% year-over-year increase. • GAAP gross profit was $28.6 million or 35.7% of revenue in the first quarter of 2023, compared to GAAP gross profit of $26.8 million or 37.5% of revenue in the first quarter of 2022. Non-GAAP gross profit was $29.0 million or 36.3% of revenue in the first quarter of 2023, compared to Non-GAAP gross profit of $27.0 million or 37.8% of revenue in the first quarter of 2022. • GAAP Net loss attributable to common stockholders was $(8.0) million, or $(0.11) per share, based on 74.5 million weighted-average common shares outstanding in the first quarter of 2023, compared to GAAP Net loss of $(2.7) million, or $(0.04) per share, based on 66.9 million weighted-average common shares outstanding in the first quarter of 2022.

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Source: SEC EDGAR

accession 0001628280-23-015711

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