---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-23-015711"
form_type: "8-K"
ticker: "GDYN"
cik: "0001743725"
company_name: "GRID DYNAMICS HOLDINGS, INC."
filed_at: "2023-05-04T23:59:59+00:00"
generated_at: "2026-06-15T22:30:59.687982+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-23-015711
- form_type: 8-K
- ticker: GDYN
- cik: 0001743725
- company_name: GRID DYNAMICS HOLDINGS, INC.
- filed_at: 2023-05-04T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1743725/000162828023015711/0001628280-23-015711-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1743725/000162828023015711/gdyn-20230504.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-23-015711
- JSON: https://secwatch.observer/filing/0001628280-23-015711.json
- Plain text: https://secwatch.observer/filing/0001628280-23-015711.txt

## Key facts
- Earnings Releases
  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
  source text: • 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1743725/000162828023015711/0001628280-23-015711-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.