Grid Dynamics Q2 revenue $108.2M, above guidance; AI revenue hits record 30.7% of total

GRID DYNAMICS HOLDINGS, INC.

Revenue $108.2M, above guidance $106-108M; up 7% YoY and 3.9% sequentially.
GAAP net income $2.9M ($0.03 diluted EPS) vs $5.3M ($0.06) YoY; non-GAAP net income $9.0M ($0.11) vs $8.3M ($0.10).
AI revenue exceeded 30% of total for first time, growing >50% YoY for second consecutive quarter.
TMT vertical revenue up 36.4% YoY, representing 31.8% of total; Retail 26.5%, Finance 22.9%.
Non-GAAP EBITDA $14.7M vs $12.7M YoY; gross margin improved to 36.6% GAAP (36.9% non-GAAP) from 34.1% (34.7%).

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