Grid Dynamics Holdings Inc · Q1 2021 earnings

Briefing

Reported record revenue and returned to pre-COVID levels.

Grid Dynamics reported record revenue of $39.1 million for Q1 2021, a 30% sequential increase and a 21% year-over-year increase. Excluding the $6.5 million revenue from the Daxx acquisition, revenue grew 12% sequentially to $32.6 million. The company's non-retail verticals accounted for 77% of revenue and grew 36% sequentially and 85% year-over-year.

• Achieved record revenue of $39.1 million in Q1 2021, up 30% sequentially and 21% year-over-year.
• Revenue, excluding Daxx, grew 12% sequentially to $32.6 million.
• Non-retail verticals represented 77% of Q1 revenue, growing 36% sequentially and 85% year-over-year.
• Technology, Media and Telecom vertical was the largest, representing 37% of revenue, with 28% sequential and 43% year-over-year growth.

Headline financials

Revenue & EPS history

Grid Dynamics is not able to provide GAAP targets for net income for the second quarter of 2021 because of the difficulty of estimating certain items excluded from Non-GAAP EBITDA that cannot be reasonably predicted, such as interest, taxes, other income, fair-value adjustments, and charges related to stock-based compensation expense.