The following is a summary of the Grid Dynamics Holdings, Inc. (GDYN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Grid Dynamics reported a Q1 revenue of $79.8 million, exceeding its guidance range of $77 million to $79 million.

• GAAP gross profit during the quarter was $27.7 million, while non-GAAP gross profit was $28.1 million. Non-GAAP EBITDA during the first quarter was $10.3 million.

• GAAP net loss in Q1 was $3.9 million and non-GAAP net income was $5.2 million.

• The company's revenue for Q2 2024 is expected to be in the range of $80 million to $82 million.

• Margin pressures have been reported due to seasonal payroll-related issues and increased investment in technology.

Business Progress:

• Grid Dynamics reached the highest number of billable engineers to date during Q1.

• Secured two multimillion-dollar deals with enterprise customers and added several new enterprise customers.

• Increased contribution from partnerships by over 20% and recognition as a leader in Google Cloud Services Specialists by Everest Group.

• Company expanded operational capabilities with a focus on innovation and established partnerships with key players in the AI and hardware space.

• Managed to maintain a robust client base and expanded into new markets beyond retail, and outlined plans for geographic expansion.

• Revealed a continued drive towards inorganic growth with a robust pipeline of M&A opportunities.

• Achieved strong growth in the finance vertical, particularly fintech, due to successful project execution and innovative uses of open-source capabilities.

More details: Grid Dynamics IR

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