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EX-99.1

2 grid-20260331xex991.htm

EX-99.1

Document

Exhibit 99.1

Grid Dynamics Reports First Quarter 2026 Financial Results

Revenues of $104.1 million and Record AI Revenues of 29.3%

San Ramon, Calif. — April 30, 2026 – Grid Dynamics Holdings, Inc. (Nasdaq: GDYN) (“Grid Dynamics” or the “Company”), a leader in enterprise-level AI and digital transformation, today announced results for the quarter ended March 31, 2026.

First Quarter 2026 Revenues Performance

We are pleased to report first quarter 2026 revenues of $104.1 million, slightly above the higher end of our guidance range of $103.0 million to $104.0 million that we provided in March 2026.

Our Technology, Media and Telecom (“TMT”) vertical represented 29.5% of the first quarter revenues and was the key growth driver for the quarter, with revenues increasing 2.3% sequentially and 30.3% year-over-year. The strong year-over-year growth was driven by our top two technology customers. Retail was our second-largest vertical, contributing 28.4% of total revenues in the first quarter of 2026. The Finance vertical continued to perform strongly, contributing 23.5% of total revenues for the quarter, due to robust demand from our key fintech and banking customers. The Consumer Packaged Goods (“CPG”) and Manufacturing vertical represented 9.4% of first-quarter revenues. Lastly, the Healthcare and Pharma, and Other verticals contributed 2.1% and 7.1% of total first quarter revenues, respectively.

“Last quarter, we called 2026 a pivotal year for the accelerated adoption of our AI offerings. Our first quarter results are clear validation that our AI transformation is working, with AI revenues reaching 29.3% of total revenues. We introduced our GAIN platforms for Agentic Commerce, SDLC, Risk and Compliance, and Physical AI, each of which convert our deep IP and domain expertise into AI-native solutions. These GAIN platforms are now in production across a range of industry verticals, generating measurable business impact for our clients.

Our partnership-influenced revenues reached 19.1% of total revenues, with the majority coming from the top three hyperscalers and a meaningful proportion derived from AI engagements. Our pipeline entering the second quarter is strong. For the first time, our top five accounts are entirely outside of retail, reflecting meaningful diversification into technology and financial services, sectors where AI adoption is accelerating and our capabilities are highly differentiated.” said Leonard Livschitz, Chief Executive Officer.

First Quarter 2026 Financial Highlights

•Total revenues were $104.1 million, up 3.7% on a year-over-year basis.

•GAAP gross profit was $36.2 million, or 34.8% of revenues, compared to $37.0 million, or 36.8% of revenues, in the first quarter of 2025.

•Non-GAAP gross profit was $36.7 million, or 35.3% of revenues, compared to $37.6 million, or 37.4% of revenues, in the first quarter of 2025.

•GAAP net loss was $1.5 million, or $0.02 per share, based on 84.7 million diluted weighted-average common shares outstanding in the first quarter of 2026, compared to net income of $2.9 million, or $0.03 per share, based on 87.8 million diluted weighted-average common shares outstanding, in the first quarter of 2025.

•Non-GAAP net income was $7.5 million, or $0.09 per diluted share, based on 85.9 million diluted weighted-average common shares outstanding in the first quarter of 2026, compared to $10.0 million, or $0.11 per diluted share, based on 87.8 million diluted weighted-average common shares outstanding, in the first quarter of 2025.

•Non-GAAP EBITDA (earnings before interest, taxes, depreciation, amortization, other income and expenses, fair value adjustments, stock-based compensation, transaction and transformation-related costs, and restructuring costs as well as geographic reorganization expenses), a non-GAAP metric, was $12.5 million, compared to $14.6 million in the first quarter of 2025.

See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Information” below for a discussion of our non-GAAP measures.

Cash Flow and Other Metrics

•Cash provided by operating activities was $8.4 million for the three months ended March 31, 2026, compared to $9.4 million for the three months ended March 31, 2025.

•Cash and cash equivalents totaled $327.5 million as of March 31, 2026, compared to $342.1 million as of December 31, 2025.

•Total headcount was 4,964 as of March 31, 2026, compared with 4,926 as of March 31, 2025.

Financial Outlook

Second Quarter

•The Company expects revenues in the second quarter of 2026 to be in the range of $106.0 to $108.0 million.

•Non-GAAP EBITDA in the second quarter of 2026 is expected to be between $14.0 and $15.0 million.

•For the second quarter of 2026, we expect our basic share count to be in the 84 - 85 million range and diluted share count to be in the 85 - 86 million range.

Full Year

•The Company expects full-year 2026 revenues to be in the range of $435.0 to

gdyn-202603050001743725FALSE00017437252026-03-052026-03-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 5, 2026

GRID DYNAMICS HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware001-3868583-0632724 (State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

6101 Bollinger Canyon Road, Suite 465 San Ramon, CA 94583 (Address of principal executive offices) Registrant’s telephone number, including area code: (650) 523-5000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered Common Stock, par value $0.0001 per shareGDYNThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. Emerging growth company o If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02. Results of Operations and Financial Condition. On March 5, 2026, Grid Dynamics Holdings, Inc. issued a press release announcing its results for the quarter and full year ended December 31, 2025. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information in this Current Report on Form 8-K and the accompanying Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by reference in such filing.

Item 9.01. Financial Statement and Exhibits. (d) Exhibits.

Exhibit No.Document 99.1Press release dated March 05, 2026

104Cover Page Interactive Data File (formatted as Inline XBRL)

1

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: March 5, 2026

GRID DYNAMICS HOLDINGS, INC.

By:/s/ Anil Doradla Name:Anil Doradla Title:Chief Financial Officer

2