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

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.