Grid Dynamics
Enterprise AI transformation partner delivering cloud, data and product engineering for Fortune 1000 clients.
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Profile
Delivers technology consulting, cloud and product engineering, and applied AI and data work for large enterprises through four service practices, marketed as an enterprise AI transformation partner. Retail remains the historical core industry, while technology, media, telecom and finance now account for a growing share of client work.
Delivers technology consulting, cloud and product engineering, and applied AI and data work for Fortune 1000 clients, organized into four practices: platform engineering, data and AI, digital commerce engagement, and supply-chain and manufacturing technology.
Client work spans six industries. Retail was the founding vertical and remains sizable, while technology, media and telecom and finance have grown into larger shares alongside smaller manufacturing and healthcare practices.
Delivery follows a Follow-the-Sun model: client leadership sits in the United States while engineering centers across Central and Eastern Europe, Latin America and India handle most of the technical work.
Founded as a Silicon Valley engineering shop in 2006, the business spent over a decade under a Hong Kong-listed IT services parent before reaching Nasdaq in 2020 through a SPAC merger; that parent's Chinese controlling shareholder still holds close to a fifth of the shares.
Company facts
Categories
Key statistics
Year to date −9.7% · Average volume (30d) 1.8M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 31, 2026 | Needham | Reiterate | Buy | $8 | $10 | |
| May 29, 2026 | Jefferies | Downgrade | Buy | Hold | $8 | |
| May 1, 2026 | Needham | Reiterate | Buy | $20 | $8 | |
| Mar 9, 2026 | Northland Securities | Target | $12 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.11 | $0.11 | +4.8% | $106.6M | $108.2M | +1.5% | −2.41% |
| Apr 30, 2026Q1 FY26 | $0.08 | $0.09 | +12.5% | $103.3M | $104.1M | +0.8% | +2.11% |
| Mar 5, 2026Q4 FY25 | $0.09 | $0.10 | +11.1% | $105.9M | $106.2M | +0.2% | −6.99% |
| Oct 30, 2025Q3 FY25 | $0.09 | $0.09 | 0.0% | $105.9M | $104.2M | −1.7% | +22.89% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $100.4M | $101.1M | $104.2M | $106.2M | $104.1M | $108.2M | |
| Gross profit | $37.0M | $34.5M | $34.7M | $36.1M | $36.2M | $39.6M | |
| Operating income | −$2.0M | −$123.0K | −$241.0K | $806.0K | −$3.7M | $1.3M | |
| Net income | $2.9M | $5.3M | $1.2M | $306.0K | −$1.5M | $2.9M | |
| Diluted EPS | $0.03 | $0.06 | $0.01 | $0.00 | −$0.02 | $0.03 | |
| Gross margin | 36.8% | 34.1% | 33.3% | 34.0% | 34.8% | 36.6% | |
| Operating margin | -2.0% | -0.1% | -0.2% | 0.8% | -3.5% | 1.2% |
Fiscal years (4-quarter sums)FY21 $211.3M · FY22 $310.5M · FY23 $312.9M · FY24 $350.6M · FY25 $411.8M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $298.4M · Total debt $16.7M · Total assets $600.4M · Shareholders' equity $519.9M
Dividends
No dividends on record.
Ownership
Shares outstanding 81.13M · Float 75.57M · 93.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 6.68M | 8.23% | 13F | Aug 7, 2026 |
| Alyeska Investment Group, L.P. | 6.07M | 7.48% | 13F | Aug 14, 2026 |
| T. Rowe Price Investment Management, Inc. | 3.71M | 4.58% | 13F | Aug 14, 2026 |
| Leonard Livschitz · director, officer: CHIEF EXECUTIVE OFFICER | 3.37M | 4.15% | Form 4 | Aug 24, 2026 |
| Bamco Inc /NY/ | 3.00M | 3.70% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 18, 2026 | Yury Gryzlov | officer: CHIEF OPERATING OFFICER | −467 | $7.53 |
| Aug 13, 2026 | Yury Gryzlov | officer: CHIEF OPERATING OFFICER | −3,930 | $8.00 |
| Jul 2, 2026 | Yury Gryzlov | officer: CHIEF OPERATING OFFICER | −1,245 | $6.29 |
| Jun 1, 2026 | Yury Gryzlov | officer: CHIEF OPERATING OFFICER | −4,435 | $8.00 |
| May 15, 2026 | Yury Gryzlov | officer: CHIEF OPERATING OFFICER | −467 | $6.45 |
Peers
- EPAM Systems
Larger-scale rival across AI-native engineering, cloud, and retail platforms
- Globant
Direct rival in retail personalization and AI-native commerce platforms
- Endava (ADR)
UK-based peer contesting fintech modernization and CEE/LatAm delivery
- CI&T
Closest size-matched peer contesting AI orchestration and LatAm delivery
- Accenture
Far larger global consultancy contesting large enterprise AI-transformation work
- Cognizant Technology Solutions
US IT-services giant, ~51x larger, with competing AI and digital offerings
- Infosys (ADR)
~45x larger India-based IT giant with massive offshore delivery scale
- Wipro (ADR)
~25x larger India-based IT giant with low-cost offshore delivery scale
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Grid Dynamics | $7.95 | −0.31% | $646.6M | 293.0 | 17.1 | 1.5 | +7.0% |
| EPAM Systems | $114.11 | −0.63% | $6.00B | 15.6 | 8.5 | 1.1 | +4.5% |
| Globant | $40.52 | −0.04% | $1.75B | 15.9 | 6.8 | 0.7 | +0.0% |
| Endava (ADR) | $3.21 | +0.31% | $172.0M | — | 4.1 | 0.2 | −6.2% |
| CI&T | $3.43 | +0.15% | $441.3M | 12.2 | 2.1 | 0.8 | +561.9% |
| Accenture | $189.20 | −0.17% | $116.03B | 15.1 | 13.2 | 1.6 | +5.6% |
| Cognizant Technology Solutions | $64.12 | +0.11% | $28.85B | 13.8 | 10.6 | 1.3 | +4.5% |
| Infosys (ADR) | $12.01 | −0.41% | $48.89B | 14.9 | 14.8 | 2.4 | +1.0% |
| Wipro (ADR) | $1.82 | +0.10% | $18.00B | 13.8 | 17.4 | 1.9 | −1.0% |
| Median | 14.9 | 9.5 | 1.2 | +2.8% |