Grid Dynamics Holdings, Inc. (GDYN) SEC Filings & Earnings Calls

Customer concentration

“Top one customer accounted for 17.4% of revenues in Q2 2026, up from 15.1% in prior-year quarter.”

Geopolitical risk from Ukraine conflict

“Prolonged unrest, military activities, expansion of hostilities, or broad-based sanctions could have a material adverse effect on our operations and business outlook.” · word for word

Client concentration risk; top accounts drive growth.

“Grid Dynamics’ revenues are highly dependent on a limited number of clients and industries” · word for word

Macroeconomic and geopolitical risks including tariffs and Ukraine conflict.

“macroeconomic conditions, inflationary pressures, the risk of recession, the impact of tariffs and other factors impacting world trade, and the geopolitical climate, including the Russian invasion of Ukraine” · word for word

AI competition and technology disruption risk.

“failure to adapt to rapidly changing technologies, methodologies and evolving industry standards, including those relating to AI” · word for word

Operating cash flow decline YoY.

“Cash provided by operating activities was $14.5 million for the six months ended June 30, 2026, compared to $23.7 million for the six months ended June 30, 2025.” · word for word

Geopolitical risk (Ukraine/Russia conflict)

“In February 2022, Russian forces launched a significant military action against Ukraine, which continues and even worsens.” · word for word

Customer concentration

“one customer accounted for 10% or more of Grid Dynamics' revenues” · word for word

Foreign exchange risk

“approximately 48.3% of Grid Dynamics' $107.8 million combined cost of revenues and total operating expenses were denominated in currencies other than the U.S. dollar” · word for word

Macroeconomic uncertainty

“macroeconomic uncertainty, including inflationary pressures, market volatility, and a higher interest rate environment that can increase budget pressure and elongate decision cycles” · word for word

Say-on-Pay support decline

“The Company received approximately 57% support for its Say-on-Pay proposal.” · word for word

GAAP net loss of $1.5M; Non-GAAP EBITDA declined YoY; gross margin pressure.

“GAAP net loss was $1.5 million; Non-GAAP EBITDA $12.5M vs $14.6M YoY; GAAP gross margin 34.8% vs 36.8% YoY.” · word for word

Foreign Exchange Exposure

“approximately 49.7% of our combined cost of revenues and total operating expenses were denominated in currencies other than the U.S. dollar.” · word for word

Gross Margin Pressure

“gross margin decreased by 160 basis points to 34.6% in 2025, from 36.2% in 2024.” · word for word

Geopolitical and Trade Uncertainty

“Uncertainty in global trade policies, the imposition of significant tariffs, the escalation of trade disputes and the risk of recession could adversely affect our customers' business performance” · word for word

Gross margin decline due to mix and investments

“GAAP gross margin 34.0% vs 36.9% in Q4 2024”

Customer concentration in top technology and fintech customers

“Our top three customers are leaders in the AI space: two are global technology companies, and one is the largest payment technology company” · word for word

Dilution risk for existing shareholders from increased share authorization.

“Approval of 3,500,000 additional shares for equity plan.”

Geopolitical risk from Ukraine conflict

“Russian forces launched a significant military action against Ukraine, with increased attacks and other activity in recent periods. The impact on Ukraine...could have a material adverse effect on our operations.” · word for word

Customer concentration risk

“During each of the three and nine months ended September 30, 2025 and 2024, one customer accounted for 10% or more of Grid Dynamics’ revenues.” · word for word

Margin pressure from cost inflation

“gross margins declined due to higher cost structures across key delivery locations and adverse foreign exchange impacts.” · word for word

GAAP net income declined significantly despite revenue growth, due to higher costs and investments.

“GAAP net income was $1.2 million, down from $4.3 million in prior year.” · word for word