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Grid Dynamics Holdings, Inc. provides enterprise AI transformation, technology consulting, platform and product engineering, advanced analytics, cloud, data engineering, application modernization, and digital engagement services for large enterprises.
Company news centers on quarterly results, AI revenue and partner-influenced revenue, work with hyperscale cloud providers, and client deployments across technology, media and telecom, retail, finance, consumer packaged goods and manufacturing, healthcare and pharma, and other verticals. Updates also cover solutions such as the Merchandising Experience Platform and NVIDIA-based AI applications, as well as strategic collaborations with cloud and AI technology partners.
Grid Dynamics (GDYN) announces a partnership with healthtech startup selfologi to create an innovative online platform for cosmetic consumers. This platform will allow users to access reliable information on cosmetic procedures, explore local offerings, and book treatments directly. The integration of a Composable Commerce IT architecture provides selfologi with flexibility and speed, essential for meeting consumer needs in a rapidly evolving market. The partnership aims to capture the growing demand in the cosmetic treatments sector, currently valued at over $2.2 billion USD annually in the Middle East.
Grid Dynamics Holdings, Inc. (Nasdaq: GDYN) will host a conference call on November 4, 2021 at 4:30 p.m. ET to discuss its Q3 2021 financial results. A press release detailing these results will be issued prior to the call. Interested parties can access the call via the company's investor relations website or by phone. A replay will be available post-call until November 18, 2021, providing further insights into the company's performance.
Grid Dynamics (NASDAQ:GDYN) has partnered with Evinced to enhance accessibility in mobile app development. This partnership aims to automate accessibility testing for iOS and Android apps, responding to the increasing demand for digital accessibility, particularly due to a rise in web-related lawsuits under the ADA. Evinced offers an advanced suite of tools for enterprise developers, enabling streamlined testing and compliance analytics throughout the software lifecycle.
Grid Dynamics Holdings, Inc. (Nasdaq: GDYN) successfully completed the redemption of all outstanding public warrants, as announced from San Ramon, California. This redemption occurred on August 30, 2021, at a price of $0.01 per warrant, triggered by the company's stock price exceeding $18.00 for 20 trading days prior. Of the 2,773,141 warrants, 2,753,397 were exercised, raising approximately $31.7 million. The company now has a cleaner capital structure, enhancing its appeal to shareholders. Trading of the public warrants on Nasdaq ceased on the redemption date.
Grid Dynamics Holdings (Nasdaq: GDYN) reported record revenue of $47.7 million for Q2 2021, a 21.8% increase sequentially and 113.1% year-over-year. Excluding acquisition impacts, revenue was $38.4 million, up 17.7% sequentially. The company achieved a GAAP gross profit of 41.5% of revenue and a non-GAAP net income of $6.1 million, or $0.10 per diluted share. Looking ahead, Q3 2021 revenue is projected between $50.0 million and $51.5 million. Grid Dynamics continues to experience robust demand, particularly in non-retail sectors.
Grid Dynamics Holdings (NASDAQ:GDYN) has announced its role as an implementation partner for Google Cloud Retail Search, aimed at enhancing digital transformation within the retail sector. This newly launched service enables retailers to utilize Google-quality search capabilities tailored to their specific business needs, enhancing customer experiences and reducing search abandonment. With this partnership, Grid Dynamics aims to empower leading retailers and brands in connecting shoppers with their desired products effectively.
Grid Dynamics (Nasdaq: GDYN) announced the redemption of its 2,773,141 outstanding Public Warrants, exercise deadline set for August 30, 2021. Each warrant can be converted for $11.50, potentially raising about $31.9 million. The warrants may be redeemed at $0.01 if the common stock price exceeds $18.00 for 20 trading days. Unexercised warrants post-deadline will become void. Grid Dynamics has no remaining Private Placement or Working Capital Warrants. The warrants, issued under the October 2018 Warrant Agreement, will cease trading on Nasdaq after the redemption date.
Grid Dynamics Holdings, Inc. (Nasdaq: GDYN) will host a conference call on August 5, 2021, at 4:30 p.m. ET to discuss its second quarter 2021 financial results. A news release with these results will be issued prior to the call. Investors can access the call via a webcast on the company's Investor Relations website or by phone. A replay will be available shortly after the call until August 19, 2021. Grid Dynamics specializes in digital transformation services for Fortune 1000 companies, offering solutions in customer experience, big data, AI, and more.
Grid Dynamics Holdings (NASDAQ:GDYN) announced the appointment of Rajeev Sharma as its new Chief Technology Officer. Sharma will lead the company's technical strategy and enhance its digital transformation initiatives. With over 25 years of experience in AI and engineering, he previously held senior roles at Pactera Edge and Ness Digital Engineering. CEO Leonard Livschitz expressed enthusiasm for Sharma's leadership and vision, emphasizing the importance of transformative technologies in helping businesses innovate. Grid Dynamics specializes in technology services for Fortune 1000 companies from its headquarters in Silicon Valley.
Grid Dynamics (NASDAQ:GDYN) announced a follow-on public offering of 10,100,262 shares at $15.03 each, with 4,000,000 shares from the company and 6,100,262 from selling stockholders. The offering is expected to close on July 6, 2021, pending customary conditions. No proceeds will be received by Grid Dynamics from shares sold by stockholders. The underwriters have a 30-day option for an additional 1,515,039 shares. The offering is detailed in shelf registration statements effective since May 13, 2021.