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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 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.
Grid Dynamics (NASDAQ:GDYN) announced a proposed underwritten follow-on public offering of 10,100,262 shares of common stock. This includes 4,000,000 shares from the company and 6,100,262 shares from certain selling stockholders, with no proceeds going to Grid Dynamics from the latter. Underwriters will have a 30-day option to buy an additional 1,515,039 shares. J.P. Morgan Securities, William Blair, and Cowen are the joint book-running managers. The offering follows shelf registration statements effective since May 13, 2021.
Grid Dynamics Holdings, Inc. (Nasdaq: GDYN) has announced its acquisition of Tacit Knowledge, a provider of end-to-end digital commerce solutions owned by Pitney Bowes (NYSE: PBI). Founded in 2002, Tacit Knowledge has a strong presence across key global markets including the UK, North America, and Asia, offering services to renowned clients such as Visa and LVMH. The acquisition expands Grid Dynamics' capabilities and customer reach, adding over 180 employees. This strategic move was financed through cash reserves, further strengthening Grid Dynamics’ position in digital transformation.
Grid Dynamics has teamed up with American Eagle Outfitters to create a new omnichannel loyalty platform aimed at enhancing customer experiences. This collaboration aims to improve marketing campaign efficiency by 20 times and decrease reliance on third-party solutions. Ljubomir Cvetkovic from American Eagle emphasized the importance of their lasting partnership with Grid Dynamics in executing this transformation. Leonard Livschitz of Grid Dynamics highlighted the initiative's potential for boosting growth and operational efficiency while maintaining existing systems.
Grid Dynamics Holdings, Inc. (Nasdaq: GDYN) reported record revenue of $39.1 million for Q1 2021, marking a 30% sequential increase and a 21% year-over-year rise. Excluding a $6.5 million contribution from the Daxx acquisition, revenue reached $32.6 million, a 12% sequential gain. The non-retail sector provided 77% of total revenue, demonstrating strong growth. GAAP net loss narrowed to $(2.1) million or $(0.04) per share. The company anticipates Q2 revenue between $40.5 million to $42.0 million and expects at least $165.0 million for the full year.