Grid Dynamics Reports First Quarter 2026 Financial Results

About this update from Grid Dynamics Holdings, Inc.

Revenues of $104.1 million and Record AI Revenues of 29.3% SAN RAMON, Calif.--(BUSINESS WIRE)-- Grid Dynamics Holdings, Inc. (Nasdaq: GDYN) (“Grid Dynamics” or the “Company”), a leader in enterprise-level AI and digital transformation, today announced results for the quarter ended March 31, 2026. First Quarter 2026 Revenues Performance We are pleased to report first quarter 2026 revenues of $104.1 million, slightly above the higher end of our guidance range of $103.0 million to $104.0 million that we provided in March 2026. Our Technology, Media and Telecom (“TMT”) vertical represented 29.5% of the first quarter revenues and was the key growth driver for the quarter, with revenues increasing 2.3% sequentially and 30.3% year-over-year. The strong year-over-year growth was driven by our top two technology customers. Retail was our second-largest vertical, contributing 28.4% of total revenues in the first quarter of 2026. The Finance vertical continued to perform strongly, contributing 23.5% of total revenues for the quarter, due to robust demand from our key fintech and banking customers. The Consumer Packaged Goods (“CPG”) and Manufacturing vertical represented 9.4% of first-quarter revenues. Lastly, the Healthcare and Pharma, and Other verticals contributed 2.1% and 7.1% of total first quarter revenues, respectively. “Last quarter, we called 2026 a pivotal year for the accelerated adoption of our AI offerings. Our first quarter results are clear validation that our AI transformation is working, with AI revenues reaching 29.3% of total revenues. We introduced our GAIN platforms for Agentic Commerce, SDLC, Risk and Compliance, and Physical AI, each of which convert our deep IP and domain expertise into AI-native solutions. These GAIN platforms are now in production across a range of industry verticals, generating measurable business impact for our clients. Our partnership-influenced revenues reached 19.1% of total revenues, with the majority coming from the top three hyperscalers and a meaningful proportion derived from AI engagements. Our pipeline entering the second quarter is strong. For the first time, our top five accounts are entirely outside of retail, reflecting meaningful diversification into technology and financial services, sectors where AI adoption is accelerating and our capabilities are highly differentiated,” said Leonard Livschitz, Chief Ex...

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