Thu, Aug 1, 8:40 PM (88 days ago)
Grid Dynamics Holdings, Inc. filed its 10-Q for the quarter ended June 30, 2024, reporting a 7.4% year-over-year increase in revenue to $83.0 million. Gross profit margins declined slightly to 35.6% from 36.6% in Q2 2023, primarily due to increased employee-related costs. The company posted a net loss of $0.8 million, compared to a net income of $2.6 million in the prior year, driven by higher operating expenses and income tax provisions. Non-GAAP EBITDA was $11.7 million, down from $12.0 million in Q2 2023. Cash flow from operations remained stable at $10.7 million. The geopolitical situation in Ukraine continues to pose risks, and the company is actively monitoring macroeconomic conditions, inflationary pressures, and geopolitical climates that could impact future operations. The company remains focused on managing growth and expanding its client base while maintaining operational efficiency.