Grid Dynamics Q1 revenue rises 3.7%, beats estimates on record AI sales

Grid Dynamics Holdings

30/04/2026 21:18

Overview

Enterprise AI services firm's Q1 revenue rose 3.7% yr/yr, slightly beating analyst expectations

Adjusted EPS for Q1 beat analyst expectations

Company reported record AI revenues and growth in technology, media, and telecom verticals

Outlook

Grid Dynamics expects Q2 revenue between $106 mln and $108 mln

Company sees Q2 non-GAAP EBITDA of $14 mln to $15 mln

Grid Dynamics expects 2026 revenue of $435 mln to $465 mln, up 5.6%-12.9%

Result Drivers

TMT VERTICAL GROWTH - Revenue growth was led by the Technology, Media and Telecom vertical, which increased 30.3% yr/yr, driven by top technology customers

RECORD AI REVENUES - AI-related services reached 29.3% of total revenue, reflecting increased adoption of AI offerings and new platform rollouts

FINANCE DEMAND - Finance vertical performed strongly due to robust demand from fintech and banking customers

Company press release: ID:nBw45HDbma

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Slight Beat*
$104.10 mln
$103.33 mln (6 Analysts)
Q1 Adjusted EPS
Beat
$0.09
$0.08 (6 Analysts)
Q1 EPS
-$0.02
Q1 Adjusted Net Income
Beat
$7.50 mln
$7.15 mln (5 Analysts)
Q1 Adjusted EBITDA
Beat
$12.50 mln
$12.33 mln (6 Analysts)
Q1 Adjusted Gross Profit
$36.70 mln
Q1 Gross Profit
$36.20 mln


*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

The average consensus recommendation for the it services & consulting peer group is "buy"

Wall Street's median 12-month price target for Grid Dynamics Holdings Inc is $10.50, about 87.2% above its April 29 closing price of $5.61

The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 19 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)