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Mar 31, 2023
Grid Dynamics Q1 2023 Earnings Report
Reported revenue of $80.1 million, a 12.1% year-over-year increase.
Key Takeaways
Grid Dynamics reported a revenue of $80.1 million for Q1 2023, representing a 12.1% year-over-year increase. The company's non-retail industry verticals accounted for 68.3% of the revenue. GAAP net loss attributable to common stockholders was $(8.0) million, or $(0.11) per share. Non-GAAP net income was $6.5 million, or $0.08 per diluted share.
Revenue was $80.1 million, up 12.1% year-over-year.
GAAP gross profit was $28.6 million, or 35.7% of revenue.
GAAP Net loss was $(8.0) million, or $(0.11) per share.
Non-GAAP Net income was $6.5 million, or $0.08 per diluted share.
Revenue by Segment
Forward Guidance
The Company expects revenue in the second quarter of 2023 to be between $76.0 million and $78.0 million. Non-GAAP EBITDA in the second quarter of 2023 is expected to be between $10.0 million and $11.0 million.
Positive Outlook
- Revenue in Q2 2023 is expected to be between $76.0 million and $78.0 million.
- Non-GAAP EBITDA in Q2 2023 is expected to be between $10.0 million and $11.0 million.
- Basic share count to be in the 75-76 million range.
- Diluted share count to be in the 78-79 million range.
- Company is executing on its strategy
Challenges Ahead
- Grid Dynamics is not able, at this time, to provide GAAP targets for net income for the second quarter of 2023 because of the difficulty of estimating certain items excluded from Non-GAAP EBITDA that cannot be reasonably predicted
- Macroeconomic conditions may affect financial performance
- Relatively short operating history in a rapidly evolving industry
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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