Key Highlights

● AI revenue crossed 30% of total revenue for the first time in the second quarter.

● Second-quarter revenue was US$108.2 million, up 7.0% year on year, above guidance.

● Third-quarter revenue guidance is US$112 million to US$114 million.

● Cash stood at US$298.4 million at 30 June 2026, and headcount was 4,838.

Latest verified development

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN), an enterprise AI and digital transformation services company, last reported results on 30 July, in which it said AI revenue crossed 30% of total revenue for the first time. The company has since said, on 29 September, that it will report third-quarter results on 29 October 2026.

Other recent items are smaller: the appointment of Nikita Ivanov as Head of AI on 26 August, an agentic AI award from the MACH Alliance on 19 August, and a Physical AI Summit co-hosted with NVIDIA (NASDAQ:NVDA) and others on 23 September. None of these disclosed financial figures.

Second-quarter results

Revenue was US$108.2 million, up 7.0% year on year and 3.9% sequentially, slightly above the top of the company's US$106.0 million to US$108.0 million guidance. AI revenue grew more than 50% year on year for a second straight quarter.

Gross margin was 36.6% on a GAAP basis, from 34.1% a year earlier. GAAP net income fell to US$2.9 million, or US$0.03 per diluted share, from US$5.3 million. Non-GAAP net income rose to US$9.0 million, and non-GAAP EBITDA rose to US$14.7 million from US$12.7 million.

The divergence between lower GAAP profit and higher non-GAAP profit reflects items excluded from the adjusted measures, which the release reconciles. Both measures matter, particularly given the small GAAP earnings.

Cash, headcount and guidance

Cash was US$298.4 million at 30 June, down from US$342.1 million at 31 December 2025. First-half operating cash flow was US$14.5 million, against US$23.7 million a year earlier. Headcount was 4,838, compared with 5,013 a year earlier, which suggests revenue growth is not being driven by adding staff.

For the third quarter the company guided revenue of US$112 million to US$114 million and non-GAAP EBITDA of US$16.5 million to US$17.5 million, with the midpoint of the revenue range about 4% above the second-quarter figure. It reiterated 2026 revenue of US$435 million to US$465 million. The chief executive said the company was on track for its 300 basis point margin commitment.

Growth, partnerships and the AI mix

For context, full-year 2025 revenue was US$411.8 million, up 17.5%, and trailing twelve-month revenue was US$422.6 million, up 8.6%, with trailing net income of just US$2.9 million. Growth has therefore slowed even as the AI mix has risen.

Management also pointed to partnerships, including one with Doosan Robotics announced on 16 July on physical AI in manufacturing and logistics.

Third-quarter report on 29 October and the margin commitment

The third-quarter release on 29 October is the next dated event. It will show whether the 36.6% gross margin holds and whether AI revenue keeps widening its share of a total that the company guides at US$112 million to US$114 million.

The sharpest gap to close is between the two profit measures: US$9.0 million of non-GAAP net income against US$2.9 million on a GAAP basis, with the 300 basis point margin commitment the number management says it is on track to meet.