Grid Dynamics Holdings Inc (NASDAQ: GDYN) is an IT services company that delivers engineering and technology services to enterprise clients. Revenue is generated on a time-and-materials and project basis, with cost of revenues consisting primarily of salaries, employee benefits, performance bonuses, stock-based compensation, and project-related travel expenses for client-serving professionals. For the year ended December 31, 2025, total revenues were $411.8 million, producing gross profit of $142.3 million, a gross margin of 34.6%, down from 36.2% in the year ended December 31, 2024. The company employs a "Follow-the-Sun" delivery model, staffing IT professionals across multiple geographies to serve clients continuously. As of December 31, 2025, Grid Dynamics had 4,961 total personnel, including full-time and part-time employees and contractors, distributed across the Americas (793), Europe (3,258), and Rest of the World (910), with Europe representing the largest delivery base.

Revenue model

Project-based and time-and-materials IT services fees billed to enterprise clients. Cost of revenues is driven by compensation of client-serving IT professionals. Gross margin was 34.6% for the year ended December 31, 2025, compared to 36.2% for the year ended December 31, 2024.

Products and services

Engineering and technology services delivered by IT professionals, including design and development of technology solutions. The company also incurs engineering, research and development expenses related to solution design.

Customers and end markets

Enterprise clients across undisclosed end markets. Specific customer names, customer counts, and end market verticals are not detailed in the available filing excerpts.

Value-chain role

Outsourced IT services and engineering delivery provider to enterprise clients, operating as a third-party technology delivery partner using a distributed, multi-region staffing model.

Geographic exposure

Operations span the Americas, Europe, and Rest of the World (including India). As of December 31, 2025, Europe accounted for 3,258 of 4,961 total personnel, making it the primary delivery region. The company is exposed to geopolitical risks including the Russia-Ukraine conflict and Middle East instability, per the 10-K filed 2026-03-05.

Source: SEC 10-K, filed 2026-03-05

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