Grid Dynamics(GDYN) - 2025 Q1 - Quarterly Results

Financial Performance - Total revenues for Q1 2025 were $100.4 million, representing a year-over-year growth of 25.8%[7] - GAAP net income for Q1 2025 was $2.9 million, compared to a net loss of $3.9 million in Q1 2024[7] - Non-GAAP EBITDA for Q1 2025 was $14.6 million, up from $10.3 million in Q1 2024[8] - Non-GAAP net income for Q1 2025 was $9,952, up from $7,617 in Q1 2024, reflecting a year-over-year increase of 30.5%[32] - Non-GAAP diluted EPS for Q1 2025 was $0.11, compared to $0.10 in Q1 2024, indicating a 10% increase[32] Revenue Breakdown - The Finance vertical saw a remarkable revenue increase of 144.3% year-over-year, contributing 24.9% of total revenues[3] - Revenue from the Finance vertical surged to $25,028, representing 24.9% of total revenues, compared to $10,243 or 12.8% in Q1 2024[34] - The Retail segment generated $31,521 in revenue, accounting for 31.4% of total revenues, up from 30.9% in Q1 2024[34] - Revenues for Q1 2025 reached $100,415, an increase of 25.9% compared to $79,817 in Q1 2024[29] Cash Flow and Assets - Cash provided by operating activities was $9.4 million for Q1 2025, compared to $3.2 million for Q1 2024[14] - Total current assets as of March 31, 2025, were $421,681, slightly down from $423,304 as of December 31, 2024[27] - Total assets as of March 31, 2025, were $590,899, a slight decrease from $592,192 as of December 31, 2024[27] - Total liabilities decreased to $73,538 as of March 31, 2025, from $74,363 as of December 31, 2024[27] Future Projections - The company expects full-year 2025 revenues to be in the range of $415 to $435 million, indicating a year-over-year growth of 18.4% to 24.1%[10] - The second quarter revenue is projected to be between $100 million and $102 million[14] Operational Highlights - Total headcount increased to 4,926 as of March 31, 2025, up from 3,892 a year earlier[14] - The company signed several sizable deals in Q1 2025, including engagements in automotive, financial, and CPG sectors[4] - The partnership business is expected to grow in 2025, with a strong pipeline of migration and modernization efforts[5] Compensation and Expenses - Stock-based compensation increased to $10,743 in Q1 2025 from $11,339 in Q1 2024[32]