GRID DYNAMICS HOLDINGS, INC. (GDYN) Financial Statements — Income, Balance Sheet, Cash Flow

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Financial Statements — GDYN

Balance Sheet

(in millions USD)

Metric	Q1 2026	Q3 2025	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022	Q3 2021	Q2 2021	Q1 2021
Cash & Equivalents	327.47	338.55	336.75	325.55	231.26	256.04	249.44	253.71	246.18	258.37	255.19	150.02	153.31	199.30	67.97	99.85
Accounts Receivable	87.42	82.90	77.73	81.68	64.32	50.66	53.04	46.58	48.80	50.95	49.95	44.16	41.37	30.77	29.05	19.95
Total Current Assets	432.24	440.67	433.02	421.68	323.00	330.41	322.50	326.05	321.47	330.08	319.36	207.75	206.57	240.95	107.47	126.57
Property, Plant & Equipment	17.81	17.15	16.26	14.88	13.97	13.09	12.55	10.44	10.02	8.84	7.50	7.34	6.85	5.40	5.16	4.38
Goodwill	83.98	84.68	85.19	84.05	73.88	53.87	53.87	54.63	54.63	45.51	35.96	35.96	35.96	35.36	35.30	14.69
Intangible Assets	39.58	43.40	45.60	46.54	42.45	24.52	25.53	27.59	28.64	19.69	17.24	17.86	18.48	19.73	20.34	7.85
Total Non-current Assets*	17.81	17.15	16.26	14.88	13.97	13.09	12.55	109.70	109.77	89.51	70.78	70.42	69.23	63.74	65.67	33.72
Total Assets	605.02	613.17	608.91	590.90	477.25	443.62	435.26	435.75	431.24	419.59	390.15	278.17	275.80	304.69	173.13	160.30
Accounts Payable	4.33	5.57	6.30	4.67	3.72	2.79	2.94	3.72	5.30	3.21	4.48	3.39	2.21	1.77	2.49	2.33
Total Current Liabilities	54.87	57.79	58.72	58.20	54.23	46.27	43.12	52.47	53.47	50.36	31.64	38.57	32.69	24.22	25.16	17.96
Long-term Debt	--	--	--	--	--	--	--	--	--	--	--	--	4.81	--	--	--
Total Non-current Liabilities*	20.03	17.66	17.97	15.34	22.77	8.91	9.33	10.36	11.21	9.34	7.67	6.68	11.86	4.90	4.96	2.09
Total Liabilities	74.90	75.45	76.69	73.54	77.01	55.17	52.45	62.83	64.68	59.70	39.31	45.25	44.55	29.12	30.12	20.05
Retained Earnings	(3.65)	(2.48)	(3.66)	(8.93)	(16.37)	(20.65)	(19.83)	(18.79)	(19.46)	(22.09)	(7.42)	(0.76)	12.43	18.70	--	--
Total Stockholder Equity	530.12	537.72	532.21	517.36	400.25	388.45	382.81	372.92	366.56	359.89	350.84	232.93	231.25	275.57	143.01	140.25

* Derived from reported values

Income Statement

(in millions USD) (except per-share rows)

Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Total Revenue	104.10	106.15	104.16	101.10	100.42	100.28	87.44	83.04	79.82	78.07	77.42	77.34	80.08	80.58	81.16	77.33	71.41	66.54	57.93	47.68
Cost of Revenue	67.87	70.02	69.45	66.59	63.42	63.23	54.71	53.47	52.15	49.96	49.27	49.04	51.51	48.30	48.49	48.47	44.63	39.21	32.67	27.88
Gross Profit	36.23	36.14	34.71	34.50	37.00	37.05	32.73	29.56	27.67	28.11	28.15	28.31	28.58	32.28	32.67	28.86	26.78	27.33	25.27	19.80
Research & Development	6.08	4.68	5.76	6.74	6.49	5.40	4.45	4.13	4.37	3.86	3.40	3.27	4.20	4.70	4.14	3.84	3.10	2.77	2.13	1.77
Selling, General & Admin	26.14	23.64	21.85	20.77	24.29	23.16	19.33	18.11	21.54	18.89	18.48	17.74	24.73	27.82	28.20	30.74	19.27	21.57	17.09	13.80
Total Operating Expenses	39.91	35.63	34.95	34.63	39.03	35.79	30.59	29.52	33.21	29.18	28.01	26.97	34.57	37.89	37.42	39.71	26.58	28.85	23.30	18.41
Operating Income	(3.68)	0.51	(0.24)	(0.12)	(2.04)	1.26	2.14	0.04	(5.54)	(1.06)	0.14	1.33	(5.99)	(5.61)	(4.75)	(10.85)	0.20	(1.53)	1.97	1.38
Pretax Income	(0.44)	2.81	3.12	7.30	2.47	5.77	5.60	2.71	(3.02)	1.50	3.30	4.34	(4.31)	(5.18)	(3.30)	(11.47)	(0.50)	(3.01)	2.08	1.31
Tax Provision	1.03	2.50	1.95	2.03	(0.44)	1.24	1.32	3.52	0.93	(1.40)	2.63	1.72	3.66	1.52	3.36	1.71	2.17	0.59	2.63	2.79
Net Income	(1.47)	0.31	1.18	5.27	2.91	4.52	4.28	(0.82)	(3.95)	2.90	0.68	2.63	(7.97)	(6.70)	(6.66)	(13.19)	(2.67)	(10.70)	(0.55)	1.48
Basic EPS	(0.02)	0.01	0.01	0.06	0.03	0.05	0.06	(0.01)	(0.05)	0.05	0.01	0.03	(0.11)	(0.08)	(0.10)	(0.20)	(0.04)	(0.05)	(0.01)	(0.03)
Diluted EPS	(0.02)	0.01	0.01	0.06	0.03	0.06	0.05	(0.01)	(0.05)	0.05	0.01	0.03	(0.11)	(0.08)	(0.10)	(0.20)	(0.04)	(0.05)	(0.01)	(0.03)

Cash Flow Statement

(in millions USD)

Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Operating Cash Flow	8.39	9.90	6.97	14.38	9.35	7.07	9.21	10.68	3.24	7.56	10.96	10.91	11.67	12.01	4.32	5.81	9.52	3.32	8.01	3.61
Capital Expenditures	3.96	3.80	4.03	4.17	3.34	2.64	3.28	2.65	3.20	2.28	1.84	2.16	1.59	1.69	1.17	1.56	1.65	1.70	1.08	1.09
Free Cash Flow*	4.43	6.10	2.95	10.21	6.01	4.43	5.94	8.03	0.04	5.28	9.12	8.74	10.09	10.33	3.15	4.25	7.86	1.62	6.93	2.52
Investing Cash Flow	(3.96)	(3.80)	(4.03)	(3.97)	(3.34)	(9.99)	(34.47)	(2.91)	(3.94)	(2.53)	(1.84)	(19.99)	(1.59)	(10.94)	(1.17)	(2.56)	(1.65)	(1.76)	(1.08)	(31.67)
Financing Cash Flow	(17.58)	(2.45)	(0.63)	(1.02)	(15.83)	108.93	0.14	(0.91)	(7.00)	(1.85)	(1.02)	(4.51)	(8.94)	(0.74)	102.89	(5.75)	1.36	(56.44)	124.48	(3.77)

* Derived from reported values