Grid Dynamics Holdings, Inc. reported third‑quarter 2025 revenue of $104.2 million, a 19.1% year‑over‑year increase and a 3.0% sequential rise, setting a new all‑time high for the company.
The company’s three largest verticals contributed 27.8% of revenue from Retail, 27.4% from Technology, Media & Telecom (TMT), and 24.6% from Finance, reflecting strong performance across its core markets.
Gross margin fell to 33.3% in Q3 2025 from 37.4% in Q3 2024, driven by higher cost of revenues and adverse foreign‑exchange impacts that increased operating expenses.
Management noted a decline in the total number of customers due to strategic rationalization of non‑strategic accounts and highlighted foreign‑exchange headwinds that pressured costs, while emphasizing continued demand for AI and data services.
For Q4 2025, the company forecast revenue of $105 million to $107 million and full‑year 2025 revenue of $410.7 million to $412.7 million, targeting a 17.1% to 17.7% year‑over‑year growth and a margin improvement of at least 300 basis points over the next 12 months.
Grid Dynamics authorized a $50 million share‑repurchase program and reported a headcount of 4,971 as of September 30, 2025, with billable engineers increasing fivefold from Q2 to Q3 2025, indicating sustained demand for its services.
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