Grid Dynamics Holdings, Inc. reported significant financial developments in its 10-Q filing for the three and nine months ended September 30, 2024. The company achieved revenues of $87.4 million for Q3 2024, marking a 12.9% increase from $77.4 million in Q3 2023. For the nine-month period, revenues rose to $250.3 million, up 6.6% from $234.8 million in the same timeframe last year. The growth in revenue was driven by strong performance in North America, particularly in the finance sector, which saw revenues increase from $7.3 million in Q3 2023 to $14.2 million in Q3 2024.
Gross profit for Q3 2024 was $32.7 million, a 16.3% increase from $28.2 million in Q3 2023, resulting in a gross profit margin of 37.4%, up from 36.4% in the prior year. The company reported net income of $4.3 million for Q3 2024, a substantial improvement from $676,000 in Q3 2023. For the nine months ended September 30, 2024, Grid Dynamics recorded a net loss of $483,000, significantly better than the loss of $4.7 million reported for the same period in 2023.
Strategically, Grid Dynamics has been active in acquisitions, completing the purchase of JUXT for $47 million in September 2024, which specializes in data-intensive systems for financial institutions. Earlier in April 2023, the company acquired NextSphere Technologies for $25.2 million, enhancing its capabilities in modern application development and cloud services. Additionally, in October 2024, Grid Dynamics acquired Mobile Computing S.A. for approximately $13.3 million, further expanding its service offerings across various industries.
The company’s total assets increased to $477.3 million as of September 30, 2024, up from $435.2 million at the end of 2023. However, cash and cash equivalents decreased to $231.3 million from $257.2 million during the same period. Accounts receivable rose to $64.3 million, reflecting increased business activity.
Grid Dynamics also reported a total stockholders' equity of $400.2 million, an increase from $382.9 million at the end of 2023. The company’s personnel count grew to 4,298 as of September 30, 2024, up from 3,823 a year earlier, indicating a focus on expanding its workforce to support growth initiatives.
Overall, Grid Dynamics is positioning itself for future growth through strategic acquisitions and improved financial performance, despite facing challenges such as currency fluctuations and market conditions.
About GRID DYNAMICS HOLDINGS, INC.
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