Q4 2025 Grid Dynamics Holdings Inc Earnings Call

March 5, 2026

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Good afternoon, everyone welcome to grid dynamics fourth quarter 2025 earnings conference call I'm carry Savvis director of branding and communications at this time all participants are in listen only mode.

Joining us on the call today are CEO, Linda Lipschitz CFO, Neil the Rada.

Cary Savas: Good afternoon, everyone. Welcome to Grid Dynamics' Q4 2025 Earnings Conference Call. I'm Cary Savas, Director of Branding and Communications. At this time, our participants are in listen-only mode. Joining us on the call today are CEO Leonard Livschitz, CFO Anil Doradla, CTO Eugene Steinberg, COO Yury Gryzlov, and SVP Head of Americas Vasily Sizov. Following the prepared remarks, we will open the call to your questions. Please note that today's conference call is being recorded. Before we begin, I would like to remind everyone that today's discussion will contain forward-looking statements. This includes our business in a financial outlook and the answers to some of your questions. Such statements are subject to the risks and uncertainty as described in the company's earnings release and other filings with the SEC. During this call, we will discuss certain non-GAAP measures of our performance.

CTO Eugene Steinberg.

Yuri Gryzlov and SVP head of Americas, <unk> leases off.

Following the prepared remarks, we will open the call to your questions.

Please note that today's conference call is being recorded before we begin I would like to remind everyone that today's discussion will contain forward looking statements. This includes our business and our financial outlook and the answers to some of your questions such statements are subject to the risks and uncertainty as described in the company's earnings release.

Other filings with the SEC.

During this call we will discuss certain non-GAAP measures of our performance GAAP to non-GAAP financial reconciliations and supplemental financial information are provided in the earnings press release, and the 8-K filed with the SEC.

You can find all the information I've just described in the Investor Relations section of our website.

I'll now turn the call over to Leonard our CEO.

Cary Savas: GAAP to non-GAAP financial reconciliations and supplemental financial information are provided in the earnings press release and the Form 8-K filed with the SEC. You can find all the information I just described in the investor relations section of our website. I now turn the call over to Leonard, our CEO.

Thank you Gary good afternoon, everyone and thank you for joining us today.

I am delighted to share that driven index closed 2025 with another landmark performance.

In the fourth quarter, we beat Wall Street expectations on both revenue and EBITDA delivering record revenue of $106 2 million and the strong $13 $7 million non-GAAP EBITDA.

Leonard Livschitz: Thank you, Cary. Good afternoon, everyone, and thank you for joining us today. I'm delighted to share that Grid Dynamics closed 2025 with another landmark performance. In Q4, we beat Wall Street expectations on both revenue and EBITDA, delivering record revenue of $106.2 million and a strong $13.7 million in non-GAAP EBITDA. Remarkably, we finished the full year with a record revenue of $411.8 million, which is 17.5% growth year-over-year. 2025 non-GAAP EBITDA was $53.8 million. In Q4, our top three customers, including two global technology companies and the largest payment technology company, all of them are leaders in the AI space. Our performance is a result of our AI expertise, the strength of our accelerators, and client domain knowledge.

Remarkably we finished the full year with a record revenue of 411 8 million, which.

Which is 17% growth year over year.

25, non-GAAP EBITDA was $53 8 million.

In Q4, our top three customers, including two global technology companies and the largest payment technology company.

All of them are leaders in the AI space <unk>.

Our performance is a result of our expertise the strengths of our accelerators and client domain knowledge.

In Q4.

Our revenue grew 9% over Q3, and now represents 25% of our overall revenue for.

For the full 225, our air revenue reached over $90 million, representing 7% year over year growth in 2026, when dissipate continued revenue growth.

Leonard Livschitz: In Q4, our AI revenue grew 9% over Q3 and now represents 25% of our overall revenue. For the full 2025, our AI revenue reached over $90 million, representing 30% year-over-year growth. In 2026, we anticipate continued AI revenue growth. There are three key factors driving our bullish outlook on AI. First, AI coding agents and automation significantly tilt enterprises' build versus buy calculus toward build at a lower cost. This shift aligns with Grid Dynamics' core strengths in building solutions for Fortune 1000 companies, leveraging specialized talent and intellectual property. Second, our efforts with GAIN are resulting in a richer blend of outcome and output-based engagements. Crucially, these new engagements enable us to decouple pricing from effort. We have successfully deployed software platforms across multiple industry verticals.

There are three key factors driving our bullish outlook on a year.

First they are coding agents and automation significant enterprises build versus buy cargos to rebuild at a lower cost this shift aligns with great dynamics core strengths and building solutions for Fortune 1000 companies leveraging specialized talent and intellectual property.

Second our efforts with game are resulting in a richer blend of outcome and output based engagements.

Crucially these new engagements enable us to decouple pricing from efforts, we have successfully deployed software platforms across multiple industry verticals.

Our AI engagements now strategically combine the strengths of our human capital with the value of our platform assets.

Second, our efforts with Gain are resulting in a richer blend of outcome- and output-based engagements.

The market reception for these software platforms has been strong with customer demonstrating a clear willingness to pay.

Leonard Livschitz: Our AI engagements now strategically combine the strengths of our human capital with the value of our platform assets. The market reception for these software platforms has been strong, with customer demonstrating a clear willingness to pay. This positions us well to grow recurring revenue, deepen customer retention, and extend the duration of our engagements. Grid Dynamics' engagement structure will contribute to our 2026 margin expansion. Third, the speed of AI transformation is not uniform across industry verticals. While we continue to generate revenue from the retail and CPG verticals, we prioritize investments in the area of technology, financial services, and manufacturing, where we see significant opportunities for customized, auditable, product-grade agentic AI platform. Let me talk about Grid Dynamics vertical strengths. Enterprises are learning that deploying AI at scale requires deep domain expertise. We cannot build an effective agentic system for a production floor without understanding manufacture.

This positions us well to grow recurring revenue deepened customer retention and extend the duration of our engagements great dynamics in the instrument structure will contribute to our 2026 margin expansion.

Our AI engagements now strategically combine the strengths of our human capital with the value of our platform assets.

Third the speed of AI transformation is not uniform across industry verticals, while we continue to generate revenue from the retail and CPG verticals, we prioritize investments in the area of technology financial services, and manufacturing, where we see significant opportunities for customized Oracle product grade agenda.

The market reception for these software platforms, has been strong with customer demonstrating a clear, willingness to pay.

Greeting name is engagement structure, will contribute to our 2026 margin expansion?

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Let me talk about green dynamics vertical strengths.

And the price of our learning that deploying AI at scale requires deep domain expertise.

We cannot build and effector agenda system for our production floor without understanding manufacturer.

You cannot build one for a global Premier network without understanding the compliance architecture.

Third, the speed of AI transformation is not uniform across industry verticals. While we continue to generate revenue from the retail and CPG verticals, we prioritize investments in the areas of Technology, Financial Services, and Manufacturing, where we see significant opportunities for customized, auditable product-grade, agentic AI platform.

Let me talk about green, Dynamix, and vertical strength.

Such expertise is what we have been building vertical by vertical for nearly two decades now recorded findings into platforms all.

And the price and learning the deployment of AI at scale requires deep domain expertise.

Our merchandising experience platform MSP, bringing our expertise to marketplaces and digital commerce.

Leonard Livschitz: You cannot build one for a global payment network without understanding the compliance architecture. Such expertise is what we have been building vertical by vertical for nearly two decades. Now we're codifying it into platforms. Our Merchandising Experience Platform, MXP, brings our expertise to marketplaces and digital commerce. While XTDDB, our bitemporal data platform, helps financial clients specifically in capital markets with auditability and other compliance challenge. Platforms unlike IP-driven outcome-based engagements, and that's how Grid Dynamics moves from billing for effort to billing for value. Now let's talk about partnerships. Our partner influence revenue reached a significant milestone in 2025, exceeding 19% of our total revenue. Such significant growth underscores our mission to keep Grid Dynamics at the forefront of modern enterprise infrastructure. We have strengthened our relationship with all hyperscalers through targeted investments in agentic platform capabilities, earning specialized badges, and building new joint solutions.

We cannot build an effective agentic system for a production floor without understanding the manufacturer.

<unk> X GDP all by temporal data platform helps financial clients, specifically in capital markets with audit ability and other compliance challenge.

Such expertise is what we have been building, vertical by vertical, for nearly two decades. Now, our core—define it into platforms.

Platforms. Unlike IP driven outcome based engagements and that's how great dynamics moved from billing for effort to billing for value.

Our merchandising experience platform, MXP, brings our expertise to marketplaces and digital commerce.

Now, let's talk about our partner, whereas revenue.

Significant milestones in 2025.

While XEDP, how—by temporal data, the platform helps financial clients specifically in capital markets with auditability and other compliance challenges.

Our total revenues.

So significant growth underscores our mission to keep green dynamics at the forefront of modern enterprise infrastructure, we have strengthened our relationship with all hyperscale through targeted investments in agenda platform capabilities, earning specialized Burgess and building new joint solutions.

Platforms, unlike IP-driven, outcome-based engagements, and that's how Grid Dynamics moved from billing for effort to billing for value.

Now, let's talk about Partnerships.

Our partner-influenced revenue reached a significant milestone in 2025, exceeding 19% of our total revenue.

Notably in December we signed a strategic collaboration agreement with AWS for data foundations and they are all.

Our Premier partnership enables green dynamics to receive funding from AWS to support AI enterprise initiatives.

Our collaboration with Nvidia on omnivorous based solutions is enabling us to deliver high fidelity industrial grade digital twins that I in central for our physical expansion.

Leonard Livschitz: Notably, in December, we signed a strategic collaboration agreement with AWS for data foundations and AI. Our premier partnership enables Grid Dynamics to receive funding from AWS to support AI enterprise initiatives. Our collaboration with NVIDIA on Omniverse-based solutions is enabling us to deliver high fidelity, industrial-grade digital twins that are essential for our physical AI expansion. In Q4, our vertical execution is best illustrated by several notable projects. Fintech transformation. We partner with a global financial leader to launch a proprietary generative AI agent supporting more than 10,000 financial advisors. This interactive experience replaces static policies with personalized guidance and is projected to increase productivity by about 20%. TMT Analytics. For a global technology enterprise, we modernized a legacy mobility application into a scalable analytics platform, providing centralized visibility into global travel activity and spend.

Such significant growth underscores our mission to keep great dynamics at the forefront of modern enterprise information. We have strengthened our relationship with all hyperscalers through targeted investments in agentic platform capabilities, earning specialized badges and building new joint solutions.

Notably, in December, we signed a strategic collaboration agreement with AWS for data foundations and AI.

In the fourth quarter.

Vertical execution.

our Premier partnership enables grid Dynamics to receive funding from AWS to support AI Enterprise initiatives.

Is best illustrated by several notable projects.

Fintech transformation, we partner with a global financial leader to launching proprietary generative AI agent supporting more than 10000 financial advisors. This interactive experience replaces steadied policies with personalized guidance isn't projected to increase productivity by about 20%.

Our collaboration with NVIDIA on Omniverse-based solutions is enabling us to deliver high-fidelity, industrial-grade digital twins that are essential for our physical AI expansion.

In the fourth quarter.

Our vertical execution is best illustrated by several notable projects.

Tim generally Dick's for a global technology enterprise, but modernized our legacy mobility application into a scalable analytics platform, providing centralized visibility into global travel activity and spent the platform has materially improved usability increased feature velocity.

Fintech transformation. We partner with a global financial leader to launch a proprietary generative AI agent, supporting more than 10,000 financial advisors. This interactive experience replaces static policies with personalized guidance and is projected to increase productivity by about 20%.

And reduce stakeholder coordination over.

Mr Management.

We developed a comprehensive dispute management solution for a leading financial services firm.

By integrating guaranty of AI, the platform streamlines chargeback challenges, increasing win rate and reducing operational overhead.

Leonard Livschitz: The platform has materially improved usability, increased feature velocity, and reduced stakeholder coordination overhead. Dispute management. We developed a comprehensive dispute management solution for a leading financial services firm. By integrating generative AI, the platform streamlines chargeback challenges, increasing win rate, and reducing operational overhead. Financial governance. At a leading US-based global bank, we're building a global agent runtime and AI orchestration platform-enabled business-focused agent to automate complex workflows, starting with successful automation in internal compliance. We also deployed AI-driven executive insight capabilities that provide leadership with consolidated global operational summaries. With that, let me turn the call over to Eugene Steinberg, our CTO, who will talk about our AI capabilities, how we are upskilling our engineering workforce, and how we're using it to improve our internal operations. Eugene?

Financial governance, and a leading U S based global Bank, we are building a global agent runtime and orchestration platform enabled business focused agents to automate complex workforce, starting with successful automation in internal compliance. We're also deployed AI driven executive insight capabilities.

TMT analytics for a global technology, Enterprise with modernized a legacy Mobility application into a scalable analytics platform. Providing centralized visibility into Global Travel activity and spend the platform has maturely improved usability, increase feature, velocity, and reduce stakeholder coordination, overhead.

Dispute management—we developed a comprehensive dispute management solution for a leading financial services firm.

By integrating generative AI, the platform streamlines chargeback challenges, increasing win rate and reducing operational overhead.

This debt provide leadership with consolidated global operational summaries.

With that let me turn the call over to Jim Steinberg, Our CTO, who will talk about our AI capabilities. How we are obscuring LNG workforce and how we're using it to improve our internal operations Eugene.

Financial governance and the leading US-based global bank. We're building a global agent runtime and AI orchestration platform, enabled, business-focused agents to automate complex workflows, starting with successful automation in internal compliance.

Thank you <unk> good afternoon, everyone.

We also deployed AI-driven executive insight capabilities that provide leadership with consolidated, global operational summaries.

We are actively executing across the horizon.

Hey, I personally meeting.

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And physically.

In Q4, we shipped across all three.

And this foundation position, our AI business for 2026.

With that. Let me turn the call over to Eugene Steinberg. Our CTO who will talk about our AI capabilities. How we are upskilling our engineering Workforce, and how we're using it. To improve our internal operations Eugene.

Eugene Steinberg: Thank you, Leonard. Good afternoon, everyone. We are actively executing across 3 horizons: AI-first engineering, agentic enterprise, and physical AI. In Q4, we shipped across all 3, and these foundations position our AI business for 2026. Horizon 1 AI-first engineering. Horizon 1 is the core of our current business. The engineering work that serves the majority of our clients today. We are accelerating productivity across the organization through AI-first native tooling and investing decisively in the continuous upskilling of our engineers. Enterprises are no longer debating the merits of adopting AI for software development, but rather how to do it without losing control of quality, security, and institutional knowledge. It is in this context that we launched Rosetta, our AI native software development framework. Rosetta is part of our GAIN initiative and provides a governance layer for AI coding agents.

Thank you, Leonard. Good afternoon, everyone.

Horizon one <unk>.

Horizon, one is the core of our current business.

We are actively executing across 3 horizons.

The engineering work that source the majority of our clients today.

AI systems engineering, agentic Enterprise and physical AI.

The accelerating productivity across the organization through AI first native tooling and investing decisively in web continue subsequent of our engineers.

In Q4, we shipped across all three.

And these foundations position our AI business for 2026.

Horizon 1 EI first engineering.

Enterprises are no longer debating the merits of a boxing ta for software development.

Horizon 1 is the core of our current business.

But rather how to do it without losing control of quality security and then institutional knowledge.

because the majority of our clients today,

It is in this context that'd be launched or was that.

We accelerating productivity across the organization. Through AI first, Native, tooling and investing decisively in the continuous upskilling of our engineers.

Our AI native software development framework.

Right.

Part of our game initiative.

Enterprises are no longer debating the merits of adopting AI for software development.

And provides a governance layer for EA, causing agents.

Whereas that automates contact setup in.

But rather, how to do it without losing control of quality, security, and institutional knowledge.

Enforces consistent workflows.

And many of this engineering knowledge at both the engineering and optimization level.

It is in this context that we launched Rosetta.

Our AI-native software development framework.

It operates within the client's own security perimeter.

And works across all major coding platforms.

Rosetta is part of our game initiative and provides a governance layer for AI causing agents.

Eugene Steinberg: Rosetta automates context setup, enforces consistent workflows, and manages engineering knowledge at both the engineer and organization level. It operates within the client's own security perimeter and works across all major coding platforms. Developers get consistent project-aware agent behavior from day one. Engineering leaders get centralized governance and visibility across the entire agent footprint. With Rosetta, clients benefit from decades of institutional expertise seamlessly embedded into their engineering workflows. We have several engagements underway and are scaling GAIN as the standard delivery backbone across all engagements in 2026. Grid Dynamics operations is client zero for our AI solutions. Cerebra, our internally developed agentic platform launched in Q3. It is built on Google AI Stack, Gemini Enterprise, ADK, and A2A. Within Grid Dynamics, Cerebra is being used by our sales, recruitment, and knowledge management organizations, automating proposal development, technical prescreening, and research at scale.

Developers get consistent project, where agent behavior from day one.

Rosetta automates contact setup.

Engineering, Cletus get centralized governance and visibility across the entire agent footprint.

Enforces consistent workflows and manages engineering knowledge at both the engineer and organization level.

With Rosetta clients benefit from decades of institutional expertise seamlessly embedded into the engineering core quotes.

It operates within the client's own security perimeter.

And works across all major coding platforms.

We have several engagements underway and are scaling game as they stand up delivery backbone across all engagements in France of 26.

Developers get consistent, project-aware agent behavior from day one.

Engineering leaders, get centralized governance and visibility across the entire agent footprint.

Three dynamics separations is claim zero for our AI solutions.

With Rosetta, clients benefit from decades of institutional expertise.

CIT IBRA, our internally developed advanced platform launched in Q3.

Seamlessly embedded into the engineering workflows.

It is built on Google AI stack.

Jim in the enterprise.

Advocates and AP.

We have several engagements underway and are scaling gain as the standard delivery backbone across all engagements in 2026.

Within these dynamics celebrity is being used by our sales recruitment and knowledge management organizations.

Grid Dynamics Operations is client zero for our AI solutions.

Automating proposal development technical pre screening and discharge at scale.

Cerebra our internally developed agentic platform launched in Q3.

Clients adopt faster than the platform has already been set up in production.

It is built on the Google AI stack.

Germany Enterprise.

Adk, and a2a.

Yes.

Graham.

We expect this model to drive both revenue growth and margin expansion.

Within the Dynamics cdb is being used by our sales Recruitment and Knowledge, Management organizations.

Okay.

Horizon, two Atlantic Enterprise.

Automating, proposals development, technical pres screening and research at scale.

Eugene Steinberg: Clients adopt faster than the platform has already been stress-tested in production. As AI revenues ramp, we expect this model to drive both revenue growth and margin expansion. Horizon two, agentic enterprise. Horizon two is where we are expanding and investing by leveraging our engineering depth to enterprise transformation at scale. The agentic era is reshaping the economics of software delivery. AI-native development tools are lowering the overall cost of building and deploying software, placing pressure on systems integration and configuration programs. At the same time, client expectations are rising. Programs previously too expensive or too slow to justify are becoming feasible. Enterprises are thinking bigger and moving faster, taking on significantly larger mandates. That means moving away from SI-heavy engagements and towards original in-house engineering. That rotation plays directly to our strengths.

Alright, and towards expanding and investing by leveraging our engineering depth to enterprise transformation at scale.

Clients. Adopt faster than the platform has already been tested in production.

The agenda Cary the reshaping the economics of soft goods anyway.

A native development tools are lowering their overall cost of building kenzie blowing software.

As EI revenues ramp. They expect this model to drive, both Revenue growth and margin expansion.

Horizon 2, a jointing Enterprise.

<unk> pressure on systems integration and configuration programs.

At the same time client expectations are rising.

Horizon 2 is where we are expanding and investing by leveraging our engineering depth to enterprise confirmation at scale.

Programs previously too expensive or too slow to justify I become feasible.

The agentic error is reshaping the economics of software delivery.

Enterprises are thinking bigger and moving faster.

EI native development tools, allowing the overall cost of building and deploying software.

<unk> taken on significantly larger mandates.

That means moving away from heavy engagements and toward a regional in house engineering.

Placing pressure on systems integration and configuration programs.

At the same time, client expectations are rising.

That's a patient plays directly to our strengths.

Programs, previously too expensive or too slow to justify, are becoming feasible.

In the past decade enterprises have increasingly became dependent on system integration.

Enterprises are thinking bigger and moving faster.

Assembling software as a service ecosystem.

Taking on significantly late. Larger Mondays.

Figure and cloud services and stitching together around those products.

That means moving away from SI-heavy engagements and toward a regional, in-house engineering.

In the Atlantic era these changes fundamentally.

That rotation plays directly to our thanks.

Eugene Steinberg: In the past decade, enterprises have increasingly became dependent on system integration, assembling software as a service ecosystems, configuring cloud services, and stitching together vendors' products. In the agentic era, this changes fundamentally. Production deployments require bespoke engineering, purpose-built agent workflows, domain-specific data and knowledge layers, distributed system and platform engineering. Grid Dynamics is well known for its engineering capabilities and proprietary IP at leading global enterprises. The agentic era rewards builders, and that is where we have invested. Our go-to-market runs two tracks. For tier one enterprise clients, we architect and co-develop custom verticalized AI platforms built around their specific architecture, governance, and compliance requirements. For tier two mid-market clients, we integrate hyperscaler platforms with Grid Dynamics verticalized components on top, optimizing time to value and overall cost. Both tracks are expanding. We have also established a partnership with Temporal through their Jumpstart program.

Production deployments requires bespoke engineering.

Purpose built agent workforce domain specific data and knowledge layers.

In the past decade, enterprises have increasingly become dependent on system integration.

Assembling software as a service ecosystems.

The system and platform engineering.

Green dynamics is well known for its engineering capabilities.

Configuring cloud services and stitching together the vendor's products.

And proprietary IP at leading global enterprises.

In the agentic era, these changes fundamentally

The agenda every once builders and that is where we have invested.

Production deployments require bespoke engineering.

Our go to market around two tracks.

For tier one enterprise clients, the architect and could develop custom ethical SBA platforms built around where specific architecture governance and compliance requirements.

Purpose-built agent workflows domain, specific data and knowledge layers distributed system and platform engineering.

Greed Dynamics is well known for its engineering capabilities and proprietary IP at leading Global Enterprises.

For tier two mid market clients, we integrate type of care platform with great dynamics Verticalizing components on top.

The agentic error rewards Builders, and that is where we have invested.

Our go-to-market runs two tracks.

Optimizing time to value and overall cost.

Both techs are expanding.

We have also established a partnership with <unk> portal through their jumpstart program.

For Tier 1 Enterprise clients, the architect could develop custom, verticalized IT platforms built around the specific architecture, governance, and compliance requirements.

These initiatives positions us as a technology consultant 14 portals customers embedded in crucial Arctic architectural decisions from the outset.

For tier 2, Ms, Market clients. We integrate hyperscale platforms with grid Dynamics verticalized, components on top,

Optimizing time to value and overall cost.

This partnership has generated multiple immune easements across financial services.

Both tracks are expanding.

<unk> software and industrial sectors.

Eugene Steinberg: This initiative positions us as a technology consultant for Temporal's customers, embedded in crucial architectural decisions from the outset. This partnership has generated multiple new engagements across financial services, enterprise software, and industrial sectors. The proof points are concrete. A notable example is our work with one of the world's largest payment networks, where we are leading a broad agentic AI program. We have developed a record as a service across 17 applications, a universal enterprise assistant with agent-to-agent communication, and centralized governance and evaluation. Our efforts have led to an approximate 40% reduction in build time and 60% reduction in ongoing maintenance effort. With a platform deployed across 30,000 employees, the impact has been measurable. Specialized groups are seeing up to 15% productivity improvement, driven by faster information access and reduced manual research.

We have also established a partnership with Team Portal through the Jumpstart program.

The proof points are concrete.

And multiple example is our work with one of the worlds largest payment networks.

We are leading a broad agenda care program.

This initiative positions us as a technology consultant for temporal customers embedded in crucial, art architectural decisions from the outset.

We have developed a raccoon service across 17 applications.

You go through their process system this agent agent communication.

And Industrial sectors.

The proof points are concrete.

And centralized governance and evaluation.

Our efforts have led to an approximate 40% reduction in build time.

A notable example is our work with one of the world's largest payment networks, where we are leading a broad, agentic AI program.

And 60% reduction in ongoing maintenance effort.

With the platform deployed across 30000 in place the impact has been measurable.

We have developed recently service across 17 applications.

A universal Enterprise assistant this agent to agent communication.

Specialized groups are seeing up to 15% productivity improvement.

And centralized governance and evaluation.

Driven by faster information excess entered youth mental research.

Our efforts have led to an approximate 40% reduction in build time.

At the leading global CPG company.

And a 60% reduction in ongoing maintenance efforts.

Developed over 20 enterprise ready to agents.

Unified agent factory platform.

With the platform deployed across 30,000 employees, the impact has been measurable.

This delivered 15% productivity improvement across enterprise users.

Specialized groups are seeing up to 15% productivity improvement.

These deployments confirmed a bottom we see consistently.

Driven by faster information access and reduced manual research.

Eugene Steinberg: At a leading global CPG company, we developed over 20 enterprise-ready AI agents through a unified agent factory platform. This delivered 15% productivity improvement across enterprise users. These deployments confirm a pattern we see consistently. Once AI capabilities move fully in production, clients realize approximately 15% productivity gains, tangible operating leverage at enterprise scale. We are leveraging our deep domain expertise to build vertical AI platforms, codifying patterns into structured productized offerings. Our initial solutions have real traction and are generating revenue with enterprise clients. MXP, our merchandising and product discovery platform, illustrates this progression most clearly. It began as search engineering expertise, evolved into a reusable accelerator, and in 2025 crossed into license revenue with a growing customer base across North America, Europe, and Latin America.

Once AI capabilities more fully in production.

So there lies approximately 15% productivity gains tangible operating leverage at enterprise scale.

at the leading global cpg company we developed over 20 Enterprise ready, AI agents,

Through a unified agent factory platform.

We are leveraging our deep domain expertise to build to be ethically air platforms.

This delivered, 15% productivity Improvement across Enterprise users.

What are you finding patents infrastructure prototypes offerings.

this deployments confirm a pattern, we see consistently

Our initial solution.

Real traction and generating revenue with simpler price clients.

XP.

Once EI capabilities move fully in production clients realize approximately 15% productivity gains tangible operating leverage at Enterprise scale.

Our merchandising and product discovery platform illustrates this progression most clearly.

We are leveraging our deep domain expertise to build vertical AI platforms.

It began as searching for unique expertise.

Evolved into a usable accelerator.

Codifying patterns in the structured, productized offerings.

And in 2025 crossed into license revenue.

Our initial solutions have real traction and are generating revenue with enterprise clients.

With a growing customer base across North America, Europe, and Latin America.

Mxp.

Is deployment for a leading European luxury theater anywhere at the 7% total revenue uplift.

It began as search engine engineering expertise.

And the 50% reduction in merchandising team workload.

Evolved into the reusable accelerator.

While handling a 25% year over year search in peak holiday traffic without disruption.

And in 2025 crossed into license Revenue.

With a growing customer base across North America, Europe and Latin America.

Eugene Steinberg: Its deployment for a leading European luxury retailer delivered a 7% total revenue uplift and a 50% reduction in merchandising team workload while handling a 25% year-over-year surge in peak holiday traffic without disruption. XTDDB is our platform designed for the financial industry, a bitemporal database built specifically for regulated financial environments. As financial institutions deploy AI agents, regulators require full point-in-time reconstruction of any decision. Banks deploying AI agents for trade processing, compliance, or investigations need systems that can capture precise information related to trading activities. XTDDB addresses that with full auditability across both business time and system time. The platform has been adopted in several global banks, and in Q4 we shipped a significant new version extending its capabilities for multi-entity data mesh environments. It is this kind of deep infrastructure IP that differentiates our financial services practice from generic AI consulting.

<unk> is our platform designed for the financial industry and.

Thereby temporal database build specifically for regulated financial environment.

Is deployment for a leading European luxury retailer, delivered a 7%, total revenue uplift.

Our financial institution deploy AI agents.

And a 50% reduction in merchandising team workload.

The regulators require a full point in time when it construction of any decision.

While handling a 25% year-over-year surge in peak holiday traffic without disruption.

Thanks, deploying agents with trade processing compliance or investigations.

Systems that can capture precise information related to trading activity.

Xdb is our platform designed for the financial industry and by temporal database built specifically for regulated Financial environments.

<unk> addresses that with full out stability across both business time and system thing.

As financial institutions deploy AI agents,

Regulators require full point-in-time reconstruction of any decision.

The platform has been adopted in several global banks and in Q4, we shipped a significant from your version extending it gets capabilities for multi entity data mesh environments.

Banks deploying AI agents for trade processing, compliance, or investigations need systems that can capture precise information related to trading activities.

It is this kind of deep infrastructure IP that differentiates our financial services practice from genetic EA consulting.

XDB addresses that with full auditability across both business time and system time.

Our engineers no longer arrived as individual country with us.

There I've backed by qualified IP.

Or is that that XP ex ETB.

The platform has been adopted in several global banks, and in Q4 we shipped a significant new version, extending its capabilities for multi-entity data mesh environments.

And documented patents from dozens of deployments.

Client gets immediate expand deployment not a learning curve.

Eugene Steinberg: Our engineers no longer arrive as individual contributors. They arrive backed by codified IP, Grid Dynamics Rosetta, MXP, XTDDB, and documented patterns from dozens of deployments. The client gets immediate expert deployment, not a learning curve. Horizon three, physical AI. Horizon three is our forward-looking investment in physical AI, bringing the same AI engineering depth we apply in software to industrial and manufacturing environment. Our flagship platform here is Incarna, a software platform that supports the robotics industry. Incarna dramatically compresses the time required to program robots for complex manufacturing tasks, enabling robots to handle high variability, physically demanding work that conventional automation cannot address. In partnership with SmartRay, a leader in industrial 3D vision sensors, we developed and deployed the Incarna AI model for robotic weld inspection. Weld inspection is demanding. Quality requirements are stringent, and variability in materials and geometry makes rule-based automation unreliable.

It is this kind of deep infrastructure IP that differentiates our financial services practice from generic AI consulting.

Horizon three.

Physical <unk>.

Our Engineers no longer arrived as individual contributors.

Horizon three is our forward looking investments and physically.

They arrive backed by codified IP.

Bringing the same AI engineering depth, they apply in software to industrial and manufacturing environment.

Rosetta mxp xdb and documented patterns from dozens of deployments

Our flagship platform here is in Carnival.

the client gets immediate expert deployment. Not a learning curve.

Horizon 3.

Our software platform that supports where a boating industry.

Physical AI.

In kind of dramatically compresses the time required to program robots for complex manufacturing tasks.

Horizon 3 is our forward-looking investment in physical AI.

Enabling chromebooks to handle high reliability physically demanding cohort that conventional automation cannot address.

Bringing the same AI engineering depth, they apply in software to industrial and manufacturing environments.

Our flagship platform here is Incarnal.

In partnership with the Smart tray, a leader in industrial vision sensors, we developed and deployed the Encana a model for robotic wealth inspection.

A software platform that supports the robotics industry.

In general, programming dramatically compresses with time, required to program robots for complex manufacturing tasks.

<unk> inspection is demanding.

What do you say requirements are stringent and for liability and materials and geometry makes rule based automation unreliable.

Enabling robots to handle high-variability, physically demanding work that conventional automation cannot address.

The result.

The inspection consistency improved quality assurance and scalable automation in environments, where precision is non negotiable.

In partnership with Smarte, a leader in industrial 3D vision sensors, we developed and deployed the Incarna AI model for robotic weld inspection.

Weld inspection is demanding.

Unfortunately, Tim on the voucher, we automate that the conversion of cat files to CNC machinists sections.

Eugene Steinberg: The result: high inspection consistency, improved quality assurance, and scalable automation in environments where precision is non-negotiable. At a Fortune 10 manufacturer, we automated the conversion of CAD files to CNC machine instructions. A workflow that previously took 5 days now completes in hours. Greater than 90% cycle time reduction validated in production. We will have more to share as this programs scale. As we look ahead, we will build on our foundations. We are rapidly and deliberately scaling towards a multi-industry AI-led business transformation. GAIN and Rosetta codify our engineering judgment so it scales beyond individual engineers. MXP shows that our IP can generate revenue as software, not just as a services. XTB gives us a technically differentiated entry into finance. Incarna opens doors in manufacturing.

Quality requirements are stringent, and variability in materials and geometry makes rule-based automation unreliable.

Pool that previously took five days now completes in hours.

Greater than 90% of cycle time reduction what are your data than production.

The result: high inspection consistency, improved quality assurance, and scalable automation in environments where precision is non-negotiable.

You will have more to share as this program scale.

Yeah.

As we look ahead.

We will build on our foundation.

And deliberately scaling towards a multi industry yellow business transformation.

At the Fortune 10 manufacturer, we automated the conversion of CAT files to CNC machine instructions—a workflow that previously took 5 days now completes in hours.

Gain on that because if I always remaining judgment so it scales beyond individual engineers.

Greater than 90% cycle time reduction, validated and in production.

You will have more to share as this program scales.

MSP or shows that our IP can generate revenue.

As we look ahead.

Software not just as a services.

We will build on our foundations.

<unk> gives us.

Really differentiated entry into finance.

We are rapidly and deliberately scaling towards a multi-industry, yet business, transformation.

In Cardinal opens doors and manufacturing.

And our dental practice is shifting from the spoke delivery infrastructure. It's ethical offerings. We are all accelerators compressed time to value and our context increasingly capture outcomes.

Gain and raise our engineering judgment so it scales beyond individual engineers.

MXP shows that our IP can generate revenue as software, not just as a service.

We are moving from labor scaled growth to IP scale growth.

XTDB gives us a technically differentiated entry into finance.

In Cairo.

And that transition defines our 'twenty 'twenty execution.

Eugene Steinberg: Our agentic practice is shifting from bespoke delivery to structured vertical offerings, where our accelerators compress time to value and our contracts increasingly capture outcomes. We are moving from labor-scaled growth to IP-scaled growth, and that transition defines our 2026 execution. With that, let me turn over to Anil.

Opens doors in manufacturing.

Is that let me turn over to Arnaud.

Thank you Jean good afternoon, everyone.

And our agentic practice is shifting from this spoke delivery to structured vertical offerings where our oxidizer compressed time to value and our contracts, increasingly capture outcomes.

Reported fourth quarter revenues of $106 2 million slightly above the midpoint of our guidance range of $105 million $270 million. This represents a sequential growth rate of one 9% in the year over year growth rate of five 9%.

We are moving from labor, scale growth.

To it scale growth.

And that transition defines our 2026 execution.

With that. Let me turn over to Daniel.

Anil Doradla: Thanks, Eugene. Good afternoon, everyone. We recorded Q4 revenues of $106.2 million, slightly above the midpoint of our guidance range of $105 million to 107 million. This represents a sequential growth rate of 1.9% and a year-over-year growth rate of 5.9%. There were 30 basis points and 22 basis points of FX headwinds on a sequential and year-over-year basis, respectively. Non-GAAP EBITDA was $13.7 million or 12.9% of revenue and was at the higher end of our $13 million to 14 million guidance range. In Q4, there was a negative impact from FX fluctuations on a year-over-year basis. We are exposed to a currency basket across Europe, Latin America, and India.

30 bps, and 22 bps of FX headwinds on a sequential and year over year basis, respectively.

non-GAAP EBITDA was $13 7 million or 12, 9% of revenue and was at the higher end of our 13 million to $14 million guidance range.

Thanks, Eugene. Good afternoon, everyone. We recorded fourth quarter revenues of $106.2 million, slightly above the midpoint of our guidance range of $105 million to $107 million. This represents a sequential growth rate of 1.9% and a year-over-year growth rate of 5.9%.

Fourth quarter.

There was a negative impact from FX fluctuations on a year over year basis.

We are exposed to currency basket across Europe, Latin America and India.

There were 30 basis points and 22 basis points of FX headwinds on a sequential and year-over-year basis, respectively.

While we utilize spot natural hedges and an active hedging program the net year over year impact on our EBITDA was a headwind of approximately $1 5 million.

Non-GAAP EBITDA was $13.7 million, or 12.9% of revenue, and was at the higher end of our $13 million to $14 million guidance range.

in the fourth quarter.

On a sequential basis, there was a tailwind of approximately $160000 to our EBITDA as the dollar strengthened relative to the British pound and euro.

There was a negative impact from FX fluctuations on a year-over-year basis.

Anil Doradla: While we utilize both natural hedges and an active hedging program, the net year-over-year impact on our EBITDA was a headwind of approximately $1.5 million. On a sequential basis, there was a tailwind of approximately $160,000 to our EBITDA as the dollar strengthened relative to the British pound and euro. Looking at performance of our verticals, retail remained our largest vertical, contributing 28.7% of total revenues in Q4 2025. While revenues in this vertical increased by 5.3% on a sequential basis, there was a decline of 6.9% on a year-over-year basis. The sequential increase was broad-based across our retail customer base. TMT, our second-largest vertical, accounted for 28.3% of total revenues for the quarter.

We are exposed to a currency basket across Europe, Latin America and India.

Looking at performance of our verticals retail remained our largest vertical contributing 28, 7% of total revenues in the fourth quarter of 2025.

While revenues in this vertical increased by five 3% on a sequential basis. There was a decline of 6.9 person on a year over year basis. The sequential increase was broad based across our retail customer base.

While we utilize both natural Hedges and inactive hedging program. The net eoe impact on our ibida was a headwind of approximately 1.5 million dollars on a sequential basis. There was a Tailwind of approximately 160,000 dollars to our eida. As a dollar strengthened relative to the British pound and Euro.

TMT, our second largest vertical accounted for 28, 3% of total revenues for the quarter.

Looking at performance of our verticals retail remained. Our largest vertical contributing 28.7% of total revenues in the fourth quarter of 2025.

The vertical delivered strong results with growth of five 3% on a sequential basis and a 27, 5% increase on a year over year basis.

The strong year over year growth was primarily driven by our top two technology customers.

While revenues in this vertical increased by 5.3% on a sequential basis, there was a decline of 6.9% on a year-over-year basis. The sequential increase was broad-based across our retail customer base.

The finance vertical accounted for 22, 9% of total revenues in the quarter growing 5% on a year over year basis.

Anil Doradla: The vertical delivered strong results with growth of 5.3% on a sequential-basis and a 27.5% increase on a year-over-year basis. The strong year-over-year growth was primarily driven by our top two technology customers. The finance vertical accounted for 22.9% of total revenues in the quarter, growing 5% on a year-over-year basis. This growth was primarily driven by increased demand from our large fintech customer and large banks. Turning to the remaining verticals, CPG and manufacturing represented 10.2% of our Q4 revenues. This vertical remained stable in absolute dollars sequentially, but declined 4.3% on a year-over-year basis. The year-over-year decline was largely due to decline at some of our automotive customers, and this was partially offset by our CPG customers. The other vertical contributed 7.3% of Q4 revenues.

This growth was primarily driven by increased demand from our large and take customer and large banks.

TMT are second largest vertical. Accounted for 28.3% of total revenue for the quarter. The vertical delivered, strong results with growth of 5.3% on a sequential basis and a 27.5% increase on a year-over-year basis.

Turning to the remaining verticals CPG and manufacturing represented 10, 2% of our fourth quarter revenues. This vertical remains stable in absolute dollars sequentially, but declined four 3% on a year over year basis. The year over year decline was largely due to decline at some of our automotive customers.

The strong year-over-year growth was primarily driven by our top two technology customers.

The finance vertical accounted for 22.9% of total revenues in the quarter, growing 5% on a year-over-year basis.

This growth was primarily driven by increased demand from our large fintech customer and large banks.

And this was partially offset by our CPG customers the.

And the other vertical contributed seven 3% of fourth quarter revenues. This remained flat on a dollar basis relative to the third quarter and grew by eight 4% on a year over year basis. The year over year growth was primarily from our meal kit client and.

And finally health care and pharma contributed to two 6% of our fourth quarter revenues.

Turning to the remaining verticals, CPG and Manufacturing represented 10.2% of our fourth quarter revenues. This vertical remains stable in absolute dollars sequentially, but declined 4.3% on a year-over-year basis. The year-over-year decline was largely due to a decline at some of our automotive customers, and this was partially offset by our CPG customers.

Anil Doradla: This remained flat on a dollar basis relative to Q3 and grew by 8.4% on a year-over-year basis. The year-over-year growth was primarily from our meal kit client. Finally, healthcare and pharma contributed to 2.6% of our Q4 revenues. We ended Q4 with a total headcount of 4,961, slightly down from 4,971 employees in Q3 2025, and up from 4,730 in Q4 2024. Although our total headcount was down on a sequential basis, our billable headcount increased meaningfully. We continue to rationalize our overall headcount as we align our skill sets and geographic mix.

<unk> ended the fourth quarter with a total head count to 4961 slightly down from 4971 employees in the third quarter of 2025, and that's from 4730 in the fourth quarter of 2024.

The other vertical contributed 7.3% of fourth quarter revenues. This remained flat on a dollar basis. Relative to the third quarter and grew by 8.4% on a year-over-year basis. The year-over-year growth was primarily from our meal kit client,

Although our total head count was down on a sequential basis, our billable head count increased meaningfully we continued to rationalize our overall head count as we align our skill sets and geographic mix.

And finally, Healthcare and Pharma contributed to 2.6% of our fourth quarter revenues.

At the end of the fourth quarter of 2025, our total U S headcount was 357 or seven 2% of the company's total headcount versus seven 4% in the year ago quarter.

We ended the fourth quarter with a total headcount of 4,961 slightly down from 4,971 employees in the third quarter of 2025 and up from 4,730, in the fourth quarter of 2024,

Our non U S headcount located in Europe, Americas, and India was 4604 or 92, 8%.

We align our skill sets and geographic mix.

Anil Doradla: At the end of the Q4 2025, our total US headcount was 357 or 7.2% of the company's total headcount versus 7.4% in the year-ago quarter. Our non-US headcount, located in Europe, Americas, and India, was 4,604 or 92.8%. In the Q4, revenues from our top 5 and top 10 customers were 39.7% and 58.5% respectively versus 35.6% and 55.8% in the same period a year ago, respectively.

In the fourth quarter revenues from our top client and top 10 customers were 39, 7% and 58, 5%, respectively versus 35, 6% and 55, 8% in the same period a year ago, respectively.

At the end of the fourth quarter of 2025, our total US headcount was 357, or 7.2% of the company's total headcount, versus 7.4% in the year-ago quarter.

Moving to the income statement, our GAAP gross profit during the quarter was $36 1 million or 34% compared to $34 7 million or 33, 3% in the third quarter of 2025, and $37 million or 36, 9% in a year ago quarter.

Our non-US headcount located in Europe, America, and India was 46,004, or 92.8%.

Anil Doradla: Moving to the income statement, our GAAP gross profit during the quarter was $36.1 million or 34% compared to $34.7 million or 33.3% in Q3 2025, and $37 million or 36.9% in the year-ago quarter. On a non-GAAP basis, our gross profit was $36.6 million or 34.5% compared to $35.2 million or 33.8% in Q3 2025, and $37.6 million or 37.5% in the year-ago quarter. On a year-over-year basis, the decline in gross margin was from a combination of FX headwinds and greater mix of UK-based headcount from our acquisition of JUXT.

In the fourth quarter, revenues from our top 5 and top 10 customers were 39.7% and 58.5%, respectively, versus 35.6% and 55.8% in the same period a year ago, respectively.

On a non-GAAP basis, our gross profit was $36 6 million or 34, 5% compared to $35 2 million or 33, 8% in the third quarter of 2025, and 37 6 million or 37, 5% in the year ago quarter.

Moving to the income statement, our GAAP gross profit during the quarter was $36.1 million, or 34%, compared to $34.7 million, or 33.3%, in the third quarter of 2025, and $37 million, or 36.9%, in the year-ago quarter.

On a year over year basis, the decline in gross margin.

From a combination of FX headwinds and greater mix of UK based head count from our acquisition of jest.

non-GAAP EBITDA during the fourth quarter that excluded interest income expense provision for income taxes, depreciation and amortization stock based compensation restructuring.

On a non-GAAP basis, our gross profit was $36.6 million, or 34.5%, compared to $35.2 million, or 33.8%, in the third quarter of 2025 and $37.6 million, or 37.5%, in the year-ago quarter.

Expenses related to geographic reorganization and transaction and other related costs was $13 7 million or 12, 9% of revenues versus $12 7 million or 12, 2% of revenues in the third quarter of 2025 and was down from $15 6 million or 15, 6% in the year ago quarter.

Anil Doradla: Non-GAAP EBITDA during Q4 that excluded interest income expense, provision for income taxes, depreciation and amortization, stock-based compensation, restructuring, expenses related to geographic reorganization, and transaction and other related costs was $13.7 million or 12.9% of revenues versus $12.7 million or 12.2% of revenues in Q3 2025 and was down from $15.6 million or 15.6% in the year-ago Q4. The sequential increase in EBITDA margin was from a combination of higher gross margins and FX tailwinds. On a year-over-year basis, the decline in EBITDA margins was largely due to a combination of lower gross margins and FX headwinds.

On a year-over-year basis, the decline in gross margin was from a combination of FX headwinds and a greater mix of UK-based headcount for more acquisition objects.

The sequential increase in EBITDA margin was from a combination of higher gross margins and FX tailwind.

On a year over year basis, the decline in EBITDA margins was largely due to a combination of lower gross margins and FX headwinds.

Our GAAP net income in the fourth quarter was $3 million.

Our breakeven per share based on a diluted share count of $86 4 million shares compared to the third quarter net income of $1 2 million or one <unk> per share based on a diluted share count of $85 8 million and net income of $4 5 million or <unk> <unk> per share.

Non-GAAP EBITDA during the fourth quarter, which excluded interest income, expense, provision for income taxes, depreciation and amortization, stock-based compensation, restructuring expenses related to geographic reorganization, and transaction and other related costs, was $13.7 million or 12.9% of revenues, versus $12.7 million or 12.2% of revenues in the third quarter of 2025, and was down from $15.6 million or 15.6% in the year-ago quarter. The sequential increase in EBITDA margin was from a combination of higher gross margins and FX tailwind.

Anil Doradla: Our GAAP net income in Q4 was $0.3 million or breakeven per share, based on a diluted share count of 86.4 million shares, compared to the Q3 net income of $1.2 million or $0.01 per share, based on a diluted share count of 85.8 million, and net income of $4.5 million or $0.05 per share, based on 83.8 million diluted shares in the year-ago quarter.

On a year-over-year basis, the decline in IVA margins was largely due to a combination of lower gross margins and FX headwinds.

Our GAAP net income in the fourth quarter was $0.3 million.

Based on $83 8 million diluted shares in the year ago quarter on.

On a non-GAAP basis in the fourth quarter. Our non-GAAP net income was $8 7 million or 10 cents per share based on $86 4 million diluted shares compared to the third quarter non-GAAP net income of $8 2 million or <unk> <unk> per share based on $85 8 million diluted shares and 10 three.

Or break even per share, based on a diluted share count of 86.4 million shares, compared to the third quarter, net income of 1.2 million, or 1 cent per share, based on a diluted shared, count of 85.8 million, and net income of 4.5 million or 5 cents per share based on 83.8 million diluted.

Anil Doradla: On a non-GAAP basis, in Q4, our non-GAAP net income was $8.7 million or $0.10 per share based on 86.4 million diluted shares, compared to Q3 non-GAAP net income of $8.2 million or $0.09 per share based on 85.8 million diluted shares and $10.3 million or $0.12 per share based on 83.8 million diluted shares in the year-ago quarter. On 31 December 2025, our cash and cash equivalents totaled $341.1 million, up from $338.6 million on 30 September 2025. M&A continues to take priority in our capital allocation strategy. We're committed to augmenting our organic business with acquisitions that strategically enhance our capabilities, geographic presence, and industry verticals.

Which shares in the year of gold quarter.

Our <unk> per share based on $83 eight.

8 million diluted shares in the year ago quarter.

On December 31 2025.

Our cash and cash equivalents totaled 341 1 million up from $338 6 million on September 30.

2025.

M&A continues to take priority in our capital allocation strategy, we're committed to augmenting our organic business with acquisitions that strategically enhance our capabilities geographic presence and industrial verticals.

On the non-gaap basis in the fourth quarter are non-gaap. Net income was 8.7 million or 10 cents per share based on 86.4 million, diluted shares. Compared to the third quarter non-gaap net income of 8.2 million or 9 cents per share based on 85.8 million diluted shares and 10.3 million or 12 cents. Per share based on 83.8 million diluted shares in the year of gold quarter.

On December 31st, 2025.

Coming to the first quarter guidance, we expect revenues to be in the range of $103 million to $104 million, we expect our first quarter non-GAAP EBITDA to be in the range of $12 million $13 million for the first quarter of 2026, we expect our basic share count to be in the range of $85 million to $86 million and our diluted.

Our cash and cash equivalents total $341.1 million, up from $338.6 million on September 30th.

2025.

M&A continues to take priority in our capital allocation strategy. We're committed to augmenting our organic business with acquisitions that strategically enhance our capabilities, geographic presence, and industry verticals.

Anil Doradla: Coming to the Q1 guidance, we expect revenues to be in the range of $103 to 104 million. We expect our Q1 non-GAAP EBITDA to be in the range of $12 to 13 million. For Q1 2026, we expect our basic share count to be in the range of 85 to 86 million, and our diluted share count to be in the range of 87 to 88 million. For the full year 2026, we are bullish in our outlook. We expect revenues to be in the range of $435 to 465 million. That concludes my prepared remarks. We are now ready to take questions.

Share count to be in the range of $87 million to $88 million.

For the full year 2026, we're bullish in our outlook, we expect revenues to be in the range of 435 million to $465 million.

That concludes my prepared remarks, we're now ready to take questions.

Coming to the first quarter guidance. We expect revenues to be in the range of $103 to $104 million. We expect our first quarter non-GAAP EBITDA to be in the range of $12 million to $13 million for the first quarter of 2026. We expect our basic share count to be in the range of 85 to 86 million, and our diluted share count to be in the range of 87 to 88 million.

Okay.

Thank you Aneel as we go into the Q&A session of this call I will first announce your name at that point. Please on mute yourself and turn on your cap.

For the full year 2026, we are bullish in our outlook. We expect revenues to be in the range of $435 million to $465 million.

That concludes my prepared remarks. We're now ready to take questions.

The first question comes from Maggie Nolan.

William Blair.

Hi, Thank you Hal.

[Company Representative] (Grid Dynamics Holdings): Thank you, Anil. As we go into the Q&A session of this call, I will first announce your name. At that point, please unmute yourself and turn on your camera. The first question comes from Maggie Nolan of William Blair.

Operator: Thank you, Anil. As we go into the Q&A session of this call, I will first announce your name. At that point, please unmute yourself and turn on your camera. The first question comes from Maggie Nolan of William Blair.

So you've had impressive growth in AI revenue in Europe about $90 million for 2025. So I am wondering if projects are moving in Q production at scale and then what is the nature of these projects and how does that demand among customers.

Thank you, O'Neal. As we go into the Q&A session of this call, I will first announce your name at that point. Please unmute yourself and turn on your camera.

Maggie Nolan: Hi. Thank you. You got impressive growth in AI revenue, and you're above $90 million for 2025. I'm wondering if projects are moving into production at scale, and what is the nature of these projects and how is the demand among customers?

Hi, thank you.

Thank you Megan.

Your poker and words.

We were successful in discussed in various forums wood.

<unk> presents to read dynamics, and what is the opportunity for us going forward.

And the mentally would makes a big difference for <unk> for 2026 on is that we're not only moving from the small development project to full scale.

So you got impressive growth and AI revenue and you're above 90 million for 2025. So I'm wondering if projects are moving into production at scale and then what is the nature of these projects? And how is the demand among customers?

Anil Doradla: Thank you, Maggie. Thank you for kind words. Well, we extensively discuss in various forums what AI represents to Grid Dynamics and what is the opportunity for us going forward. Fundamentally, what makes a big difference for Grid Dynamics for 2026 on is that we're not only moving from the small development project to full-scale implementation, but also we introduce.

Leonard Livschitz: Thank you, Maggie. Thank you for kind words. Well, we extensively discuss in various forums what AI represents to Grid Dynamics and what is the opportunity for us going forward. Fundamentally, what makes a big difference for Grid Dynamics for 2026 on is that we're not only moving from the small development project to full-scale implementation, but also we introduce.

In your menu.

<unk>, but also introduce our platforms.

Which has been noted during this particular.

Killer time, and Thats kind of scales that confidence for the clients should give us more of the solutions, where we represent our engineers combined with their own tools as a new way to building the solution faster.

Leonard Livschitz: Platforms, which has been noted during this particular time. That kind of scales the confidence with the clients to give us more of the solutions where we represent our engineers combined with their own tools as a new way to building the solution faster and more affordable for the clients. Perhaps some words from Eugene.

More affordable for their clients.

Some words from June.

Yes.

Question.

Our two main zone switch.

Our most exciting for me.

One is.

AI powered customer experience.

The reason behind that is that this is the zone there.

Perfect.

Eugene Steinberg: Yes, great question. There are two main zones which are most exciting for me. One is AI-powered customer experience. The reason behind that is that this is the zone where the impact from source personalization, agentic commerce is very obvious and measurable by our clients. This is where the clients see ROIs in weeks, not in months or years. That allows us expand those accounts very, very quickly based on this successes which we see in this domain. Second is enterprise AI platforms. Not as visible as front-end work or AI-powered customer experiences. This is a foundational layer, which helps the companies to organize their data, build AI agent factories on top of this data, then go into developing business agents on top of these platforms.

Thank you for the kind words. Um, well, we—we extensively discussed in various forums what AI represents, the degrees it makes, and what is the opportunity for us going forward. Uh, fundamentally, uh, what makes a big difference for Grid Dynamics for 2026 on is that we're not only moving from the, uh, small, uh, development project to full-scale implementation, but also we've introduced our platforms, um, which has been noted during this particular time and that kind of scales the confidence with the clients to give us more of the solutions, where we represent our, um, engineers combined with their own tools as a new way to building the solution faster and, uh, more affordable for the clients. Perhaps, words from Eugene.

From storage facility innovation adjacent corners.

Very August and measurable by our clients.

Yes, uh, it's a great question. And, uh, there are two main zones which, uh, are most exciting for me.

This is Eric.

Clients see rois in weeks not months or years.

One is, uh, AI-powered customer experience.

And.

That allows us expand those accounts very very quickly based on this <unk>.

The reason behind that is that this is the zone where the impact

Access is which we see in this domain.

Second is the <unk>.

From search personalization. Agentic Commerce is very obvious and measurable by our clients.

ICI platforms not as visible.

Sure.

Front end work or yes.

And uh, this is there will be a client, see a rise in weeks, not in months or years.

Our customer experiences, but this is a foundational layer.

Which helps companies to organize their data builds.

And, uh, uh, that allows us to expand these accounts very, very quickly based on the successes which we see in this domain.

Yes, it's in factories on positive data and then go into developing business.

Second is, uh, Enterprise AI platforms—not as visible as, uh, uh...

Agents on top of those platforms.

Front-end work or, uh, EI Power customer experiences.

And.

What we see in our project sales as those Touchstones mature and go to production.

Plans start to scale very very quickly at building.

Building the agents and we are helping them to see relative to the agents.

But this is a foundational layer, uh, which helps the companies to organize their data, build, uh, AI agent factories on top of this data, and then go into developing business.

In February from one four down to two Mcf.

Eugene Steinberg: What we see in our projects is, as those platforms mature and go to production, clients start to scale very, very quickly, building AI agents, and we are helping them to develop those AI agents. We are going from 1 to 10 to 20 of those specific customer-facing virtual collect agents very, very quickly. This expands our work and allows us to move very quickly.

Uh, agents on top of this platforms.

Specific customer facing digital collapsed Asia very very quickly.

So this expense.

Our warrant and allows us to move more quickly.

Great. Thank you and then anything else you would comment on as you move into 2026 kind of how you expect the trends to evolve any way that you can maybe tie that in numbers or maybe kind of your margin expansion call Keith mentioned.

And, uh, what we see in our projects is, as your platforms mature and go to production, uh, clients start to scale very, very quickly. Uh, building EI agents, and we are helping them to develop CA agents. And we are going from 1 to 10 to 20 of those, uh, specific customer-facing virtualized agents very, very quickly.

So this, uh, expense, uh, our work and allows us to move very quickly.

Yes.

The largest integrated with.

Maggie Nolan: Great. Thank you. Anything else you would comment on as you move into 2026, kind of how you expect the trend to evolve, any way that you can maybe tie that back to the numbers or maybe some of your margin expansion goals you've mentioned?

Bunch of names during this press release rate. So we were talking about.

Merchandise extremes pledged for where total rewards.

But it's in Pearl database with talking about robotics, the airflow in form.

Great, thank you. And then, anything else you would comment on as you move into 2026? Kind of how you expect the trend to evolve—any way that you can maybe tie that back to the numbers, or maybe some of your margin expansion goals you've mentioned?

Leonard Livschitz: Yeah. We bombarded you, Leanne, with a bunch of names during this press release, right? We were talking about, you know, Merchandising Experience Platform. We're talking about, bitemporal database. We're talking about cognitive in our robotics AI platform. Subsequent growth of the Grid Dynamics Rosetta, its automation within game model, the platform, again, Cerebra, which is, picks up a lot of internal process, bringing Grid Dynamics to as a client zero for implementations. What is it all about? Those are not just buzzwords. It's just a way to understand for our clients that there may be a little bit more, scare, scarcity on the market of clearing what to do. When you work with Grid Dynamics, we represent basically three key functions.

Subsequent growth of the reserve.

Provision within the game model the platform again, so let us however, I was just crazy.

So libre, which picks up a lot of internal processes, bringing reason they pursue.

Client zero for implementations.

Is it all about those are not just buzzwords as just a way to understand <unk>.

For our clients that there may be a little bit more scared scheduled in the market of clearly sports do but when you work with Green dynamics, we represent basically the <unk> functions first where are.

Yeah, so, uh, we bombarded you, uh, meaning you with a bunch of names during this press release, right? So, we were talking about, uh, you know, merchandise experience platform. We're talking about, uh, but it's a world database. We're talking about in continent in robotics, yeah. Platform. Uh, subsequent growth of the Rosetta and so automation Within game model, the platform, uh, again. So celebra which is kind of

Domain consultants, so we understand what the customer.

Problems are and we are tailoring the solutions with that.

Important contribution for Green dynamics.

The mix between Britain, they mix training.

Leonard Livschitz: First, we are domain consultants, so we understand what the customer problems are, and we are tailoring the solutions with that as an important contribution for Grid Dynamics. As a mix between Grid Dynamics trained engineers, the standard tools and platform from the market, and customized tools which we bring based on our platform and development. The combination of three leads to a few things. First of all, it's a shorter time to implementation for our clients. Second, it moves away from our traditional Time and Materials offering where we're putting together a contribution based on the client outcomes, which ultimately leads not only for them to gain momentum and have a better financial return, but a high value add for that margin expansion for Grid Dynamics. Those are three elements.

For Libra, which is, uh, picks up a lot of internal process. Bringing Grid Dynamics as a client zero for implementations. What is it all about? Uh, those are not just buzzwords, it's just a way to understand for our clients that there may be a little bit more, uh, scared—scaredy—on the market of clearness, what to do. But when you work with Grid Dynamics, we represent basically three key functions.

Train engineers.

First, we are the Make Consultants.

The standard tools and platform from the market and customized tools, which will bring in the base of our platform and develop the combination with <unk> leads to a few things first of all it's a shorter times to implementation for our clients and secondly, it moves away from our traditional <unk>.

so we understand what the customer.

Problems are, and we are tailoring the solutions to that. As an important contribution for Green Dynamics, as a mix between Green Dynamix—

Trained engineers.

Kevin material offering where we're.

Putting together that contribution based on the client outcomes, which ultimately leads not only for them to gain momentum and have a better financial return, but a high value add for the margin expansion for big events those are three of them.

Um, the standard tools and platform from the market, and customized tools, which we will bring based on our platform and development.

Thank you nice quarter.

Thanks, Brandon. Thank you. The next question comes from Bryan Bergin of TD Count go ahead, Brian.

Hi, guys. Thanks for taking the questions here.

First of all I'll ask at a high level. So just with everything that's going on in market services software based pressure the whole kind of SaaS parcel ups fears that are out there.

Leads to a few things. First of all, it's a shorter time to implementation for our clients, and second, it moves away from our traditional Talent material offering—where we're putting together a contribution based on the client outcomes—which ultimately leads not only for them to gain momentum and have a better financial return, but a high value-add for the margin expansion for a great time. Those are three of them.

Maggie Nolan: Thank you. Nice quarter.

Leonard Livschitz: Thank you.

Thank you next quarter.

Eugene Steinberg: Thank you.

Brian Bergen: Excellent.

Anil Doradla: Excellent.

[Company Representative] (Grid Dynamics Holdings): Thank you, Maggie. The next question comes from Brian Bergen of TD Cowen. Go ahead, Brian.

Operator: Thank you, Maggie. The next question comes from Brian Bergen of TD Cowen. Go ahead, Brian.

I'm going to kind of sanity check it with you.

Based on what Youre seeing in your client conversations and what Theyre doing in contracting what like what's your perspective as it relates to enterprises, increasing their custom build preference versus by.

Brian Bergen: Hi, guys. Good to see you. Thanks for taking the questions here. The first one I'll ask you at a high level. Just with everything that's going on in the market, services, software-based pressure, the whole kinda tech apocalypse fears that are out there, I wanna kinda sanity check it with you first. Based on what you're seeing in your client conversations and what they're doing in contracting, what like what's your perspective as it relates to enterprises increasing their custom build preference versus buy, you know, the platform solutions. If your clients are demonstrating a rising preference for custom builds, what are like the implications for Grid Dynamics?

Thank you. Thank you, thanks. Bye. Thank you, Maggie. The next question comes from Brian Bergin of TD Cowen. Go ahead, Brian.

You know the platform solutions and if your clients are demonstrating a rising preference for custom builds what are the implications for dynamics.

Very good.

So I will start the mineral have.

The facility to give you a few examples because there's nothing better than to show what exactly happened so from the high level perspective.

We recognize that.

There is a very strong.

Leonard Livschitz: Very good. I will start, and then I'll have Vasily to give you a few examples because there's nothing better than to show what exactly happened. From the high level perspective, obviously, we recognize that there is a very strong expectation that the cost of implementation will go down. People start throwing some comments. There is a decline of SaaS software companies or offerings. There is a decline of IT services needs because everything is gonna magically appear. Well, all these statements are not false. I mean, there are more and more tools available in the market. What's the custom part is that creation of the tools and solutions having our internal platforms makes Grid Dynamics much more efficient to really customize solutions for the individual clients and tasks.

<unk> right.

The cost of implementation will go down.

Then people start throwing some comments there as <expletive>.

Hi, guys, good to see you. Thanks for taking the questions here. Uh, the first 1, I'll ask you at a high level. So, just with everything that's going on, in the market Services software, based pressure, the whole kind of sets apocalypse spheres that are out there. I, I want to kind of Sanity check it with you first and based on what you're seeing in your client conversations and what they're doing in Contracting, what like what's your perspective as it relates to Enterprises increasing their custom build preference versus buy, you know, C, you know, the the platform Solutions and if your clients are demonstrating a rising preference for custom builds, what, what are like the implications for her Dynamics? Very good. So, I will start the mental health, um, with Lucille to give you a few examples, because there's nothing better than to show. What? Exactly.

The decline of SaaS.

SaaS.

Software company so.

There is a decline of.

Happened. So from the high-level perspective, obviously, we recognize that, uh, there is a very strong

Services needs because everything is going to magically appear.

All these statements are nuts falls I mean, there are more and more tools available in the market.

Expectation. That the cost of implementation will go down.

Then people start throwing some comments.

What's the custom for diseases is the creation of the tools and solutions, having our internal platforms makes doing business much more efficient.

There is a decline of

sass.

Two really customized solutions for the individual clients and tests.

Software companies or offerings. There is a decline of IT services needs because everything is going to magically appear.

And the reason we're doing this because it is very nice from the high level perspective to look at these all wonderful models, but it's experimentation going to production is quite fresh and many of the clients are hesitant to throw a lot of money without clear out.

Well, all these statements are not false. I mean there are more and more tools available on the market. But what's the custom part is is that creation of the tools and solutions having our internal platforms makes really makes much more efficient

Leonard Livschitz: The reason we're doing this, because it's very nice from the high level perspective to look at these all wonderful models, but it's experimentation. Going to production is quite fresh, and many of the clients are hesitant to throw a lot of money without clear outcome. That's where Grid Dynamics comes in with a combination of people, processes, and tools. That's how we believe that even though there is an overall overreaching look that there are potential some decline of the needs, the company like Grid Dynamics needs is actually growing. I will have Vasily to bring some examples.

to really customize solutions for the individual clients and tasks.

And that's where <unk> comes in with a combination of people processes and tools and that's how we believe that even though there is a overall look that overreach and looked at their potential decline of the needs of.

The company will agree the NAMIC needs is actually growing.

And the reason why we're doing this because it's very nice from the high level of perspective, to look at these all wonderful models, but it's experimentation going to production is quite pricey. And many of the clients are hesitant to throw a lot of money without clear outcome.

With sugar to bring seven zones sure. Thank you for the question Brian.

Right on point with the LTC increased demand for our custom built software and if in the past customers who are looking into improvements are enhancing their core platforms core applications right now given the overall kind of cost of development is getting reduced by utilizing AI native.

Vasily Sizov: Sure. Thank you for the question, Brian. You are right on point. We definitely see increased demand for custom-built software. If in the past, the customers were looking into improvements or enhancing their core platforms, core applications, right now, given the overall kind of cost of development is getting reduced by utilizing AI native environment, as you'll see, companies like Grid Dynamics definitely benefit from this trend by getting involved into implementations and rebuilding of the typically SaaS, I would say, applications as a custom-built and more custom-tailored solutions for end customers. Things like HR systems or travel dashboards, et cetera, which traditionally were outside of the investment areas for the companies or the clients.

Environmental <unk>.

Yeah.

Companies like drain dynamics definitely benefit from this trend by getting involved into implementations and rebuilding of the.

Sure.

Typically sauce, I'll say applications as a custom built and more custom tailored.

Solutions for end customers things like HR systems, our travel dead horse and et cetera.

Traditionally we're outside of their investment areas for the company just for the glass.

Okay. Okay. That's helpful.

Follow up.

And that's where great name is comes in with the combination of people processes and tools. And that's how we believe that. Even though there is a overall, look that over each look, that there are potential some decline of the needs. The company will agree Dynamic needs is actually growing and I will have facility to bring some examples. Sure, thank you for the question. Brian. Uh, you, you are right on point, we definitely see increased demand for custom build software and if in the past, uh, the customers were looking into improvements or enhancing their core platforms core applications. Right now given the overall kind of cost of development is getting reduced, uh, by utilizing AI native, uh, environment and as DLC, uh, companies like great Dynamics definitely benefit from this trend by getting involved into implementations and rebuilding of the uh, typically uh, SAS, I would say applications as a custom build.

Want to dig in on the on the growth outlook for the year and unpack it a bit.

I know you made a comment you're bullish in your outlook just to clarify that comment are you assuming anything meaningfully changes in the underlying demand backdrop to hit any of these targets and help us just kind of bridge. The <unk> performance here is there a build a dynamic is there anything seasonal in the first quarter as you think about that first quarter of high growth.

Brian Bergen: Okay. Okay. It's helpful. I'll follow up. I'll kinda. I want to dig in on the growth outlook for the year and unpack it a bit. You know, Anil, you made a comment, you're bullish in your outlook. Just to clarify that comment, are you assuming anything meaningfully changes in the underlying demand backdrop to hit any of these targets? Help us just kinda bridge the Q1 performance here. Is there bill day dynamics? Is there anything seasonal in Q1 as you think about that Q1 implied growth rate relative to what you're talking about for the year?

More customers, uh, solutions for and customers things like HR systems or travel dashboards and Etc. Which will out outside, uh, traditionally were outside of the investment areas for, uh, the companies for the clients,

Relative to what you're talking about for the year.

Brian Our Q1 is a very simple story here.

The seasonality.

Also in our time and materials business Tnn, Netherlands fewer working days relative to Q4, so that it's very simple now you're absolutely right.

Anil Doradla: Yeah, Brian. Q1 is a very simple story here. It's the seasonality. Also in our time and materials business, T&M, there was fewer working days relative to Q4. That's. It's very simple. Now, you're absolutely right. We are positive on how we're looking at the full year. There are two components of it. One is that some of the recent trends in our pipeline growth. Second thing is all the gentlemen that I've spoken about on our AI trends, right? I'll let them build up on that. Where we are today, how we look at the year, we feel more positive. The final thing is that if you look at the range I've provided, it's a little wider, right?

We are positive on how we're looking at the full year.

Okay. Okay. It's helpful. Uh, another follow-up. I I'll kind of I want to dig in on the, on the growth outlook for the year and unpack, it a bit, you know, manil, you made a comment, you're bullish in your outlook, um, just to clarify that comment, are you assuming anything, meaningfully changes in the, underlying demand backdrop to to hit any of these targets and help us just kind of bridge. The 1q performance here is, is there Bill de Dynamics or anything seasonal in the first quarter? As you think about that first quarter imply growth rate relative to what you're talking about for the year?

There are two components of it.

Some of the recent trends in our pipeline growth.

Second thing is on the gentlemen that have spoken bump on our AI trends right and let them.

On that but where we are today, how we look at the year.

We feel more positive and the final thing is that if you look at the range I provided its a little wider right relative to last year, we made it a little wider because they understand that during the course of the year.

Growth.

Yes.

Yeah.

Right.

So let's be more.

Right, So I think.

Very simple question was Q1 is a very substantial reduction of the working days for so.

Anil Doradla: Relative to last year, you know, we made it a little wider because we understand that during the course of the year, there's some positives, there's not so positive. We've kept it a healthy range.

Not something like normally have traditionally here, but there is a bullish outlook for very simple reason.

Leonard Livschitz: Let's be more specific, right? I think Anil answered a very simple question about Q1, a very substantial reduction of the working days it's for. It's not something like normally happen in traditionally year. There is a bullish outlook for very simple reasons. The pace of adoption of AI solutions and AI applications, like Grid Dynamics customers, clear outpaces the decline of a maybe a little bit more, you know, edged retail business. It happens simultaneously, and there's no secret, because if you look at the rate of growth of our client verticals, you can see two notable changes. It's tech, and more important, the financial vertical, which goes specifically into the fintech and capital markets, which is quite new and growing for us.

The pace of adoption.

Of AI solutions, and AI applications like Green dynamics customers.

Clear all cases.

The decline of EMEA delivered more.

Edge.

Um, second thing is uh, all the gentlemen that have spoken about on our AI Trends, right? I let them uh, build up on that but where we are today, how we look at the year, uh, we feel more positive and the final thing is that if you look at the range I've provided it's a little wider, right? Uh, relative to last year, you know, we made it a little wider because we understand that during the course of the year, there's some positives, there's not not so positive. So we've kept it a uh, a healthy range, right? So let's be more specific, right? So I think Anil answered very simple question about q1. It's it's very substantial reduction of the working days. It's for. So uh, we it's not something like normally happen in traditionally here but um there is a bullish outlook for very simple reasons.

Retail business.

It happened simultaneously.

The pace of adoption.

And there's no secret because if you look at the rate of growth.

Client verticals you can see two notable changes in tech and more important the financial.

Of AI solutions and AI applications, like what we read from Dynamics' customers.

It's clear all phases.

Vertical, which go specifically into the Fintech and capital markets, which is quite new and growing for us. So when we look at the total equation.

The decline of maybe a little bit more, um, you know, edged.

Retail business.

It happens simultaneously.

Dorado growth in.

<unk> related businesses.

The contribution from our partnerships.

The improved our performance in terms of the new type of agreements.

Leonard Livschitz: When we look at the total equation, the rate of growth in AI-related businesses, the contribution from our partnerships, that improved our performance in terms of the new type of agreements, fixed bids, performance-based, and other elements. On the backside, some of the depreciation of more traditional aged business which been there for years, we came up with a bullish but conservative output. What's the conservative part of that? I think it's very important to understand. We've learned a little bit our lesson from 2025, right? I mean, we actually believe we're gonna be better than midpoint. What it means for us? It means for us that in addition to all the facts, we need to understand the revenue dollars which are coming with the customers.

Fixed bids performance base other elements.

Conditional secret. Because if you look at the rate of growth of our client verticals, you can see two notable changes: its attack and, more important, the financial vertical, which goes specifically into the fintech and capital markets, which is quite new and growing for us. So, when we look at the total equation,

And on the back side some of the depreciation of more traditional.

The rate of growth in AI-related businesses.

The contribution from our partnership.

Aged business, we've been there for years.

We came up with.

Voyage, but conservative.

The improved, our, uh, performance in terms of the, um, new type of agreements.

And what's the conservative part of it I think it's very important to understand.

Fixed bids Performance Based other elements.

All the rest of 2024 right I mean, we are.

We actually believe we're going to be.

And on the back side, some of the depreciation of more of traditional.

Better than midpoint, but.

Aged business. We've been there for years.

What it means for us it means for US then in addition to all the effects, we need to understand the revenue dollars.

We came up with a bullish but conservative object.

Which are coming with their customers and.

And as our business grows as you know very well, we also deploy our engineering talent.

Across the globe.

This followed the same strategy.

And different regions have different.

And what's the conservative part of that? I think it's very important to understand. We've learned a little bit about our lesson from 2025, right? I mean, we, um, we actually believe we're going to be better than midpoint, but what it means for us, it means for us that in addition to all the facts, we need to understand the revenue dollars.

Price points and different elements of the business. So as we continue to scale our business.

Leonard Livschitz: As the business grows, as you know very well, we also deploy our engineering talent across the globe. You know, this follow the sun strategy. Different regions have different, you know, price points and different elements of the business. As we continue to scale our business, we wanna make sure that early on, especially when we're introducing this a little bit variability of Q1, we do not get you guys questioned, are we sane or not? We are very sane.

Which you're coming with the customers.

And as the business grows as you know, very well.

To make sure that early on especially when we're introducing the dilutive variability of Q1, we do not give you guys. A question are we say in our remarks, we're very sick.

We also deploy our engineering talent.

Across the globe.

You know, the following strategy.

Okay. All right that's clear. Thank you guys. Thank you. Thank you rod.

Thank you Brian. The next question comes from Puneet Jain of Jpmorgan go ahead. Please.

And different regions have different, uh, you know, price points and different elements of the business. So as we continue to scale our business,

Hey, Thanks for taking my question.

So given the recent news.

we want to make sure that early on especially when we introducing this a little bit. Variability of q1. We do not. Get you guys question. Are we saying or not? We are very same.

And topic Claude.

Eugene Steinberg: All right. That's clear. Thank you, guys.

Brian Bergen: All right. That's clear. Thank you, guys.

Are you seeing any changes in client behavior increased urgency among your clients.

Leonard Livschitz: Thank you.

Vasily Sizov: Thank you, Brian.

Anil Doradla: Thank you, Brian.

Leonard Livschitz: Thank you, Brian. The next question comes from Puneet Jain of JPMorgan. Go ahead, Puneet.

All right, that's clear. Thank you, guys. Thank you. Thank you very much.

<unk> AI and second I know you talked about a great game framework and I know, it's based on proprietary as well less third party tools. So.

Thank you, Brian. The next question comes from Qunut, Jane of J.P. Morgan. Go ahead, Kit.

Puneet Jain: Hey, thanks for taking my question. Given, like, the recent news flow around Anthropic Claude, are you seeing, like, any changes in your client behavior, increased urgency among your clients to embrace AI? Second, I know like, you talked about the great GAIN framework, and I know it's built on proprietary as well as third-party tools. Do, like, all these developments, like the evolution of AI ecosystem, does that raise the bar on what GAIN can do for your clients in terms of productivity savings?

To like all these developments like the evolution of AI.

Ecosystem does that raise the bar on what gain can go put our clients in terms of productivity savings.

Very good well, let's start with again, Brazil is the last time to give a little bit more the multilayer approach and then from the margin perspective, I think you Jason comment as well so.

Hey, uh, thanks for taking my question. Um, so given, like, the recent news flow around Anthropic, Claude, uh, are you seeing, like, any changes in your client behavior, increased urgency among your clients to embrace AI? And second, uh, I know, like, you talked about the Great Gain framework, and I know it's built on proprietary as well as third-party tools.

so,

Maybe let me start with again a framework. So as you know we announced as of 2025 and.

Leonard Livschitz: Very good. Well, let's start with, again, Vasily as the last time, to give a little bit more of the multilayer approach, and then, from the technology perspective, I think Eugene can comment as well. Vasily.

To like all these developments, like the evolution of AI ecosystem. Does that raise the bar on what gain can do for your clients in terms of productivity savings?

During the six months of 2025, we were rapidly developing this framework and running pilot implementations with our customers.

As you heard in the prepared remarks, we implemented.

Vasily Sizov: Yeah. Maybe let me start with, again, framework. As you know, we announced it in the middle of 2025. During the 6 months of 2025, we were rapidly developing this framework and running pilot implementations with our customers. As you heard in the prepared remarks, we implemented a series of software assets which became now the part of this platform, which we are offering to our customers. I would say in 2026, we see this will be the year of rapid adoption of the GAIN platform across our customers. In fact, it became the de facto standard approach, which we use for the outcome and output-based engagements. Essentially decoupling, you know, billable headcount from the revenue growth. We definitely see performance improvements.

A series of software assets, which are which became now that part of this platform, which we are offering to our customers. So I would say in 2026, we see.

This will be the year of rapid adoption of the game platform across our customers and in fact that became the de facto standards approach, which we use for the outcome or output based engagements.

Essentially a decoupling in all billable head count from the revenue growth. So we definitely see performance improvements when we transfer some of that to our customers and some of that contributes to our April Prost adults.

Jim.

Yes.

When it comes to the actual improvements, which we are seeing from Egencia accordion consists on sand loading and courseware until later kind of others of course, many of our customers are embracing kids Andrea bringing those capabilities is done together with transalta reaches a layer on top of this they are not competing with those systems.

Vasily Sizov: We transfer some of that to our customers, and some of that contributes to our improved profitability.

Leonard Livschitz: Eugene?

Coming out with based engagements essentially decoupling you know billable headcount from the revenue growth. So we definitely see performance improvements, we transfer some of that to our customers and some of that contributes to our improved profitability.

Eugene Steinberg: Yes. When it comes to the actual improvements which we are seeing from agentic coding assistance and Claude and Cursor and all the kind of others. Of course, many of our customers are embracing it, and we are bringing those capabilities together with Fazeta, which is a layer on top of it. They're not competing with those agentic assistants on the foundational layer, but we are making them better, stronger, and embed our own institutional knowledge in those assistants with every engagement. Of course, impact of that very much depends on the actual nature of the project. If you are going in the greenfield POC kind of solutions, your gains are immense, like 10, 15x compared to traditional ways because you are creating in an unconstrained environment, doing whatever you want.

On the traditional they are making them better stronger and built our own institutional knowledge in the systems.

Every engagement.

And of course in part of that very much depends on the actual nature of the project.

So if you are moving into Greenfield POC kind of solutions your gains.

<unk> are a mess external.

System X compared to traditional ways, because you are creating.

Which we are seeing from agent coding assistance, and clothing and Corser, and all that kind of others. Uh, of course, many of our customers are embracing it, and we are bringing those capabilities with them together with Feta, which is a layer on top of it. They're not competing with those agentic assistants on the foundational layer, but we are making them better, stronger, and embed our own institutional knowledge into those systems, uh, with every engagement.

St environment doing whatever you want.

If you're working in a brownfield project.

And, uh, of course, the impact of that very much depends on the actual nature of the project.

Skilled well defined goals.

Knowledgeable organizational migration, you're still have a very strong improvements because the agents are curious they are doing.

Students being much faster for you and you see maybe to see ex improvements in the performance of the teams.

Eugene Steinberg: If you are working in a brownfield project with still well-defined goals, technology modernization, migration, you still have a very strong improvement because the agents are tools. They are doing things much faster for you. You see maybe 2, 3x improvements in the performance of the teams. When you're coming to the engagement and environments where the majority of the complexity is in the communication or orchestration, this is when it's much more challenging to realize the improvements from pure coding and creation of artifacts. It all varies very much depending on the portfolio of your solutions.

So if, uh, you are going into the Green Field, you see kind of the solution—you are, uh, gains are immense, like 10, 10, 10, 15x—compared to traditional ways, because you are creating in an unconstrained environment, doing whatever you want.

However, when youre coming to the engagement and the environments. They are the.

The majority of jewelry complexity is in their communications or orchestration. This is Ben.

It's much more challenging to realize further improvements wont be reporting translational classified so.

If you are working in a brownfield project with, uh, still well-defined goals—technology, modernization, and migration—you still have very strong improvements because the agents are two years. They are doing things much faster for you, and you see maybe 2-3x, uh, improvements in the performance of the teams.

It's all various.

Very much depends upon the portfolio of your synergies just quickly to add to what Jay genome Assembly medicines, I think it's very important that unless it several times.

however, when you are coming to the uh engagement and environments, they

In our prepared remarks as well.

This transition from.

PNM based approach to it.

are the majority of the complexity is in the communications or orchestration. This is when uh, it's much more challenging to realize where improving from Pure coding and creation of artifact. So it's all very

Outcome based and output based.

Vasily Sizov: Just quickly to add to what Eugene and Vasily mentioned. I think it's very important, and we mentioned several times in our prepared remarks as well. I think this transition from T&M-based approach to outcome-based and output-based, it's very important to emphasize because this is definitely real. We see that a lot. It happened, you know, during the 2025 in transition to 2026. We see that this year we will see much more of those, many more of those engagements going forward. That's why, as Vasily and Eugene mentioned, our GAIN framework together with verticalized solutions and the platforms that we're leveraging, that will be very, very important this year.

Yury Gryzlov: Just quickly to add to what Eugene and Vasily mentioned. I think it's very important, and we mentioned several times in our prepared remarks as well. I think this transition from T&M-based approach to outcome-based and output-based, it's very important to emphasize because this is definitely real. We see that a lot. It happened, you know, during the 2025 in transition to 2026. We see that this year we will see much more of those, many more of those engagements going forward. That's why, as Vasily and Eugene mentioned, our GAIN framework together with verticalized solutions and the platforms that we're leveraging, that will be very, very important this year.

It is a very important tool.

To emphasize because this is definitely a real we see that a lot.

It happened during the 2025 dispositions for 2026, and we see that this year, we will see much more of those many more of those engagements going forward and thats, why especially lending Eugene mentioned.

Our gain framework together.

Our vertical solutions and the platforms that we are leveraging.

It will be very very important this year.

Okay. Okay, and then let me ask Nik follow up to Brian's question on.

The rest of the year beyond Q1, so based on that math it seems like full year guidance at the midpoint implies like five 5.5% sequential growth beyond Q1.

Very much, uh, depending on the portfolio of your Solutions just quickly too, add to what's Eugene and receive mentioned. I think it's, it's very important that we mentioned several times. Uh, now prepared remarks as well. Um, I think this transition from, um, tnm based approach to, uh, uh, outcome based and output based. Um, that's it's it's a very important to, to emphasize because this is definitely real. We see that a lot, uh, it happens, you know, during the 2025 and transition to 2026. And we see that this year, we will see much more of those, uh, many more of those engagements going forward, and that's why as basil. And Eugene mentioned our game framework together with verticalized, Solutions, and the platforms that we are able to leveraging that, that will be very very uh, important this year.

Puneet Jain: Okay. Got it. Let me ask, like, follow-up to Brian's question on rest of the year beyond Q1. Based on our math, like, it seems like the full year guidance at its midpoint implies like 5.5% sequential growth beyond Q1. Can you disaggregate that? Like, what drives that growth, like, in terms of, like, whether it's like you talked about, like earlier, like the pipeline, billing days and all that. Can you talk about, like, what drives that 5.5% sequential growth beyond Q1 to get to the midpoint of full year numbers?

So can you disaggregate that like what drives that growth like in terms of like whether it's like you talked about like at least like the pipeline.

Billing days and all of that can you talk about like what drives that by five and a half questions sequencing beyond Q1 to get to that number.

Okay, okay, and let me ask like follow-up to Brian's question on uh, the rest of the year Beyond q1. So, based on our map, like, it seems like uh the full year guidance that it's mid, midpoint implies like 5 5 and a half percent. Sequential growth Beyond q1.

Sure.

Maybe if you comment then.

Of course.

We will have Neil to back it up with our numbers.

As I mentioned to Brian where took very seriously to make sure that.

What are reasonable, but conservative railroad.

Leonard Livschitz: Puneet, I'll make a few comments, of course, we'll have Anil to back it up with the numbers. As I mentioned to Brian, we took very seriously to make sure that we are reasonable but conservative in our rate of... I'm sorry. Hold on. This just happened. Okay. The pipeline is very robust. The pipeline which we have right now, not only robust, but it shows a quite opportunity with AI-related products and projects across multiple verticals and multiple clients. There's always a seasonality, right? Q2 is better than Q1, Q3 is better Q2, Q4 may have some additional, you know, four loads like what happened in Q4 last year and all this stuff. We kind of desegregate the seasonality and behavior from adoption of AI.

It is.

So can you disaggregate that like what drives that growth like in terms of like, whether it's like, you talked about, like earlier, like the pipeline, um, uh, billing days and all that, can you talk about like what drives that 55 and a half percent? Sequential growth Beyond q1 to get your number. So uh, but you know, I'll I'll make a few comments and um, of course

Sean This is Hal.

We'll have a new way to back it up with the numbers.

Um,

Okay.

Pipeline.

It's very robust.

And the pipeline, which we have right now not only robust but it shows.

as I mentioned to Brian, we took very seriously to make sure that we are reasonable. But conservative in our radio,

Quite opportunity with AI related products and projects across multiple verticals and multiple clients.

Is.

I'm sorry. Well, this is him.

<unk>.

There is always the seasonality right. So Q2 is better than Q1, and Q3 is better Q2, and Q4 may have some additional <unk>.

Okay, uh, the pipeline, um, is very robust.

<unk> like for example, in Q4 last year, and all that stuff, but as we kind of disaggregate.

The seasonality in D C where.

And uh, the pipeline which we have right now, not only robust, but it shows quite an opportunity with AI-related products and projects across multiple verticals and multiple plants.

From adoption of AI.

Um,

And we look at our pipeline as it stands today.

So there is a very little assumption.

There is going to be some enormous number of.

Wired swans, or some hail Mary or something extraordinary grades happens during the course of the year.

There's always a seasonality, right? So Q2 is better than q1 and Q3 is better Q2, and then Q4 may have some additional, um, you know, for lows. Like, it happens in Q4 last year, and all the stuff, but we kind of this segregate

The seasonality and be here.

From adoption of AI.

Leonard Livschitz: We look at our pipeline as it stands today. There's a very little assumption, Puneet, that there's gonna be some enormous number of white swans or some Hail Mary or something extraordinary great happens during the course of the year. Obviously, not everything on the books today, but majority is. We have a very nice number around tools, accelerators, and platforms, which are gonna continue to roll out during the year. To summarize it, we are not hoping for the numbers. We have a strong pipeline to AI-related projects, particularly in the technology and fintech space. There's a growth in manufacturing, which is coming quite robustly as well.

Obviously, not everything on our books today with majorities and we have a very nice number one tools accelerators as platforms, which are going to continue to roll out during the year so to summarize it.

And we look at our pipeline as it stands today.

So there's very little assumption for me that there's going to be some enormous number of

We are not holding for the numbers, we have a strong pipeline to AI related projects, particularly in the technology.

White swans or some hail Mary or something. Uh, extraordinary. Great happens during the course of the year.

Fintech space there is a growth in manufacturing, which is currently quite robustly as well and we see that adoption is again, Brian asked before of the custom developed solution on the combination of the.

Obviously, not everything is on our books today, but the majority is, and we have a very nice number of our own tools, accelerators, and platforms, which are going to continue to roll out during the year.

so, to summarize it

Deployed engineers and training program and our internal tooling brings us much higher acceleration. So the same people the same train capacity over that people can have several terms execution during the year.

Leonard Livschitz: We see that adoption, as again, Brian asked before, of the custom-developed solution on a combination of the, you know, deployed engineers and trained program in our internal tooling brings us much higher acceleration, so the same people, the same trained capacity of the people can have several turns of execution during the year. That's kind of the high level but very clear understanding what does that pipeline mean. Maybe Anil will back it up with some numbers.

That's kind of the high level with very clear understanding what does that pipeline, but maybe renewable back it up with some of them. Yeah. I think the key thing is what Leonard et cetera.

We look at the revenues from a bottoms up and a top down.

And what we have as you go from 25 to 26 transition as this AI factor and when we looked at that AI revenue kind of bottoms up top down and look at the trajectory.

The, you know, deployed engineers and train program and our internal tooling brings us much higher acceleration. So the same people, the same train capacity of the people, can have several terms of the execution during the year.

Anil Doradla: Yes. Look, I think the key thing is what Leonard said, right? We look at the revenues from a bottoms up and a top-down. What we have as we go from 2025 to 2026 transition is this AI factor. When we looked at that AI revenue, kind of bottoms up, top-down, and look at the trajectory, I wish I could give a number, but it's a very healthy number as we go into 2026. That is our foundation for our modeling in 2026. Now, when you look at the variations, we said, right, we have this wider variations this year. We understand, you know, in the course of the year, things can happen.

I wish I could give a number but it's a very healthy number as we go into 2006 that as our foundation for our modeling in 2006 now when you look at the variations. We said right. We had this wider variation this year, we understand the course of the year things can happen. So as you go from the high end to the <unk>.

That's kind of the high level but very clear understanding what does that pipeline mean? But maybe a new will back it up with some numbers. Yes, look, I think the key thing is what Leonard said, right? We we look at the revenue from our Bottoms Up and a top down

And what?

LOE and we baked in some level of conservative niche with some of our clients, especially on the larger site.

Depending upon how we look at the business today, but.

Again, this is top down bottoms up with some conservative in this but in 2060 fundamental differences that we've got this AI trajectory and look at as entered pointed out look at the fastest growing segments TMT and financial verticals.

Anil Doradla: As you go from the high end to the low end, we bake in some level of conservativeness with some of our clients, especially on the larger side, depending upon how we look at the business today. Again, this is top-down, bottoms-up with some conservativeness. In 2026, the fundamental difference is that we've got this AI trajectory. Look at, as Leonard pointed out, look at the fastest-growing segments, TMT and financial verticals. That's the key.

That's the key so just again to put it on the number because.

Because I think it's important to give you a little bit of a prequel right. So mathematically.

It does look a little bit aggressive.

But realistically, it's a very unusual quarter to report twice a year and so we are in March. So you can suspect the move probably no numbers in Q1, a little bit better than typically when we present our earnings data fuels.

25 to 26. Transition, is this AI factor and when we looked at that AI, uh, Revenue kind of bottoms up top down. And look at the trajectory I I I wish I could give a number but it's a very healthy number as we go into. Uh, 26. That is our foundation, for our modeling. Uh, in 26. Now, when you look at the variations, uh, we said, right? We have this wider variation of this year. We understand, you know, the course of the Year, things can happen. So as you go from the high end to the low end, we bake in some level of conservativeness, with some of our clients, especially on the larger side, um, depending upon how we look at the business, uh, today. But, uh, again, this is top down, bottoms up with some conservativeness, but in 26, the fundamental differences that we've got this AI trajectory and look at, as lender pointed out, look at the fastest growing segments.

TMT, International verticals.

Leonard Livschitz: Just again, to put another number, Puneet, because I think it's important. I'll give you a little bit of a prequel, right? Mathematically, it does look a little bit aggressive. Realistically, it's a very unusual quarter to report, right? It's a year-end. We are in March. You can suspect that we probably know numbers in Q1 a little bit better than typically when we present our earnings data a few, 2, 3 weeks earlier. What happened is we see healthy March. The impact of this seasonality and less of the working days kind of behind us. The rate of growth, which you see, is based on the lower performance of the first, let's say, 2 months of the quarter. As I was joking, would be lovely to have a Q2 4 months.

That's the key.

Two or three weeks earlier.

So what is happening.

So, uh, just again to put another number, uh, put in. Because I think it's, it's important. I'll give you a little bit of a prequel, right? So mathematically, it does look a little bit aggressive.

We see a healthier March.

And the impact of this seasonality and the lesser of the working days kind of behind us.

So the rate of growth, which youll see is based on.

The lower performance of the first let's say two months of the quarter as I was joking will be lovely to have a Q2 four months, maybe you can throw all these fell over their first two months or do you have a really really healthy quarter. So the rate of growth for March on is more I would say traditional.

But realistically, it's a very unusual quarter to report, right? It's a year-end, so we are in March, so you can suspect that we probably know numbers in Q1 a little bit better than typically when we present earnings data a few—two, three weeks earlier.

So what happened is?

We see a healthy March.

And uh, the impact of these, uh, seasonality and less of the working days, kind of behind us.

Which makes us more comfortable with them.

Providing the guidance like we are.

Leonard Livschitz: You can throw all this stuff in the first two months, and you have a really, really healthy quarter. The rate of growth from March on is more, I would say, traditional, which makes us more comfortable with providing the guidance like we are.

No I appreciate it. Thank you. Thank you. Thank you. Thank you. Thank you puneet. The next questions come from miles tandem of Needham go ahead, Mike.

So the rate of growth which you see is based on, uh, the lower performance of the first, let's say, two months of the quarter. As I was joking, it would be lovely to have a Q2 with four months.

Great. Thank you good evening I know you gave guidance on EBITDA for the first quarter, but not for the full year. So I just wanted to check with you should we expect the same sort of pattern. As you mentioned on revenue growth in terms of margin expansion and do you have any sort of.

Then you can throw all this stuff in the first 2 months. And you have a really, really healthy quarter. So the rate of growth from March on is more. Um, I would say, uh, traditional

which makes us more comfortable with

Uh, providing the guidance like we are.

Anil Doradla: No, I appreciate it. Thank you.

Puneet Jain: No, I appreciate it. Thank you.

Leonard Livschitz: Thank you.

Anil Doradla: Thank you, Puneet.

Mayank Tandon: Thank you.

Eugene Steinberg: Thank you.

Anil Doradla: Thank you.

Vasily Sizov: Thank you.

[Company Representative] (Grid Dynamics Holdings): Thank you, Puneet. The next questions come from Mayank Tandon of Needham. Go ahead, Mayank.

Operator: Thank you, Puneet. The next questions come from Mayank Tandon of Needham. Go ahead, Mayank.

Framework on how to think about what the levers are for margins going forward. Yeah. Thanks for that question, Mike. So as you know last quarter, we talked about margin expansion in 2026, right Q4, Q4, we talked about 300 bps.

Uh, no, I appreciate it. Thank you. Thank you, thank you, thank you, thank you, thank you, Panit. The next questions come from my other tandem of needam. Go ahead, Mike.

Mayank Tandon: Great. Thank you. Good evening. Anil, you gave guidance on EBITDA for Q1, but not for the full year. I just wanted to check with you, should we expect the same sort of pattern as you mentioned on revenue growth in terms of margin expansion? Do you have any sort of framework on how to think about what the levers are for margins going forward?

Within the company and Theres several efforts.

<unk> internal productivity right firm geographic.

Anil Doradla: Thanks for that question, Mayank. As you know, last Q4, we talked about margin expansion in 2026, right? Q4 to Q4, we talked about 300 BIPS. Within the company, there's several efforts, right from internal productivity, right from geographic optimization, where we're working very diligently on our margin expansion. That's largely driven by the change of our workforce over the last 3, 4 years, which you all know about. Along with that, we have investments too. Eugene is doing some amazing work in the number of platforms he's rolling out on AI. It's the balance between the two. If you look at our trajectory, margin expansion, margin continuation is what we are modeling.

Optimization.

We're working very diligently on our margin expansion and that's largely driven by the change of our workforce over the last three four years, which you all know.

Along with that we have investments to <unk>.

Jean is talking Eugene is doing some amazing work and the number of platforms.

Rolling on EMEA. So it's the balance between the two so if you look at our trajectory.

Margin expansion margin continuation is is what we are modeling as the revenue picks up obviously, you have a little bit more positive leverage there on the EBITDA margins, but the cadence at which these things will play out.

Great. Thank you. Good evening anel. You gave guidance on IA for the first quarter but not for the full year. So I just wanted to check with you. Should we expect the same sort of pattern, as you mentioned on Revenue growth in terms of marketing expansion? And do you have any sort of uh framework on how to think about what the levers are for margins going forward? Yeah, thanks for that question. Mike. So as you know, last quarter we talked about margin expansion in 2026, right 2 for 2. For we talked about 300 bits, um, within the company. There's several efforts, uh, right from internal productivity. Right? From Geographic, uh, optimization uh, where we're working very diligently on our margin expansion. And that's largely driven by the change of our Workforce over the last 3, 4 years, which you all know about.

You will see in the course of the year I, just don't want to give that level of specificity at this point, but the trajectory should be moving upwards and in line with what we had promised last quarter and of course.

Um, along with that, we have Investments too. Uh, Eugene is talking, Eugene is doing some amazing work in the number of platforms. He's rolling on on AI so it's the balance between the 2. So if you look at our trajectory

Anil Doradla: As the revenue picks up, obviously, you have a little bit more positive leverage there, on the EBITDA margins. The cadence at which these things will play out, you will see in the course of the year. I just don't wanna give that level of specificity at this point. The trajectory should be moving upwards and in line with what we had promised last quarter.

It's not constant currency neutral ish. So you maybe what are the.

The other important thing everyone should understand is that in 25 versus <unk> 24, there was a big headwind on FX. So if I look at look at the cost and revenue on a net basis. It was close to <unk>.

Leonard Livschitz: Of course, it's not constant currency situation.

$8 million overall for me.

Anil Doradla: Yes.

Leonard Livschitz: You may wanna comment.

Anil Doradla: The other important thing everyone should understand is that in, you know, 2025 versus 2024, there was a big headwind on FX. If I look at the cost and revenue on a net basis, that was close to $8 million overall for me, you know, year to year. If I look at the last day of 2024 and compare what happened on 2025. We're working through that. That's another thing that we're working through.

Ear to ear, if I look at the last day of 2004 and compared what's happened.

On 25, so we're working through that that's another thing that we're working through.

So to summarize it.

I gave you guidance or direction of 3% improvement plus still stays.

I hope, we can do better than that there is a lot of our communities have been but we're not going to pull the plug and Shaw artificially so numbers released to less investment into.

Uh, you know, ear to ear. If I look at the last day of '24 and compare what happened, uh, on '25. So we're working through that.

Leonard Livschitz: To summarize it, I gave you guidance of directional 3% improvement plus. It still stays. I hope we can do better than that. There's a lot of activities happen, but we're not going to pull the plug and show artificially some numbers related to less investment into agentic AI or the physical robotics AI. These elements are vital for our business, but operational efficiency, the contract efficiency which we discussed with AI, and also distributing workforce more efficiently around the globe, all the three elements. The driver is fundamentally AI efficiency. That's really the number one for me. I think Yury wanted to.

That's another thing that we're working through.

Agenda.

Or.

Physical robotics AI. These elements are vital for our business, but operational efficiency.

Contract efficiency, which we discussed with AI and also.

Distributing workforce more efficiently around the globe all three elements, but the driver is fundamentally AI efficiency.

So, to summarize it, um, I gave you guidance or direction of 3% improvement, plus it still stays. Um, I hope we can do better than that. There’s a lot of opportunities happening, but we’re not going to pull the plug and show, artificially, some numbers reliefs to less investment into, um, authentic AI.

That's really the number one off and I think.

Yes, I was just wanted to come into the savings pretty much along the same same lines.

As I mentioned as rates of both fixed price engagements right now.

Based on engagements, that's obviously come a.

Typically with.

With a higher margin so thats why its also as part of this program as well and that's this year again this will be quite substantial.

Yury Gryzlov: Yeah. Just wanted to comment, pretty much along the same lines as I mentioned, right, about fixed price engagements and out-outcome based engagements. That's obviously come, typically at a, you know, with a higher margin. That's why it's also it's part of this program as well. This year, again, this will be quite substantial one.

Got it and then just very quickly I wanted to ask about your comments around M&A I know you mentioned that obviously really good balance sheet and you have the war chest to go out and do acquisitions are you finding that with the recent market volatility multiples have come down our expectations, a little bit more realistic about some of the potential.

Mayank Tandon: Got it. Just very quickly, I wanted to ask about your comments around M&A, Anil. You mentioned that, you know, obviously you have a really good balance sheet, and you have the war chest to go out and do acquisitions. Are you finding that with the recent market volatility, multiples have come down? Are expectations a little bit more realistic on some of the potential targets that you might have had in mind?

Or the physical robotics AI. These elements are vital for our business, but operational efficiency, the contract efficiency, which we discussed with AI and also um, Distributing Workforce, more efficiently around the globe, all the 3 elements but the driver is fundamentally AI efficiency. That that's really the number 1 or 3 and I think uh we really wanted. Yeah. Just I just wanted to comment on the same pretty much along the same uh same lines as as I as I mentioned, right? About fixed price engagements, right? And the output outcome based engagements that's obviously come uh typically as of, you know, with a higher margin. Uh, so that's why it's also it's it's part of this program as well. And this this year again, it will be quite substantial 1.

Targets that you might have had in mind.

Yes somehow the private companies that received a memo a little later.

So the memory. They finally got but it took a little time.

Sure.

We are.

Having a good pipeline.

Look we've said that but I think the number of exclusivity that we have today.

Got it. And then just very quickly, I wanted to ask about your comments around M&A, Anil. You mentioned that, you know, obviously you have a really good balance sheet and you have the wherewithal to go out and do acquisitions. Are you finding that with the recent market volatility, multiples have come down? Are expectations a little bit more realistic for some of the potential targets that you might have had in mind?

Anil Doradla: Yeah. Somehow the private companies, they received the memo a little later than the public companies. The memo they finally got, but it took a little time. We are having a good pipeline. Look, we've said that, but I think the number of exclusivities that we have today is as high as ever been. It's not done till it's done. When it comes to evaluation, things have come in, they're better than what it was 6 months or 10 months ago, but it's still a back and forth. Again, the most important thing, strategic focus, strategic fit to what we're doing, especially in the AI world that we're entering. That's our bar. Standards are very high, and we're just not gonna buy it because we have to buy it. We're gonna do it if it's strategically fitting.

As highest ever been.

It's not done till it's done.

Yes, somehow the private companies, they received the memo a little later than the public companies.

When it comes to evaluation.

So the memo, they finally got what it took a little time. Uh uh

As things have come in better than what it was six months or 10 months ago, but.

It's still a back and forth again, among the most important thing strategic focused strategic fit to what we're doing especially in the AI world that were entry. That's our bar standards are very high and we're just not going to buy it because we have to buy it and we're going to do it if it strategically fitting.

We are uh, having a good pipeline. Um, look, we've, we've said that but I think the number of exclusivity that we have today is uh as high as ever been, uh, it's not done until it's done.

And you Didnt tell you where it is very obvious we're not buying revenue.

When it comes to evaluation, uh, that things have come in, uh, they're better than what it was 6 months or 10 months ago, but

This is very very clear.

No.

The relationship we got into the exclusivity with the several of the targets. They are very specific in there or fashion to address.

Leonard Livschitz: Yeah. I think what Anil didn't tell you, but it's very obvious, we're not buying revenue. This is very, very clear. The relationship we got into the exclusivity with the several of the targets, they are very specific in their fashion to address two things. One is the technology components which we need to add, and the second one is the knowledge of the verticals we would like to be strongly at. It's not about the, you know, one size fits all. It's not about just, you know, swallowing a big company and report a great number, because usually, you know, it doesn't happen like this. It's a very specific technology plus verticals.

Address to fix.

One is the technology components, which we need to add.

It's still a back and forth again. Uh, my the most important thing, strategic Focus strategic fit to what we're doing especially in the AI world that we're entering. That's our bar standards are very high and we're just not going to buy because we have to buy. We're going to do it if it's strategically fitting. Yeah, I think what Daniel didn't tell, you is very obvious, we're not buying Revenue.

And the second one is the knowledge of the verticals, we would like to be strong with that.

So it's not about the old.

A one size fits all it's not a bugs as globally.

This is very, very clear uh the the relationship we got into the exclusivity with the several of the targets. There are very specific in their fashion.

We're a big company and reported rate number.

To um, address 2 things.

Because usually doesn't happen like this but it's a very specific technology plus verticals and it seems as the message you mentioned coming from the from the somebody hotels them. Okay now as a team that our expectations.

One is the technology components which we need to add, and the second one is the knowledge of the verticals. We would like to be strongly at—

I think we.

We're going to be in a better shape because last year. It was.

So it's not about the— all the, you know, one size fits all. It's not about just globbing— you know, swallowing a big company and reporting a great number.

Just as a sector.

Great. Thank you so much.

Leonard Livschitz: It seems, as the message you mentioned coming from the somebody who tells them, Okay, now it's tame their expectations. I think we're gonna be in a better shape because yeah, last year it was just at the sector.

Thank.

Thank you. The next question comes from Logan Shoe of Jefferies Go ahead Logan.

Hi, guys.

Because usually, you know, it doesn't happen like this, but it's a very specific technology plus verticals and it seems as the message you mentioned coming from the from the somebody who does them. Okay. Now it's a team that are expectations. I I I I think

My question revolves around your discussion of kind of moving from labor scaled IP.

We're going to be in a better shape, because, yeah, last year. It was dissatisfactory.

Mayank Tandon: Great. Thank you so much.

Anil Doradla: Thank you.

Leonard Livschitz: Thank you very much.

Great, thank you so much.

<unk> scaled growth to IP scaled growth.

Mayank Tandon: Thank you, Mayank. The next question comes from Logan Shu of Jefferies. Go ahead, Logan.

Operator: Thank you, Mayank. The next question comes from Logan Shu of Jefferies. Go ahead, Logan.

Thank you. Thank you very much.

And kind of the shift from time and materials to outcome base I'm just wondering.

Thank you, man. The next question comes from Logan Shoen of Jefferies. Go ahead, Logan.

Logan Shu: Hi, guys. My question revolves around your discussion of kind of, well, moving from labor scaled IP or labor scaled growth to IP scaled growth, and kind of the shift from time and materials to outcome based. I'm just wondering what kind of implications that have on your plans for hiring in 2026 and beyond. Where do you think the business model evolves to over the longer term? I mean, we have some competitors going all in on kind of subscription-based agentic delivery. Some different competitors saying, No, you know, we don't see it fundamentally changing. I was just wondering where you guys kinda landed on that spectrum.

Logan Schuh: Hi, guys. My question revolves around your discussion of kind of, well, moving from labor scaled IP or labor scaled growth to IP scaled growth, and kind of the shift from time and materials to outcome based. I'm just wondering what kind of implications that have on your plans for hiring in 2026 and beyond. Where do you think the business model evolves to over the longer term? I mean, we have some competitors going all in on kind of subscription-based agentic delivery. Some different competitors saying, No, you know, we don't see it fundamentally changing. I was just wondering where you guys kinda landed on that spectrum.

What what kind of implications that have on your plans for hiring in 2026 and beyond.

Then also.

Where do you think the business model evolves to over the longer term I mean, we have some competitors going all in on kind of subscription based agenda delivery some.

Hi guys. Um my question revolves around your your discussion of kind of moving from labor, scaled IP to or labor scales growth to IP scales growth.

Some different competitors, saying no we don't see it fundamentally changing I was just wondering where you guys kind of landed on that spectrum.

And kind of the shift from time and materials to outcome-based, I'm just wondering, what, what kind of implications does that have on your plans for hiring in 2026 and beyond? And then also,

Okay. So I will just take up rewards, but I think it's a good question for a round table, it's almost like if you like.

Our children at the earnings call because.

There are a lot of elements, which is very loaded question because youre right were kind of the less of the group too.

Leonard Livschitz: Okay. Look, I will just say a couple words, but I think this is a good question for a round table. It's almost like I feel like it's a, you know, fire chat, not an earnings call, because there are a lot of elements which. It's a very loaded question because you're right, we're kind of the last of the group to kind of present our earnings results, and you have earful from everyone telling you something. We'll not be very different. We'll tell you what we think. Look, the model has changed already. There's no way back. The people who will consistently say that, A, nothing changed or we're gonna continue to build the large size of a team and more people you have is merrier, will probably face some challenges, especially of the large size.

Where, where do you think the business model evolves to over the longer term? I mean, we have some competitors going all in on kind of subscription-based, dynamic delivery; some different competitors saying, no, you know, we don't see it fundamentally changing. And I was just wondering where you guys kind of landed on that spectrum.

End of <unk>.

Presenter earnings result, and that you have your full from everyone, telling you something so we will not be very different hotel rewards wishing so.

Look.

The model has changed already there is no way back and people, who will consistently say that nothing changed or are we going to continue to build the large size of the team and more people you have is merrier.

There, there are a lot of elements which is very loaded question because you're right. We're kind of the last of the group to kind of present our earnings results and you have earful from everyone telling you something. So I will not be a very different will tell you what we think. So,

Probably some challenges, especially of the large size now.

I've been saying this for a long time and it actually works for Green energy benefit, we're not only a technology driven company and innovation driven company.

We are a nimble comp.

Our size is fairly.

Optimized obviously, there is a place for growth, but we're not having any managed services, we're not having some very low end contracts and some contracts which were.

Leonard Livschitz: I've been saying this for a long time, and it actually works for Grid Dynamics' benefit. We're not only a technology-driven company and innovation-driven company, we're a nimble company. You know, our size is fairly optimized. Obviously, there is a place for growth, but we're not having any managed services. We're not having some very low-end contracts. Some contracts not as progressive or technology contribution, migration, all this fashion, they are falling off. That's why you see this kind of changing of the order in both ways. Where we see our model, and I hope Vasily will give you again a few examples, is that it's gonna be a combination. It's not the perishable goods of quality engineering. It's a combination of capabilities, trained people, and the solutions we have in advance of customer needs, understanding their marketability.

Not as progressive web technology contribution migration oldest fashion they are falling off and that's why you see this kind of changing the order in both ways.

Look, uh, the model has changed already. There is no way back and the people who will consistently say that a nothing changed or we going to continue to build the large size of the team and more people you have as merrier. Will probably face some challenges, especially of the large size. Now, I've been saying that for a long time and it actually works for greeting mics benefit. We're not only a technology-driven company and Innovation driven company. We're a Nimble company

Where.

We see our model.

Oh listen I won't give you a few examples is that is going to be a combination.

So it is not.

The perishable goods of quality engineers.

It's a combination of capabilities trained people and the solutions, we have in advance of customer needs understanding the market ability, we're continuing to play a role with the partnerships we understand deeply in several key areas and you can be expert in everything.

You know, our size is fairly, um, optimized. Obviously, there's a place for growth, but we're not having any managed services. We're not having some very, uh, low-end contracts, and some contracts which were not as progressive or technology-contribution, migration, and all this fashion—they are falling off, and that's why you see this kind of changing of the order in both ways. But where we see our model, and I hopefully will give you again a few examples, is that it's going to be a combination.

so, it's not

The perishable goods of quality engineering.

And tried to be expert everything then you have a.

Very kind of a shallow knowledge.

And you're going to struggle because you have to fill them all the best needs to be a bit concentrated window diversified so where she is it's kind of a it's a middle ground.

Leonard Livschitz: We continue to play our role with the partnerships. We understand deeply several key areas, and you can't be expert in everything. You try to be expert in everything, then you have a very kind of a shallow knowledge and you're gonna struggle because you have to fill them all. The bets need to be a bit concentrated even though diversified. where I see it's kind of a, it's a middle ground. One thing which I give you a clear, again, My input may be a little bit different from others, but it kind of resonates with our clients very well. The definition of the senior engineer has changed. traditionally, the word senior engineer means the person with the many years of experience. Maybe less hair.

One thing Michel It gives you a clear again is my input may be a little bit different from others, but it's kind of resonates with our plans very well the definition of the senior engineer has changed.

So traditionally the ward senior zero means the person with the many years of experience they do us here.

It's a combination of capabilities, trained people, and the solutions we have in advance of customer needs. Understanding that the marketability—we continue to play our role with the partnerships. We understand deeply several key areas, and you can't be expert in everything. If you try to be expert in everything, then you have a very, uh, kind of a shallow knowledge. And, uh, you're going to struggle because you have to fill them all—the bets need to be a bit concentrated even though diversified. So, where I see it, it's kind of a—it's a middle ground.

But today the definition of the senior engineer means the relevancy of the technology competence.

We have foundational acumen around their own DNA.

1 thing, which I give you a clear again as a, my input may be a little bit different from others, but it's kind of resonates with our clients very well. The definition of the senior engineer has changed.

<unk> age of AI technology, so the age limit changes, but what really changes the depth of their knowledge of people.

Leonard Livschitz: Today, the definition of the senior engineer means relevancy of the technology competence and the foundational acumen around their own DNA within the modern age of AI technology. The age limit changes, but what really changes is the depth of the knowledge of people. The focus of Grid Dynamics will continue to be supporting the intelligence of internship programs, Grid Dynamics University training, Grid Labs training, combination that these fellows also contribute to building our own tools, they can become much more productive with the clients. Summarizing my part is that somewhere middle ground, we're bringing the new era of the senior engineering, the talent combined with the tooling, and a modern world of solving customer problems faster, more efficient, and combining three elements: people, industry tools, and our own platforms. With that, Vasily, maybe you add some points.

so traditionally the world, senior resume means the person with the many years of experience, they do less hair but uh, today the definition

So the focus on branded enemies will continue to be supporting the intelligence of endurance ship programs, Great dynamics University training Green less training combination disease Fellows also contributed to building our tools.

Keeping your engineer means relevancy of the technology competence.

It can become much more productive with their clients. So summarizing my part is that somewhere in the middle ground, where bringing in the new year of the senior engineering talent combined with a truly modern world of solving customer problems faster more efficient and combining three elements.

And the foundational acumen around their own DNA has been in the modern age of AI technology. So, the age limit changes, but what really changes is the depth of the knowledge of people.

People industry tools, and our platforms and with that we'll see that maybe you had some just a few comments.

You mentioned, if the customer has.

Projects, let's say wishes can.

So, the focus of Readiness will continue to be supporting the, uh, intelligence of internship programs, Grid Dynamics University training, Grid Labs training combination, that these fellows also contribute to building all tools. So then they can become much more productive with a client. So, summarizing my part is that it's our middle ground, we're bringing the new year of the senior engineering, the talent combined with the, uh, tooling.

We'll provide it as a base for fixed price.

You commented before that let's say, where the pricing, 25% to 75% lower than otherwise it would be delivered with a traditional workforce in the PNM manner, I would say where it was like a regular fixed price for the regular engineers.

Vasily Sizov: Yeah. Just a few comments. Imagine if the customer has a project, let's say, which is provided as a bid for fixed price. You come and bid for that, let's say, with the pricing 25% to 35% lower than otherwise it would be delivered with a traditional workforce in the T&M manner, let's say, where like just regular fixed price with the regular engineers. Actually, you have the productivity 75% to 45% higher. That's the clear path for improvements of the profitability. How you do that? You implement certain, as you'll see, new processes on how you, how you develop the software. You deploy a special team which is very well trained.

But actually you have that.

Productivity at 35% to 45% higher.

So that's best Act clear path for improvements of the profitability, but how you do that.

You implemented certain as Youll see new process on how you how you develop the software and you deploy a specialty and wishes.

Very well trained you introduce certain artifacts on assets, which would understand or what fit their vertical. We are working in also understand the coding policies all of their existing client base and insertion, which would help developers too.

And a modern world of solving customer problems, faster, more efficient, and combining 3, elements people industry, tools, and our own platforms. And with that, we'll see, maybe we'll have some. Yeah, it's just a few comments. Uh, imagine if the customer has a project, let's say which is, uh, provided as a base for a fixed price. Uh, and you you come and bid for that, let's say, with the pricing 25 to 35% lower than otherwise, it would be delivered with a traditional, uh, work force in the tnm manner, I would say where it's like a just regular fixed price with a regular Engineers. Uh, but actually you have the uh productivity is 75 to 45% higher.

<unk> to deliver higher productivity and that's essentially like on the high level whats gain model in what.

Vasily Sizov: You introduce certain artifacts and assets which would understand or would fit their vertical we are working in. Also understand the coding policies, all the existing code base and et cetera, which would help developers to work to deliver high productivity. That's essentially, like, on the high level, what GAIN model and what the path Grid Dynamics is going with. Essentially, verticalized solution, high performance teams, very well-educated engineers on the modern technology, and delivering outcome and output-based engagement.

<unk> III dynamics is going with essentially Virtualized solution high performance teams very well educated engineers on the modern technology and delivering outcome and outward facing Egypt.

Okay.

Great. Thank you that was very clear.

And then I wanted to ask about the partnerships.

Um, so that's, that's the clear path for improvements of the profitability. But how you do that? Uh, you implement certain, uh, SDLC new processes on how you, how you develop the software, and you deploy a special team, which is very well trained. You introduce certain artifacts and assets which would understand, uh, or would fit the vertical we are working in. Also, understand the coding policies, uh, all the, uh, existing code-based on session, which would help developers to work to deliver high productivity. And that's essentially, like on the high level, what Grid Dynamics is doing and what the Dynamics is going with.

I know they were 19% of revenues where partner influenced.

Just wanted to kind of get a sense of how those partnerships have evolved over time, maybe how you see them evolving in the future.

Educated engineers on the modern technology and delivering, uh, outcome and output-basing agent.

Leonard Livschitz: Steve.

Logan Shu: Great. Thank you. That was very clear. I wanted to ask about the partnerships. I know they were 19% of revenues were partner influenced. I just wanted to kind of get a sense of how those partnerships have evolved over time, maybe how you see them evolving in the future.

Logan Schuh: Great. Thank you. That was very clear. I wanted to ask about the partnerships. I know they were 19% of revenues were partner influenced. I just wanted to kind of get a sense of how those partnerships have evolved over time, maybe how you see them evolving in the future.

Yeah.

Okay.

The person who is responsible for partnerships will bring him and next time, it's Rahul depletion. This I remember looking okay got it.

1000, <unk> right. Thank you for asking this question left.

Because it's actually a very wide old part of our growth.

Great. Thank you. That. That was very clear. Um, and then I, I wanted to to ask about the Partnerships, um, I know they were 19% of revenues were partner influenced. Uh, I, I just wanted to kind of get a sense of how those Partnerships have evolved over time. Maybe how you see them evolving in the future,

Leonard Livschitz: The person who is responsible for partnerships, we will bring him in next time. It's Rahul Dhindsa. That's where we're looking. We're gonna send Rahul Dhindsa, right? Thank you for asking this question last, because it's actually a very vital part of our build. You know, when a few years ago, we started talking about one partnership, we basically exploring what it means to Grid Dynamics. Starting with Google, it was great. I mean, we have a great experience. We have a great partnership. We have a great positioning of understanding of the modern tools, collaboration. We have matured significantly ever since.

When a few years ago, we started talking about one partnership.

We are initially exploring what it means to reading it.

And starting with Google It was great I mean, we have a great experience, where you have a great partnership we have a great positioning of our understanding of the modern tools code collaboration we have matured.

The person who is responsible for Partnerships—we will bring him in next time—it's Rahul. That's what we're looking at. Okay, we're going to save our business, right? Thank you for asking this question last, uh, because it's actually a very vital part of our world.

Significantly ever suits. So when we're talking about the influence revenue, we're talking about our positioning where we not only contribute to the value of the clients, which utilize solutions from our clients on solutions circle, both cloud solutions or they're modern.

You know, when a few years ago, we started talking about 1 Partners. Uh we basically exploring what it means to read an index.

And, uh, starting with Google, it was great. I mean, we had a great experience, we have a great partnership, we have a great, uh, positioning of, uh, understanding of the modern tools, code collaboration, we have matured.

Leonard Livschitz: When we talk about the influence revenue, we're talking about our positioning, where we not only contribute to the value of the clients which utilize solutions from our clients, and solutions talk about cloud solutions or their modern large language models or other features, but the elements associated how we are adding our layers, our technology know-hows, our technology platforms on top of their offering, which helps them to penetrate customers faster and helps us to understand earlier what their growth is gonna be. Saying that, we also started to contribute more efficiently to their own developments of their own products, which is very critical because that's how it drives our business, not only having our partners, our vehicle for growth with an industry, but with the growing clients themselves. From there, we pretty much covered all the hyperscalers.

Large language models features but the elements associated with how we are adding a layers or technology knowhow is our technology.

Significantly Heritage. So when we talk about the influence Revenue, we're talking about our positioning where we not only contribute to the value of the clients, which utilize

Platforms on top of theirs of their offering which helps them to penetrate customers faster and helps us to understand earlier was there.

Growth is going to be.

And that we also started to contribute more efficiently to their own devote all their own products, which is very critical because that's how it drives our business not only having our partners our vehicle for growth with a with an industry, but as the growing clients.

solutions from our clients and solutions to about Cloud Solutions or their modern large language, models or features. But the elements Associated, how we are adding our layers, our technology, know how our technology, um, platforms on the top of their of their offering, which helps them

to penetrate customers faster and helps us to understand earlier with their, um,

Themselves.

So from there we're pretty much covered all the hyperscale.

And that's great because it means that customer has a value with green dynamics to get a bespoke solution for the best fit for everyone and this is good because ultimately <unk>.

Not every offering fits at all and we are very comfortable to be.

Growth is going to be saying that we also started to contribute more efficiently to their own developments of their own products, which is very critical because that's how it drives our business. Not only having our partners, our vehicle for growth with an industry, but it is the growing clients themselves.

Really good.

Leonard Livschitz: That's great because it means the customer has a value with Grid Dynamics to get a bespoke solution for the best fit for everyone. This is good because ultimately, not every offering fits at all, and we are very comfortable to be really good friends with the clients and fair partners with our major hyperscalers. On top of it, we're adding more meaningful partnerships. Perhaps, Eugene can name one of the notable ones because I think it actually gives us a little bit more advantage to fill the gaps on a fast-growing AI implementation where the big guys allow a bit more flexibility for some specialized programs to step in. Since it's gonna be probably the last time I speak because Eugene will wrap it up for you, I just wanna say one thing which is important, I think, for everyone.

So from there, we pretty much covered all the hyperscalers.

Brands with our clients and fair partners.

With all major Hyperscale.

On the top of it we're adding more meaningful partnerships and perhaps Eugene can make one of the notable ones because I think it actually gives us a little bit more advantage to fill the gaps on our fast growing AI implementation, where the big guys.

And that's great, because it means the customer has a value with great dynamics to get a bespoke solution for the best fit for everyone. And this is good because ultimately, not every offering fits it all, and they are very comfortable to be really good.

Friends with a client and fair partners.

Allow a bit more flexibility for some specialized programs to step in.

Since it is going to be probably the last time I speak.

Where it goes Eugenia will wrap it up for you.

Just wanted to say one thing, which is important I think for everyone.

It is going to be a good year.

With our major hyperscalers on the top of it, we're adding more meaningful partnership, and perhaps, uh, Eugene can make one of the notable ones, because I think it actually gives us a little bit more advantage to fill the gaps on the fast-growing AI implementation where the big guys.

We believe agree dynamics, we are having strong and growing team.

And I really cant and you guys believe with us as we do it ourselves. So thank you with that and Eugene Please wrap it up.

Yes. Thank you.

This is a great question and.

Leonard Livschitz: It's gonna be a good year. We believe in Grid Dynamics. We are having strong and growing team. I really count on you guys to believe in us as we do in ourselves. Thank you with that. Eugene, please wrap it up.

Allow a bit more flexibility for some specialized programs to step in. And since it's probably going to be the last time I speak, because Eugene will wrap it up for you, I just want to say one thing which is important, I think, for everyone.

Indeed, we have done a set we are helping many of our partners to build a value add component and penetrate new customers in your industry one.

It's going to be a good year. We believe in great dynamics. We are having a strong and growing team.

While multiple examples for example, our partnership with <unk> portal, which is to have our core management.

Eugene Steinberg: Yes. Thank you. This is a great question, and indeed, we as Leonard said, we are helping many of our partners to build a value add components and penetrate new customers and new industries. One notable example is, for example, our partnership with Temporal, which is a workflow management system at its core, very robust, very scalable, and very powerful. We applied this system at scale while building enterprise agentic AI platforms, which opened quite a lot of interesting opportunities for Temporal to grow into this sector, and we helped them to go into major accounts together. Now we enjoy it's a good partnership as well.

And I really count on you guys to believe in us, as we do in ourselves. So, thank you for that. And Eugene, please wrap it up.

System at a score very robust scalable and very powerful and we.

We applied for this system at scale, while building enterprise <unk> platforms, which opened.

Quite a lot of interesting opportunities for <unk> to grow into this sector and we help them to go in a major.

Counts together.

And now we are enjoying.

It's a good partnership as well.

Yes, thank you. And uh, this is a great question. And uh, uh, indeed we as Daniel said, we are helping many of our partners to build a value. Add components and penetrate, new customers and new Industries. 1 notable example is, for example, our partnership with Tim portal, which is a workflow management, uh, system at its core, very robust, very scalable, and very powerful and uh, we uh, applied with system at scale. Uh, while building Enterprise agentic a platforms, which opened

Awesome. Thank you guys. Thanks.

Thank you. Thank you. Thank you.

Thank you Logan, ladies and gentlemen, this concludes the Q&A session for today I will now pass it over to Leonard for closing comments.

Quite a lot of interesting, uh, opportunities for Temporal to grow into this sector, and we've helped them to go into major accounts together.

And, uh, now, uh, we enjoy, uh—it's a good partnership as well.

[Company Representative] (Grid Dynamics Holdings): Awesome. Thank you, guys.

Logan Schuh: Awesome. Thank you, guys.

Eugene Steinberg: Thank you.

Anil Doradla: Thank you.

Leonard Livschitz: Thank you.

Eugene Steinberg: Thank you.

Awesome. Thank you guys.

[Company Representative] (Grid Dynamics Holdings): Thank you, Logan. Ladies and gentlemen, this concludes the Q&A session for today. I will now pass it over to Leonard for closing comments.

Operator: Thank you, Logan. Ladies and gentlemen, this concludes the Q&A session for today. I will now pass it over to Leonard for closing comments.

This quarter, we demonstrated that AI first transformation is delivering real measurable value.

Continue to obscure talent.

Thank you. Thank you. Thank you. Thank you, Logan. Ladies and gentlemen, this concludes the Q&A session for today. I will now pass it over to Leonard for closing comments.

And embed AI driven efficiencies through platforms by running our first operational models, we're proving the same value proposition with advocate for our clients.

Leonard Livschitz: This quarter, we demonstrated that AI-first transformation is delivering real measurable value. We continue to upskill our talent and embed AI-driven efficiencies through platforms. By running our AI-first operational models, we're proving the same value proposition we advocate for our clients. We enter the next phase of our journey with a clear roadmap, a future-approved workforce, and a steadfast commitment to deliver long-term value for our shareholders. Thank you, and we look forward to updating you on our continuous progress.

We enter the next phase of our journey with a clear roadmap of future approved workforce and our steadfast commitment to deliver long term value for our shareholders. Thank you and we'll look forward to updating you on our continuous progress.

This quarter, we demonstrated that AI First transformation is delivering real, measurable value. We continue to upskill our talent and embed AI-driven efficiencies through platforms. By running our AI First operational models, we are proving the same value proposition. We advocate for our clients.

Yeah.

We enter the next phase of our journey with a clear road map, a future-approved workforce, and a steadfast commitment to deliver long-term value for our shareholders. Thank you, and we look forward to updating you on our continuous progress.

[Company Representative] (Grid Dynamics Holdings): Goodbye.

Operator: Goodbye.

Goodbye.

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