Grid Dynamics Q2 Revenue Hits $108.2M, AI Mix Reaches 30.7%, Acquires Robotics Firm Ekumen

summarizeSummary

Grid Dynamics reported Q2 2026 revenue of $108.2 million, up 7% year-over-year, with AI revenue reaching a record 30.7% of total. The company also acquired robotics firm Ekumen for $18.4 million and continued its share buyback program.

check_boxKey Events · Earnings and Guidance · GDYN

• Q2 Revenue Beats Guidance

  Revenue reached $108.2 million, a 7.0% increase year-over-year, driven by strong demand in the Technology, Media and Telecom vertical. AI revenue hit a record 30.7% of total revenue.

• Gross Margin Expansion

  Gross profit margin improved to 36.6% from 34.1% a year ago, reflecting better utilization and positive foreign exchange impacts.

• Ekumen Acquisition Closed

  Acquired Ekumen, a robotics and physical AI engineering firm, for $18.4 million, expanding capabilities in industrial robotics and agentic AI for enterprise clients.

• Share Buyback Continues

  Repurchased $28.8 million of common stock in H1 2026 under the $50 million program authorized in October 2025; $19.2 million remains available.

auto_awesomeAnalysis · GDYN · Technology

A solid quarter for Grid Dynamics, with revenue climbing 7% to $108.2 million on surging AI demand—now a record 30.7% of the total. Gross margins expanded 250 basis points to 36.6%, and Non-GAAP EBITDA rose to $14.7 million. The company also closed the $18.4 million acquisition of Ekumen, adding robotics and physical AI engineering capabilities. While GAAP net income fell to $2.9 million from $5.3 million a year ago due to higher restructuring costs and a lower contribution from contingent consideration fair value gains, the underlying operational trends are positive. The balance sheet remains strong with $298 million in cash and no debt, and the company continued its buyback program, repurchasing $28.8 million in stock during the first half.