Grid Dynamics Holdings, Inc. (NASDAQ: GDYN) is up 16.49% in the premarket to trade at the price of $24.86 after the release of the second-quarter results.
Second Quarter 2021 Financial Results:
On 5th August 2021, Grid Dynamics, a leading enterprise-level digital transformation company, announced results for the second quarter ended June 30, 2021. The report underlined the highest quarterly revenue in the company’s history. Total revenue reported was $47.7 million, an increase of 21.8% sequentially and 113.1% year-over-year.
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Non-GAAP net income of this period was $6.1 million, or $0.10 per diluted share, based on 61.0 million weighted-average common shares outstanding. In the second quarter of 2020, it was $0.4 million, or $0.01 per diluted share, based on 53.1 million weighted-average common shares outstanding.
Partnership with Google Cloud Retail Search:
Grid Dynamics, on 30th July 2021, declared that it is an implementation partner for Google Cloud Retail Search to expedite digital transformation in the retail space. Senior Director of Grid Dynamics, Konstantin Malyshev remarked that they are excited to partner with Google Cloud Retail Search. It will help leading retailers and brands to connect shoppers with products they love. He added that google’s customizable, intent-driven retail search engine and Grid Dynamics technical leadership in product discovery solutions ensure the highest quality of integration and best business results.
Redemption of Public Warrants:
GDYN, on 28th July 2021, declared that holders of its 2,773,141 outstanding public warrants to purchase shares of its common stock, $0.0001 par value per share. The Public Warrants are exercisable for an aggregate of 2,773,141 shares of Common Stock for $11.50 per share. The redemption deadline was till 5:00 p.m. New York City time on 30 August 2021.
Appointment of New CTO to AccelerateTechnological Innovations:
Previously on 6th July 2021, GDYN disclosed that Rajeev Sharma, as new Chief Technology Officer, had joined the executive team. As CTO, Rajeev will be responsible for defining Grid Dynamics’ technical strategy, growing the technical solutions portfolio, and delivering on the promise of digital transformation.
Pricing of Follow-On Offering:
On 1st July 2021, GDYN disclosed the pricing of an underwritten follow-on public offering of 10,100,262 shares of its common stock. It included 4,000,000 shares offered by Grid Dynamics and 6,100,262 shares offered by certain selling stockholders. Also, Grid Dynamics will not receive any proceeds from the sale of the shares by the selling stockholders.
Earlier on 30th May 2021, the company published that they had acquired UK-Based Tacit Knowledge, enhanced digital commerce capabilities, and expanded delivery footprint across the UK, US, Mexico, and Moldova.