Grid Dynamics: 2Q Recap: Improving Growth and Margin Trajectory Supported by Gain Traction

研报英文原文证据摘录

Grid Dynamics: 2Q Recap: Improving Growth and Margin Trajectory Supported by Gain Traction

J P M O R G A N North America Equity Research

31 July 2026

Grid Dynamics Overweight

GDYN, GDYN US

2Q Recap: Improving Growth and Margin Trajectory Price (30 Jul 26):$7.06

Supported by Gain Traction ▲Price Target (Dec-27):$8.00 Prior (Dec-26):$7.00

GDYN’s 2Q results came in ahead of estimates and guidance, and 3Q guidance

points to further improvement in both growth and margins. Management attributed Payments, Processors & IT Services

the improving growth trajectory to traction in its Gain platform, which packages Puneet Jain AC

agentic solutions with FDE capabilities for clients. We are also encouraged by (1-212) 622-1436

GDYN’s early investments in Physical AI, including the $14M Ekumen puneet.x.jain@jpmorgan.com

acquisition, which should help the company combine AI and robotics capabilities Tien-tsin Huang, CFA

into differentiated commercial services. In our view, the key for both Gain and (1-212) 622-6632

tien-tsin.huang@jpmorgan.com

Physical AI will be operationalizing workflows at scale. We modestly raise our

Brendan Biles

estimates but remain near the low end of guidance, as achieving much of the

(1-212) 270-0880

guidance range likely requires M&A that we are not yet prepared to model. Overall, brendan.biles@jpmorgan.com

we are encouraged by GDYN’s organic growth trends, which should support near- Abbey Hochreiner

term growth in the high-single-digit to low-double-digit range, at the high end of (1-212) 270-5798

the Digital ITS peer group. We maintain our OW rating. abbey.hochreiner@jpmchase.com

J.P. Morgan Securities LLC

• Q2 headline summary. Q2 revenue of $108.2M (3.5% seq) came slightly

above the top-end of $106-$108M guidance and JPMe/Street $106.6/106.5M.