GRID DYNAMICS HOLDINGS, INC.GDYN

GRID DYNAMICS HOLDINGS, INC. Segments Disclosure

10-KFiled Mar 5, 20262 min read
Segment and geographic information
Operating segments are components of the Company for which separate financial information is available and is regularly reviewed and evaluated by the chief operating decision maker (“CODM”) to assess performance of each operating segment and to allocate resources. The Company’s CODM is the Chief Executive Officer (“CEO”).
The Company operates as a single operating segment engaged in delivery of various software development and hosting services to customers across its five main industry-based verticals: TMT, Retail, CPG/Manufacturing, Finance, and Healthcare and Pharma. The Company derives revenues from multiple locations; however, North America continues to be its main sales market.
The Company’s determination that it operates as a single segment is based on the financial information regularly reviewed by the CODM. The CODM assesses core operating performance and allocates operating and capital resources of the Company based on gross profit, income/(loss) from operations and net income/(loss) that are also reported on the consolidated statement of income/(loss). All three metrics are used to analyze budget-to-actual variances on a monthly and quarterly basis and to decide on the allocation of operating and capital resources to a single segment or new acquisitions. Additionally, the CODM reviews operating expenses, including cost of revenues, engineering, research, and development, sales and marketing, general and administrative expenses and trade receivable the consolidated level to manage the Company’s operations. The Company
does not generate, analyze and evaluate any discrete financial information for individual verticals or sales markets as of the reporting date. The CODM does not evaluate operating performance using asset or liability information.
Geographic Information
The following table presents revenues by customer location for the years ended December 31, 2025, 2024, and 2023. The Company attributes customers to respective countries based upon location of the customer served.
For the years ended December 31,
202520242023
(in thousands)
United States$289,138 $277,741 $238,155 
United Kingdom45,193 25,264 31,880 
Poland
14,005 6,048 1,860 
Other63,491 41,518 41,015 
Total$411,827 $350,571 $312,910 
Long-lived assets include property and equipment, net of accumulated depreciation and amortization. Physical locations and values of the Company’s long-lived assets are summarized below:
As of December 31,
20252024
(in thousands)
Poland$5,672 $3,010 
Serbia2,375 2,350 
Ukraine2,174 2,067 
United States1,491 2,101 
Armenia1,364 981 
Moldova1,329 808 
Other3,261 2,701 
Total$17,666 $14,018 

Historical Timeline

Fiscal YearFiled
2025Mar 5, 2026Showing above
2024Feb 27, 2025
2023Feb 29, 2024
2022Feb 28, 2023
2021Mar 3, 2022
2020Mar 5, 2021

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

Income TaxesRevenueEarnings Per ShareFair ValuePP&EGoodwill & IntangiblesLeasesDebtCommitmentsStock CompensationNew Standards