Revenues (Tables)

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

The following table shows the disaggregation of the Company’s revenues by major customer location. Revenues are attributed to geographic regions based upon location of the customer served irrespective of the location billed, or the location of the delivery center performing the work. Substantially all of the revenue in our North America region relates to operations in the United States.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Customer Location	(in thousands)
North America	$	71,086	$	69,339	$	143,770	$	133,079
Europe	20,855		11,606		39,818		25,008
Other	9,154		2,092		17,922		4,767
Total Revenues	$	101,095	$	83,037	$	201,510	$	162,854

The following table shows the disaggregation of the Company’s revenues by main vertical markets:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Vertical	(in thousands)
Retail	$	29,557	$	26,779	$	61,078	$	51,408
Finance	25,386		12,566		50,414		22,809
Technology, Media and Telecom	25,188		23,228		48,790		47,261
CPG/Manufacturing(1)	10,604		9,843		21,375		19,402
Healthcare and Pharma	2,556		3,158		4,961		6,167
Other	7,804		7,463		14,892		15,807
Total Revenues	$	101,095	$	83,037	$	201,510	$	162,854

__________________________

(1)CPG stands for Consumer Packaged Goods.

The following table shows the disaggregation of the Company’s revenues by contract types:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Contract Type	(in thousands)
Time-and-material	$	93,827	$	78,206	$	186,245	$	153,026
Fixed-fee	6,683		4,246		14,045		8,658
Other revenues	585		585		1,220		1,170
Total Revenues	$	101,095	$	83,037	$	201,510	$	162,854

Contract balances

The Company’s contract balances as of the below dates were as follows:


	As of
	June 30, 2025		December 31, 2024		December 31, 2023
	(in thousands)
Trade receivable, net:
Billed receivable	$	71,916	$	64,754	$	49,824
Unbilled receivable	$	5,811	$	4,617	$	3,735
Contract liabilities in Accrued expenses and other current liabilities	$	753	$	2,690	$	577

Customers concentration

The following table shows the amount of revenue derived from each customer exceeding 10% of the Company’s revenue:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Customer 1	15.1	%	16.7	%	14.7	%	16.7	%

The following table shows the number of customers exceeding 10% of the Company’s billed and unbilled receivable balances:


	As of
	June 30, 2025	December 31, 2024
Billed receivable	1	1
Unbilled receivable	2	1

GRID DYNAMICS HOLDINGS, INC. 10-Q