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Side-by-side financial comparison of GRID DYNAMICS HOLDINGS, INC. (GDYN) and iQSTEL Inc (IQST). Click either name above to swap in a different company.
GRID DYNAMICS HOLDINGS, INC. is the larger business by last-quarter revenue ($104.1M vs $84.2M, roughly 1.2× iQSTEL Inc). GRID DYNAMICS HOLDINGS, INC. runs the higher net margin — -1.4% vs -3.2%, a 1.8% gap on every dollar of revenue. On growth, GRID DYNAMICS HOLDINGS, INC. posted the faster year-over-year revenue change (3.7% vs -14.9%). Over the past eight quarters, iQSTEL Inc's revenue compounded faster (28.0% CAGR vs 12.0%).
Escape Dynamics, Inc. was a Colorado-based technology company that operated 2010–2015 focused on bringing to market single-stage-to-orbit reusable electromagnetically powered spaceplanes.
iQSTEL Inc is a technology holding company operating three core segments: telecommunications, Internet of Things (IoT), and fintech. It offers connectivity services, smart IoT monitoring solutions, and digital financial tools, mainly serving small and medium-sized enterprises and retail customers in North and South American markets.
GDYN vs IQST — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $104.1M | $84.2M |
| Net Profit | $-1.5M | $-2.7M |
| Gross Margin | 34.8% | 3.5% |
| Operating Margin | 61.7% | -2.9% |
| Net Margin | -1.4% | -3.2% |
| Revenue YoY | 3.7% | -14.9% |
| Net Profit YoY | -150.6% | -44.5% |
| EPS (diluted) | $-0.02 | $-0.92 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $104.1M | — | ||
| Q4 25 | $106.2M | $84.2M | ||
| Q3 25 | $104.2M | $102.9M | ||
| Q2 25 | $101.1M | $72.2M | ||
| Q1 25 | $100.4M | $57.6M | ||
| Q4 24 | $100.3M | $98.9M | ||
| Q3 24 | $87.4M | $54.2M | ||
| Q2 24 | $83.0M | $78.6M |
| Q1 26 | $-1.5M | — | ||
| Q4 25 | $306.0K | $-2.7M | ||
| Q3 25 | $1.2M | $-2.3M | ||
| Q2 25 | $5.3M | $-2.3M | ||
| Q1 25 | $2.9M | $-1.1M | ||
| Q4 24 | $4.5M | $-1.9M | ||
| Q3 24 | $4.3M | $-773.0K | ||
| Q2 24 | $-817.0K | $-2.0M |
| Q1 26 | 34.8% | — | ||
| Q4 25 | 34.0% | 3.5% | ||
| Q3 25 | 33.3% | 2.7% | ||
| Q2 25 | 34.1% | 2.6% | ||
| Q1 25 | 36.8% | 3.4% | ||
| Q4 24 | 36.9% | 2.7% | ||
| Q3 24 | 37.4% | 3.7% | ||
| Q2 24 | 35.6% | 2.8% |
| Q1 26 | 61.7% | — | ||
| Q4 25 | 0.5% | -2.9% | ||
| Q3 25 | -0.2% | -0.5% | ||
| Q2 25 | -0.1% | -0.9% | ||
| Q1 25 | -2.0% | -1.0% | ||
| Q4 24 | 1.3% | -0.3% | ||
| Q3 24 | 2.4% | -0.1% | ||
| Q2 24 | 0.0% | -0.4% |
| Q1 26 | -1.4% | — | ||
| Q4 25 | 0.3% | -3.2% | ||
| Q3 25 | 1.1% | -2.3% | ||
| Q2 25 | 5.2% | -3.3% | ||
| Q1 25 | 2.9% | -2.0% | ||
| Q4 24 | 4.5% | -1.9% | ||
| Q3 24 | 4.9% | -1.4% | ||
| Q2 24 | -1.0% | -2.5% |
| Q1 26 | $-0.02 | — | ||
| Q4 25 | $0.01 | $-0.92 | ||
| Q3 25 | $0.01 | $-0.68 | ||
| Q2 25 | $0.06 | $-0.82 | ||
| Q1 25 | $0.03 | $-0.44 | ||
| Q4 24 | $0.06 | $-1.19 | ||
| Q3 24 | $0.05 | $-0.40 | ||
| Q2 24 | $-0.01 | $-0.90 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $327.5M | $2.2M |
| Total DebtLower is stronger | — | $4.1M |
| Stockholders' EquityBook value | $530.1M | $16.3M |
| Total Assets | $605.0M | $51.1M |
| Debt / EquityLower = less leverage | — | 0.25× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $327.5M | — | ||
| Q4 25 | $342.1M | $2.2M | ||
| Q3 25 | $338.6M | $2.3M | ||
| Q2 25 | $336.8M | $2.0M | ||
| Q1 25 | $325.5M | $1.1M | ||
| Q4 24 | $334.7M | $2.5M | ||
| Q3 24 | $231.3M | $2.1M | ||
| Q2 24 | $256.0M | $797.2K |
| Q1 26 | — | — | ||
| Q4 25 | — | $4.1M | ||
| Q3 25 | — | $2.7M | ||
| Q2 25 | — | $4.5M | ||
| Q1 25 | — | $3.5M | ||
| Q4 24 | — | $2.5M | ||
| Q3 24 | — | $3.2M | ||
| Q2 24 | — | $2.5M |
| Q1 26 | $530.1M | — | ||
| Q4 25 | $542.1M | $16.3M | ||
| Q3 25 | $537.7M | $17.9M | ||
| Q2 25 | $532.2M | $14.3M | ||
| Q1 25 | $517.4M | $11.6M | ||
| Q4 24 | $517.8M | $11.9M | ||
| Q3 24 | $400.2M | $8.1M | ||
| Q2 24 | $388.4M | $7.6M |
| Q1 26 | $605.0M | — | ||
| Q4 25 | $612.9M | $51.1M | ||
| Q3 25 | $613.2M | $46.9M | ||
| Q2 25 | $608.9M | $51.4M | ||
| Q1 25 | $590.9M | $42.0M | ||
| Q4 24 | $592.2M | $79.0M | ||
| Q3 24 | $477.3M | $32.4M | ||
| Q2 24 | $443.6M | $30.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.25× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.31× | ||
| Q1 25 | — | 0.31× | ||
| Q4 24 | — | 0.21× | ||
| Q3 24 | — | 0.40× | ||
| Q2 24 | — | 0.34× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $-1.2M |
| Free Cash FlowOCF − Capex | — | $-1.2M |
| FCF MarginFCF / Revenue | — | -1.5% |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-4.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $9.9M | $-1.2M | ||
| Q3 25 | $7.0M | $-953.0K | ||
| Q2 25 | $14.4M | $257.7K | ||
| Q1 25 | $9.4M | $-1.9M | ||
| Q4 24 | $7.1M | $-403.7K | ||
| Q3 24 | $9.2M | $625.0K | ||
| Q2 24 | $10.7M | $-2.6M |
| Q1 26 | — | — | ||
| Q4 25 | $6.1M | $-1.2M | ||
| Q3 25 | $2.9M | $-969.2K | ||
| Q2 25 | $10.2M | $211.7K | ||
| Q1 25 | $6.0M | $-2.0M | ||
| Q4 24 | $4.4M | $-421.3K | ||
| Q3 24 | $5.9M | $594.5K | ||
| Q2 24 | $8.0M | $-2.6M |
| Q1 26 | — | — | ||
| Q4 25 | 5.7% | -1.5% | ||
| Q3 25 | 2.8% | -0.9% | ||
| Q2 25 | 10.1% | 0.3% | ||
| Q1 25 | 6.0% | -3.4% | ||
| Q4 24 | 4.4% | -0.4% | ||
| Q3 24 | 6.8% | 1.1% | ||
| Q2 24 | 9.7% | -3.4% |
| Q1 26 | — | — | ||
| Q4 25 | 3.6% | 0.0% | ||
| Q3 25 | 3.9% | 0.0% | ||
| Q2 25 | 4.1% | 0.1% | ||
| Q1 25 | 3.3% | 0.1% | ||
| Q4 24 | 2.6% | 0.0% | ||
| Q3 24 | 3.7% | 0.1% | ||
| Q2 24 | 3.2% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | 32.34× | — | ||
| Q3 25 | 5.92× | — | ||
| Q2 25 | 2.73× | — | ||
| Q1 25 | 3.21× | — | ||
| Q4 24 | 1.56× | — | ||
| Q3 24 | 2.15× | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GDYN
Segment breakdown not available.
IQST
| USA | $53.2M | 63% |
| Other | $29.9M | 35% |
| Switzerland | $1.1M | 1% |
