Anil Doradla
About Anil Doradla
Anil Doradla is Chief Financial Officer (and Secretary) of Grid Dynamics, serving since December 2019; he was 56 as of November 10, 2025 . Prior roles include CFO of Airgain (Feb 2018–Nov 2019) and a decade as a tech equity research analyst at William Blair (2008–2018), following senior finance/strategy/technology roles at Caris & Co., Deutsche Bank, AT&T Labs, and LCC International . Company performance under the current program: 2024 revenue was $350.6M (+12% YoY), GAAP net income $4.0M (vs. loss in 2023), and non-GAAP EBITDA $52.5M (vs. $44.2M in 2023) . Pay-versus-performance shows cumulative TSR translating $100 invested at 3/6/2020 to $189.92 by 2024; revenue rose from $312.9M (2023) to $350.6M (2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Airgain, Inc. (NASDAQ:AIRG) | Chief Financial Officer | Feb 2018–Nov 2019 | Led finance for advanced antenna provider; public company CFO experience |
| William Blair | Equity Research Analyst (ITO/BPO Services coverage) | Jun 2008–Jan 2018 | Covered tech services; deep sector expertise informing current metrics focus |
| Caris & Co.; Deutsche Bank AG; AT&T Labs; LCC International | Senior finance/strategy/technology roles | Not disclosed | Multi-disciplinary finance/tech background |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $300,000 | $350,000 (effective Oct 1, 2024) |
| Target Bonus (% of Salary) | 50% → $150,000 | 50% → $175,000 (raised Oct 1, 2024) |
| All Other Compensation ($) | $3,612 | $3,864 |
2024 quarterly bonus outcomes under Corporate Bonus Plan (50% revenue, 50% non-GAAP EBITDA):
| Metric | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Total |
|---|---|---|---|---|---|
| Achievement vs. Target (%) | 85% | 122% | 128% | 113% | — |
| Bonus Paid to Doradla ($) | $35,063 | $50,325 | $52,800 | $49,438 | $187,626 |
Performance Compensation
Program architecture emphasizes profitable growth and stockholder alignment:
- Annual cash incentives: 50% Revenue ($), 50% Non-GAAP EBITDA ($) .
- Long-term equity mix: 55% PSUs, 45% RSUs; PSUs measured on YoY revenue growth (%) and contribution margin (%) over a three-year period, with rTSR and rCAGR modifiers (±20% each) vs. Russell 2000 .
2024 long-term awards and outcomes:
| Component | Design | Target | Actual | Payout / Vesting |
|---|---|---|---|---|
| RSUs (granted 1/1/2024) | 3-year vest: 1/3 at 1st anniversary, then 1/12 quarterly | 60,000 shares | — | 1/3 vested 1/1/2025; remaining quarterly thereafter |
| PSUs (granted 1/1/2024) | 3-year; YoY revenue growth (50%), contribution margin (50%); modifiers: rTSR and rCAGR | 72,000 target shares total; 24,000 target for 2024 tranche | 2024 tranche earned 160% before modifiers; rTSR ≈83rd pct (+20%), rCAGR ≈60th pct (+10%) → net 208% | 49,920 shares vested for 2024 tranche (208% of 24,000) |
| Additional RSUs (granted 10/28/2024) | 3-year vest: 1/3 at 1st anniversary, then 1/12 quarterly | 20,000 shares | — | 1/3 vests 10/28/2025; remaining quarterly thereafter |
Option awards outstanding (as of 12/31/2024):
| Grant Date | Type | Shares | Strike | Expiration |
|---|---|---|---|---|
| 3/13/2020 | Stock Options | 140,000 | $8.26 | 3/13/2030 |
Equity Ownership & Alignment
- Beneficial ownership (as of 11/4/2025): 455,886 shares (310,886 held directly, 140,000 options exercisable within 60 days, 5,000 RSUs vesting within 60 days); less than 1% of outstanding shares .
- Anti-hedging and anti-pledging: company policy prohibits hedging, pledging, short sales, and holding in margin accounts; applies to officers and directors .
- Clawback: compensation recovery policy adopted Nov 2023 covering cash performance incentives and performance-based equity (including PSUs) upon required accounting restatements; applies to officers .
Ownership breakdown:
| Item | Amount |
|---|---|
| Common stock held directly | 310,886 |
| Options exercisable ≤60 days | 140,000 |
| RSUs vesting ≤60 days | 5,000 |
| Total beneficial ownership | 455,886 |
| % of shares outstanding | <1% of 84,805,201 |
Company-wide dilution context:
- Overhang (as of 11/4/2025): 13.0% (assumes PSUs at max); stock options 3,779,979, RSUs 1,076,755, PSUs 2,942,800; shares available 3,226,924; common shares outstanding 84,805,201 .
- 3-year average burn rate (2022–2024): 3.5% (annual burn: 4.0%, 3.0%, 3.4%) .
Employment Terms
| Provision | Detail |
|---|---|
| Agreement date | Employment agreement dated Jan 24, 2020; CFO since Dec 2019 |
| Term | Initial 4-year term; auto-renewal annually unless notice of non-renewal |
| Base salary & bonus | Initially $300,000 base and $150,000 target bonus; raised to $350,000 base and $175,000 target bonus effective Oct 1, 2024 |
| Severance (no CIC) | 12 months base salary; 50% of current annual bonus target; up to 12 months COBRA; one-year acceleration of unvested equity |
| Severance (CIC “double-trigger”) | Same cash/COBRA as above; full acceleration of all outstanding unvested equity upon qualifying termination in CIC window |
| Equity plan CIC treatment | If awards not assumed/substituted, full vest; outside directors vest fully; performance goals deemed achieved at 100% of target |
| Clawback | Recovery of incentive comp for restatements per Nasdaq rules (covers up to prior 3 fiscal years) |
| Restrictions | Non-solicitation (1 year) and confidentiality/invention assignment; insider trading policy with blackout periods and pre-clearance; anti-hedge/pledge |
Investment Implications
- Strong pay-for-performance linkage: PSUs tied to revenue growth and contribution margin with multi-year rTSR/rCAGR modifiers; 2024 tranche paid at 208% of target, aligning CFO incentives with top-line expansion and profitability .
- Limited selling pressure risk: company-wide anti-hedging/anti-pledging policy and relatively small personal ownership (<1%); no pledging allowed; options strike $8.26 expiring 2030 supports long-term alignment .
- Retention and CoC economics: double-trigger full equity acceleration plus cash severance could create event-driven supply upon a change in control, but also reduces retention risk during strategic events .
- Shareholder support and governance: 2024 say-on-pay passed with 98% approval; compensation committee uses independent consultant and diversified metrics; clawback in place—reduces governance risk .
Note: Insider transaction activity (Form 4) is not included in this report. Company policies prohibit hedging/pledging, but recent open-market sales/purchases by Doradla were not analyzed here .
Additional Company Performance Context (2024)
- Revenue: $350.6M (+12% YoY)
- GAAP Net Income: $4.0M (vs. $(1.8)M in 2023)
- Non-GAAP EBITDA: $52.5M (vs. $44.2M in 2023)
- CAP/TSR context: cumulative TSR converted $100 to $189.92 by 2024; revenue up from $312.9M (2023) to $350.6M (2024) .
Appendix: 2024 Summary Compensation (Doradla)
| Metric | 2024 |
|---|---|
| Salary ($) | $320,000 |
| Non-Equity Incentive Plan Compensation ($) | $187,626 |
| Stock Awards ($) | $2,165,560 |
| All Other Compensation ($) | $3,864 |
| Total ($) | $2,677,050 |