Ginkgo Bioworks Reports Fourth Quarter and Full Year 2024 Financial Results
Ginkgo Bioworks (NYSE: DNA) reported Q4 2024 results with total revenue of $44 million, up from $35 million year-over-year. Cell Engineering revenue grew 29% to $35 million, while Biosecurity revenue reached $9 million.
The company reported a Q4 GAAP net loss of $(108) million, improved from $(212) million in the prior year. Cash position stood at $562 million as of December 31, 2024, with Q4 cash flow of $(55) million, better than Q3's $(114) million.
For full-year 2024, total revenue decreased 10% to $227 million. The company achieved $190 million in annualized cost reductions and targets $250 million by Q3 2025. 2025 Guidance: Total revenue of $160-180 million, including Cell Engineering revenue of $110-130 million and Biosecurity revenue of at least $50 million.
Ginkgo Bioworks (NYSE: DNA) ha riportato i risultati del quarto trimestre 2024 con un fatturato totale di 44 milioni di dollari, in aumento rispetto ai 35 milioni dell'anno precedente. Il fatturato della Cell Engineering è cresciuto del 29% raggiungendo i 35 milioni di dollari, mentre il fatturato della Biosecurity ha raggiunto i 9 milioni di dollari.
L'azienda ha registrato una perdita netta GAAP nel quarto trimestre di $(108) milioni, in miglioramento rispetto ai $(212) milioni dell'anno precedente. La posizione di cassa si attestava a 562 milioni di dollari al 31 dicembre 2024, con un flusso di cassa nel quarto trimestre di $(55) milioni, migliore rispetto ai $(114) milioni del terzo trimestre.
Per l'intero anno 2024, il fatturato totale è diminuito del 10% a 227 milioni di dollari. L'azienda ha raggiunto 190 milioni di dollari in riduzioni dei costi annualizzati e punta a 250 milioni di dollari entro il terzo trimestre del 2025. Previsioni 2025: Fatturato totale di 160-180 milioni di dollari, compreso un fatturato della Cell Engineering di 110-130 milioni di dollari e un fatturato della Biosecurity di almeno 50 milioni di dollari.
Ginkgo Bioworks (NYSE: DNA) reportó los resultados del cuarto trimestre de 2024 con ingresos totales de 44 millones de dólares, un aumento respecto a los 35 millones del año anterior. Los ingresos de Ingeniería Celular crecieron un 29% alcanzando los 35 millones de dólares, mientras que los ingresos de Bioseguridad alcanzaron los 9 millones de dólares.
La compañía reportó una pérdida neta GAAP en el cuarto trimestre de $(108) millones, mejorando desde los $(212) millones del año anterior. La posición de efectivo se situó en 562 millones de dólares al 31 de diciembre de 2024, con un flujo de efectivo en el cuarto trimestre de $(55) millones, mejor que los $(114) millones del tercer trimestre.
Para el año completo 2024, los ingresos totales disminuyeron un 10% a 227 millones de dólares. La compañía logró 190 millones de dólares en reducciones de costos anualizados y tiene como objetivo 250 millones de dólares para el tercer trimestre de 2025. Guía 2025: Ingresos totales de 160-180 millones de dólares, incluyendo ingresos de Ingeniería Celular de 110-130 millones de dólares y ingresos de Bioseguridad de al menos 50 millones de dólares.
징코 바이오웍스 (NYSE: DNA)는 2024년 4분기 실적을 발표하며 총 수익이 4,400만 달러로, 전년 동기 3,500만 달러에서 증가했다고 밝혔습니다. 세포 공학 수익은 29% 증가하여 3,500만 달러에 달했으며, 생물 보안 수익은 900만 달러에 도달했습니다.
회사는 4분기 GAAP 기준 순손실이 $(1억 8백만) 달러로, 전년 $(2억 1천2백만) 달러에서 개선되었다고 보고했습니다. 2024년 12월 31일 기준 현금 보유액은 5억 6,200만 달러였으며, 4분기 현금 흐름은 $(5천5백만) 달러로, 3분기 $(1억 1천4백만) 달러보다 개선되었습니다.
2024년 전체 연도에 대해 총 수익은 10% 감소하여 2억 2천7백만 달러에 달했습니다. 회사는 연간 1억 9천만 달러의 비용 절감을 달성했으며, 2025년 3분기까지 2억 5천만 달러를 목표로 하고 있습니다. 2025년 가이드라인: 총 수익은 1억 6천만에서 1억 8천만 달러, 세포 공학 수익은 1억 1천만에서 1억 3천만 달러, 생물 보안 수익은 최소 5천만 달러입니다.
Ginkgo Bioworks (NYSE: DNA) a annoncé les résultats du quatrième trimestre 2024 avec un chiffre d'affaires total de 44 millions de dollars, en hausse par rapport à 35 millions de dollars l'année précédente. Le chiffre d'affaires de l'ingénierie cellulaire a augmenté de 29 % pour atteindre 35 millions de dollars, tandis que le chiffre d'affaires de la bio-sécurité a atteint 9 millions de dollars.
L'entreprise a enregistré une perte nette GAAP de $(108) millions au quatrième trimestre, s'améliorant par rapport aux $(212) millions de l'année précédente. La position de trésorerie s'élevait à 562 millions de dollars au 31 décembre 2024, avec un flux de trésorerie au quatrième trimestre de $(55) millions, meilleur que les $(114) millions du troisième trimestre.
Pour l'année complète 2024, le chiffre d'affaires total a diminué de 10 % pour atteindre 227 millions de dollars. L'entreprise a réalisé des économies de coûts annualisées de 190 millions de dollars et vise 250 millions de dollars d'ici le troisième trimestre 2025. Prévisions 2025: Chiffre d'affaires total de 160 à 180 millions de dollars, y compris un chiffre d'affaires de l'ingénierie cellulaire de 110 à 130 millions de dollars et un chiffre d'affaires de bio-sécurité d'au moins 50 millions de dollars.
Ginkgo Bioworks (NYSE: DNA) hat die Ergebnisse für das vierte Quartal 2024 veröffentlicht, mit einem Gesamtumsatz von 44 Millionen Dollar, ein Anstieg von 35 Millionen Dollar im Vergleich zum Vorjahr. Der Umsatz aus der Zelltechnik wuchs um 29% auf 35 Millionen Dollar, während der Umsatz aus der Biosecurity 9 Millionen Dollar erreichte.
Das Unternehmen meldete einen GAAP-Nettoverlust von $(108) Millionen im vierten Quartal, eine Verbesserung gegenüber $(212) Millionen im Vorjahr. Die Liquiditätsposition betrug zum 31. Dezember 2024 562 Millionen Dollar, mit einem Cashflow im vierten Quartal von $(55) Millionen, besser als die $(114) Millionen im dritten Quartal.
Für das gesamte Jahr 2024 sank der Gesamtumsatz um 10% auf 227 Millionen Dollar. Das Unternehmen erzielte 190 Millionen Dollar an jährlichen Kosteneinsparungen und strebt bis zum dritten Quartal 2025 250 Millionen Dollar an. Prognose 2025: Gesamtumsatz von 160-180 Millionen Dollar, einschließlich Zelltechnikumsatz von 110-130 Millionen Dollar und Biosecurity-Umsatz von mindestens 50 Millionen Dollar.
- Q4 Cell Engineering revenue up 29% YoY to $35 million
- Cash burn improved: Q4 cash flow -$55M vs -$114M in Q3
- Achieved $190M annualized cost reductions
- Q4 GAAP net loss improved to -$108M from -$212M YoY
- Added 31 new programs and customer contracts in Q4
- Full-year 2024 total revenue down 10% to $227M
- Full-year 2024 Cell Engineering revenue -10% excluding one-time revenue
- Biosecurity revenue declined 51% YoY to $53M
- 2025 revenue guidance implies potential further decline
- Still operating at significant losses with -$547M full-year net loss
Insights
Ginkgo Bioworks' Q4 and full-year 2024 results reveal a company in transition, with promising cash flow improvements but challenging revenue dynamics. The 29% year-over-year growth in Q4 Cell Engineering revenue to
The most significant positive development is the dramatic improvement in cash burn, with Q4 cash flow of
However, the 2025 revenue guidance of
The company's shift from early-stage to enterprise customers represents a strategic pivot toward more stable, larger contracts but appears to be creating near-term revenue headwinds. This transition, combined with the
Ginkgo's cost reduction achievements (
While management maintains its goal of Adjusted EBITDA breakeven by end-2026, investors should monitor whether the new business lines can accelerate growth enough to offset the contraction in legacy revenue streams. The restructuring appears to be addressing the cost side effectively, but the revenue growth equation remains unsolved.
Ginkgo provides update on its restructuring process including significant improvement in cash flow in the fourth quarter, completion of site consolidation and an expanded cost savings target
Cell Engineering revenue of
Fourth Quarter 2024 Financial Results
- Fourth quarter 2024 Total revenue of
$44 million $35 million - Fourth quarter 2024 Cell Engineering revenue of
$35 million $27 million 29% driven by growth with large biopharma customers - Fourth quarter 2024 Biosecurity revenue of
$9 million $8 million 17%
- Fourth quarter 2024 Cell Engineering revenue of
- Fourth quarter 2024 GAAP net loss of
$(108) million $(212) million - Fourth quarter 2024 Adjusted EBITDA of
$(57) million $(101) million - Cash and cash equivalents balance as of December 31, 2024 of
$562 million $(55) million $(114) million
"I'm very proud of the team for pushing the technical envelope and delivering for our customers as we enter this new year," said Jason Kelly, co-founder and CEO of Ginkgo Bioworks. "We made a lot of changes in 2024, but our commitment to our mission is as strong as ever. Our expansions into life science tools with our Datapoints and Automation offerings are going well and we are continuing to drive our cost-cutting and sustainable revenue-generating efforts as we enter a very exciting year for Ginkgo."
Full Year 2024 Financial Highlights
- Full year 2024 Total revenue of
$227 million $251 million 10% as Biosecurity revenue transitioned from K-12 testing to a more recurring business model. Full year 2024 also benefited from$45 million - Full year 2024 Cell Engineering revenue of
$174 million $144 million 21% . Excluding the$45 million $129 million 10% , driven by the shift from early stage customers to large/enterprise customers along with commercial changes related to the restructuring. - Full year 2024 Biosecurity revenue of
$53 million $108 million 51% , with full year 2024 Biosecurity gross profit margin of27%
- Full year 2024 Cell Engineering revenue of
- Full year 2024 GAAP net loss of
$(547) million $(893) million - Full year 2024 Adjusted EBITDA of
$(293) million $(365) million
Recent Business Highlights & Strategic Positioning
- Cell Engineering closed deals with new and existing customers
- Added 31 new programs and other customer contracts to the Cell Engineering platform in Q4 2024, of which 14 were comparable in size and scope to historically reported New Programs, and an additional 17 contracts that represent a variety of other deal archetypes, such as Datapoints projects
- Signed contract for our Antibody Developability product from Ginkgo Datapoints with a top biopharma company
- Ginkgo Automation was selected to deploy a flexible laboratory automation system for cutting-edge biofuels and bioproducts research at Great Lakes Bioenergy Research Center ("GLBRC"), and demonstrated its technology at the 2025 annual meeting of the Society for Laboratory Automation and Screening ("SLAS")
- Awarded up to
$9.4 million
- Ginkgo Biosecurity continues to work towards creating solutions that offer persistent, pervasive monitoring of biothreats
- Awarded contract with the European Health and Digital Executive Agency ("HaDEA") to deliver next-generation 'agnostic diagnostics' for respiratory viruses at the point of care, with Ginkgo and its consortium partners eligible to receive up to
€24 million over the next 4 years
- Awarded contract with the European Health and Digital Executive Agency ("HaDEA") to deliver next-generation 'agnostic diagnostics' for respiratory viruses at the point of care, with Ginkgo and its consortium partners eligible to receive up to
- Ginkgo made significant progress on its plan to reach Adjusted EBITDA breakeven by the end of 2026
- Cash flow of
$(55) million $(114) million - Ginkgo's reduction in force and other cost cutting measures have achieved an annualized run-rate cost reduction of
$190 million $250 million
- Cash flow of
Full Year 2025 Guidance
- Ginkgo expects Total revenue of
$160 -$180 million - Ginkgo expects Cell Engineering revenue of
$110 -$130 million - Ginkgo expects Biosecurity revenue in 2025 of at least
$50 million
- Ginkgo expects Cell Engineering revenue of
Conference Call Details
Ginkgo will host a videoconference today, Tuesday, February 25, 2025, beginning at 5:30 p.m. ET. The presentation will include an overview of fourth quarter and 2024 full year financial performance, recent business updates, a discussion on Ginkgo's outlook, as well as a moderated question and answer session.
To ask a question ahead of the presentation, please submit your questions to @Ginkgo on X (hashtag #GinkgoResults) or by sending an e-mail to investors@ginkgobioworks.com.
A webcast link is available on Ginkgo's Investor Relations website and a replay will be made available following the presentation.
Ginkgo Investor Website: https://investors.ginkgobioworks.com/events/
Audio-Only Dial Ins:
+1 646 876 9923 (
+1 301 715 8592 (
+1 312 626 6799 (
+1 669 900 6833 (
+1 253 215 8782 (Tacoma)
+1 346 248 7799 (
+1 408 638 0968 (
Webinar ID: 920 8859 2008
If you experience technical difficulties with any of these dial-ins or if you need international dial-in numbers, please visit our website at https://investors.ginkgobioworks.com/events/ for updated dial-in information.
About Ginkgo Bioworks
Ginkgo Bioworks is the leading horizontal platform for cell programming, providing flexible, end-to-end services that solve challenges for organizations across diverse markets, from food and agriculture to pharmaceuticals to industrial and specialty chemicals. Ginkgo Biosecurity is building and deploying the next-generation infrastructure and technologies that global leaders need to predict, detect, and respond to a wide variety of biological threats. For more information, visit ginkgobioworks.com and ginkgobiosecurity.com, read our blog, or follow us on social media channels such as X (@Ginkgo and @Ginkgo_Biosec), Instagram (@GinkgoBioworks), Threads (@GinkgoBioworks) or LinkedIn.
Forward-Looking Statements of Ginkgo Bioworks
This press release, the presentation, and the conference call and webcast contain certain forward-looking statements within the meaning of the federal securities laws, including statements regarding our plans, strategies, including with respect to our current expectations, operations and anticipated results of operations, both business and financial, including the timing for attaining Adjusted EBITDA breakeven and profitability, impacts of our restructuring, the potential financial impact of our facilities consolidation, potential customer success, including successful application of our offerings by our customers, and expectations with regard to revenue, expenses, including our stock-based compensation expenses, our full year 2025 outlook, and the market environment, all of which are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, or industry results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements generally are identified by the words "believe," "can," "project," "potential," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) our ability to realize near-term and long-term cost savings associated with our site consolidation plans, including the ability to terminate leases or find sub-lease tenants for unused facilities, (ii) volatility in the price of Ginkgo's securities due to a variety of factors, including changes in the competitive and highly regulated industries in which Ginkgo operates and plans to operate, variations in performance across competitors, and changes in laws and regulations affecting Ginkgo's business, (iii) the ability to implement business plans, forecasts, and other expectations, and to identify and realize additional business opportunities, including with respect to our solutions and tools offerings, (iv) the risk of downturns in demand for products using synthetic biology, (v) the uncertainty regarding the demand for passive monitoring programs and biosecurity services, (vi) changes to the biosecurity industry, including due to advancements in technology, emerging competition and evolution in industry demands, standards and regulations, (vii) the outcome of any pending or potential legal proceedings against Ginkgo, (viii) our ability to realize the expected benefits from and the success of our Foundry platform programs and Codebase assets, (ix) our ability to successfully develop engineered cells, bioprocesses, data packages or other deliverables, (x) the product development, production or manufacturing success of our customers, (xi) our exposure to the volatility and liquidity risks inherent in holding equity interests in other operating companies and other non-cash consideration we may receive for our services, (xii) the potential negative impact on our business of our restructuring or the failure to realize the anticipated savings associated therewith and (xiii) the uncertainty regarding government budgetary priorities and funding allocated to government agencies. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of Ginkgo's annual report on Form 10-K filed with the
Use of Non-GAAP Financial Measures
Certain of the financial measures included in this release, including Adjusted EBITDA, have not been prepared in accordance with generally accepted accounting principles ("GAAP"), and constitute "non-GAAP financial measures" as defined by the SEC. Ginkgo has included these non-GAAP financial measures because it believes they provide an additional tool for investors to use in evaluating Ginkgo's financial performance and prospects. Due to the nature and/or size of the items being excluded, such items do not reflect future gains, losses, expenses or benefits and are not indicative of our future operating performance. These non-GAAP financial measures are supplemental to, and should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. In addition, these non-GAAP financial measures may differ from non-GAAP financial measures with comparable names used by other companies. See the reconciliation below for additional information regarding certain of the non-GAAP financial measures included in this release, including a description of these non-GAAP financial measures and a reconciliation of the historic measures to Ginkgo's most comparable GAAP financial measures.
Ginkgo Bioworks Contacts:
INVESTOR CONTACT:
investors@ginkgobioworks.com
MEDIA CONTACT:
press@ginkgobioworks.com
Ginkgo Bioworks Holdings, Inc. | |||||
Consolidated Balance Sheets | |||||
(in thousands, except per share data, unaudited) | |||||
As of December 31, 2024 | As of December 31, 2023 | ||||
Assets | |||||
Current assets: | |||||
Cash and cash equivalents | $ 561,572 | $ 944,073 | |||
Accounts receivable, net | 21,857 | 17,157 | |||
Accounts receivable - related parties | 586 | 742 | |||
Prepaid expenses and other current assets | 18,729 | 39,777 | |||
Total current assets | 602,744 | 1,001,749 | |||
Property, plant and equipment, net | 203,720 | 188,193 | |||
Operating lease right-of-use assets | 394,435 | 206,801 | |||
Investments | 48,704 | 78,565 | |||
Intangible assets, net | 72,510 | 82,741 | |||
Goodwill | — | 49,238 | |||
Other non-current assets | 55,336 | 58,055 | |||
Total assets | $ 1,377,449 | $ 1,665,342 | |||
Liabilities and Stockholders' Equity | |||||
Current liabilities: | |||||
Accounts payable | $ 14,169 | $ 9,323 | |||
Deferred revenue | 27,710 | 44,486 | |||
Accrued expenses and other current liabilities | 65,387 | 110,051 | |||
Total current liabilities | 107,266 | 163,860 | |||
Non-current liabilities: | |||||
Deferred revenue, net of current portion | 98,783 | 158,062 | |||
Operating lease liabilities, non-current | 438,766 | 221,835 | |||
Other non-current liabilities | 16,576 | 24,433 | |||
Total liabilities | 661,391 | 568,190 | |||
Commitments and contingencies | |||||
Stockholders' equity: | |||||
Preferred stock, | — | — | |||
Common stock, | 5 | 5 | |||
Additional paid-in capital | 6,555,416 | 6,386,191 | |||
Accumulated deficit | (5,837,557) | (5,290,528) | |||
Accumulated other comprehensive (loss) income | (1,806) | 1,484 | |||
Total stockholders' equity | 716,058 | 1,097,152 | |||
Total liabilities and stockholders' equity | $ 1,377,449 | $ 1,665,342 | |||
Ginkgo Bioworks Holdings, Inc. | |||||||||
Consolidated Statements of Operations and Comprehensive Loss | |||||||||
(in thousands, except share data, unaudited) | |||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||
2024 | 2023 | 2024 | 2023 | ||||||
Cell Engineering revenue | $ 34,789 | $ 26,976 | $ 173,972 | $ 143,531 | |||||
Biosecurity revenue: | |||||||||
Service | 9,058 | 7,779 | 53,071 | 78,975 | |||||
Product | — | — | — | 28,949 | |||||
Total revenue | 43,847 | 34,755 | 227,043 | 251,455 | |||||
Costs and operating expenses: | |||||||||
Cost of Biosecurity service revenue | 7,553 | 6,611 | 38,549 | 46,524 | |||||
Cost of Biosecurity product revenue | — | — | — | 7,481 | |||||
Cost of other revenue | 2,069 | — | 5,999 | — | |||||
Research and development (1) | 76,377 | 117,038 | 424,061 | 580,621 | |||||
General and administrative (1) | 57,297 | 89,223 | 246,161 | 385,025 | |||||
Impairment of lease assets | — | — | — | 96,210 | |||||
Goodwill impairment | — | — | 47,858 | — | |||||
Restructuring charges | 4,157 | — | 24,172 | — | |||||
Total operating expenses | 147,453 | 212,872 | 786,800 | 1,115,861 | |||||
Loss from operations | (103,606) | (178,117) | (559,757) | (864,406) | |||||
Other income (expense): | |||||||||
Interest income | 7,247 | 13,303 | 38,612 | 57,217 | |||||
Interest expense | (4) | (93) | (94) | (93) | |||||
Loss on equity method investments | — | (1,119) | — | (2,635) | |||||
Loss on investments | (12,545) | (10,012) | (28,827) | (54,827) | |||||
Loss on deconsolidation of subsidiary | — | (42,502) | (7,013) | (42,502) | |||||
Change in fair value of warrant liabilities | — | 6,555 | 5,701 | 5,168 | |||||
Other income, net | 1,049 | 93 | 3,870 | 9,138 | |||||
Total other income (expense) | (4,253) | (33,775) | 12,249 | (28,534) | |||||
Loss before income taxes | (107,859) | (211,892) | (547,508) | (892,940) | |||||
Income tax benefit | (325) | (198) | (479) | (71) | |||||
Net loss | $ (107,534) | $ (211,694) | $ (547,029) | $ (892,869) | |||||
Net loss per share, basic and diluted | $ (2.00) | $ (4.28) | $ (10.54) | $ (18.37) | |||||
Weighted average common shares outstanding: | |||||||||
Basic | 53,814,706 | 49,442,700 | 51,894,639 | 48,610,507 | |||||
Diluted | 53,814,706 | 49,471,075 | 51,894,639 | 48,610,507 | |||||
Comprehensive loss: | |||||||||
Net loss | $ (107,534) | $ (211,694) | $ (547,029) | $ (892,869) | |||||
Other comprehensive (loss) income: | |||||||||
Foreign currency translation adjustment | (2,070) | 4,383 | (4,782) | 4,116 | |||||
Reclassification of foreign currency translation adjustment realized upon sale of foreign subsidiary | — | — | 1,492 | — | |||||
Total other comprehensive (loss) income | (2,070) | 4,383 | (3,290) | 4,116 | |||||
Comprehensive loss | $ (109,604) | $ (207,311) | $ (550,319) | $ (888,753) | |||||
(1) Total stock-based compensation expense, inclusive of employer payroll taxes, was allocated as follows (in thousands): | |||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||
2024 | 2023 | 2024 | 2023 | ||||||
Research and development | $ 9,695 | $ 26,775 | $ 57,723 | $ 148,861 | |||||
General and administrative | 10,968 | 16,809 | 57,576 | 86,047 | |||||
Total | $ 20,663 | $ 43,584 | $ 115,299 | $ 234,908 | |||||
Ginkgo Bioworks Holdings, Inc. | ||||
Consolidated Statements of Cash Flows | ||||
(in thousands, unaudited) | ||||
Year Ended December 31, | ||||
2024 | 2023 | |||
Cash flows from operating activities: | ||||
Net loss | $ (547,029) | $ (892,869) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 63,020 | 70,507 | ||
Stock-based compensation | 112,344 | 229,884 | ||
Goodwill impairment | 47,858 | — | ||
Restructuring related impairment charges | 4,823 | — | ||
Non-cash customer consideration | (1,117) | (1,373) | ||
Loss on equity method investments | — | 2,635 | ||
Loss on investments | 28,827 | 54,827 | ||
Change in fair value of notes receivable | 2,014 | 2,416 | ||
Change in fair value of warrant liabilities | (5,701) | (5,168) | ||
Change in fair value of contingent consideration liability | 3,214 | 9,168 | ||
Loss on deconsolidation of subsidiary | 7,013 | 42,502 | ||
Impairment of long-lived assets | 5,796 | 121,404 | ||
Deferred income tax benefit | (936) | (801) | ||
Loss on disposal of equipment | 844 | 842 | ||
Non-cash lease expense | 28,095 | 28,313 | ||
Non-cash in-process research and development | 19,796 | 9,182 | ||
Other non-cash activity | 1,224 | 3,194 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | (4,725) | 50,068 | ||
Prepaid expenses and other current assets | 10,085 | 10,473 | ||
Operating lease right-of-use assets | 23,463 | 9,275 | ||
Other non-current assets | (1,394) | 2,570 | ||
Accounts payable | 4,771 | (1,183) | ||
Accrued expenses and other current liabilities | (40,438) | 16,899 | ||
Deferred revenue, current and non-current | (68,645) | (35,917) | ||
Operating lease liabilities, current and non-current | (14,881) | (22,800) | ||
Other non-current liabilities | 2,094 | 452 | ||
Net cash used in operating activities | (319,585) | (295,500) | ||
Cash flows from investing activities: | ||||
Purchases of property and equipment | (62,541) | (40,801) | ||
Deconsolidation of subsidiaries - cash | — | (42,980) | ||
Business acquisition | (5,400) | — | ||
Purchase of notes receivable | — | (350) | ||
Proceeds from sales of marketable securities | 4,519 | — | ||
Proceeds from sale of equipment | 648 | 4,428 | ||
Other | 538 | (990) | ||
Net cash used in investing activities | (62,236) | (80,693) | ||
Cash flows from financing activities: | ||||
Proceeds from exercise of stock options | 84 | 93 | ||
Taxes paid related to net share settlement of equity awards | — | (23) | ||
Principal payments on finance leases | (897) | (1,295) | ||
Contingent consideration payment | (922) | (1,411) | ||
Other | (4) | (580) | ||
Net cash used in financing activities | (1,739) | (3,216) | ||
Effect of foreign exchange rates on cash and cash equivalents | (281) | (588) | ||
Net decrease in cash, cash equivalents and restricted cash | (383,841) | (379,997) | ||
Cash and cash equivalents, beginning of period | 944,073 | 1,315,792 | ||
Restricted cash, beginning of period | 45,511 | 53,789 | ||
Cash, cash equivalents and restricted cash, beginning of period | 989,584 | 1,369,581 | ||
Cash and cash equivalents, end of period | 561,572 | 944,073 | ||
Restricted cash, end of period | 44,171 | 45,511 | ||
Cash, cash equivalents and restricted cash, end of period | $ 605,743 | $ 989,584 | ||
Ginkgo Bioworks Holdings, Inc. | ||||||||
Selected Non-GAAP Financial Measures | ||||||||
(in thousands, unaudited) | ||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Net loss (1) | $ (107,534) | $ (211,694) | $ (547,029) | $ (892,869) | ||||
Interest income | (7,247) | (13,226) | (38,612) | (57,217) | ||||
Interest expense | 4 | 15 | 94 | 93 | ||||
Income tax benefit | (325) | (198) | (479) | (71) | ||||
Depreciation and amortization | 15,652 | 12,837 | 63,020 | 70,507 | ||||
EBITDA | (99,450) | (212,266) | (523,006) | (879,557) | ||||
Stock-based compensation (2) | 20,663 | 43,584 | 115,299 | 234,908 | ||||
Impairment expense (3) | 5,796 | — | 53,654 | 121,404 | ||||
Restructuring charges (4) | 4,157 | — | 24,172 | — | ||||
Merger and acquisition related expenses (5) | (1,693) | 18,062 | 4,417 | 61,189 | ||||
Loss on equity method investments | — | 1,119 | — | 2,635 | ||||
Loss on investments | 12,545 | 10,012 | 28,827 | 54,827 | ||||
Loss on deconsolidation of subsidiary | — | 42,502 | 7,013 | 42,502 | ||||
Change in fair value of warrant liabilities | — | (6,555) | (5,701) | (5,168) | ||||
Change in fair value of convertible notes | 887 | 2,174 | 2,014 | 2,295 | ||||
Adjusted EBITDA | $ (57,095) | $ (101,368) | $ (293,311) | $ (364,965) | ||||
(1) | All periods include non-cash revenue when earned, including |
(2) | For the three months ended December 31, 2024 and 2023, includes |
(3) | For the three months ended December 31, 2024, includes |
(4) | Restructuring charges consist of employee termination costs from the reduction in force commenced in June 2024, as well as the impairment of a right-of-use asset relating to facilities consolidation. |
(5) | Represents transaction and integration costs directly related to mergers and acquisitions, including: (i) due diligence, legal, consulting and accounting fees associated with acquisitions, (ii) post-acquisition employee retention bonuses and severance payments, (iii) the fair value adjustments to contingent consideration liabilities resulting from acquisitions, and (iv) costs associated with the Zymergen Bankruptcy, as well as securities litigation costs, net of insurance recovery. Not included in this adjustment are non-cash charges for acquired in-process research and development expenses, which totaled |
Ginkgo Bioworks Holdings, Inc. | |||||||
Segment Information | |||||||
(in thousands, unaudited) | |||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Cell Engineering | |||||||
Revenue | $ 34,789 | $ 26,975 | $ 173,972 | $ 143,531 | |||
Costs and operating expenses: | |||||||
Cost of other revenue | 2,069 | — | 5,999 | — | |||
Research and development | 50,364 | 72,951 | 271,512 | 335,943 | |||
General and administrative | 20,494 | 40,383 | 115,028 | 171,210 | |||
Cell Engineering operating loss | (38,138) | (86,359) | (218,567) | (363,622) | |||
Biosecurity | |||||||
Service revenue | 9,058 | 7,779 | 53,071 | 78,975 | |||
Product revenue | — | — | — | 28,949 | |||
Costs and operating expense: | |||||||
Cost of Biosecurity service revenue | 7,553 | 6,611 | 38,549 | 46,524 | |||
Cost of Biosecurity product revenue | — | — | — | 7,481 | |||
Research and development | 52 | 192 | 771 | 1,599 | |||
General and administrative | 11,200 | 12,652 | 44,370 | 55,514 | |||
Biosecurity operating loss | (9,747) | (11,676) | (30,619) | (3,194) | |||
Total segment operating loss | (47,885) | (98,035) | (249,186) | (366,816) | |||
Reconciling items to reconcile total segment operating loss to loss before income taxes: | |||||||
Stock-based compensation (1) | 20,663 | 43,584 | 115,299 | 234,908 | |||
Impairment expense (2) | 5,796 | — | 53,654 | 121,404 | |||
Depreciation and amortization | 15,652 | 12,836 | 63,020 | 70,507 | |||
Restructuring charges (3) | 4,157 | — | 24,172 | — | |||
Carrying cost of excess space (net of sublease income) (4) | 9,330 | — | 25,986 | — | |||
Merger and acquisition related expenses | (1,693) | 18,062 | 4,417 | 61,188 | |||
Acquired in-process research and development | — | 5,601 | 19,849 | 9,582 | |||
Other (income) expense, net (5) | 6,070 | 33,776 | (8,075) | 28,535 | |||
Loss before income taxes | $ (107,860) | $ (211,894) | $ (547,508) | $ (892,940) | |||
(1) | For the three months ended December 31, 2024 and 2023, includes |
(2) | For the three months ended December 31, 2024, includes |
(3) | Includes |
(4) | The carrying cost of excess space includes base rent, common area maintenance charges, and real estate taxes associated with facilities that are not occupied, net of any sublease income from these spaces. |
(5) | Represents transaction and integration costs directly related to mergers and acquisitions, including: (i) due diligence, legal, consulting and accounting fees associated with acquisitions, (ii) post-acquisition employee retention bonuses and severance payments, (iii) the fair value adjustments to contingent consideration liabilities resulting from acquisitions, and (iv) costs associated with the Zymergen Bankruptcy, as well as securities litigation costs, net of insurance recovery. |
(6) | Includes interest income, interest expense, loss on investments, losses/gains on deconsolidation of subsidiaries, changes in fair value of certain assets and liabilities, and other gains or losses. |
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SOURCE Ginkgo Bioworks
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