Ginkgo Bioworks Reports Third Quarter 2024 Financial Results
Ginkgo Bioworks (NYSE: DNA) reported Q3 2024 financial results with total revenue of $89 million, up 61% year-over-year, including a $45 million non-cash revenue from deferred revenue release. Excluding this impact, revenue was $44 million, down 21%. Cell Engineering revenue decreased 20% to $30 million, while Biosecurity revenue fell to $14 million. The company reported a Loss from operations of $(55) million and Adjusted EBITDA of $(20) million. Ginkgo updated its 2024 guidance to $215-235 million in total revenue. The company achieved cost reductions through restructuring, estimating over $85 million in annualized savings by mid-2025.
Ginkgo Bioworks (NYSE: DNA) ha reportato i risultati finanziari del terzo trimestre 2024, con un fatturato totale di 89 milioni di dollari, in aumento del 61% rispetto all'anno precedente, compresi 45 milioni di dollari di entrate non monetarie derivanti dal rilascio di entrate differite. Escludendo questo impatto, il fatturato è stato di 44 milioni di dollari, in calo del 21%. Le entrate da Cell Engineering sono diminuite del 20%, raggiungendo 30 milioni di dollari, mentre le entrate da Biosecurity sono scese a 14 milioni di dollari. L'azienda ha riportato una perdita operativa di $(55) milioni e un EBITDA rettificato di $(20) milioni. Ginkgo ha aggiornato le previsioni per il 2024 a un fatturato totale di 215-235 milioni di dollari. L'azienda ha raggiunto riduzioni dei costi attraverso una ristrutturazione, stimando oltre 85 milioni di dollari di risparmi annualizzati entro metà del 2025.
Ginkgo Bioworks (NYSE: DNA) reportó los resultados financieros del tercer trimestre de 2024, con ingresos totales de 89 millones de dólares, un aumento del 61% en comparación con el año anterior, incluyendo 45 millones de dólares en ingresos no monetarios por el reconocimiento de ingresos diferidos. Excluyendo este impacto, los ingresos fueron de 44 millones de dólares, una disminución del 21%. Los ingresos por Cell Engineering cayeron un 20% a 30 millones de dólares, mientras que los ingresos por Biosecurity descendieron a 14 millones de dólares. La empresa reportó una pérdida operativa de $(55) millones y un EBITDA ajustado de $(20) millones. Ginkgo actualizó su guía para 2024 a ingresos totales de 215-235 millones de dólares. La compañía logró reducciones de costos a través de una reestructuración, estimando más de 85 millones de dólares en ahorros anualizados para mediados de 2025.
징코 바이오웍스 (NYSE: DNA)는 2024년 3분기 재무 결과를 보고했으며, 총 매출은 8,900만 달러로 전년 대비 61% 증가하였으며, 여기에는 이연 수익 인도에 따른 4,500만 달러의 비현금 수익이 포함됩니다. 이 영향을 제외하면 매출은 4,400만 달러로 21% 감소하였습니다. 세포 공학(Cell Engineering) 매출은 2,700만 달러로 20% 감소하였고, 생물 보안(Biosecurity) 매출은 1,400만 달러로 하락하였습니다. 회사는 운영 손실을 $(5,500만)으로 보고하였으며, 조정 EBITDA는 $(2,000만)으로 기록하였습니다. 징코는 2024년 총 매출 목표를 2억 1,500만 - 2억 3,500만 달러로 업데이트하였습니다. 회사는 구조조정을 통해 비용 절감을 이루었으며, 2025년 중반까지 연간 8,500만 달러 이상의 절약을 추정하고 있습니다.
Ginkgo Bioworks (NYSE: DNA) a rapporté les résultats financiers du troisième trimestre 2024, avec un chiffre d'affaires total de 89 millions de dollars, en hausse de 61 % par rapport à l'année précédente, incluant 45 millions de dollars de revenus non monétaires provenant de la libération de revenus différés. En excluant cet impact, le chiffre d'affaires s'élevait à 44 millions de dollars, en baisse de 21 %. Les revenus de Cell Engineering ont diminué de 20 % pour atteindre 30 millions de dollars, tandis que les revenus de Biosecurity ont chuté à 14 millions de dollars. L'entreprise a enregistré une perte opérationnelle de $(55) millions et un EBITDA ajusté de $(20) millions. Ginkgo a mis à jour ses prévisions pour 2024 avec un chiffre d'affaires total compris entre 215 et 235 millions de dollars. L'entreprise a réalisé des réductions de coûts grâce à une restructuration, estimant plus de 85 millions de dollars d'économies annualisées d'ici mi-2025.
Ginkgo Bioworks (NYSE: DNA) berichtete die finanziellen Ergebnisse für das 3. Quartal 2024 mit Gesamterlösen von 89 Millionen US-Dollar, was einem Anstieg von 61 % im Vergleich zum Vorjahr entspricht, einschließlich 45 Millionen US-Dollar an nicht monetären Einnahmen aus der Freigabe von aufgeschobenen Einnahmen. Ohne diesen Einfluss betrugen die Einnahmen 44 Millionen US-Dollar, was einem Rückgang von 21 % entspricht. Die Einnahmen aus Cell Engineering sanken um 20 % auf 30 Millionen US-Dollar, während die Einnahmen aus Biosecurity auf 14 Millionen US-Dollar fielen. Das Unternehmen berichtete über einen Betriebsverlust von $(55) Millionen und ein bereinigtes EBITDA von $(20) Millionen. Ginkgo aktualisierte ihre Prognose für 2024 auf Gesamterlöse von 215 bis 235 Millionen US-Dollar. Das Unternehmen erzielte Kostensenkungen durch Umstrukturierungen und schätzt, dass bis Mitte 2025 jährliche Einsparungen von über 85 Millionen US-Dollar realisiert werden können.
- Signed new and expanded deals with Novo Nordisk and achieved $9 million milestone with Merck
- Cost reduction initiatives on track to achieve $85 million in annualized savings by mid-2025
- Strong cash position with $616 million in cash and cash equivalents
- Improved Adjusted EBITDA to $(20) million from $(84) million year-over-year
- Core revenue declined 21% year-over-year (excluding one-time deferred revenue release)
- Cell Engineering revenue decreased 20% to $30 million
- Biosecurity revenue declined due to K-12 testing ramp down
- Operating loss of $(55) million in Q3 2024
Insights
The Q3 results present a mixed picture with some concerning underlying trends. While reported revenue of
The Cell Engineering segment's decline of
With
The strategic pivot towards large enterprise customers and new service offerings like Datapoints shows promise, with 25 new programs added in Q3. The expansion of relationships with pharmaceutical giants like Novo Nordisk and Merck validates Ginkgo's platform approach. However, the
The biosecurity segment's performance continues to normalize post-pandemic, with K-12 testing revenue declining as expected. The development of new offerings in H5N1 detection and DNA sequencing of raw milk demonstrates efforts to diversify this business line, though near-term revenue impact remains uncertain.
Ginkgo provides update on its restructuring process including an acceleration of site consolidation initiatives and continued progress on cost reductions
Ginkgo signs new and expanded deals with Novo Nordisk and achieves a major research milestone with Merck
Third Quarter 2024 Financial Results
- Third quarter 2024 Total revenue of
, up from$89 million in the comparable prior year period, an increase of$55 million 61% driven by of non-cash revenue from a release of deferred revenue relating to the mutual termination of a customer agreement. Excluding this impact, Total revenue in the quarter was$45 million , a decrease of$44 million 21% over the prior year period- Excluding the
non-cash deferred revenue release, third quarter 2024 Cell Engineering revenue of$45 million , down from$30 million in the comparable prior year period, a decrease of$37 million 20% driven by the continued shift from early stage customers to large/enterprise customers along with commercial changes related to the restructuring - Third quarter 2024 Biosecurity revenue of
with gross profit margin of$14 million 28% . Biosecurity revenue decreased from the comparable prior year period due to the expected ramp down of K-12 testing
- Excluding the
- Third quarter 2024 Loss from operations of
(inclusive of stock-based compensation expense of$(55) million and M&A and restructuring related costs of$14 million , net), compared to Loss from operations of$2 million (inclusive of stock-based compensation expense of$(286) million and M&A and restructuring related costs, including asset impairments, of$54 million ) in the comparable prior year period. The 2024 period also benefited from the above non-cash deferred revenue release$124 million - Third quarter 2024 Adjusted EBITDA of
, up from$(20) million in the comparable prior year period, driven by the above non-cash deferred revenue release and a decrease in operating expenses$(84) million - Cash and cash equivalents balance as of the end of the third quarter of
$616 million
"I'm extremely proud of the significant progress we made in the third quarter," said Jason Kelly, co-founder and CEO of Ginkgo. "The team has been laser-focused on delivering for customers while driving down costs even further. We are achieving ambitious milestones, signing new deals with several new and existing customers while also launching our new Automation, Datapoints and AI offerings. Beyond customer successes, we will substantially consolidate our overall real estate footprint by exiting several facilities in
Recent Business Highlights & Strategic Positioning
- Cell Engineering closed deals with new and existing customers
- Added 25 new programs and other customer contracts to the Cell Engineering platform in Q3 2024, of which 11 were comparable in size and scope to historically reported New Programs and an additional 14 contracts that represent a variety of other deal archetypes, such as Datapoints projects
- Signed a new deal with Novo Nordisk focused on the discovery and development of proteins while also expanding Ginkgo's existing collaboration on expression systems for pharmaceutical products
- Delivered on a major research milestone for Ginkgo's previously announced deal with Merck. As part of this milestone completion, Ginkgo will receive a fee of
in cash, expected in Q4 2024, and will move to Stage 2 to work towards making an even more effective production process$9 million - Signed three new Datapoints deals with a major TechBio company and two of the top 25 pharmaceutical companies
- Ginkgo Biosecurity continues to work towards creating solutions that offer persistent, pervasive monitoring
- Ginkgo validated its approach to rapidly detect H5N1 and has updated its offerings to include DNA sequencing of raw milk, bioinformatics as a service and comprehensive analyzed data sets
- Ginkgo made significant progress on its plan to reach Adjusted EBITDA breakeven by the end of 2026
- The reduction in force is estimated to achieve over
in annualized savings by mid-2025$85 million - Ginkgo has continued implementing significant non-people cost cutting measures, including rationalizing third-party costs and site consolidation
- The reduction in force is estimated to achieve over
- Dr. Sri Kosuri, CEO of Octant and former associate professor at UCLA in the Chemistry and Biochemistry Department, joined our Board on November 6, 2024. Dr. Arie Belldegrun, a director since September 2021 and member of our compensation committee, resigned from the Board on November 7, 2024
Full Year 2024 Outlook
- Ginkgo previously issued 2024 guidance for Total revenue of
; Cell Engineering services revenue of$170 -190 million ; and Biosecurity revenue of at least$120 -140 million . Ginkgo updates its previously issued guidance solely to reflect the impact of the previously mentioned$50 million non-cash deferred revenue release in the third quarter to:$45 million - Total revenue guidance of
in 2024;$215 -235 million - Cell Engineering services revenue of
in 2024; and$165 -185 million - Biosecurity revenue of at least
in 2024.$50 million
- Total revenue guidance of
Conference Call Details
Ginkgo will host a videoconference today, Tuesday, November 12, 2024, beginning at 5:30 p.m. ET. The presentation will include an overview of third quarter 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:
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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, our reduction in workforce and anticipated impacts thereof, the timing and structuring of our facilities consolidation and the potential financial impact thereof, potential customer success, including successful application of our offerings by our customers, expectations with regard to revenue, expenses, including our stock-based compensation expenses, our full year 2024 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, (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, (ix) our ability to successfully develop engineered cells, bioprocesses, data packages or other deliverables, (x) the product development or commercialization success of our customers, and (xi) the potential negative impact on our business of our planned reduction in force or the failure to realize the anticipated savings associated therewith. 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. | |||||
Condensed Consolidated Balance Sheets | |||||
(in thousands, except per share data, unaudited) | |||||
As of September 30, 2024 | As of December 31, 2023 | ||||
Assets | |||||
Current assets: | |||||
Cash and cash equivalents | $ 616,214 | $ 944,073 | |||
Accounts receivable, net | 23,411 | 17,157 | |||
Accounts receivable - related parties | 531 | 742 | |||
Prepaid expenses and other current assets | 22,324 | 39,777 | |||
Total current assets | 662,480 | 1,001,749 | |||
Property, plant, and equipment, net | 211,035 | 188,193 | |||
Operating lease right-of-use assets | 405,911 | 206,801 | |||
Investments | 62,103 | 78,565 | |||
Intangible assets, net | 79,566 | 82,741 | |||
Goodwill | — | 49,238 | |||
Other non-current assets | 59,788 | 58,055 | |||
Total assets | $ 1,480,883 | $ 1,665,342 | |||
Liabilities and Stockholders' Equity | |||||
Current liabilities: | |||||
Accounts payable | $ 15,700 | $ 9,323 | |||
Deferred revenue | 22,894 | 44,486 | |||
Accrued expenses and other current liabilities | 75,833 | 110,051 | |||
Total current liabilities | 114,427 | 163,860 | |||
Non-current liabilities: | |||||
Deferred revenue, net of current portion | 105,247 | 158,062 | |||
Operating lease liabilities, non-current | 445,592 | 221,835 | |||
Other non-current liabilities | 17,674 | 24,433 | |||
Total liabilities | 682,940 | 568,190 | |||
Commitments and contingencies | |||||
Stockholders' equity: | |||||
Preferred stock, | — | — | |||
Common stock, | 5 | 5 | |||
Additional paid-in capital | 6,527,698 | 6,386,191 | |||
Accumulated deficit | (5,730,023) | (5,290,528) | |||
Accumulated other comprehensive income | 263 | 1,484 | |||
Total stockholders' equity | 797,943 | 1,097,152 | |||
Total liabilities and stockholders' equity | $ 1,480,883 | $ 1,665,342 |
Ginkgo Bioworks Holdings, Inc. | |||||||||
Condensed Consolidated Statements of Operations and Comprehensive Loss | |||||||||
(in thousands, except per share data, unaudited) | |||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||
2024 | 2023 | 2024 | 2023 | ||||||
Cell Engineering revenue | $ 75,089 | $ 37,176 | $ 139,183 | $ 116,555 | |||||
Biosecurity revenue: | |||||||||
Product | — | 6,495 | — | 28,949 | |||||
Service | 13,957 | 11,759 | 44,013 | 71,196 | |||||
Total revenue | 89,046 | 55,430 | 183,196 | 216,700 | |||||
Costs and operating expenses: | |||||||||
Cost of Biosecurity product revenue | — | 906 | — | 7,481 | |||||
Cost of Biosecurity service revenue | 9,987 | 6,017 | 30,996 | 39,913 | |||||
Cost of other revenue | 2,016 | — | 3,930 | — | |||||
Research and development (1) | 77,006 | 156,662 | 347,684 | 463,583 | |||||
General and administrative (1) | 52,292 | 82,028 | 188,864 | 295,802 | |||||
Impairment of lease assets | — | 96,210 | — | 96,210 | |||||
Goodwill impairment | — | — | 47,858 | — | |||||
Restructuring charges | 2,949 | — | 20,015 | — | |||||
Total operating expenses | 144,250 | 341,823 | 639,347 | 902,989 | |||||
Loss from operations | (55,204) | (286,393) | (456,151) | (686,289) | |||||
Other income (expense): | |||||||||
Interest income, net | 9,251 | 15,020 | 31,275 | 43,914 | |||||
Loss on equity method investments | — | — | — | (1,516) | |||||
Loss on investments | (6,912) | (36,324) | (16,282) | (44,815) | |||||
Loss on deconsolidation of subsidiary | (7,013) | — | (7,013) | — | |||||
Change in fair value of warrant liabilities | 1,528 | 1,891 | 5,701 | (1,387) | |||||
Other income, net | 1,572 | 2,893 | 2,821 | 9,045 | |||||
Total other income (expense) | (1,574) | (16,520) | 16,502 | 5,241 | |||||
Loss before income taxes | (56,778) | (302,913) | (439,649) | (681,048) | |||||
Income tax expense (benefit) | (375) | (22) | (154) | 127 | |||||
Net loss | $ (56,403) | $ (302,891) | $ (439,495) | $ (681,175) | |||||
Net loss per share, basic and diluted | $ (1.08) | $ (6.21) | $ (8.58) | $ (14.09) | |||||
Weighted average common shares outstanding: | |||||||||
Basic | 52,240 | 48,770 | 51,244 | 48,330 | |||||
Diluted | 52,246 | 48,770 | 51,250 | 48,330 | |||||
Comprehensive loss: | |||||||||
Net loss | $ (56,403) | $ (302,891) | $ (439,495) | $ (681,175) | |||||
Other comprehensive income (loss): | |||||||||
Foreign currency translation adjustment | 494 | (1,599) | (2,713) | (267) | |||||
Reclassification of foreign currency translation adjustment realized upon sale of foreign subsidiary | 1,492 | — | 1,492 | — | |||||
Total other comprehensive income (loss) | 1,986 | (1,599) | (1,221) | (267) | |||||
Comprehensive loss | $ (54,417) | $ (304,490) | $ (440,716) | $ (681,442) | |||||
(1) Total stock-based compensation expense, inclusive of employer payroll taxes, was allocated as follows (in thousands): | |||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||
2024 | 2023 | 2024 | 2023 | ||||||
Research and development | $ 3,214 | $ 33,976 | $ 48,028 | $ 122,086 | |||||
General and administrative | 10,799 | 19,671 | 46,608 | 69,238 | |||||
Total | $ 14,013 | $ 53,647 | $ 94,636 | $ 191,324 |
Ginkgo Bioworks Holdings, Inc. | ||||
Condensed Consolidated Statements of Cash Flows | ||||
(in thousands, unaudited) | ||||
Nine Months Ended September 30, | ||||
2024 | 2023 | |||
Cash flows from operating activities: | ||||
Net loss | $ (439,495) | $ (681,175) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 47,368 | 57,670 | ||
Stock-based compensation | 91,783 | 187,047 | ||
Goodwill impairment | 47,858 | — | ||
Restructuring related impairment charges | 4,823 | — | ||
Loss on investments and equity method investments | 16,282 | 46,331 | ||
Loss on deconsolidation of subsidiary | 7,013 | — | ||
Change in fair value of warrant liabilities | (5,701) | 1,387 | ||
Change in fair value of contingent consideration liability | 3,698 | 10,217 | ||
Non-cash lease expense | 20,619 | 24,635 | ||
Non-cash in-process research and development | 19,796 | 3,981 | ||
Impairment of long-lived assets | — | 121,404 | ||
Other non-cash activity | 655 | 3,053 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | (6,101) | 21,168 | ||
Prepaid expenses and other current assets | 3,487 | 13,557 | ||
Operating lease right-of-use assets | 19,224 | 9,277 | ||
Other non-current assets | (196) | (2,733) | ||
Accounts payable, accrued expenses and other current liabilities | (31,099) | (4,822) | ||
Deferred revenue, current and non-current | (67,779) | (29,382) | ||
Operating lease liabilities, current and non-current | (11,383) | (18,310) | ||
Other non-current liabilities | 1,998 | (974) | ||
Net cash used in operating activities | (277,150) | (237,669) | ||
Cash flows from investing activities: | ||||
Purchases of property and equipment | (48,831) | (37,355) | ||
Business acquisition | (5,400) | — | ||
Proceeds from sales of marketable securities | 3,951 | — | ||
Proceeds from sale of equipment | 591 | 3,000 | ||
Other | 538 | 336 | ||
Net cash used in investing activities | (49,151) | (34,019) | ||
Cash flows from financing activities: | ||||
Proceeds from exercise of stock options | 84 | 79 | ||
Principal payments on finance leases | (694) | (977) | ||
Contingent consideration payment | (922) | (1,082) | ||
Other | (4) | (604) | ||
Net cash used in financing activities | (1,536) | (2,584) | ||
Effect of foreign exchange rates on cash and cash equivalents | (208) | (690) | ||
Net decrease in cash, cash equivalents and restricted cash | (328,045) | (274,962) | ||
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 | 616,214 | 1,049,244 | ||
Restricted cash, end of period | 45,325 | 45,375 | ||
Cash, cash equivalents and restricted cash, end of period | $ 661,539 | $ 1,094,619 |
Selected Non-GAAP Financial Measures | ||||||||
(in thousands, unaudited) | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Net loss (1) | $ (56,403) | $ (302,891) | $ (439,495) | $ (681,175) | ||||
Interest income, net | (9,251) | (15,020) | (31,275) | (43,914) | ||||
Income tax expense (benefit) | (375) | (22) | (154) | 127 | ||||
Depreciation and amortization | 17,171 | 21,060 | 47,368 | 57,670 | ||||
EBITDA | (48,858) | (296,873) | (423,556) | (667,292) | ||||
Stock-based compensation (2) | 14,013 | 53,647 | 94,636 | 191,324 | ||||
Impairment expense (3) | — | 112,403 | 47,858 | 121,404 | ||||
Restructuring charges (4) | 2,949 | — | 20,015 | — | ||||
Merger and acquisition related expenses (5) | (796) | 12,253 | 6,110 | 43,127 | ||||
Loss on equity method investments | — | — | — | 1,516 | ||||
Loss on investments | 6,912 | 36,324 | 16,282 | 44,815 | ||||
Loss on deconsolidation of subsidiary | 7,013 | — | 7,013 | — | ||||
Change in fair value of warrant liabilities | (1,528) | (1,891) | (5,701) | 1,387 | ||||
Change in fair value of convertible notes | 281 | 317 | 1,127 | 121 | ||||
Adjusted EBITDA | $ (20,014) | $ (83,820) | $ (236,216) | $ (263,598) |
(1) | All periods include non-cash revenue when earned, including |
(2) | Includes |
(3) | For 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, (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 September 30, | Nine Months Ended September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenue: | |||||||
Cell Engineering | $ 75,089 | $ 37,176 | $ 139,183 | $ 116,555 | |||
Biosecurity | 13,957 | 18,254 | 44,013 | 100,145 | |||
Total revenue | 89,046 | 55,430 | 183,196 | 216,700 | |||
Segment cost of revenue: | |||||||
Cell Engineering | 2,016 | — | 3,930 | — | |||
Biosecurity | 9,987 | 6,923 | 30,996 | 47,394 | |||
Segment research and development expense: | |||||||
Cell Engineering | 57,201 | 90,889 | 253,790 | 275,494 | |||
Biosecurity | 141 | 313 | 720 | 1,408 | |||
Total segment research and development expense | 57,342 | 91,202 | 254,510 | 276,902 | |||
Segment general and administrative expense: | |||||||
Cell Engineering | 29,319 | 42,617 | 103,167 | 155,216 | |||
Biosecurity | 10,040 | 12,207 | 33,169 | 42,862 | |||
Total segment general and administrative expense | 39,359 | 54,824 | 136,336 | 198,078 | |||
Segment operating (loss) income: | |||||||
Cell Engineering | (13,447) | (96,330) | (221,704) | (314,155) | |||
Biosecurity | (6,211) | (1,189) | (20,872) | 8,481 | |||
Total segment operating loss | (19,658) | (97,519) | (242,576) | (305,674) | |||
Operating expenses not allocated to segments: | |||||||
Stock-based compensation (1) | 14,013 | 53,647 | 94,636 | 191,324 | |||
Depreciation and amortization | 17,171 | 21,060 | 47,368 | 57,670 | |||
Impairment expense (2) | — | 112,403 | 47,858 | 121,404 | |||
Restructuring charges | 2,949 | — | 20,015 | — | |||
Change in fair value of contingent consideration liability | 1,413 | 1,764 | 3,698 | 10,217 | |||
Loss from operations | $ (55,204) | $ (286,393) | $ (456,151) | $ (686,289) |
(1) | Includes |
(2) | For 2024, includes |
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SOURCE Ginkgo Bioworks
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