Ginkgo Bioworks Reports Fourth Quarter and Full Year 2024 Financial Results
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 $35 million in the fourth quarter of 2024, representing 29% growth over 2023
BOSTON, Feb. 25, 2025 /PRNewswire/ -- Ginkgo Bioworks Holdings, Inc. (NYSE: DNA, "Ginkgo"), which is building the leading platform for cell programming and biosecurity, today announced its results for the fourth quarter and year ended December 31, 2024. The update, including a webcast slide presentation with additional details on the fourth quarter and full year, as well as supplemental financial information will be available at investors.ginkgobioworks.com.
Fourth Quarter 2024 Financial Results
-- Fourth quarter 2024 Total revenue of $44 million, up from $35 million in
the comparable prior year period
-- Fourth quarter 2024 Cell Engineering revenue of $35 million, up from
$27 million in the comparable prior year period, an increase of 29%
driven by growth with large biopharma customers
-- Fourth quarter 2024 Biosecurity revenue of $9 million, up from $8
million in the comparable prior year period, with gross profit
margin of 17%
-- Fourth quarter 2024 GAAP net loss of $(108) million, compared to $(212)
million in the comparable prior year period
-- Fourth quarter 2024 Adjusted EBITDA of $(57) million, up from $(101)
million in the comparable prior year period, driven by the increase in
revenue as well as a decrease in operating expenses
-- Cash and cash equivalents balance as of December 31, 2024 of $562
million. Cash flow of $(55) million in the fourth quarter of 2024, up
from $(114) million in the third quarter of 2024.
"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, down from $251 million in
the prior year, a decrease of 10% as Biosecurity revenue transitioned
from K-12 testing to a more recurring business model. Full year 2024
also benefited from $45 million of non-cash revenue from a release of
deferred revenue in the third quarter relating to the mutual termination
of a customer agreement.
-- Full year 2024 Cell Engineering revenue of $174 million, up from
$144 million in the prior year, an increase of 21%. Excluding the
$45 million non-cash deferred revenue release in the third quarter,
full year 2024 Cell Engineering revenue of $129 million decreased
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, down from $108
million in the prior year, a decrease of 51%, with full year 2024
Biosecurity gross profit margin of 27%
-- Full year 2024 GAAP net loss of $(547) million, compared to $(893)
million in the prior year
-- Full year 2024 Adjusted EBITDA of $(293) million, up from $(365) million
in the prior year
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 in partnership with Carnegie Mellon
University to develop implantable cell-based bioelectronic devices
for disease treatment under ARPA-H's REACT program
-- 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 EUR24 million over the
next 4 years
-- Ginkgo made significant progress on its plan to reach Adjusted EBITDA
breakeven by the end of 2026
-- Cash flow of $(55) million in the fourth quarter of 2024, up from
$(114) million in the third quarter of 2024
-- Ginkgo's reduction in force and other cost cutting measures have
achieved an annualized run-rate cost reduction of $190 million as of
the fourth quarter of 2024, with a target to increase that to $250
million by the end of the third quarter of 2025. Site consolidation
efforts have also been substantially completed, with excess space
available for sublease.
Full Year 2025 Guidance
-- Ginkgo expects Total revenue of $160-$180 million in 2025
-- Ginkgo expects Cell Engineering revenue of $110-$130 million in
2025, with potential upside from the recent launch of Tools
offerings
-- Ginkgo expects Biosecurity revenue in 2025 of at least $50 million,
representing approximate current contracted backlog and expected
program renewal along with key assumption of continued availability
of government funding, with potential upside from additional
opportunities in the pipeline
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 (New York)
+1 301 715 8592 (Washington DC)
+1 312 626 6799 (Chicago)
+1 669 900 6833 (San Jose)
+1 253 215 8782 (Tacoma)
+1 346 248 7799 (Houston)
+1 408 638 0968 (San Jose)
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 U.S. Securities and Exchange Commission (the "SEC") on February 25, 2025 and other documents filed by Ginkgo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Ginkgo assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Ginkgo does not give any assurance that it will achieve its expectations.
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, $0.0001 par value
Common stock, $0.0001 par value 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 1,492
adjustment realized upon sale of
foreign subsidiary
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 $45.4 million in the year ended December 31, 2024, recognized pursuant to the termination of
revenue contracts with Motif.
(2) For the three months ended December 31, 2024 and 2023, includes $0.1 million and $0.8 million, respectively, in related employer payroll taxes. For the
years ended December 31, 2024 and 2023, includes $3.0 million and $5.0 million, respectively, in related employer payroll taxes.
(3) For the three months ended December 31, 2024, includes $5.8 million related to lab equipment. For the year ended December 31, 2024, includes $47.9 million
related to goodwill impairment and $5.8 million related to lab equipment. For the year ended December 31, 2023, includes a $25.2 million impairment loss
on lab equipment and a $96.2 million impairment loss on lease assets associated with an exited Zymergen leased facility.
(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 $5.2 million and zero for the three months ended December 31, 2024 and 2023, respectively, and $19.8 million and $9.6 million for
the years ended December 31, 2024 and 2023, respectively.
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 $0.1 million and $0.8 million, respectively, in related employer payroll taxes. For the
years ended December 31, 2024 and 2023, includes $3.0 million and $5.0 million, respectively, in related employer payroll taxes.
(2) For the three months ended December 31, 2024, includes $5.8 million related to lab equipment. For the year ended December 31, 2024, includes $47.9 million
related to goodwill impairment and $5.8 million related to lab equipment. For the year ended December 31, 2023, includes a $25.2 million impairment loss
on lab equipment and a $96.2 million impairment loss on lease assets associated with an exited Zymergen leased facility.
(3) Includes $4.2 million and $19.3 million in employee termination and other costs for the three months and year ended December 31, 2024, respectively.
Additionally, Restructuring charges include $4.8 million in impairment of an operating lease right-of-use asset relating to facilities consolidation
for the year ended December 31, 2024.
(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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/ginkgo-bioworks-reports-fourth-quarter-and-full-year-2024-financial-results-302385247.html
SOURCE Ginkgo Bioworks
