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Ginkgo Bioworks Reports Second Quarter 2024 Financial Results

  • Ginkgo provides update on its restructuring process including estimated annualized cost savings of over $85 million from reduction in force 

BOSTON, Aug. 8, 2024 /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 second quarter ended June 30, 2024. The update, including a webcast slide presentation with additional details on the second quarter and supplemental financial information, will be available at investors.ginkgobioworks.com.

Second Quarter 2024 Financial Results

  • Second quarter 2024 Total revenue of $56 million, down from $81 million in the comparable prior year period, a decrease of 30% primarily driven by the expected ramp down of K-12 testing in Ginkgo's Biosecurity segment
    • Second quarter 2024 Cell Engineering revenue of $36 million, down from $45 million in the comparable prior year period, a decrease of 20% driven by a decline in revenue from early stage customers partially offset by growth from large/enterprise customers
    • Second quarter 2024 Biosecurity revenue of $20 million with gross profit margin of 41%
  • Second quarter 2024 Loss from operations of $(223) million (inclusive of stock-based compensation expense of $38 million and M&A and restructuring related costs, including asset impairments, of $72 million), compared to Loss from operations of $(184) million (inclusive of stock-based compensation expense of $62 million and M&A and restructuring related costs, including asset impairments, of $26 million) in the comparable prior year period
  • Second quarter 2024 Adjusted EBITDA of $(99) million, down from $(80) million in the comparable prior year period, driven by the decrease in Total revenue partially offset by a decrease in certain operating expenses
  • Cash and cash equivalents balance as of the end of the second quarter of $730 million

"This past quarter was a quarter of focused execution for Ginkgo," said Jason Kelly, co-founder and CEO of Ginkgo. "During the Q1 2024 earnings call, we announced that we were taking decisive action to reduce costs in order to reach Adjusted EBITDA breakeven by the end of 2026 and, in June, we commenced a reduction in force impacting 35% of the workforce. Alongside the RIF, we continued to deliver well for customers as reflected in our second quarter revenue and I'm happy we have gained initial traction with our new lab data as a service ("LDaaS") offering, including our first few deals with a large cap tech company."

Recent Business Highlights & Strategic Positioning

  • Cell Engineering worked to close deals as Ginkgo's new commercial terms begin to gain traction
    • Added 18 new programs and other customer contracts to the Cell Engineering platform in Q2 2024, of which 10 were comparable in size and scope to historically reported New Programs and an additional 8 contracts that represent a variety of smaller deal archetypes, such as LDaaS projects
    • Signed first LDaaS deals with a large cap tech company in protein characterization
    • Delivered on a major technical milestone for a large pharmaceutical customer
    • Announced a new collaboration with Syngenta Crop Protection aimed at accelerating the launch of a new biological solution to develop and optimize a microbial strain that can meet the productivity targets of a secondary metabolite from the Syngenta Biologicals pipeline
  • Ginkgo Biosecurity continues to work towards creating solutions that offer persistent, pervasive monitoring
    • Ginkgo has put forth a proposed Genomic Analysis Program to address the threat of H5N1. The program builds upon existing practices of pooling and sampling milk for food safety, and integrates novel capabilities to generate genomic analysis of H5N1 if it spreads and evolves
  • Ginkgo began executing on its plan to reach Adjusted EBITDA breakeven by the end of 2026
    • The reduction in force is estimated to achieve over $85 million in annualized savings by mid-2025
    • Ginkgo is also implementing significant non-people cost cutting measures, including rationalizing third-party costs and site consolidation

Full Year 2024 Outlook

  • Ginkgo reaffirms Total revenue of $170-$190 million in 2024
    • Ginkgo continues to expect Cell Engineering services revenue of $120-140 million in 2024
    • Ginkgo continues to expect Biosecurity revenue of at least $50 million in 2024

Conference Call Details

Ginkgo will host a videoconference today, Thursday, August 8, 2024, beginning at 5:30 p.m. ET. The presentation will include an overview of second 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 This email address is being protected from spambots. You need JavaScript enabled to view it..

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: 991 5650 6740

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 balance sheet and cash runway, current expectations, operations and anticipated results of operations, both business and financial, including the timing for attaining Adjusted EBITDA breakeven and profitability, the success of our new LDaaS offering and anticipated impacts on our results, our planned reduction in workforce and anticipated impacts thereof, the timing and structuring of our planned site consolidation and the potential financial impact thereof, opportunities for and timing of increased operational efficiency and the expected impact on our operational expenditures, our manufacturing capabilities, potential customer success, including successful application of our offerings by our customers, the capabilities and potential operational and financial success of our acquisitions, partnerships and collaborations, and expected timing thereof, expectations with regard to revenue, the nature of such revenue and any related downstream value share associated with such revenue, funding that is contingent upon Ginkgo's achievement of milestones, expenses, including our stock-based compensation expenses, our full year 2024 outlook, the expansion, timing and potential capabilities of our biosecurity monitoring, surveillance and detection systems, 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 U.S. Securities and Exchange Commission (the "SEC") on February 29, 2024 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:
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MEDIA CONTACT:
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Ginkgo Bioworks Holdings, Inc.

 

Condensed Consolidated Balance Sheets

 

(in thousands, except per share data, unaudited)

 
     
  

As of June 30, 2024

 

As of December 31, 2023

Assets

    

Current assets:

    

Cash and cash equivalents

 

$                                  730,367

 

$                                 944,073

Accounts receivable, net

 

18,589

 

17,157

Accounts receivable - related parties

 

302

 

742

Prepaid expenses and other current assets

 

34,104

 

39,777

Total current assets

 

783,362

 

1,001,749

Property, plant, and equipment, net

 

210,582

 

188,193

Operating lease right-of-use assets

 

418,008

 

206,801

Investments

 

62,490

 

78,565

Intangible assets, net

 

90,602

 

82,741

Goodwill

 

 

49,238

Other non-current assets

 

60,211

 

58,055

Total assets

 

$                               1,625,255

 

$                              1,665,342

Liabilities and Stockholders' Equity

    

Current liabilities:

    

Accounts payable

 

$                                    23,029

 

$                                     9,323

Deferred revenue

 

26,007

 

44,486

Accrued expenses and other current liabilities

 

117,118

 

110,051

Total current liabilities

 

166,154

 

163,860

Non-current liabilities:

    

Deferred revenue, net of current portion

 

152,869

 

158,062

Operating lease liabilities, non-current

 

452,265

 

221,835

Other non-current liabilities

 

20,895

 

24,433

Total liabilities

 

792,183

 

568,190

Commitments and contingencies

    

Stockholders' equity:

    

Preferred stock, $0.0001 par value

 

 

Common stock, $0.0001 par value

 

206

 

199

Additional paid-in capital

 

6,508,209

 

6,385,997

Accumulated deficit

 

(5,673,620)

 

(5,290,528)

Accumulated other comprehensive (loss) income

 

(1,723)

 

1,484

Total stockholders' equity

 

833,072

 

1,097,152

Total liabilities and stockholders' equity

 

$                             1,625,255

 

$                            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 June 30,

 

Six Months Ended June 30,

  

2024

 

2023

 

2024

 

2023

Cell Engineering revenue

 

$          36,205

 

$         45,283

 

$        64,094

 

$          79,379

Biosecurity revenue:

        

   Product

 

 

10,788

 

 

22,454

   Service

 

20,001

 

24,497

 

30,056

 

59,437

Total revenue

 

56,206

 

80,568

 

94,150

 

161,270

   Costs and operating expenses:

        

   Cost of Biosecurity product revenue

 

 

2,034

 

 

6,575

   Cost of Biosecurity service revenue

 

11,807

 

16,062

 

21,009

 

33,896

   Cost of other revenue

 

1,914

 

 

1,914

 

   Research and development (1)

 

134,221

 

144,282

 

270,678

 

306,921

   General and administrative (1)

 

66,285

 

102,341

 

136,572

 

213,774

   Goodwill impairment

 

47,858

 

 

47,858

 

   Restructuring charges

 

17,066

 

 

17,066

 

Total operating expenses

 

279,151

 

264,719

 

495,097

 

561,166

Loss from operations

 

(222,945)

 

(184,151)

 

(400,947)

 

(399,896)

Other (expense) income:

        

   Interest income, net

 

10,313

 

14,349

 

22,024

 

28,894

   Loss on equity method investments

 

 

(67)

 

 

(1,516)

   Loss on investments

 

(6,826)

 

(2,121)

 

(9,370)

 

(8,491)

   Change in fair value of warrant liabilities

 

3,233

 

(4,482)

 

4,173

 

(3,278)

   Other income (expense), net

 

(766)

 

3,224

 

1,249

 

6,152

Total other income

 

5,954

 

10,903

 

18,076

 

21,761

Loss before income taxes

 

(216,991)

 

(173,248)

 

(382,871)

 

(378,135)

Income tax expense

 

190

 

67

 

221

 

149

Net loss

 

(217,181)

 

(173,315)

 

(383,092)

 

(378,284)

Net loss per share, basic and diluted

 

$             (0.11)

 

$           (0.09)

 

$           (0.19)

 

$             (0.20)

Weighted average common shares outstanding:

        

   Basic

 

2,054,801

 

1,933,437

 

2,029,630

 

1,924,251

   Diluted

 

2,055,024

 

1,933,437

 

2,029,853

 

1,924,251

Comprehensive loss:

        

Net loss

 

$      (217,181)

 

$     (173,315)

 

$     (383,092)

 

$      (378,284)

Other comprehensive (loss) income:

        

   Foreign currency translation adjustment

 

(172)

 

314

 

(3,207)

 

1,332

Total other comprehensive (loss) income

 

(172)

 

314

 

(3,207)

 

1,332

Comprehensive loss

 

$      (217,353)

 

$     (173,001)

 

$     (386,299)

 

$       (376,952)

         

(1)

Total stock-based compensation expense, inclusive of employer payroll taxes, was allocated as follows (in thousands):

  
  

Three Months Ended June 30,

 

Six Months Ended June 30,

  

2024

 

2023

 

2024

 

2023

Research and development

 

$         20,693

 

$       40,569

 

$       44,814

 

$       88,110

General and administrative

 

17,533

 

21,908

 

35,809

 

49,567

Total

 

$         38,226

 

$       62,477

 

$       80,623

 

$    137,677

Ginkgo Bioworks Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands, unaudited)

     
  

Six Months Ended June 30,

  

2024

 

2023

Cash flows from operating activities:

    

Net loss

 

$                         (383,092)

 

$                          (378,284)

Adjustments to reconcile net loss to net cash used in operating activities:

    

Depreciation and amortization

 

30,199

 

36,610

Stock-based compensation

 

77,928

 

134,474

Goodwill impairment

 

47,858

 

Restructuring related impairment charges

 

4,823

 

Loss on investments and equity method investments

 

9,370

 

10,007

Change in fair value of warrant liabilities

 

(4,173)

 

3,278

Change in fair value of contingent consideration liability

 

2,284

 

8,453

Non-cash lease expense

 

13,070

 

16,327

Non-cash in-process research and development

 

19,795

 

3,981

Impairment loss on assets held for sale

 

 

9,001

Other non-cash activity

 

2,097

 

2,429

Changes in operating assets and liabilities:

    

Accounts receivable

 

(1,102)

 

15,397

Prepaid expenses and other current assets

 

1,770

 

12,087

Operating lease right-of-use assets

 

14,373

 

4,096

Other non-current assets

 

(833)

 

(2,426)

Accounts payable, accrued expenses and other current liabilities

 

10,864

 

(4,004)

Deferred revenue, current and non-current

 

(17,012)

 

(21,372)

Operating lease liabilities, current and non-current

 

(3,866)

 

(13,250)

Other non-current liabilities

 

1,998

 

(922)

Net cash used in operating activities

 

(173,649)

 

(164,118)

Cash flows from investing activities:

    

Purchases of property and equipment

 

(33,742)

 

(32,974)

Business acquisition

 

(5,400)

 

Proceeds from sale of equipment

 

191

 

2,926

Other

 

 

(590)

Net cash used in investing activities

 

(38,951)

 

(30,638)

Cash flows from financing activities:

    

Proceeds from exercise of stock options

 

84

 

24

Principal payments on finance leases

 

(494)

 

(648)

Contingent consideration payment

 

(661)

 

(1,042)

Other

 

 

(603)

Net cash used in financing activities

 

(1,071)

 

(2,269)

Effect of foreign exchange rates on cash and cash equivalents

 

(173)

 

(495)

Net decrease in cash, cash equivalents and restricted cash

 

(213,844)

 

(197,520)

     

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

 

730,367

 

1,105,787

Restricted cash, end of period

 

45,373

 

66,274

Cash, cash equivalents and restricted cash, end of period

 

$                           775,740

 

$                          1,172,061

Ginkgo Bioworks Holdings, Inc.

Selected Non-GAAP Financial Measures

(in thousands, unaudited)

 
  

Three Months Ended June 30,

 

Six Months Ended June 30,

  

2024

 

2023

 

2024

 

2023

Net loss

 

$      (217,181)

 

$      (173,315)

 

$        (383,092)

 

$    (378,284)

Interest income, net

 

(10,313)

 

(14,349)

 

(22,024)

 

(28,894)

Income tax expense

 

190

 

67

 

221

 

149

Depreciation and amortization

 

17,330

 

17,652

 

30,199

 

36,610

EBITDA

 

(209,974)

 

(169,945)

 

(374,696)

 

(370,419)

Stock-based compensation (1)

 

38,226

 

62,477

 

80,623

 

137,677

Impairment expense (2)

 

47,858

 

9,001

 

47,858

 

9,001

Restructuring charges (3)

 

17,066

 

 

17,066

 

Merger and acquisition related expenses (4)

 

4,512

 

12,212

 

6,906

 

30,874

Loss on equity method investments

 

 

67

 

 

1,516

Loss on investments

 

6,826

 

2,121

 

9,370

 

8,491

Change in fair value of warrant liabilities

 

(3,233)

 

4,482

 

(4,173)

 

3,278

Change in fair value of convertible notes

 

(480)

 

(152)

 

846

 

(196)

Adjusted EBITDA

 

$        (99,199)

 

$        (79,737)

 

$        (216,200)

 

$        (179,778)

         

(1)

Includes $1.1 million and $1.0 million in employer payroll taxes for the three months ended June 30, 2024 and 2023, respectively, and $2.7 and $3.2 million for the six months ended June 30, 2024 and 2023, respectively.

(2)

Impairment expense includes $47.9 million related to goodwill impairment in the three and six months ended June 30, 2024 and $9.0 million related to lab equipment acquired as part of the Zymergen acquisition in the three and six months ended June 30, 2023.

(3)

Restructuring charges include $12.2 million in employee termination costs from the reduction in force commenced in June 2024 and $4.8 million in impairment of right-of-use asset relating to facilities consolidation.

(4)

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 $3.0 million and $4.0 million in the three months ended June 30, 2024 and 2023, respectively, and $19.8 million and $4.0 million in the six months ended June 30, 2024 and 2023, respectively.

Ginkgo Bioworks Holdings, Inc.

Segment Information

(in thousands, unaudited)

         
  

Three Months Ended June 30,

 

Six Months Ended June 30,

  

2024

 

2023

 

2024

 

2023

Revenue:

        

Cell Engineering

 

$           36,205

 

$          45,283

 

$        64,094

 

$          79,379

Biosecurity

 

20,001

 

35,285

 

30,056

 

81,891

Total revenue

 

56,206

 

80,568

 

94,150

 

161,270

Segment cost of revenue:

        

Cell Engineering

 

1,914

 

 

1,914

 

Biosecurity

 

11,807

 

18,096

 

21,009

 

40,471

Segment research and development expense:

        

Cell Engineering

 

96,487

 

86,083

 

196,588

 

184,605

Biosecurity

 

458

 

528

 

578

 

1,095

Total segment research and development expense

 

96,945

 

86,611

 

197,166

 

185,700

Segment general and administrative expense:

        

Cell Engineering

 

33,615

 

50,907

 

73,848

 

112,599

Biosecurity

 

11,179

 

16,699

 

23,130

 

30,655

Total segment general and administrative expense

 

44,794

 

67,606

 

96,978

 

143,254

Segment operating (loss) income:

        

Cell Engineering

 

(95,811)

 

(91,707)

 

(208,256)

 

(217,825)

Biosecurity

 

(3,443)

 

(38)

 

(14,661)

 

9,670

Total segment operating loss

 

(99,254)

 

(91,745)

 

(222,917)

 

(208,155)

Operating expenses not allocated to segments:

        

Stock-based compensation (1)

 

38,226

 

62,477

 

80,623

 

137,677

Depreciation and amortization

 

17,330

 

17,652

 

30,199

 

36,610

Impairment expense (2)

 

47,858

 

9,001

 

47,858

 

9,001

Restructuring charges

 

17,066

 

 

17,066

 

        Change in fair value of contingent consideration liability

 

3,211

 

3,276

 

2,284

 

8,453

Loss from operations

 

$      (222,945)

 

$     (184,151)

 

$     (400,947)

 

$     (399,896)

         

(1)

Includes $1.1 million and $1.0 million in employer payroll taxes for the three months ended June 30, 2024 and 2023, respectively, and $2.7 million  and $3.2 million in employer payroll taxes for the six months ended June 30, 2024 and 2023, respectively.

(2)

Includes $47.9 million related to goodwill impairment in the three and six months ended June 30, 2024 and $9.0 million related to impairment of lab equipment acquired as part of the Zymergen acquisition in the three and six months ended June 30, 2023.

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Hillcrest Energy Technologies

Hillcrest Energy Technologies is a clean technology company developing high value, high performance power conversion technologies and digital control systems for next-generation powertrains and grid-connected renewable...

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Northstar Clean Technologies

Northstar Clean Technologies is a cleantech company focused on the sustainable recovery and reprocessing of asphalt shingles. Northstar’s mission is to be the leader in the recovery and reprocessing of asphalt shingles in North America...

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