Boston, Massachusetts, USA
February 25, 2025

• 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

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 €24 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
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Website: http://www.ginkgobioworks.com.

Published: February 26, 2025