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Ginkgo Bioworks 2024 Financial Update

Ginkgo Bioworks Holdings, Inc., a renowned leader in cell programming and biosecurity, has opened 2025 with an optimistic outlook as it reveals its financial results for the fourth quarter and the entire fiscal year 2024. The company reported a total revenue of $44 million for the fourth quarter, a notable increase from $35 million achieved in the same quarter the previous year. This marked a significant growth trajectory for Ginkgo, supported by a robust performance in its Cell Engineering segment, which alone generated $35 million in Q4, reflecting a 29% increase over last year's figures.

Key Financial Metrics

In 2024, Ginkgo faced challenges leading to a full-year revenue decline of 10%, totaling $227 million, down from $251 million in 2023. The notable decline was attributed to a transition within its Biosecurity revenue model, shifting from K-12 testing towards more recurring revenue strategies. Despite these setbacks, their Cell Engineering revenue increased by 21% to $174 million from the prior year's $144 million.

In terms of profits, Ginkgo reported a GAAP net loss of $(547) million for the year, improving from a $(893) million loss in the previous fiscal year. Adjusted EBITDA showed significant improvement, reaching $(293) million for 2024, up from $(365) million in 2023. Ginkgo's cash and cash equivalents stood at $562 million, demonstrating improved cash flow management strategies as evidenced by a reduction in cash burn in Q4.

Strategic Restructuring and Business Highlights

Ginkgo has undertaken significant restructuring efforts that have proven beneficial. The company was able to consolidate its facilities, cut operational costs, and enhance cash flow efficiency. In total, Ginkgo has achieved an annualized run-rate cost reduction of $190 million, with plans to further increase this to $250 million by the end of Q3 2025.

Among the noteworthy developments, Ginkgo added 31 new customer agreements to its Cell Engineering platform in the fourth quarter alone—and secured crucial contracts in advanced automation and biosecurity that are expected to propel revenue growth. Additionally, Ginkgo's recent partnership with Carnegie Mellon University aims to innovate implantable cell-based bioelectronic devices under an ARPA-H program, potentially leading to transformative advancements in healthcare.

CEO Jason Kelly expressed pride in these strategic developments, emphasizing the company's continued commitment to pushing technological boundaries while serving a diverse range of clients in the life sciences and biopharma sectors. He noted, "Our focus on driving sustainable, revenue-generating efforts will continue to shape Ginkgo's trajectory into the exciting year ahead."

Looking Ahead

As Ginkgo Bioworks gears up for 2025, it has set a total revenue target between $160 and $180 million, with expectations for its Cell Engineering division to generate between $110 and $130 million. The company is also exploring new opportunities within its Biosecurity segment, with a contracted backlog of at least $50 million expected for the year.

To further engage stakeholders and the financial community, Ginkgo hosted a videoconference detailing these results, offering insights into their operational outlook and answering stakeholder queries.

As Ginkgo Bioworks moves forward, its innovative approach to cell programming and biosecurity positions it well to tackle the pressing challenges across various industries, laying the groundwork for a breakthrough year in 2025. For interactions, questions can be directed to the company via their official channels on X or through email.

Follow Ginkgo Bioworks' journey as they continue to innovate and lead in synthetic biology and biosecurity.