Ginkgo Bioworks (DNA)2025-02-25 22:02Revenue Performance - Fourth quarter 2024 total revenue of $44 million, up from $35 million in the comparable prior year period, representing a 26% increase[6] - Fourth quarter 2024 Cell Engineering revenue of $35 million, up 29% from $27 million in the prior year, driven by growth with large biopharma customers[6] - Full year 2024 total revenue of $227 million, down 10% from $251 million in the prior year, primarily due to a shift in Biosecurity revenue model[6] - Full year 2024 Cell Engineering revenue of $174 million, up 21% from $144 million in the prior year, but down 10% to $129 million when excluding a $45 million non-cash deferred revenue release[6] - Full year 2024 Biosecurity revenue of $53 million, down 51% from $108 million in the prior year, with a gross profit margin of 27%[6] - Total revenue for the year ended December 31, 2024, was $227.043 million, a decrease of 9.7% compared to $251.455 million in 2023[18] - Total revenue for the year 2024 reached $173.972 million, a 21.2% increase compared to $143.531 million in 2023[27] Profit and Loss - Fourth quarter 2024 GAAP net loss of $(108) million, improved from $(212) million in the prior year[6] - Net loss for Q4 2024 was $107.534 million, significantly improved from a net loss of $211.694 million in Q4 2023[25] - The company reported a loss before income taxes of $(107.860) million for Q4 2024, an improvement from $(211.894) million in Q4 2023[27] - Adjusted EBITDA for the year ended December 31, 2024, was $(293.311) million, an improvement from $(364.965) million in 2023[25] - Impairment expenses for the year 2024 totaled $53.654 million, down from $121.404 million in 2023[27] Cash Flow and Financial Position - Cash and cash equivalents balance as of December 31, 2024, was $562 million, with cash flow of $(55) million in Q4 2024, an improvement from $(114) million in Q3 2024[6] - Cash and cash equivalents at the end of Q4 2024 were $561.572 million, down from $944.073 million at the end of Q4 2023[22] - Net cash used in operating activities for the year ended December 31, 2024, was $319.585 million, compared to $295.500 million in 2023[21] Cost Management - Ginkgo achieved an annualized run-rate cost reduction of $190 million as of Q4 2024, targeting $250 million by the end of Q3 2025[10] - Total operating expenses for the year ended December 31, 2024, were $786.800 million, a reduction of 29.4% compared to $1.115 billion in 2023[18] - Research and development expenses for Q4 2024 were $76.377 million, down 34.7% from $117.038 million in Q4 2023[18] - Stock-based compensation expense for the year ended December 31, 2024, was $115.299 million, down 50.9% from $234.908 million in 2023[19] - Research and development expenses for Cell Engineering were $50.364 million in Q4 2024, a reduction of 30.9% from $72.951 million in Q4 2023[27] - General and administrative expenses for Cell Engineering decreased to $20.494 million in Q4 2024, down 49.3% from $40.383 million in Q4 2023[27] Business Development - Ginkgo added 31 new programs and contracts to the Cell Engineering platform in Q4 2024, including 14 comparable in size and scope to historically reported New Programs[6] - Biosecurity service revenue increased to $9.058 million in Q4 2024, representing a 16.5% growth from $7.779 million in Q4 2023[27] - The operating loss for Cell Engineering improved to $(38.138) million in Q4 2024, compared to $(86.359) million in Q4 2023[27] - Total segment operating loss decreased to $(47.885) million in Q4 2024, down from $(98.035) million in Q4 2023[27] Future Outlook - Ginkgo expects total revenue of $160-$180 million in 2025, with Cell Engineering revenue projected at $110-$130 million[10] - The company recognized $45.4 million in non-cash revenue in 2024 due to the termination of revenue contracts with Motif[25]