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Ginkgo Bioworks (DNA) - 2025 Q1 - Quarterly Results
DNAGinkgo Bioworks (DNA)2025-05-06 21:03

Revenue Performance - Total revenue for Q1 2025 was 48million,a2748 million, a 27% increase from 38 million in the same period last year, primarily due to a 7millionnon−cashrevenuerelease[6].−CellEngineeringrevenueforQ12025was7 million non-cash revenue release[6]. - Cell Engineering revenue for Q1 2025 was 31 million, up 10% from 28millionintheprioryear,drivenbygrowthwithbiopharmaandgovernmentcustomers[6].−CellEngineeringrevenueincreasedto28 million in the prior year, driven by growth with biopharma and government customers[6]. - Cell Engineering revenue increased to 38,230,000 in Q1 2025 from 27,889,000inQ12024,representingagrowthof37.527,889,000 in Q1 2024, representing a growth of 37.5%[19]. - Total revenue for Q1 2025 was 48,318,000, up from 37,944,000inQ12024,markinga27.537,944,000 in Q1 2024, marking a 27.5% increase[19]. - Full year 2025 revenue guidance updated to 167-187million,withCellEngineeringrevenueprojectedat187 million, with Cell Engineering revenue projected at 117-137million[12].FinancialLossesandImprovements−GAAPnetlossforQ12025was137 million[12]. Financial Losses and Improvements - GAAP net loss for Q1 2025 was (91) million, an improvement from (166)millioninthesameperiodlastyear[6].−Netlossnarrowedto(166) million in the same period last year[6]. - Net loss narrowed to 90,957,000 in Q1 2025 compared to a net loss of 165,911,000inQ12024,improvingby45.0165,911,000 in Q1 2024, improving by 45.0%[19]. - Basic net loss per share improved to (1.68) in Q1 2025 from (3.31)inQ12024[19].−AdjustedEBITDAforQ12025was(3.31) in Q1 2024[19]. - Adjusted EBITDA for Q1 2025 was (47) million, an improvement from (117)millionintheprioryear,attributedtoincreasedrevenueanddecreasedoperatingexpenses[6].−AdjustedEBITDAforQ12025was(117) million in the prior year, attributed to increased revenue and decreased operating expenses[6]. - Adjusted EBITDA for Q1 2025 was (47,451,000), an improvement from (117,001,000)inQ12024[29].−ThetotalsegmentoperatinglossforQ12025was(117,001,000) in Q1 2024[29]. - The total segment operating loss for Q1 2025 was (36,773,000), compared to (103,471,000)inQ12024,reflectingasignificantreductioninlosses[25].CostManagement−Thecompanyaimstoachieve(103,471,000) in Q1 2024, reflecting a significant reduction in losses[25]. Cost Management - The company aims to achieve 250 million in annualized cost reductions by the end of Q3 2025, with a current run-rate cost reduction of 205million[6].−Researchanddevelopmentexpensesdecreasedto205 million[6]. - Research and development expenses decreased to 70,923,000 in Q1 2025 from 136,457,000inQ12024,areductionof48.0136,457,000 in Q1 2024, a reduction of 48.0%[19]. - Total operating expenses decreased to 137,286,000 in Q1 2025 from 215,946,000inQ12024,adeclineof36.4215,946,000 in Q1 2024, a decline of 36.4%[19]. - The company incurred restructuring charges of 5,273,000 in Q1 2025, primarily related to employee termination costs[26]. Cash and Backlog - Cash, cash equivalents, and marketable securities as of March 31, 2025, totaled 517million[6].−CashandcashequivalentsattheendofQ12025were517 million[6]. - Cash and cash equivalents at the end of Q1 2025 were 312,420,000, down from 840,440,000attheendofQ12024[23].−Ginkgohasacontractedbacklogofapproximately840,440,000 at the end of Q1 2024[23]. - Ginkgo has a contracted backlog of approximately 180 million across 28 US Government projects in Cell Engineering and Biosecurity[6]. Market Position and Growth - Ginkgo's Datapoints and Automation offerings are gaining traction, including a new deal with Aura Genetics, marking its first diagnostics company customer[6]. - The company is well-positioned in the biotechnology sector, which is emphasized as a critical area of national importance by US government reports[6].