Ginkgo Bioworks (DNA)2024-11-12 22:03Revenue Performance - Total revenue for Q3 2024 was $89 million, a 61% increase from $55 million in the same period last year, primarily due to a $45 million non-cash revenue release[3]. - Excluding the non-cash revenue, total revenue was $44 million, representing a 21% decrease year-over-year[3]. - Total revenue for Q3 2024 was $89.046 million, a 60.6% increase from $55.430 million in Q3 2023[15]. - Cell Engineering revenue reached $75.089 million in Q3 2024, compared to $37.176 million in Q3 2023, marking a 101.5% increase[15]. - Biosecurity revenue decreased to $13.957 million in Q3 2024, down 23.5% from $18.254 million in Q3 2023[21]. Operational Loss and Expenses - Loss from operations for Q3 2024 was $(55) million, significantly improved from $(286) million in the prior year[3]. - Total operating loss for Q3 2024 was $55.204 million, significantly improved from a loss of $286.393 million in Q3 2023[21]. - Total operating expenses for Q3 2024 were $144.250 million, significantly lower than $341.823 million in Q3 2023, a decrease of 57.7%[15]. - Research and development expenses for Q3 2024 were $77.006 million, down from $156.662 million in Q3 2023, representing a 50.9% reduction[15]. - General and administrative expenses for Q3 2024 totaled $39.359 million, a decrease of 28.2% compared to $54.824 million in Q3 2023[21]. - Stock-based compensation for Q3 2024 was $14.013 million, down from $53.647 million in Q3 2023[21]. Cash and Equity - Cash and cash equivalents at the end of Q3 2024 totaled $616 million[3]. - Cash and cash equivalents at the end of the period were $616.214 million, down from $944.073 million at the beginning of the period[20]. - Total stockholders' equity decreased to $797.943 million from $1,097.152 million year-over-year[15]. Future Guidance and Goals - Ginkgo updated its 2024 revenue guidance to $215-235 million, reflecting the impact of the $45 million non-cash deferred revenue release[6]. - Ginkgo aims to achieve Adjusted EBITDA breakeven by the end of 2026, with an estimated $85 million in annualized savings from workforce reductions by mid-2025[5]. New Programs and Contracts - The company added 25 new programs and contracts in Cell Engineering during Q3 2024, including a new deal with Novo Nordisk[4]. Comprehensive Loss - The company reported a comprehensive loss of $54.417 million for Q3 2024, compared to a comprehensive loss of $304.490 million in Q3 2023[16].