Ginkgo Bioworks (DNA)2025-05-06 21:03Revenue Performance - Total revenue for Q1 2025 was $48 million, a 27% increase from $38 million in the same period last year, primarily due to a $7 million non-cash revenue release[6]. - Cell Engineering revenue for Q1 2025 was $31 million, up 10% from $28 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 $27,889,000 in Q1 2024, representing a growth of 37.5%[19]. - Total revenue for Q1 2025 was $48,318,000, up from $37,944,000 in Q1 2024, marking a 27.5% increase[19]. - Full year 2025 revenue guidance updated to $167-$187 million, with Cell Engineering revenue projected at $117-$137 million[12]. Financial Losses and Improvements - GAAP net loss for Q1 2025 was $(91) million, an improvement from $(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 $165,911,000 in Q1 2024, improving by 45.0%[19]. - Basic net loss per share improved to $(1.68) in Q1 2025 from $(3.31) in Q1 2024[19]. - Adjusted EBITDA for Q1 2025 was $(47) million, an improvement from $(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) in Q1 2024[29]. - The total segment operating loss for Q1 2025 was $(36,773,000), compared to $(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 $205 million[6]. - Research and development expenses decreased to $70,923,000 in Q1 2025 from $136,457,000 in Q1 2024, a reduction of 48.0%[19]. - Total operating expenses decreased to $137,286,000 in Q1 2025 from $215,946,000 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 $517 million[6]. - Cash and cash equivalents at the end of Q1 2025 were $312,420,000, down from $840,440,000 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].