Ginkgo Bioworks (US:DNA)2025-11-06 21:10Revenue Performance - Total revenue for Q3 2025 was $39 million, a decrease of 56% compared to $89 million in the same period last year, primarily due to a $45 million non-cash revenue release in the prior year[5] - Cell Engineering revenue in Q3 2025 was $29 million, down 61% from $75 million in the prior year, with a similar non-cash revenue impact[5] - Biosecurity revenue for Q3 2025 was $9 million, compared to $14 million in the same period last year[5] - Total revenue for the three months ended September 30, 2025, was $38,837,000, a decrease of 56.4% compared to $89,046,000 for the same period in 2024[19] - Cell Engineering revenue decreased to $29,380,000 in Q3 2025 from $75,089,000 in Q3 2024, representing a decline of 60.8%[27] - Biosecurity revenue for the three months ended September 30, 2025, was $9,457,000, down 32.4% from $13,957,000 in Q3 2024[27] Financial Losses - GAAP net loss for Q3 2025 was $(81) million, compared to $(56) million in the prior year[5] - The net loss for the three months ended September 30, 2025, was $80,755,000, compared to a net loss of $56,403,000 for the same period in 2024, indicating a worsening of 43.0%[19] - The company reported a basic net loss per share of $1.45 for Q3 2025, compared to a loss of $1.08 per share in Q3 2024[19] - Net loss for the nine months ended September 30, 2025, was $232,012 thousand, compared to a loss of $439,495 thousand for the same period in 2024, representing a 47% improvement[32] - The company incurred total segment operating losses of $41,616,000 for Q3 2025, compared to $11,363,000 in Q3 2024, indicating a significant increase in losses[27] Cash and Cash Equivalents - Cash, cash equivalents, and marketable securities as of September 30, 2025, totaled $462 million[5] - Cash and cash equivalents at the end of the period were $111,065,000, down from $616,214,000 at the end of Q3 2024, reflecting a decrease of 82.0%[24] - Net cash used in operating activities for the nine months ended September 30, 2025, was $123,381,000, compared to $277,150,000 for the same period in 2024[23] Operating Expenses - Total operating expenses for the three months ended September 30, 2025, were $128,854,000, a reduction of 10.6% compared to $144,250,000 in Q3 2024[19] - Research and development expenses for the three months ended September 30, 2025, were $69,353,000, down from $77,006,000 in Q3 2024, a decrease of 9.5%[19] Future Projections - Ginkgo expects total revenue for 2025 to be between $167 million and $187 million, with Cell Engineering revenue projected at $117 million to $137 million and Biosecurity revenue at least $40 million[11] Strategic Initiatives - Ginkgo announced a project agreement with BARDA valued at up to $22.2 million for innovations in monoclonal antibody biomanufacturing[5] - The company is expanding its frontier autonomous lab in Boston as a showcase for its capabilities[5] - Ginkgo's AI-enabled cloud lab technology is positioned to accelerate U.S. scientific innovation, aligning with the recent AI Action Plan from President Trump[3] Adjusted Financial Metrics - Adjusted EBITDA for Q3 2025 was $(56) million, down from $(20) million in the prior year[5] - Adjusted EBITDA for the nine months ended September 30, 2025, was $(131,219) thousand, an improvement from $(236,216) thousand in 2024, indicating a 44% reduction in losses[32] Other Financial Metrics - Stock-based compensation increased to $61,429 thousand for the nine months ended September 30, 2025, compared to $94,636 thousand in 2024, reflecting a 35% decrease[32] - Restructuring charges for the nine months ended September 30, 2025, totaled $10,692 thousand, down from $20,015 thousand in 2024, marking a 47% reduction[32] - Interest income, net, decreased to $(17,906) thousand for the nine months ended September 30, 2025, from $(31,275) thousand in 2024, a decline of 43%[32] - Depreciation and amortization expenses for the nine months ended September 30, 2025, were $45,327 thousand, slightly down from $47,368 thousand in 2024, a decrease of 4%[32] - The company recognized $7.5 million in non-cash revenue during the nine months ended September 30, 2025, due to the release of deferred revenue from a customer agreement[32] - Merger and acquisition-related expenses for the nine months ended September 30, 2025, were $(4,478) thousand, compared to $6,110 thousand in 2024, indicating a significant change in expenses[32] - The company reported a loss on deconsolidation of a subsidiary amounting to $7,013 thousand for the nine months ended September 30, 2024[32] - Change in fair value of convertible notes resulted in a gain of $5,685 thousand for the nine months ended September 30, 2025, compared to a gain of $1,127 thousand in 2024[32]