Ginkgo Bioworks Reports Fourth Quarter and Full Year 2025 Financial Results, Announces Focus on Autonomous Labs Offerings and Divestiture of its Non-Core Biosecurity Business

Rhea-AI Summary

Ginkgo Bioworks (NYSE: DNA) reported fourth-quarter 2025 revenue of $33M (down 24% YoY) and GAAP net loss of $81M. Full-year 2025 revenue was $170M (down 25%); GAAP net loss $313M. Adjusted EBITDA improved to $(167)M FY. Cash and marketable securities totaled $423M at year-end. The company announced a planned divestiture of its biosecurity business to a consortium for a minority equity stake, expected to close in H1 2026, and will concentrate investments on building and commercializing autonomous labs. 2026 cash burn guidance: $(150)M–$(125)M.

Positive

• Cash balance of $423 million at year-end
• Adjusted EBITDA improved to $(167) million for full-year 2025
• Biosecurity divestiture creates standalone entity and preserves minority upside for Ginkgo

Negative

• Total revenue down 25% year-over-year to $170 million for 2025
• Q4 revenue fell 24% year-over-year to $33 million
• GAAP net loss of $313 million for full-year 2025

Market Reaction – DNA

-14.73% $8.28

15m delay 25 alerts

-14.73% Since News

-15.8% Trough in 1 hr 19 min

$8.28 Last Price

$7.73 $9.72 Day Range

-$102M Valuation Impact

$588M Market Cap

0.1x Rel. Volume

Following this news, DNA has declined 14.73%, reflecting a significant negative market reaction. Argus tracked a trough of -15.8% from its starting point during tracking. Our momentum scanner has triggered 25 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $8.28. This price movement has removed approximately $102M from the company's valuation.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.

Key Figures

Q4 2025 Total Revenue: $33 million Q4 2025 GAAP Net Loss: $(81) million Q4 2025 Adjusted EBITDA: $(36) million +5 more

8 metrics

Q4 2025 Total Revenue $33 million Versus $44 million in prior-year quarter (24% decrease)

Q4 2025 GAAP Net Loss $(81) million Improved from $(108) million in prior-year quarter

Q4 2025 Adjusted EBITDA $(36) million Improved from $(57) million in prior-year quarter

Cash & Securities $423 million Cash, cash equivalents and marketable securities as of Dec 31, 2025

FY 2025 Total Revenue $170 million Down from $227 million in prior year (25% decrease)

FY 2025 GAAP Net Loss $(313) million Improved from $(547) million in prior year

FY 2025 Adjusted EBITDA $(167) million Improved from $(293) million in prior year

2026 Cash Burn Outlook $(150)-$(125) million Expected total cash burn in full year 2026

Market Reality Check

Price: $9.38 Vol: Volume 721,278 vs 20-day ...

low vol

$9.38 Last Close

Volume Volume 721,278 vs 20-day average 1,098,026 (relative volume 0.66x). low

Technical Price at $9.71, trading below 200-day MA of $10.43.

Peers on Argus

DNA gained 5.87% while peers were mixed: ANAB +2.86%, XNCR +9.01%, SEPN +0.93%, ...

DNA gained 5.87% while peers were mixed: ANAB +2.86%, XNCR +9.01%, SEPN +0.93%, MGTX -1.92%, KROS -1.12%, indicating a stock-specific reaction.

Historical Context

5 past events · Latest: Feb 19 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 19	Earnings date notice	Neutral	+8.3%	Announced timing and format of Q4 and full-year 2025 results presentation.
Feb 18	Collaboration deal	Positive	-0.6%	New collaboration with Invaio Sciences for peptide manufacturing technology.
Feb 05	AI lab milestone	Positive	+0.6%	OpenAI GPT-5 autonomous lab achieved 40% improvement in protein synthesis costs.
Jan 13	Conference participation	Neutral	+0.6%	Planned presentation at the 44th Annual J.P. Morgan Healthcare Conference.
Dec 22	Oncology partnership	Positive	+8.5%	Cancer screening partnership with Carnegie Mellon under an ARPA-H award.

Pattern Detected

Recent news has mostly seen price moves align with the tone of announcements, with one divergence on a positive collaboration headline.

Recent Company History

Over the last several months, Ginkgo Bioworks has highlighted collaborations, conference participation, and autonomous lab advances. A January J.P. Morgan Healthcare Conference appearance and multiple partnerships, including with Carnegie Mellon on an ARPA-H oncology program, preceded strong positive reactions on some days, such as the POSEIDON cancer screening partnership on Dec 22, 2025. AI-driven autonomous lab results with OpenAI showed technical progress in early 2026. The current earnings release, with improving losses, a biosecurity divestiture, and autonomous lab focus, extends this shift toward platform and technology positioning.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2025-08-07

The company has an active Form S-3 shelf registration filed on 2025-08-07, with at least one usage via a 424B5 prospectus supplement dated 2025-09-04, indicating the ability to issue additional Class A common stock under this framework.

Market Pulse Summary

The stock is dropping -14.7% following this news. A negative reaction despite signs of operational i...

Analysis

The stock is dropping -14.7% following this news. A negative reaction despite signs of operational improvement would have contrasted with the company’s recent pattern, where positive strategic and partnership updates generally aligned with favorable price moves. The earnings release showed revenue contraction but also narrowing GAAP net losses to $(81) million in Q4 and $(313) million for 2025, plus improved Adjusted EBITDA. A decline could have reflected concern over lower revenues, projected 2026 cash burn of $(150)-$(125) million, or skepticism about the biosecurity divestiture and autonomous lab focus.

Key Terms

gaap, adjusted ebitda, gross profit margin, autonomous labs, +2 more

6 terms

gaap financial

"Fourth quarter 2025 GAAP net loss of $(81) million, compared to $(108)..."

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

adjusted ebitda financial

"Fourth quarter 2025 Adjusted EBITDA of $(36) million, up from $(57)..."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

gross profit margin financial

"full year 2025 Biosecurity revenue of $37 million... with ... gross profit margin of 23%"

Gross profit margin shows how much money a company keeps from sales after paying for the goods or services it sold. It’s like checking how much profit is left over from each dollar earned before covering other costs. A higher margin indicates the company makes more money from its sales, which helps assess its profitability and efficiency.

autonomous labs technical

"we are going to focus on investing to win in the category of autonomous labs"

Autonomous labs are research facilities that use robots, sensors and software to run experiments, collect data and adjust procedures with little human intervention. For investors, they matter because the automation speeds up discovery, cuts recurring labor costs and can improve reproducibility—like replacing a manual assembly line with a self-driving factory—potentially accelerating product timelines and reducing the risk and cost of bringing new technologies to market.

r&d technical

"moving our three R&D services businesses onto a single, large autonomous lab"

Research and development (R&D) is the work a company does to discover new products, improve existing ones, or develop better ways of making things — like a kitchen testing recipes to create a hit dish. For investors it matters because R&D is where future sales and competitive advantages are born, but it also uses cash and carries risk, so R&D spending and outcomes signal a company’s growth potential and uncertainty.

arpa-h regulatory

"Solutions announced partnerships with ARPA-H, University of Illinois Urbana-Champaign..."

ARPA-H is a U.S. government agency that funds bold, high-risk scientific projects aimed at rapid advances in health and medicine; think of it as a government venture-capital arm for breakthrough biomedical research. For investors, ARPA-H matters because its grants and endorsements can reduce technical risk, speed commercialization of new technologies, and signal where public funding and regulatory attention may create future market opportunities.

AI-generated analysis. Not financial advice.

Ginkgo provides an update on its fourth quarter financial results

BOSTON, Feb. 26, 2026 /PRNewswire/ -- Ginkgo Bioworks Holdings, Inc. (NYSE: DNA, "Ginkgo") today announced its results for the fourth quarter and full year ended December 31, 2025. The update, including a webcast slide presentation with additional details on the third quarter, as well as supplemental financial information will be available at investors.ginkgobioworks.com.

Fourth Quarter 2025 Financial Results

• Fourth quarter 2025 Total revenue of $33 million compared to $44 million in the comparable prior year period, Total revenue in the fourth quarter of 2025 decreased 24% from the comparable prior year period.
  • Fourth quarter 2025 Cell Engineering revenue of $26 million compared to $35 million in the comparable prior year period, a decrease of 26%
  • Fourth quarter 2025 Biosecurity revenue of $7 million compared to $9 million in the comparable prior year period
• Fourth quarter 2025 GAAP net loss of $(81) million, compared to $(108) million in the comparable prior year period
• Fourth quarter 2025 Adjusted EBITDA of $(36) million, up from $(57) million in the comparable prior year period, primarily attributable to the decrease in operating expenses in the prior year period
• Cash, cash equivalents and marketable securities balance as of December 31, 2025 of $423 million

"This year, we are going to focus on investing to win in the category of autonomous labs," said Jason Kelly, co-founder and CEO of Ginkgo Bioworks. "There is an emerging wave of interest in robotics and AI, and our work with the Department of Energy and OpenAI this year shows that Ginkgo is in the best position to bring robotics to an extraordinarily high value area: laboratory research."

Full Year 2025 Financial Results

• Full year 2025 Total revenue of $170 million, down from $227 million in the prior year, a decrease of 25% driven by the shift from early stage customers to large/enterprise customers along with commercial changes related to the restructuring. Full year 2025 and 2024 also benefited from $8 million and $45 million of non-cash revenue from previously announced releases of deferred revenue relating to the mutual terminations of customer agreements.
  • Full year 2025 Cell Engineering revenue of $133 million, down from $174 million in the prior year, a decrease of 24%. Excluding the non-cash deferred revenue releases discussed above, full year 2025 and 2024 Cell Engineering revenue of $125 million and $129 million, respectively, with 2025 Cell Engineering revenue decreasing 3%, primarily attributed to ongoing program rationalization as part of our restructuring activities. Full year 2025 Biosecurity revenue of $37 million, down from $53 million in the prior year, a decrease of 30%, with full year 2025 Biosecurity gross profit margin of 23%
• Full year 2025 GAAP net loss of $(313) million, compared to $(547) million in the prior year
• Full year 2025 Adjusted EBITDA of $(167) million, improved from $(293) million in the prior year

Biosecurity Business Divestiture

Ginkgo today announced it has reached an agreement to sell the Company's biosecurity business to a consortium of investors ("Investors") in exchange for a minority equity position in the business alongside the Investors. Upon completion, the biosecurity business will operate as a standalone private entity focused on building a scaled, biosecurity infrastructure platform for the United States and its global partners. The transaction provides the biosecurity business with greater flexibility and additional resources to pursue near- and long-term growth opportunities. 

Per Ginkgo CEO Jason Kelly, "There is rising interest in defense tech in private capital markets and spinning off our biosecurity business into a private entity with new investors allows it to grow faster with more investment than it would inside Ginkgo. This serves Ginkgo in two ways: we are able to participate in the upside of the new entity as a shareholder but importantly we also focus Ginkgo's cash investment on our autonomous labs business."

Ginkgo expects to complete the transaction in the first half of 2026, subject to the satisfaction of customary closing conditions.

Recent Business Highlights & Strategic Positioning

• We are making 2026 a year of investment in our autonomous lab
  • This year, we will focus Ginkgo's efforts on autonomous labs as the common platform for biotechnology research and invest to extend our current lead in technology. We are currently expanding our frontier autonomous lab in Boston to include over 50 RACs, with 50 more expected by the end of the year
  • We will demonstrate the capabilities of autonomous labs by decommissioning the majority of Ginkgo's lab benches, walk-up automation, and workcells and moving our three R&D services businesses onto a single, large autonomous lab
• We are commercializing our autonomous lab through two distinct pathways: through our cloud lab services and by building autonomous labs for customers
  • We just released the results of a collaboration with OpenAI where they used GPT-5 to design experiments using Ginkgo's cloud lab. This resulted in achieving a 40% improvement over the state-of-the-art in Cell-Free Protein Synthesis
  • After a pilot, we build and install customized autonomous systems directly at customer sites, allowing them to run workflows in a matter of weeks. We did this for the Pacific Northwest National Laboratory, where we recently dedicated an 18-instrument autonomous anaerobic system and won a $47M contract for a 97-instrument autonomous lab
• Ginkgo continues to hold a strong cash position while winning new deals across Agriculture, Pharma, and the U.S. Government, providing a strong revenue base to position for future growth
  • We ended 2025 with $423 million in cash, cash equivalents and marketable securities
  • Datapoints defined the category of Bio-AI Data Provider, worked with 10 top pharma customers in its first full year.
  • In the fourth quarter of 2025, Solutions announced partnerships with ARPA-H, University of Illinois Urbana-Champaign, Carnegie Mellon, Agricen, Deep Origin and more

Full Year 2026 Outlook

• Ginkgo expects total cash burn of $(150)-$(125) million in 2026. 

Conference Call Details

Ginkgo will host a videoconference today, Thursday, February 26, beginning at 4:30 p.m. ET. The presentation will include an overview of the fourth quarter and full year 2025, recent business updates, a discussion on Ginkgo's outlook, as well as a moderated question and answer session.

To ask a question ahead of the presentation, please submit your questions to @Ginkgo on X (hashtag #GinkgoResults) or by sending an e-mail to investors@ginkgobioworks.com.

A webcast link is available on Ginkgo's Investor Relations website and a replay will be made available following the presentation.

Ginkgo Investor Website: https://investors.ginkgobioworks.com/events/

Audio-Only Dial Ins:

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Webinar ID: 931 5925 7666

If you experience technical difficulties with any of these dial-ins or if you need international dial-in numbers, please visit our website at https://investors.ginkgobioworks.com/events/ for updated dial-in information.

About Ginkgo Bioworks
Ginkgo Bioworks builds the tools that make biology easier to engineer for everyone. The company offers autonomous laboratories that replace manual laboratory work with robotics in the lab, greatly improving the productivity of scientists. Ginkgo's in-house autonomous lab is also available as a "cloud lab" through our Datapoints and Solutions contract research services. For more information, visit ginkgobioworks.com, read our blog, or follow us on social media channels such as X (@Ginkgo), Instagram (@GinkgoBioworks), Threads (@GinkgoBioworks), or LinkedIn.

Forward-Looking Statements of Ginkgo Bioworks
This press release, the presentation, and the conference call and webcast contain certain forward-looking statements within the meaning of the federal securities laws, including statements regarding our plans, including with respect to technology adaptations to meet our customers' needs, strategies, including with respect to our current expectations, operations and anticipated results of operations, both business and financial, including the timing for attaining Adjusted EBITDA breakeven, potential customer success, including successful application of our offerings by our customers, expected benefits from our strategic partnerships, and expectations with regard to revenue, including our ability to meet all milestones and achieve the maximum revenue available under certain of our customer arrangements, expenses, our full year 2026 outlook, and the market environment, all of which are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, or industry results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements generally are identified by the words "believe," "can," "project," "potential," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) our ability to realize near-term and long-term cost savings associated with our site consolidation plans, including the ability to terminate leases or find sub-lease tenants for unused facilities, (ii) volatility in the price of Ginkgo's securities due to a variety of factors, including changes in the competitive and highly regulated industries in which Ginkgo operates and plans to operate, variations in performance across competitors, and changes in laws and regulations affecting Ginkgo's business, (iii) the ability to implement business plans, forecasts, and other expectations, and to identify and realize additional business opportunities, including with respect to our solutions and tools offerings, (iv) the risk of downturns in demand for products using synthetic biology, (v) the uncertainty regarding the demand for passive monitoring programs and biosecurity services, (vi) changes to the biosecurity industry, including due to advancements in technology, emerging competition and evolution in industry demands, standards and regulations, (vii) the outcome of any pending or potential legal proceedings against Ginkgo, (viii) our ability to realize the expected benefits from and the success of our platform programs and assets, (ix) our ability to successfully develop engineered cells, bioprocesses, data packages or other deliverables, (x) the product development, production or manufacturing success of our customers, (xi) our exposure to the volatility and liquidity risks inherent in holding equity interests in other operating companies and other non-cash consideration we may receive for our services, (xii) the potential negative impact on our business of our restructuring or the failure to realize the anticipated savings associated therewith and (xiii) the uncertainty regarding government budgetary priorities and funding allocated to government agencies, including potential adverse effects from the U.S. government shutdown. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of Ginkgo's annual report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") on February 26, 2026 and other documents filed by Ginkgo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Ginkgo assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Ginkgo does not give any assurance that it will achieve its expectations.

Use of Non-GAAP Financial Measures
Certain of the financial measures included in this release, including Adjusted EBITDA, cash flow and cash burn, have not been prepared in accordance with generally accepted accounting principles ("GAAP"), and constitute "non-GAAP financial measures" as defined by the SEC. Ginkgo has included these non-GAAP financial measures because it believes they provide an additional tool for investors to use in evaluating Ginkgo's financial performance and prospects. Due to the nature and/or size of the items being excluded, such items do not reflect future gains, losses, expenses or benefits and are not indicative of our future operating performance. These non-GAAP financial measures are supplemental to, and should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. In addition, these non-GAAP financial measures may differ from non-GAAP financial measures with comparable names used by other companies. See the reconciliation below for additional information regarding certain of the non-GAAP financial measures included in this release, including a description of these non-GAAP financial measures and a reconciliation of the historic measures to Ginkgo's most comparable GAAP financial measures.

Ginkgo Bioworks Contacts: 

INVESTOR CONTACT:
investors@ginkgobioworks.com 

MEDIA CONTACT:
press@ginkgobioworks.com

Ginkgo Bioworks Holdings, Inc. Consolidated Balance Sheets (in thousands, except share data)
	As of December 31,
	2025		2024
Assets
Current assets:
Cash and cash equivalents	$      167,202		$      561,572
Marketable securities	255,418		—
Accounts receivable, net	24,026		21,857
Accounts receivable - related parties	229		586
Prepaid expenses and other current assets	24,963		18,729
Total current assets	471,838		602,744
Property, plant and equipment, net	167,783		203,720
Operating lease right-of-use assets	360,918		394,435
Investments	15,066		48,704
Intangible assets, net	56,924		72,510
Other non-current assets	47,167		55,336
Total assets	$   1,119,696		$   1,377,449
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$        10,566		$        14,169
Deferred revenue (includes $98 and $795 from related parties)	18,946		27,710
Accrued expenses and other current liabilities	66,458		65,387
Total current liabilities	95,970		107,266
Non-current liabilities:
Deferred revenue, net of current portion (includes $64,787 and $72,260 from related parties)	75,182		98,783
Operating lease liabilities, non-current	417,078		438,766
Other non-current liabilities	22,876		16,576
Total liabilities	611,106		661,391
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; none issued	—		—
Common stock, $0.0001 par value (Note 13)	6		5
Additional paid-in capital	6,657,053		6,555,416
Accumulated deficit	(6,150,320)		(5,837,557)
Accumulated other comprehensive income (loss)	1,851		(1,806)
Total stockholders' equity	508,590		716,058
Total liabilities and stockholders' equity	$   1,119,696		$   1,377,449

The accompanying notes are an integral part of these consolidated financial statements.

 

Ginkgo Bioworks Holdings, Inc. Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share data)
	Year Ended December 31,
	2025		2024		2023
Cell Engineering revenue (1)	$        132,746		$        173,972		$        143,531
Biosecurity revenue:
Service	37,409		53,071		78,975
Product	—		—		28,949
Total revenue	170,155		227,043		251,455
Costs and operating expenses:
Cost of Biosecurity service revenue	31,521		38,549		46,524
Cost of Biosecurity product revenue	—		—		7,481
Cost of other revenue	15,451		5,999		—
Research and development	243,773		424,061		580,621
General and administrative	183,290		246,161		385,025
Impairment of lease assets	—		—		96,210
Goodwill impairment	—		47,858		—
Restructuring charges	11,398		24,172		—
Total operating expenses	485,433		786,800		1,115,861
Loss from operations	(315,278)		(559,757)		(864,406)
Other income (expense):
Interest income	22,616		38,612		57,217
Interest expense	—		(94)		(93)
Loss on equity method investments	—		—		(2,635)
Loss on investments	(16,411)		(28,827)		(54,827)
Loss on deconsolidation of subsidiaries	—		(7,013)		(42,502)
Change in fair value of warrant liabilities	—		5,701		5,168
Other (expense) income, net	(4,527)		3,870		9,138
Total other income (expense)	1,678		12,249		(28,534)
Loss before income taxes	(313,600)		(547,508)		(892,940)
Income tax benefit	(837)		(479)		(71)
Net loss	$      (312,763)		$      (547,029)		$      (892,869)
Net loss per share	$            (5.64)		$          (10.54)		$          (18.37)
Weighted average common shares outstanding:	55,457,676		51,894,639		48,610,507
Comprehensive loss:
Net loss	$      (312,763)		$      (547,029)		$      (892,869)
Other comprehensive income (loss):
Foreign currency translation adjustment	3,531		(4,782)		4,116
Reclassification of foreign currency translation adjustment realized upon sale of foreign subsidiary	—		1,492		—
Unrealized gain on available-for-sale securities	126		—		—
Total other comprehensive income (loss)	3,657		(3,290)		4,116
Comprehensive loss	$      (309,106)		$      (550,319)		$      (888,753)

(1)	Includes related party revenue of $8,784, $53,041, and $22,222 for the years ended December 31, 2025, 2024, and 2023, respectively.

The accompanying notes are an integral part of these consolidated financial statements.

Ginkgo Bioworks Holdings, Inc. Consolidated Statements of Cash Flows (in thousands)
	Year Ended December 31,
	2025		2024		2023
Cash flows from operating activities:
Net loss	$      (312,763)		$      (547,029)		$      (892,869)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	58,990		63,020		70,507
Stock-based compensation	81,546		112,344		229,884
Goodwill impairment	—		47,858		—
Restructuring related impairment charges	—		4,823		—
Non-cash customer consideration	—		(1,117)		(1,373)
Loss on equity method investments	—		—		2,635
Loss on investments	16,411		28,827		54,827
Change in fair value of notes receivable	5,685		2,014		2,416
Change in fair value of warrant liabilities	—		(5,701)		(5,168)
Change in fair value of contingent consideration liability	(4,232)		3,214		9,168
Loss on deconsolidation of subsidiaries	—		7,013		42,502
Impairment of long-lived assets	—		5,796		121,404
Deferred income tax benefit	(1,364)		(936)		(801)
Loss on disposal of equipment	—		844		842
Non-cash lease expense	30,082		28,095		28,313
Non-cash in-process research and development	—		19,796		9,182
Accretion of discount on marketable securities	(3,390)		—		—
Other non-cash activity	2,064		1,224		3,194
Changes in operating assets and liabilities:
Accounts receivable ($357, $156 and $816 from related parties)	(1,473)		(4,725)		50,068
Prepaid expenses and other current assets	(5,247)		10,085		10,473
Operating lease right-of-use assets	3,814		23,463		9,275
Other non-current assets	296		(1,394)		2,570
Accounts payable	(2,992)		4,771		(1,183)
Accrued expenses and other current liabilities	10,376		(40,438)		16,899
Deferred revenue, current and non-current ($(8,147), $(51,422) and $(17,018) from related parties)	(32,393)		(68,645)		(35,917)
Operating lease liabilities, current and non-current	(27,932)		(14,881)		(22,800)
Other non-current liabilities	11,463		2,094		452
Net cash used in operating activities	(171,059)		(319,585)		(295,500)
Cash flows from investing activities:
Purchases of marketable debt securities	(418,630)		—		—
Maturities of marketable debt securities	159,483		—		—
Proceeds from sale of marketable debt securities	25,899		—		—
Purchases of property and equipment	(7,665)		(62,541)		(40,801)
Deconsolidation of subsidiaries - cash	—		—		(42,980)
Business acquisitions, net of cash acquired	—		(5,400)		—
Purchases of notes receivable	—		—		(350)
Proceeds from sales of marketable equity securities	—		4,519		—
Proceeds from sale of equipment	574		648		4,428
Other	50		538		(990)
Net cash used in investing activities	(240,289)		(62,236)		(80,693)
Cash flows from financing activities:
Proceeds from ATM offering	19,469		—		—
Payment of issuance costs related to ATM offering	(1,340)		—		—
Proceeds from exercise of stock options	—		84		93
Taxes paid related to net share settlement of equity awards	—		—		(23)
Principal payments on finance leases	(354)		(897)		(1,295)
Contingent consideration payment	—		(922)		(1,411)
Payment of equity issuance costs and other	—		(4)		(580)
Net cash provided by (used in) financing activities	17,775		(1,739)		(3,216)
Effect of foreign exchange rates on cash and cash equivalents	201		(281)		(588)
Net decrease in cash, cash equivalents and restricted cash	(393,372)		(383,841)		(379,997)
Cash and cash equivalents, beginning of year	561,572		944,073		1,315,792
Restricted cash, beginning of year	44,171		45,511		53,789
Cash, cash equivalents and restricted cash, beginning of year	605,743		989,584		1,369,581
Cash and cash equivalents, end of year	167,202		561,572		944,073
Restricted cash, end of year	45,169		44,171		45,511
Cash, cash equivalents and restricted cash, end of year	$        212,371		$        605,743		$        989,584

The accompanying notes are an integral part of these consolidated financial statements.

16. Segment Information

The Company operates in two operating and reportable segments: Cell Engineering and Biosecurity. This structure reflects the Company's internal management framework and the approach its CODM uses to evaluate operating results and allocate resources. The Company's reportable segments are described as follows:

• Cell Engineering consists of end-to-end cell engineering solutions and cell engineering tools offerings for biological R&D. The Company's cell engineering platform includes R&D services (solutions) where Ginkgo performs technical activities.  Our Autonomous Lab is a flexible wet lab built from our Reconfigurable Automation Cart ("RAC") systems capable of large scale data generation; it powers generative AI and machine learning ("ML") tools that enable more successful biological R&D. We now offer services providing such data generation, AI and automation tools directly to Ginkgo customers. Cell Engineering revenue is generated primarily through R&D service fees for our solutions and Datapoints services; and design, build, installation and ongoing support fees for our automation solutions (RAC) systems. Historically our solutions deals also included downstream value share in the form of milestone payments, royalties or equity interests.
• Biosecurity consists of the Company's biomonitoring and bioinformatics support services, offered to both government and non-government customers through the Company's two core offerings: Canopy and Horizon. Biosecurity revenue is generated from fees for data, analytics, and services. Prior to 2024, Biosecurity revenue also included sales of COVID-19 diagnostic and sample collection test kits.

The Company's reportable segments are those for which discrete financial information is available and whose results are regularly provided to the Company's CODM, consisting of the Chief Executive Officer and the Chief Operating Officer, for the purpose of allocating resources and assessing financial performance. The CODM evaluates the financial performance of the Company's segments based on segment operating income (loss). The CODM is primarily provided with the segment operating income (loss) on a quarterly basis, as well as during the annual budgeting and forecasting process, and uses this information to monitor the Company's performance, including budget-to-actual results, and to make decisions about the allocation of operating and capital resources to each segment. For management reporting purposes, the Company's measure of segment operating income (loss) excludes the impact of stock-based compensation expense, depreciation and amortization, asset impairment charges, restructuring charges, costs associated with excess space, transaction and integration costs associated with planned, completed or terminated mergers and acquisitions, and acquired in-process research and development expenses. The Company has determined its significant segment expenses are cost of revenue for Biosecurity, research and development expenses for Cell Engineering, and general and administrative expenses for both segments, which are regularly provided to the CODM.

The CODM is not provided with asset information by segment; therefore, such information is not presented. The accounting policies used to prepare the reportable segments financial information are the same as those used to prepare the Company's consolidated financial statements.

The following table presents summary results of the Company's reportable segments and a reconciliation of total segment operating loss to consolidated loss before income taxes (in thousands):

	Year Ended December 31,
	2025		2024		2023
Cell Engineering
Revenue	$      132,746		$      173,972		$      143,531
Costs and operating expenses:
Cost of other revenue	13,203		5,999		—
Research and development	158,541		271,512		335,943
General and administrative	56,532		115,028		171,210
Cell Engineering operating loss	(95,530)		(218,567)		(363,622)
Biosecurity
Service revenue	37,409		53,071		78,975
Product revenue	—		—		28,949
Costs and operating expense:
Cost of Biosecurity service revenue	28,897		38,549		46,524
Cost of Biosecurity product revenue	—		—		7,481
Research and development	—		771		1,599
General and administrative	27,443		44,370		55,514
Biosecurity operating (loss) income	(18,931)		(30,619)		(3,194)
Total segment operating loss	(114,461)		(249,186)		(366,816)
Reconciling items to reconcile total segment operating loss to loss before income taxes:
Stock-based compensation (1)	82,704		115,299		234,908
Impairment expense (2)	—		53,654		121,404
Depreciation and amortization	58,990		63,020		70,507
Restructuring charges (3)	11,398		24,172		—
Carrying cost of excess space (net of sublease income) (4)	53,723		25,986		—
Merger and acquisition related expenses (5)	(5,998)		4,417		61,188
Acquired in-process research and development	—		19,849		9,582
Other (income) expense, net (6)	(1,678)		(8,075)		28,535
Loss before income taxes	$     (313,600)		$     (547,508)		$     (892,940)

(1)	Includes $1.2 million, $3.0 million, and $5.0 million in related employer payroll taxes for the years ended December 31, 2025, 2024, and 2023, respectively.
(2)	For 2024, includes $47.9 million related to goodwill impairment and $5.8 million related to lab equipment. For 2023, includes a $25.2 million impairment loss on lab equipment and a $96.2 million impairment loss on lease assets associated with an exited Zymergen leased facility.
(3)	See Note 3, Restructuring, for composition of costs.
(4)	The carrying cost of excess space includes base rent, common area maintenance charges, and real estate taxes associated with facilities the Company is not occupying, net of any sublease income from these spaces.
(5)	Represents transaction and integration costs directly related to mergers and acquisitions, including: (i) due diligence, legal, consulting and accounting fees associated with acquisitions, (ii) post-acquisition employee retention bonuses and severance payments, (iii) the fair value adjustments to contingent consideration liabilities resulting from acquisitions, and (iv) costs associated with the Zymergen Bankruptcy, as well as securities litigation costs, net of insurance recovery.
(6)	Includes interest income, interest expense, loss on investments, losses/gains on deconsolidation of subsidiaries, changes in fair value of certain assets and liabilities, and other gains or losses.

Non-GAAP Information

In addition to our results determined in accordance with GAAP, we use earnings before interest, taxes, depreciation and amortization ("EBITDA") and Adjusted EBITDA internally to evaluate our performance and make financial and operational decisions. We believe these non-GAAP measures, when viewed with our GAAP results, may be helpful to investors in assessing our operating performance.

We define EBITDA as net loss attributable to Ginkgo Bioworks Holdings, Inc. stockholders before the impact of interest income, interest expense, provision for income taxes and depreciation and amortization.

We define Adjusted EBITDA as EBITDA adjusted for stock-based compensation expense, gain or loss on equity method investments, gain or loss on investments, change in fair value of warrant liabilities, gain or loss on deconsolidation of subsidiaries, transaction and integration costs associated with planned, completed or terminated mergers and acquisitions, including related litigation costs, restructuring and impairment charges (inclusive of impairments of goodwill and long-lived assets), costs associated with the bankruptcy filing of our former subsidiary, Zymergen (the "Zymergen Bankruptcy"), and certain other income and expenses. We believe that the use of EBITDA and Adjusted EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends because it eliminates the effect of financing activities, investing activities, and certain non-cash charges and other items that are not related to our core operating performance or affect comparability period over period.

Our non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for GAAP performance measures. These measures exclude significant expenses and income required by GAAP, which impacts their alignment with consolidated financial statements. They also rely on management's judgment to determine which items are included or excluded, making them inherently subjective. Additionally, non-GAAP measures lack uniform definitions and may differ from those used by other companies, limiting comparability. A reconciliation of EBITDA and Adjusted EBITDA to net loss, the most directly comparable GAAP financial measure, is presented below:

	Year Ended December 31,
(in thousands)	2025		2024
Net loss (1)	$       (312,763)		$       (547,029)
Interest income	(22,616)		(38,612)
Interest expense	—		94
Income tax benefit	(837)		(479)
Depreciation and amortization	58,990		63,020
EBITDA	(277,226)		(523,006)
Stock-based compensation (2)	82,704		115,299
Impairment expense (3)	—		53,654
Restructuring charges (4)	11,398		24,172
Merger and acquisition related expenses (5)	(5,998)		4,417
Loss on investments	16,411		28,827
Loss on deconsolidation of subsidiaries	—		7,013
Change in fair value of warrant liabilities	—		(5,701)
Change in fair value of convertible notes	5,685		2,014
Adjusted EBITDA	$       (167,026)		$       (293,311)

(1)	All periods include non-cash revenue when earned. For the year ended December 31, 2025 this included $7.5 million in non-cash revenue from the release of a deferred revenue balance associated with the terminated BiomEdit, Inc. ("BiomEdit") contract. For the year ended December 31, 2024 this included $45.4 million recognized pursuant to the termination of revenue contracts with Motif and $4.5 million in non-cash revenue from the release of a deferred revenue balance associated with the termination of contract with a related party.
(2)	For the years ended December 31, 2025 and 2024, includes $1.2 million and $3.0 million, respectively, in related employer payroll taxes.
(3)	For 2024, includes $47.9 million related to goodwill impairment and $5.8 million related to lab equipment.
(4)	Restructuring charges consist of employee termination costs from the reduction in force commenced in June 2024, as well as the impairment of a right-of-use asset relating to facilities consolidation.
(5)	Represents transaction and integration costs directly related to mergers and acquisitions, including: (i) due diligence, legal, consulting and accounting fees associated with acquisitions, (ii) post-acquisition employee retention bonuses and severance payments, (iii) the fair value adjustments to contingent consideration liabilities resulting from acquisitions, and (iv) costs associated with the Zymergen Bankruptcy, as well as securities litigation costs, net of insurance recovery. Not included in this adjustment are acquired in-process research and development expenses, which totaled zero and $19.8 million for the years ended December 31, 2025 and 2024, respectively.

 

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SOURCE Ginkgo Bioworks

FAQ

What were Ginkgo (DNA) fourth-quarter 2025 revenue and loss figures?

Ginkgo reported Q4 2025 revenue of $33 million and a GAAP net loss of $81 million. According to the company, Q4 revenue decreased 24% year-over-year and adjusted EBITDA improved to $(36) million on lower operating expenses.

What is Ginkgo's full-year 2025 revenue, net loss, and cash position (DNA)?

For full-year 2025 Ginkgo reported $170 million revenue and a GAAP net loss of $313 million. According to the company, year-end cash, cash equivalents and marketable securities totaled $423 million, and adjusted EBITDA improved to $(167) million.

What did Ginkgo announce about selling its biosecurity business and timing (DNA)?

Ginkgo agreed to sell its biosecurity business to a consortium in exchange for a minority equity position. According to the company, the transaction is expected to close in the first half of 2026, creating a standalone private biosecurity platform.

How is Ginkgo (DNA) shifting strategy toward autonomous labs in 2026?

Ginkgo will focus investment on building and commercializing autonomous labs, expanding a Boston lab to over 50 RACs and adding 50 more this year. According to the company, it will move R&D services onto a single large autonomous lab and pursue cloud lab and onsite builds.

What is Ginkgo's 2026 cash burn guidance and investor implications (DNA)?

Ginkgo expects 2026 total cash burn of $(150)M to $(125)M. According to the company, this guidance reflects investment in autonomous labs while maintaining a strong cash position of $423M to support operations and transitions.