Ginkgo Bioworks Reports Third Quarter 2025 Financial Results

By PR Newswire | November 06, 2025, 4:05 PM

Ginkgo provides an update on its third quarter financial results

BOSTON, Nov. 6, 2025 /PRNewswire/ -- Ginkgo Bioworks Holdings, Inc. (NYSE: DNA, "Ginkgo") today announced its results for the third quarter ended September 30, 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.

Third Quarter 2025 Financial Results

  • Third quarter 2025 Total revenue of $39 million compared to $89 million in the comparable prior year period, a decrease of 56%, which prior year included $45 million of non-cash revenue from a release of deferred revenue relating to the mutual termination of a customer agreement. Excluding this prior year impact, Total revenue in the third quarter of 2025 decreased 11% from the comparable prior year period.
    • Third quarter 2025 Cell Engineering revenue of $29 million compared to $75 million in the comparable prior year period, a decrease of 61%, which prior year included the above noted $45 million of non-cash revenue. Excluding this prior year impact, Cell Engineering revenue in the third quarter of 2025 decreased slightly from the comparable prior year period.
    • Third quarter 2025 Biosecurity revenue of $9 million compared to $14 million in the comparable prior year period
  • Third quarter 2025 GAAP net loss of $(81) million, compared to $(56) million in the comparable prior year period, primarily attributable to the above noted non-cash deferred revenue release in the prior year period
  • Third quarter 2025 Adjusted EBITDA of $(56) million, down from $(20) million in the comparable prior year period, primarily attributable to the above noted non-cash deferred revenue release in the prior year period
  • Cash, cash equivalents and marketable securities balance as of September 30, 2025 of $462 million

"Our recent partnership announcements are powerful examples of how Ginkgo's AI-enabled cloud lab technology can be deployed to accelerate U.S. scientific innovation," said Jason Kelly, co-founder and CEO of Ginkgo Bioworks. "The recent AI Action Plan from President Trump specifically called for investment in AI-enabled cloud laboratories to keep the American bioeconomy competitive. Ginkgo's tools are designed to generate the massive, high-quality datasets that modern AI methods need, furthering the goal of the U.S. remaining at the forefront of the bioeconomy."

Recent Business Highlights & Strategic Positioning

  • We believe AI models will impact biotechnology in two ways and Ginkgo is well-positioned to provide tools in both
    • First, we see reasoning models controlling lab automation. Since science moves forward on the back of lab data and reasoning models are already capable of planning and analyzing experiments, we believe coupling reasoning models to automation will allow science to move as fast as human ideas.
    • Second, we see AI models that predict and generate new biological discoveries. Protein models such as AlphaFold prove the potential of large AI models. These models require the type of large training sets of biological data that Ginkgo provides.
  • We continue to offer research solutions on top of our in-house robotics, winning us new deals in Agriculture and with the U.S. Government
    • We announced the extension of our multi-year strategic partnership with Bayer to continue advancing the research and development of biological products for agriculture. The collaboration, which began in 2017, will build on the success of developing an innovative nitrogen fixation platform, and Bayer continues to be a major partner for Ginkgo's expanded agricultural biologicals R&D platform.
    • We were recently awarded a project agreement through the Biomedical Advanced Research and Development Authority's (BARDA) BioMaP-Consortium with a total contract value of up to $22.2 million to develop innovations in monoclonal antibody biomanufacturing and to produce an anti-filovirus medical countermeasure
  • We are expanding our frontier autonomous lab in Boston as a showcase. Please visit!
    • We'll soon have 46 major instruments on 36 Reconfigurable Automation Carts (RACs). With these RACS, we can apply AI reasoning models and "lab in the loop" to your scientific challenges. Upon successful proof-of-concept, we can build and install a system so you can run it at your own site.
    • We can have your workflows running on the system in a matter of weeks if we have the required equipment. Reach out for a demo!

Full Year 2025 Outlook

  • Ginkgo reaffirms Total revenue of $167-$187 million in 2025
    • Ginkgo continues to expect Cell Engineering revenue of $117-$137 million in 2025
    • Ginkgo continues to expect Biosecurity revenue of at least $40 million in 2025

Conference Call Details

Ginkgo will host a video conference today, Thursday, November 6, 2025, beginning at 4:30 p.m. ET. The presentation will include an overview of the third quarter of 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 [email protected].

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:

+1 646 876 9923 (New York)

+1 301 715 8592 (Washington DC)

+1 305 224 1968 (Miami)

+1 312 626 6799 (Chicago)

+1 346 248 7799 (Houston)

+1 408 638 0968 (San Jose)

+1 564 217 2000 (Seattle)

+1 689 278 1000 (Orlando)

Webinar ID: 953 3421 4604

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.  Ginkgo R&D Solutions delivers customizable R&D packages—such as protein engineering, nucleic acid design, and cell-free systems—giving partners a comprehensive way to accelerate innovation across therapeutics, diagnostics, & manufacturing.  Ginkgo Automation sells modular, integrated laboratory automation so scientists can spend their days planning and analyzing experiments rather than pipetting in the lab.  Ginkgo Datapoints uses Ginkgo's in-house automation to generate the large lab data sets to power your AI models.  Ginkgo Biosecurity is building and deploying the next-generation infrastructure and technologies that global leaders need to predict, detect, and respond to a wide variety of biological threats. For more information, visit ginkgobioworks.com and ginkgobiosecurity.com, read our blog, or follow us on social media channels such as X (@Ginkgo and @Ginkgo_Biosec), 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, impacts of our restructuring, 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 2025 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 Foundry platform programs and Codebase 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 25, 2025 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 and non-GAAP revenue, 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:

[email protected]  

MEDIA CONTACT:

[email protected]  

Ginkgo Bioworks Holdings, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

(in thousands, except share data)





As of September

30, 2025



As of December

31, 2024

Assets







Current assets:







Cash and cash equivalents

$                    111,065



$                    561,572

Marketable securities

350,797



Accounts receivable, net

21,430



21,857

Accounts receivable - related parties

929



586

Prepaid expenses and other current assets

21,861



18,729

Total current assets

506,082



602,744

Property, plant and equipment, net

176,579



203,720

Operating lease right-of-use assets

368,213



394,435

Investments

30,175



48,704

Intangible assets, net

61,522



72,510

Other non-current assets

46,594



55,336

Total assets

$                 1,189,165



$                 1,377,449

Liabilities and Stockholders' Equity







Current liabilities:







Accounts payable

$                      10,704



$                      14,169

Deferred revenue (includes $311 and $795 from related parties)

25,236



27,710

Accrued expenses and other current liabilities

79,341



65,387

Total current liabilities

115,281



107,266

Non-current liabilities:







Deferred revenue, net of current portion (includes $64,786 and $72,260 from related

parties)

74,072



98,783

Operating lease liabilities, non-current

422,870



438,766

Other non-current liabilities

17,159



16,576

Total liabilities

629,382



661,391

Commitments and contingencies (Note 10)







Stockholders' equity:







Preferred stock, $0.0001 par value; 200,000,000 shares authorized; none issued



Common stock, $0.0001 par value (Note 8)

6



5

Additional paid-in capital

6,627,350



6,555,416

Accumulated deficit

(6,069,569)



(5,837,557)

Accumulated other comprehensive income (loss)

1,996



(1,806)

Total stockholders' equity

559,783



716,058

Total liabilities and stockholders' equity

$                 1,189,165



$                 1,377,449

 

Ginkgo Bioworks Holdings, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(unaudited)

(in thousands, except share data)





Three Months Ended

September 30,



Nine Months Ended

September 30,



2025



2024



2025



2024

Cell Engineering revenue (1)

$             29,380



$             75,089



$           106,744



$           139,183

Biosecurity revenue

9,457



13,957



30,015



44,013

Total revenue

38,837



89,046



136,759



183,196

Costs and operating expenses:















Cost of Biosecurity revenue

8,177



9,987



25,576



30,996

Cost of other revenue

4,625



2,016



14,095



3,930

Research and development

69,353



77,006



193,646



347,684

General and administrative

44,954



52,292



137,276



188,864

Goodwill impairment







47,858

Restructuring charges

1,745



2,949



10,692



20,015

Total operating expenses

128,854



144,250



381,285



639,347

Loss from operations

(90,017)



(55,204)



(244,526)



(456,151)

Other income (expense):















Interest income, net

5,742



9,251



17,906



31,275

Gain (loss) on investments

3,684



(6,912)



(238)



(16,282)

Loss on deconsolidation of subsidiary



(7,013)





(7,013)

Change in fair value of warrant liabilities



1,528





5,701

Other income (expense), net

(163)



1,572



(5,348)



2,821

Total other income (expense)

9,263



(1,574)



12,320



16,502

Loss before income taxes

(80,754)



(56,778)



(232,206)



(439,649)

Income tax (benefit) expense

1



(375)



(194)



(154)

Net loss

$           (80,755)



$           (56,403)



$         (232,012)



$         (439,495)

Net loss per share:















Basic

$               (1.45)



$               (1.08)



$               (4.22)



$               (8.58)

Diluted

$               (1.45)



$               (1.08)



$               (4.22)



$               (8.58)

Weighted average common shares outstanding:















Basic

55,633,718



52,240,559



54,916,539



51,244,332

Diluted

55,633,718



52,246,129



54,916,539



51,249,902

Comprehensive loss:















Net loss

$           (80,755)



$           (56,403)



$         (232,012)



$         (439,495)

Other comprehensive (loss) income:















Foreign currency translation adjustment

27



494



3,462



(2,713)

Reclassification of foreign currency translation

adjustment realized upon sale of foreign

subsidiary



1,492





1,492

Unrealized gains (loss) on available-for-sale

securities

316





340



Total other comprehensive (loss) income

343



1,986



3,802



(1,221)

Comprehensive loss

$           (80,412)



$           (54,417)



$         (228,210)



$         (440,716)



(1)

Includes related party revenue of zero and $46,659 for the three months ended September 30, 2025 and 2024, respectively, and $8,518 and $51,990 for the nine months ended September 30, 2025 and 2024, respectively.

 

Ginkgo Bioworks Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

(in thousands)





Nine Months Ended September

30,



2025



2024

Cash flows from operating activities:







Net loss

$         (232,012)



$         (439,495)

Adjustments to reconcile net loss to net cash used in operating activities:







Depreciation and amortization

45,327



47,368

Stock-based compensation

60,519



91,783

Goodwill impairment



47,858

Restructuring related impairment charges



4,823

Loss on investments

275



16,282

Loss on deconsolidation of subsidiary



7,013

Change in fair value of notes receivable

5,685



Change in fair value of warrant liabilities



(5,701)

Change in fair value of contingent consideration

(4,232)



3,698

Non-cash lease expense

22,449



20,619

Non-cash in-process research and development



19,796

Accretion of discount on marketable securities

(2,502)





Other non-cash activity

1,611



655

Changes in operating assets and liabilities:







Accounts receivable

345



(6,101)

Prepaid expenses and other current assets

(70)



3,487

Operating lease right-of-use assets

3,814



19,224

Other non-current assets

(38)



(196)

Accounts payable, accrued expenses and other current liabilities

16,991



(31,099)

Deferred revenue, current and non-current (7,958) and (50,858) from related parties

(27,209)



(67,779)

Operating lease liabilities, current and non-current

(18,793)



(11,383)

Other non-current liabilities

4,459



1,998

Net cash used in operating activities

(123,381)



(277,150)

Cash flows from investing activities:







Purchases of marketable debt securities

(401,838)



Maturities of marketable debt securities

73,599



Purchases of property and equipment

(7,660)



(48,831)

Business acquisition



(5,400)

Proceeds from sales of marketable securities



3,951

Proceeds from sale of equipment



591

Other

511



538

Net cash used in investing activities

(335,388)



(49,151)

Cash flows from financing activities:







Proceeds from ATM offering

10,317



Payment of issuance costs related to ATM offering

(355)



Proceeds from exercise of stock options



84

Principal payments on finance leases

(329)



(694)

Contingent consideration payment



(922)

Other



(4)

Net cash provided by (used in) financing activities

9,633



(1,536)

Effect of foreign exchange rates on cash and cash equivalents

353



(208)

Net decrease in cash, cash equivalents and restricted cash

(448,783)



(328,045)









Cash and cash equivalents, beginning of period

561,572



944,073

Restricted cash, beginning of period

44,171



45,511

Cash, cash equivalents and restricted cash, beginning of period

605,743



989,584









Cash and cash equivalents, end of period

111,065



616,214

Restricted cash, end of period

45,895



45,325

Cash, cash equivalents and restricted cash, end of period

$           156,960



$           661,539

 

Ginkgo Bioworks Holdings, Inc.

Segment Information

(in thousands, unaudited)





Three Months Ended September 30,



Nine Months Ended September 30,



2025

2024



2025



2024

Cell Engineering













Revenue

$                29,380

$                75,089



$              106,744



$              139,183

Costs and operating expenses:













   Cost of other revenue

2,994

2,016



9,980



3,930

   Research and development

50,954

55,137



130,689



221,148

   General and administrative

12,170

23,088



44,338



94,534

Cell Engineering operating loss

(36,738)

(5,152)



(78,263)



(180,429)

Biosecurity













Revenue

9,457

13,957



30,015



44,013

Costs and operating expenses:













   Cost of Biosecurity revenue

7,643

9,987



23,449



30,996

   Research and development

141





720

   General and administrative

6,692

10,040



21,443



33,169

Biosecurity operating loss

(4,878)

(6,211)



(14,877)



(20,872)

Total segment operating loss

(41,616)

(11,363)



(93,140)



(201,301)

Reconciling items to reconcile total segment operating

loss to loss before income taxes:













Stock-based compensation (1)

18,103

14,013



61,429



94,636

Goodwill impairment





47,858

Depreciation and amortization

14,168

17,171



45,327



47,368

Restructuring charges (2)

1,745

2,948



10,692



20,015

Carrying cost of excess space (net of sublease income) (3)

14,328

9,274



38,416



16,657

Merger and acquisition related expense (income) (4)

57

(796)



(4,478)



6,110

Acquired in-process research and development





19,849

Other (income) expense, net (5)

(9,263)

2,805



(12,320)



(14,145)

Loss before income taxes

$              (80,754)

$              (56,778)



$            (232,206)



$            (439,649)



(1)

Includes $0.3 million and $0.2 million in employer payroll taxes for the three months ended September 30, 2025 and 2024, respectively, and $0.9 million and $2.9 million in employer payroll taxes for nine months ended September 30, 2025 and 2024, respectively.





(2)

See Note 3, Restructuring, for composition of costs.





(3)

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.





(4)

Represents transaction and integration costs directly related to mergers and acquisitions, including: (i) legal, consulting, and accounting fees associated with acquisitions; (ii) post-acquisition employee retention bonuses; (iii) (gain)/loss from changes in the fair value of contingent consideration liabilities resulting from acquisitions; and (iv) costs associated with the Zymergen Bankruptcy, as well as securities litigation costs.





(5)

Includes interest income, interest expense, loss on investments, changes in fair value of certain assets and liabilities, and other gains and losses.

 

Ginkgo Bioworks Holdings, Inc.

Selected Non-GAAP Financial Measures

(in thousands, unaudited)





Three Months Ended

September 30,



Nine Months Ended

September 30,

(in thousands)

2025



2024



2025



2024

Net loss (1)

$          (80,755)



$          (56,403)



$       (232,012)



$       (439,495)

Interest income, net

(5,742)



(9,251)



(17,906)



(31,275)

Income tax (benefit) expense

1



(375)



(194)



(154)

Depreciation and amortization

14,168



17,171



45,327



47,368

EBITDA

(72,328)



(48,858)



(204,785)



(423,556)

Stock-based compensation (2)

18,103



14,013



61,429



94,636

Goodwill impairment







47,858

Restructuring charges (3)

1,745



2,949



10,692



20,015

Merger and acquisition related expense (income) (4)

57



(796)



(4,478)



6,110

Loss (gain) on investments

(3,684)



6,912



238



16,282

Loss on deconsolidation of subsidiary



7,013





7,013

Change in fair value of warrant liabilities



(1,528)





(5,701)

Change in fair value of convertible notes

400



281



5,685



1,127

Adjusted EBITDA

$          (55,707)



$          (20,014)



$       (131,219)



$       (236,216)



(1)

All periods include non-cash revenue when earned, including $7.5 million recognized in the nine months ended September 30, 2025, pursuant to the release of deferred revenue related to the mutual termination of a customer agreement.





(2)

Includes $0.3 million and $0.2 million in employer payroll taxes for the three months ended September 30, 2025 and 2024, respectively, and $0.9 million and $2.9 million for the nine months ended September 30, 2025 and 2024, respectively.





(3)

Restructuring charges primarily consist of employee termination costs from the reduction in force commenced in June 2024.





(4)

Represents transaction and integration costs directly related to mergers and acquisitions, including: (i) legal, consulting, and accounting fees associated with acquisitions; (ii) post-acquisition employee retention bonuses; (iii) (gain)/loss from changes in the fair value of contingent consideration liabilities resulting from acquisitions; and (iv) costs associated with the Zymergen Bankruptcy, as well as securities litigation costs. Not included in this adjustment are acquired in-process research and development expenses, which totaled zero for both the three months ended September 30, 2025 and 2024, respectively, and zero and $19.8 million for the nine months ended September 30, 2025 and 2024, respectively.

 

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SOURCE Ginkgo Bioworks

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