Ginkgo Bioworks Q1 revenue $38M (-53% YoY), plans $200M cost cuts, targets EBITDA breakeven by end 2026

Ginkgo Bioworks Holdings, Inc.

2024-Q1 EPS reported -$0.08 revenue$37,944,000

Q1 total revenue $38M, down 53% YoY; Cell Engineering $28M (-18%), Biosecurity $10M.
Loss from operations $178M (incl. $42M SBC); Adj. EBITDA -$100M, flat YoY; cash $840M, no debt.
Restructuring: reduce annualized opex by $200M by mid-2025, cut labor >=25%, consolidate facilities up to 60%.
Targeting adjusted EBITDA breakeven by end-2026; 2024 revenue guidance lowered to $170-190M.
Added 17 new Cell Programs in Q1; expects at least 100 new customer projects in 2024.

item 2.02 item 2.05 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Ginkgo Bioworks Holdings, Inc. reported first quarter ended March 31, 2024 results: revenue $38 million.

Period: first quarter ended March 31, 2024
Revenue: $38 million
Result: reported results

Exact text from the filing

First quarter 2024 Total revenue of $38 million, down from $81 million in the comparable prior year period

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Source: SEC EDGAR

accession 0001628280-24-022191

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