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Ginkgo Bioworks | 8-K: Ginkgo Bioworks Reports First Quarter 2024 Financial Results

SEC announcement ·  May 9 16:08
Summary by Moomoo AI
On May 9, 2024, Ginkgo Bioworks Holdings, Inc. reported its financial results for the first quarter ended March 31, 2024. The company announced a significant restructuring plan aimed at reducing operational expenditures, including a 25% reduction in labor expenses and consolidation of facilities. The plan is expected to reduce annualized operating expenses by $200 million by mid-2025, with substantial reductions occurring in 2024. The initial phase of headcount reductions will start in the second quarter of 2024 and is anticipated to be largely completed by 2025. Ginkgo's first-quarter revenue was $38 million, a 53% decrease from the previous year, primarily due to the ramp-down of K-12 testing in its Biosecurity segment. The company also reported a loss from operations of $178 million, which included $42 million in stock-based compensation...Show More
On May 9, 2024, Ginkgo Bioworks Holdings, Inc. reported its financial results for the first quarter ended March 31, 2024. The company announced a significant restructuring plan aimed at reducing operational expenditures, including a 25% reduction in labor expenses and consolidation of facilities. The plan is expected to reduce annualized operating expenses by $200 million by mid-2025, with substantial reductions occurring in 2024. The initial phase of headcount reductions will start in the second quarter of 2024 and is anticipated to be largely completed by 2025. Ginkgo's first-quarter revenue was $38 million, a 53% decrease from the previous year, primarily due to the ramp-down of K-12 testing in its Biosecurity segment. The company also reported a loss from operations of $178 million, which included $42 million in stock-based compensation expense. Despite the decrease in revenue, the Adjusted EBITDA of $(100) million remained flat year-over-year due to a decrease in operating expenses. Ginkgo's cash and cash equivalents balance stood at $840 million at the end of the first quarter. The company's CEO, Jason Kelly, expressed disappointment in the Q1 revenues but outlined initiatives to simplify operations and reach adjusted EBITDA breakeven by the end of 2026. Ginkgo revised its 2024 revenue outlook to $170-$190 million, with Cell Engineering services revenue expected to be between $120-140 million and Biosecurity revenue anticipated to be at least $50 million.

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