Ginkgo Bioworks reported Q3 2024 revenue of $89 million, up 61% YoY, primarily driven by a $45 million non-cash deferred revenue release. Excluding this impact, revenue was $44 million, down 21% YoY. Cell Engineering revenue decreased 20% to $30 million while Biosecurity revenue fell to $14 million. The company posted a loss from operations of $55 million, improved from $286 million loss in Q3 2023.The company made significant progress on its restructuring plan, targeting over $85 million in annualized savings by mid-2025 through workforce reductions and site consolidation initiatives. Ginkgo signed new deals with Novo Nordisk and achieved a major research milestone with Merck, expected to generate $9 million in Q4 2024.Dr. Sri Kosuri, CEO of Octant, joined the Board as a Class B director on November 6, while Dr. Arie Belldegrun resigned after serving since September 2021. The company updated its 2024 guidance to reflect the deferred revenue impact, now expecting total revenue of $215-235 million, including Cell Engineering revenue of $165-185 million and Biosecurity revenue of at least $50 million.

Ginkgo Bioworks reported Q3 2024 revenue of $89 million, up 61% YoY, primarily driven by a $45 million non-cash deferred revenue release. Excluding this impact, revenue was $44 million, down 21% YoY. Cell Engineering revenue decreased 20% to $30 million while Biosecurity revenue fell to $14 million. The company posted a loss from operations of $55 million, improved from $286 million loss in Q3 2023.The company made significant progress on its restructuring plan, targeting over $85 million in annualized savings by mid-2025 through workforce reductions and site consolidation initiatives. Ginkgo signed new deals with Novo Nordisk and achieved a major research milestone with Merck, expected to generate $9 million in Q4 2024.Dr. Sri Kosuri, CEO of Octant, joined the Board as a Class B director on November 6, while Dr. Arie Belldegrun resigned after serving since September 2021. The company updated its 2024 guidance to reflect the deferred revenue impact, now expecting total revenue of $215-235 million, including Cell Engineering revenue of $165-185 million and Biosecurity revenue of at least $50 million.