Ginkgo Bioworks Holdings, Inc. reported a significant increase in Cell Engineering revenue for the third quarter of 2024, with revenues rising to $75.1 million from $37.2 million in the same period of 2023. This growth was primarily driven by the progress of Current Active Programs and the recognition of $45.4 million in non-cash revenue from the terminated Motif contract. Despite this, the company's total revenue saw a decrease from $216.7 million in the first nine months of 2023 to $183.2 million in the same period of 2024. The Biosecurity segment experienced a decline in revenue, attributed to the end of COVID-19 testing in schools, partially offset by new biomonitoring and bioinformatic support services. Operating expenses were reduced due to a restructuring plan initiated in the second quarter...Show More

Ginkgo Bioworks Holdings, Inc. reported a significant increase in Cell Engineering revenue for the third quarter of 2024, with revenues rising to $75.1 million from $37.2 million in the same period of 2023. This growth was primarily driven by the progress of Current Active Programs and the recognition of $45.4 million in non-cash revenue from the terminated Motif contract. Despite this, the company's total revenue saw a decrease from $216.7 million in the first nine months of 2023 to $183.2 million in the same period of 2024. The Biosecurity segment experienced a decline in revenue, attributed to the end of COVID-19 testing in schools, partially offset by new biomonitoring and bioinformatic support services. Operating expenses were reduced due to a restructuring plan initiated in the second quarter of 2024, leading to a decrease in research and development expenses and general and administrative expenses. The company also reported a net loss of $56.4 million for the third quarter of 2024, an improvement from a net loss of $302.9 million in the same quarter of the previous year. Ginkgo's future plans include a focus on scaling its platform, improving program execution, and driving customer outcomes, with the expectation that downstream value share will comprise a larger proportion of Cell Engineering revenue as customers commercialize products built on Ginkgo's platform.