Ginkgo Bioworks Holdings, Inc. reported a decrease in total revenue for the first quarter ended March 31, 2024, with revenues falling to $37.944 million from $80.702 million in the same period last year. The company's Cell Engineering segment saw a decrease in revenue from $34.096 million to $27.889 million, while the Biosecurity segment's revenue dropped significantly from $46.606 million to $10.055 million. The total segment operating loss widened to $123.662 million from $116.410 million year-over-year. The diluted net loss per share remained constant at $0.08, improving from a net loss of $0.11 per share in the previous year. Ginkgo Bioworks also reported a net loss of $165.911 million, an improvement from a net loss of $204.969 million in the first quarter of 2023. The company has undertaken restructuring actions to reduce...Show More

Ginkgo Bioworks Holdings, Inc. reported a decrease in total revenue for the first quarter ended March 31, 2024, with revenues falling to $37.944 million from $80.702 million in the same period last year. The company's Cell Engineering segment saw a decrease in revenue from $34.096 million to $27.889 million, while the Biosecurity segment's revenue dropped significantly from $46.606 million to $10.055 million. The total segment operating loss widened to $123.662 million from $116.410 million year-over-year. The diluted net loss per share remained constant at $0.08, improving from a net loss of $0.11 per share in the previous year. Ginkgo Bioworks also reported a net loss of $165.911 million, an improvement from a net loss of $204.969 million in the first quarter of 2023. The company has undertaken restructuring actions to reduce operational expenditures, including labor expense reductions and facility consolidations, expected to commence in the second quarter of 2024. Additionally, Ginkgo acquired platform assets from AgBiome, Inc. on April 10, 2024, to enhance its Ag Biologicals Services. Looking forward, Ginkgo Bioworks aims to leverage its Foundry and Codebase assets to drive scale and learning efficiencies across diverse markets, with a focus on improving the probability of successful product development for its customers.