Summary by Moomoo AI
On August 8, 2024, Ginkgo Bioworks Holdings, Inc. reported its financial results for the second quarter ended June 30, 2024. The company announced a decrease in total revenue to $56 million, a 30% drop from the previous year, primarily due to a ramp down in K-12 testing in its Biosecurity segment. The Cell Engineering segment also saw a 20% revenue decline. The loss from operations increased to $(223) million, including stock-based compensation and restructuring costs. Ginkgo began a restructuring plan in May 2024, which included workforce reductions and facility consolidations, aiming to complete most actions in 2025. The estimated cost for the reduction in force is between $18.0 million to $22.0 million, primarily in the Cell Engineering segment. The company reaffirmed its 2024 total revenue outlook of $170-$190 million and is taking measures to reach Adjusted EBITDA breakeven by the end of 2026. Ginkgo's cash and cash equivalents balance stood at $730 million at the end of the second quarter.
