Ginkgo Bioworks Holdings, Inc.

investors.ginkgobioworks.com

What Do They Do?

Provides cell-engineering research services and laboratory tools to pharmaceutical and biotechnology companies, agricultural and industrial businesses, and government customers.

How Do They Make Money?

Customers pay upfront or fixed fees and reimburse R&D costs; technical milestones may add payments, while commercial milestones and royalties can follow product progress or sales. Automation customers pay fees for design, build, and deployment, with separate fixed fees for support periods.

revenue

Segment	Share	How money arrives
Cell Engineering Mix	78% FY2022: 30%	Mix
Service	22% FY2022: 63%
Product	0.0% FY2022: 7.4%

Who Are Their Customers?

Cell-engineering customers include pharmaceutical and biotechnology companies, agriculture and industrial businesses, and government agencies. Ginkgo offers data-generation and automation tools directly to customers; biosecurity customers are primarily governments and use biomonitoring and digital surveillance services.

Customers above 10% of revenue, FY2025

of revenue from two customers (15%, 12%)

FY2023: 23% from two customers

Do Revenues Turn Into Profits?

No. It lost $312.8M in FY2025.

Operating income, FY2025

−185% of revenue

▼ −44% (Loss) vs FY2024 (−$559.8M, −247%)

Net income, FY2025

−184% of revenue

▼ −43% (Loss) vs FY2024 (−$547M, −241%)

Free cash flow, FY2025

−105% of revenue

▼ −53% (Loss) vs FY2024 (−$382.1M, −168%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −48%; vs $39.1M in Q2 FY2025
Net income: ▼ −23% (Loss); vs −$60.3M in Q2 FY2025

Apr 7, 2026 Transferred substantially all Biosecurity operations Ginkgo received shares representing approximately 20% of the purchaser's fully diluted equity.

Shrinking. Revenue fell 46% in 4 years, from $313.8M in FY2021 to $170.2M in FY2025, about 14% a year.

Tools alongside research services The older report centers on end-to-end cell-programming services built around the Foundry and Codebase; the latest report also sells tools that let customers run some biological R&D themselves, including data-generation and automation offerings.

Named biosecurity offerings Biosecurity moved from a unit described as building broad biomonitoring infrastructure to named Canopy and Horizon offerings for genomic monitoring and digital threat surveillance.

Different downstream payments The older report described customer value shares as royalties, milestones, and equity; the latest report says it shifted toward milestones and commercial royalties and removed downstream value share from certain program types.

Revenue over time

Cell Engineering Service Product

$500M$250M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with AbCellera, Codexis, Senti Bio, WuXi Biologics, Evotec, Charles River Laboratories, HighRes Biosolutions, Automata, Thermo Fisher Scientific, Verily, Biobot, BlueDot, Airfinity, Public Health, and BGI

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