Company Announcements

Ginkgo Bioworks Holdings, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

(in thousands, except share data)

As of March 31,
2026

As of December 31,
2025

Assets

Current assets:

Cash and cash equivalents

$             143,864

$             167,202

Marketable securities

229,592

255,418

Accounts receivable, net

19,815

24,026

Accounts receivable - related parties

454

229

Prepaid expenses and other current assets

16,230

24,963

Total current assets

409,955

471,838

Property, plant and equipment, net

163,020

167,371

Operating lease right-of-use assets

353,804

360,918

Investments

14,703

15,066

Intangible assets, net

48,860

53,482

Other non-current assets

39,522

47,167

Assets held for sale

3,211

3,854

Total assets

$           1,033,075

$           1,119,696

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable

$              16,309

$              10,566

Deferred revenue (includes $98 and $98 from related parties)

14,910

18,946

Accrued expenses and other current liabilities

48,376

66,458

Total current liabilities

79,595

95,970

Non-current liabilities:

Deferred revenue, net of current portion (includes $64,810 and $64,787 from related
parties)

77,895

75,182

Operating lease liabilities, non-current

410,700

417,078

Other non-current liabilities

21,732

22,876

Total liabilities

589,922

611,106

Commitments and contingencies (Note 10)

Stockholders' equity:

Preferred stock, $0.0001 par value; 200,000,000 shares authorized; none issued

—

—

Common stock, $0.0001 par value (Note 8)

6

6

Additional paid-in capital

6,674,860

6,657,053

Accumulated deficit

(6,232,907)

(6,150,320)

Accumulated other comprehensive income

1,194

1,851

Total stockholders' equity

443,153

508,590

Total liabilities and stockholders' equity

$           1,033,075

$           1,119,696

Ginkgo Bioworks Holdings, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(unaudited)

(in thousands, except share data)

Three Months Ended March
31,

2026

2025

Revenue ⁽¹⁾

$        19,474

$        38,230

Costs and operating expenses:

Cost of other revenue

3,098

4,090

Research and development

49,920

70,923

General and administrative

37,830

39,723

Restructuring charges

—

4,466

Total operating expenses

90,848

119,202

Loss from operations

(71,374)

(80,972)

Other income (expense):

Interest income, net

3,596

6,081

Loss on investments

(1,214)

(3,693)

Other expense, net

(7,147)

(4,638)

Total other expense

(4,765)

(2,250)

Loss from continuing operations before income taxes

(76,139)

(83,222)

Income tax (benefit) expense

(80)

88

Net loss from continuing operations

$       (76,059)

$       (83,310)

Net loss from discontinued operations, net of tax

(6,528)

(7,647)

Net loss

$       (82,587)

$       (90,957)

Net loss per share:

Basic from continuing operations

$           (1.28)

$           (1.54)

Basic from discontinued operations

(0.11)

(0.14)

Basic

$           (1.39)

$           (1.68)

Weighted average common shares outstanding:

Basic

59,563,454

54,241,619

Comprehensive loss:

Net loss

(82,587)

(90,957)

Other comprehensive (loss) income:

Foreign currency translation adjustment

(579)

849

Unrealized gains (loss) on available-for-sale securities          

(78)

107

Total other comprehensive (loss) income

(657)

956

Comprehensive loss

$       (83,244)

$       (90,001)

(1)  includes related party revenue of zero and $8,098 for the three months ended March 31, 2026 and 2025, respectively.

Ginkgo Bioworks Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

(in thousands)

Three Months Ended March 31,

2026

2025

Cash flows from operating activities:

Net loss from continuing operations

$       (76,059)

$       (83,310)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

12,799

14,822

Stock-based compensation

15,853

17,386

Loss on investments

1,214

3,693

Change in fair value of notes receivable

6,759

5,285

Change in fair value of contingent consideration

—

(1,302)

Non-cash lease expense

7,114

7,379

Accretion of discount on marketable securities

(120)

—

Other non-cash activity

185

149

Changes in operating assets and liabilities:

Accounts receivable

(242)

(667)

Prepaid expenses and other current assets

5,930

(581)

Operating lease right-of-use assets

—

3,675

Other non-current assets

94

(167)

Accounts payable, accrued expenses and other current liabilities

(11,601)

8,869

Deferred revenue, current and non-current (includes zero and $(7,878) from related
parties)

(2,606)

(13,190)

Operating lease liabilities, current and non-current

(4,995)

(4,790)

Other non-current liabilities

(758)

—

Net cash used in operating activities - continuing operations

(46,433)

(42,749)

Net cash used in operating activities - discontinued operations

(253)

(8,772)

Net cash used in operating activities

(46,686)

(51,521)

Cash flows from investing activities:

Purchases of marketable debt securities

(83,161)

(191,182)

Maturities of marketable debt securities

108,178

—

Purchases of property and equipment

(1,933)

(7,622)

Other

48

120

Net cash provided by (used in) investing activities

23,132

(198,684)

Cash flows from financing activities:

Principal payments on finance leases

(19)

(207)

Net cash used in financing activities

(19)

(207)

Effect of foreign exchange rates on cash and cash equivalents

(129)

74

Net decrease in cash, cash equivalents and restricted cash

(23,702)

(250,338)

Cash and cash equivalents, beginning of period

167,202

561,572

Restricted cash, beginning of period

45,169

44,171

Cash, cash equivalents and restricted cash, beginning of period

212,371

605,743

Cash and cash equivalents, end of period

143,864

312,420

Restricted cash, end of period

44,805

42,985

Cash, cash equivalents and restricted cash, end of period

$       188,669

$       355,405

Three Months Ended March 31,

2026

2025

Revenue

$        19,474

$        38,230

Costs and operating expenses:

   Cost of other revenue ⁽¹⁾

2,672

3,121

   Research and development ⁽¹⁾

30,105

48,670

   General and administrative ⁽¹⁾

12,723

19,654

Stock-based compensation ⁽²⁾

16,708

17,713

Depreciation and amortization

12,799

14,822

Restructuring charges ⁽³⁾

—

4,466

Carrying cost of excess space (net of sublease income) ⁽⁴⁾

15,842

11,674

Merger and acquisition related expense (income) ⁽⁵⁾

—

(918)

Other (income) expense, net ⁽⁶⁾

4,764

2,250

Loss from continuing operations before income taxes

$      (76,139)

$      (83,222)

(1)

The costs and operating expenses exclude expenses which are separately captioned below.

(2)

Includes $0.9 million and $0.4 million in employer payroll taxes for three months ended March 31, 2026 and 2025, respectively.

(3)

See Note 3, Restructuring, for composition of costs.

(4)

The carrying cost of excess space includes base rent, common area maintenance charges, and real estate taxes associated with facilities the Company is not occupying, net of any sublease income from these spaces.

(5)

Represents transaction and integration costs directly related to mergers and acquisitions, including: (i) legal, consulting, and accounting fees associated with acquisitions; (ii) post-acquisition employee retention bonuses; (iii) (gain)/loss from changes in the fair value of contingent consideration liabilities resulting from acquisitions; and (iv) securities litigation costs.

(6)

Includes interest income, interest expense, loss on investments, changes in fair value of certain assets and liabilities, and other gains and losses.

Three Months Ended March 31,

(in thousands)

2026

2025

Net loss from continuing operations ⁽¹⁾

$      (76,059)

$      (83,310)

Interest income, net

(3,596)

(6,081)

Income tax (benefit) expense

(80)

88

Depreciation and amortization

12,799

14,822

EBITDA

(66,936)

(74,481)

Stock-based compensation ⁽²⁾

16,708

17,713

Restructuring charges ⁽³⁾

—

4,466

Merger and acquisition related (income) expense ⁽⁴⁾          

—

(918)

Loss (gain) on investments

1,214

3,693

Change in fair value of notes receivable

6,759

5,285

Adjusted EBITDA

$      (42,255)

$      (44,242)

(1)

All periods include non-cash revenue when earned, including $7.5 million recognized in the three months ended March 31, 2025, pursuant to the release of deferred revenue related to the mutual termination of a customer agreement.

(2)

Includes $0.9 million and $0.4 million  in employer payroll taxes for the three months ended March 31, 2026 and 2025, respectively.

(3)

Restructuring charges primarily consist of employee termination costs from the reduction in force commenced in June 2024.

(4)

Represents transaction and integration costs directly related to mergers and acquisitions, including: (i) legal, consulting, and accounting fees associated with acquisitions; (ii) post-acquisition employee retention bonuses; (iii) (gain)/loss from changes in the fair value of contingent consideration liabilities resulting from acquisitions; and (iv) securities litigation costs. Not included in this adjustment are acquired in-process research and development expenses, which totaled zero for both the three months ended March 31, 2026 and 2025, respectively.