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KPIsSections17
Income flow
| Revenue — GREEN | $39.6M | -48.8% YoY |
|---|---|---|
| Gross margin — GREEN | 87.8% | |
| Net income — GREEN | -$129.3M | +14.5% YoY |
| Net margin — GREEN | -326.3% | |
| Operating margin — RED | -327.8% |
Red flags5 red2 orange
Liquidity5
RED
Negative operating cash flow
operating_cf_burnThe company is burning cash from operations — sustainability depends on financing.
RED
Net margin -326.3%
net_margin_sharply_negativeNet income margin below -5% — profitability materially negative vs revenue.
RED
Cash conversion (CFO/Rev) -229.5%
cash_conversion_weakCFO/Revenue below 0 — operating model not generating cash despite revenue.
RED
Cash runway ~0.9 years
cash_runway_lowAt current burn rate, cash covers less than 2 years — may require near-term financing.
ORANGE
Accumulated deficit / equity 1494%
accumulated_deficit_highAccumulated deficit exceeds equity book value — balance sheet technically impaired.
Dilution · capital1
RED
SBC/Revenue 59.2%
sbc_revenue_highStock-based compensation exceeds 25% of revenue — materially dilutive.
Concentration1
ORANGE
R&D/Revenue 242.6%
rd_intensity_highR&D exceeds 40% of revenue — sustainable only if growth trajectory justifies the investment.
Income Statement
| Metric | Value | Flag |
|---|---|---|
| EPS (diluted) | $-2.13 | GREEN |
| Gross Margin | 87.8% | GREEN |
| Net Income | -$129.3M | GREEN |
| Net Margin | -326.3% | GREEN |
| Operating Margin | -327.8% | RED |
| R&D % Revenue | 242.6% | GREEN |
| Revenue | $39.6M | GREEN |
| Revenue (quarter) | $20.2M | GREEN |
Balance Sheet
| Metric | Value | Flag |
|---|---|---|
| Broad Liquidity | $103.8M | GREEN |
| Cash | $84.5M | GREEN |
| Current Ratio | 4.57 | GREEN |
| Total Assets | $990.0M | GREEN |
| Total Equity | $420.3M | GREEN |
Cash Flow
| Metric | Value | Flag |
|---|---|---|
| Cash Conversion (CFO/Rev) | -2.30 | GREEN |
| Free Cash Flow | -$95.5M | GREEN |
| Operating CF | -$91.0M | GREEN |
| SBC % Revenue | 59.2% | GREEN |
Sections in this filing
MD&A
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited condensed consolidated financial statements and related notes thereto included elsewhere in this Quarterly Report on Form 10-Q. This discussion contains forward-looking statements that reflect our plans, estimates and beliefs that involve risks and uncertainties. Actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed in Item 1A “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” elsewhere in this Quarterly Report on Form 10-Q and in our 2025 Annual Report. Overview Our mission is to make biology easier to engineer. Ginkgo currently sells cell engineering biological R&D services and tools to government and commercial customers across a range of industries. Cell Engineering Ginkgo offers biological R&D services on our platform to enable our customers to bring their products to market. Historically, Ginkgo’s primary service offering has been cell engineering R&D services (solutions) where Ginkgo performs technical activities. In 2024, Ginkgo expanded its service offering to include services that provide our customers cell engineering tools for biological R&D, where Ginkgo enables its customers to conduct certain in-house R&D activities themselves. Our services are designed to offer customers better results on the dimensions of probability of success, speed, or cost – and ideally on all three. The fundamental advantage of our cell engineering platform over traditional cell engineering done by hand at our customers’ labs is that our platform improves with scale while in-house cell engineering in our customers' labs largely does not. Compounding and mutually reinforcing improvements of our laboratory automation and software infrastructure—our Autonomous Lab—and our reusable data assets enable us to improve our services with each successive project. Our Autonomous Lab is a flexible wet lab built from our RAC systems capable of large scale data generation; it powers generative AI and ML tools that enable more successful biological R&D. We now offer services providing such data generation, AI and automation tools directl