DNA earnings analysis
What we found in DNA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Ginkgo Bioworks reported Q1 2026 revenue of $19.5 million, significantly missing estimates ($42.4 million) and declining 49% year-over-year. The EPS loss of $1.39 also fell short of expectations, coupled with a cash burn guidance for 2026 estimated between $150 million and $125 million. Management indicated that ongoing restructuring efforts and a reduction in services contributed to the poor financial performance in this quarter.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Plummets 49% YoY
- Q1 2026 revenue was $19.5 million, down from $38.2 million in Q1 2025.
- EPS Misses Estimates
- Reported EPS was a loss of $1.39, missing the expected loss of $1.34.
- Significant Cash Burn Guidance
- Management reaffirms cash burn guidance for 2026 between $(150) million and $(125) million.
- Reduction in Operating Expenses
- Operating expenses fell by $28.4 million from $119.2 million in Q1 2025 to $90.8 million in Q1 2026.
- Improvement in Loss from Operations
- Loss from operations decreased to $71.4 million in Q1 2026 from $80.9 million in Q1 2025.
- Decreased R&D Spending
- R&D expenses dropped to $49.9 million from $70.9 million in the prior year, a decline of $21 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Cash Burn Rate
- Projected cash burn remains elevated with guidance between $(150) million and $(125) million for 2026.
- Significant Revenue Decline
- Revenue decreased sharply by $18.8 million, or 49% year-over-year.
- Ongoing Restructuring Risks
- The company is undergoing restructuring, which may affect future operational efficiency and financial performance.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-1.39
What they said about what is next.
Full-year 2026 cash burn guidance remains $(150) million to $(125) million.
The filing reads worse than the one before it.
What came before.
- 10-K · February 26, 2026
- Ginkgo’s 10-K reiterates its strategy to scale an Autonomous Lab platform (automation + AI + reusable biological assets) across two businesses: cell engineering and biosecurity. FY2025 quarter results show continued…
- 10-Q · May 6, 2025
- Ginkgo reported Q1 revenue of $48,318,000, up $10,374,000 (27%) year-over-year, driven by Cell Engineering growth. Loss from operations improved to $(88,968,000) from $(178,002,000) a year earlier and diluted EPS…
- 10-Q · August 8, 2024
- Ginkgo reported quarterly revenue of $56,206 (in thousands) and a GAAP net loss of $217,181 (in thousands), or $(0.11) per share, driven by large operating expenses including a $47,858 (in thousands) goodwill impairment…
- 10-K · February 29, 2024
- Ginkgo positions itself as a horizontal synthetic-biology platform built around two core businesses — cell engineering (Foundry + Codebase) and government-focused biosecurity — that the company says improves with scale…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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