Ginkgo Bioworks Holdings, Inc.

Synthetic-biology platform with deep losses and heavy cash burn, funded.

Strengths

• Strong liquidity — current ratio 4.9 (53rd)

Risks

• Deep losses — operating margin -185%, net margin -184%
• Heavy cash burn — FCF -$179M (17th)
• Platform-monetization/restructuring risk — per 10-K

Notable findings

• Customer concentration~100% of revenue from one customer/distributor — , manufacturing or product development, which our customers manage), these value share payments flow through with approximately 100% contribution margin
• Net lossNet loss (net margin -183.8%)
• Cash burnNegative free cash flow (-178.7M)
• Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
• Material weakness• We had in the past identified a material weakness in our internal controls over financial reporting, and we may identify additional material weaknesses in the future
• Buying back stockNet buyback — share count -55%/yr over 4y
• Strong balance sheetStrong balance sheet — $423M cash & investments, ~10 quarters of runway
• New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
• Revenue declineRevenue -41.7% YoY
• Insider sellingInsider selling — 13 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$4M, last 6mo) Form 4 ↗
• Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)