Ginkgo reports $170M revenue, far below 2021 $1B target
Ginkgo Bioworks reported full-year 2025 revenue of $170 million, far below the $1 billion target it had once hoped to reach when it went public in 2021 at a roughly $15 billion valuation.
The revenue miss resurfaced this week after investor Brad LoncarDealroom has a profile for this one. Try Dealroom → criticised the company’s past projections. Ginkgo co-founder and chief executive officer Jason KellyDealroom has a profile for this one. Try Dealroom → responded publicly, saying earlier investor materials referred to $7.6 billion in potential downstream value such as royalties and milestones — not annual revenue.
Revenue rose to $478 million in 2022 before falling to $252 million in 2023 as biotech customers cut spending. Ginkgo ended 2026 with $423 million in cash after restructuring.
The company also announced a strategic shift, focusing on its autonomous labs platform and divesting its non-core biosecurity business.
The resurfacing of the 2021 projection comes as biotech funding remains uneven and investors scrutinise companies that went public during the 2021 boom.
Kelly said rising interest rates in 2022 and a broader biotech downturn led many customers to cut external R&D partnerships, reducing revenue. Ginkgo’s earlier growth had been partly boosted by a rapidly expanding biosecurity unit that grew sharply during the pandemic.
With capital markets tighter, companies are revisiting past projections and narrowing focus to core offerings.
Ginkgo’s revenue volatility highlights the risk of relying on milestone payments and long-term platform bets. The company must now prove its autonomous labs strategy can generate steady, scalable income.
Investor confidence may remain fragile after missed targets and a sharp decline in the share price from listing highs. Divesting biosecurity also removes a business that previously supported growth.
Ginkgo’s trajectory mirrors that of many 2021-era listings — bold projections meeting a harsher funding environment. The bar for growth forecasts has reset.
Sources:
Ginkgo Bioworks
Ginkgo Bioworks
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