Chapter 1 · Growth
Program cells
like software.
Revenue falling.
The vision is huge. The current business is small — and getting smaller.
↓ scroll to read
✦ The bottom line
Ginkgo's pitch is to 'program' living cells on automated robotic foundries — biology as an engineering platform. But the business is small and shrinking: revenue was $170M in 2025, and the most recent quarter fell ~49% year-over-year. The vision hasn't translated into growing sales yet.
↓ the brief below
✦ Teach me
When the story outruns the sales
Ginkgo's idea: instead of each company building its own biology lab, they rent Ginkgo's automated 'foundry' to engineer microbes that make ingredients, drugs, or materials — paying fees plus a share of what they create.
It's a beautiful 'platform' story. But customers have been slower and smaller than hoped, some big programs ended, and pandemic-era biosecurity revenue faded. So revenue is declining — the clearest sign the business model is still unproven.
Wall Street calls this
Revenue / platform model
A falling top line at a 'platform' company is a red flag you must respect: it means the model isn't yet pulling in scalable demand. The bet is on a turnaround, not momentum.
Revenue · fiscal year 2025
Down year-over-year, with the most recent quarter falling ~49%. Ginkgo's revenue comes from its Cell Engineering platform and a Biosecurity segment — both smaller than the hype suggested.
Source · 10-K · Results of Operations · FY2025 · Filed Feb 26, 2026