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Ginkgo Bioworks H1 2021 Revenues Nearly Triple

NEW YORK – Ginkgo Bioworks reported on Wednesday after the close of the market that its revenues for the first half of 2021 rose 180 percent year over year, including a 41 percent increase in its foundry business.

For the first six months of the year, the company reported total revenues of $88 million, up from $31 million in the comparable prior-year period. Revenues from the foundry business rose to $44 million from $31 million in H1 2020.

The company also reported revenues of $44 million from its biosecurity business for the first half of the year, relative to its original projection for full-year revenues of $50 million. Given that unit's performance in H1 2021, Ginkgo said it now expects revenues from the biosecurity business to be at least $75 million for the full year.

"Ginkgo's business momentum has accelerated in 2021. We've signed several impactful new collaborations and are proud to see programs on our platform delivering value to customers," Jason Kelly, Ginkgo's cofounder and CEO, said in a statement. "We've also seen increasing interest from state governments in our biosecurity offering as COVID variants are spreading in local communities and threatening school reopening plans."

The company said it launched 11 new cell programs in the first half of 2021 and increased the estimate for total new programs by year-end to 30 from 23.

Ginkgo also provided an update on its proposed merger with special purpose acquisition company Soaring Eagle, which was first announced in May. Soaring Eagle has scheduled the extraordinary general meeting of its shareholders to discuss the merger for Sept. 14, and Ginkgo and Soaring Eagle expect to close the deal shortly after the meeting.

After the merger is complete, Ginkgo's Class A common stock is expected to be listed on the New York Stock Exchange under the ticker symbol DNA. The merger is expected to provide up to $2.5 billion of gross cash proceeds, including Soaring Eagle's $1.725 billion of cash in trust and $775 million in gross proceeds from a PIPE transaction priced at $10 per share of Class A Soaring Eagle common stock to be funded immediately prior to the closing, Ginkgo said.