Ginkgo Bioworks: Another Lost Year

Ginkgo Bioworks (DNA) reported Q1 revenues of $19.5M, down nearly 50% year-over-year and badly missing street estimates even after Biosecurity adjustments. Management is pivoting to autonomous labs but refuses to provide revenue guidance, causing analyst estimates to fall further. DNA continues to burn significant cash, with Q1 cash burn at $49M and 2026 guidance of $125M–$150M, leaving $373M in cash and no debt but weakening flexibility.