Ginkgo Bioworks Holdings (DNA) has just wrapped up FY 2025 with Q4 revenue of about US$33.4 million and a basic EPS loss of US$1.41, while net income excluding extra items came in at a loss of US$80.8 million. Over recent quarters the company has seen revenue move from US$89.0 million in Q3 2024 to US$48.3 million in Q1 2025, US$49.6 million in Q2, US$38.8 million in Q3 and US$33.4 million in Q4. This has come alongside basic EPS losses ranging between US$1.08 and US$2.00. Together, these figures keep the focus firmly on how much cash the business is burning to support its platform. For investors, this set of numbers keeps the spotlight on margins, how quickly losses might narrow from here, and whether the current revenue base can eventually support a more efficient cost structure.

See our full analysis for Ginkgo Bioworks Holdings.

With the headline figures on the table, the next step is to see how these results line up with the dominant stories around Ginkgo Bioworks, highlighting where the numbers back up the narrative and where they start to push against it.

Trailing 12‑month losses still above US$300 million

• On a trailing 12‑month basis, Ginkgo Bioworks recorded about US$170.2 million in revenue and a net loss excluding extra items of roughly US$312.8 million, with basic EPS at a loss of US$5.64.
• Bears argue that persistent negative EBITDA and cash burn limit the company’s ability to scale, and the current figures give that view some backing, with net losses of US$60.3 million to US$90.9 million in each of the last four quarters and trailing losses still above US$300 million even after cost cuts.
  • The bearish narrative points to ongoing pressure from underutilized lab space and the risk of shareholder dilution, and the size of these recurring losses shows why they focus so much on operating leverage.
  • At the same time, the five year trend of losses narrowing at about 14.5% a year sits slightly at odds with the most pessimistic view, because it shows the gap has been closing even while the business remains unprofitable.

Ginkgo’s recent report cards give skeptics plenty to point to, and the bearish narrative leans heavily on this loss profile to argue the stock still has a lot to prove before the story improves meaningfully. 🐻 Ginkgo Bioworks Holdings Bear Case

Revenue base of US$170 million versus P/S of 2.2x

• The trailing 12‑month revenue of about US$170.2 million sits alongside a P/S ratio of 2.2x, compared with 3x for the broader US Life Sciences industry and 5x for peers, while the shares most recently traded around US$6.70.
• Bulls see that lower P/S and the long term loss reduction rate of 14.5% a year as setup for upside, but the data also highlights tension with that view, because analysts still expect revenue to decline at about 3.8% a year and do not see profitability arriving within the next three years.
  • The bullish side argues that automation tools, data assets and new markets like academic consumables could support higher quality, recurring revenue, yet the current US$170.2 million revenue run rate and forecast revenue decline show that shift is not reflected in the top line yet.
  • Analyst information in the dataset suggests upside to price targets, but with the business still losing more than US$300 million over the last 12 months, investors would need to be comfortable paying 2.2x sales for a company that is not expected to reach profitability in the medium term.

Bulls argue that today’s revenue base and P/S discount could look attractive if the growth story plays out from here, and the bullish narrative sets out how that could happen in more detail. 🐂 Ginkgo Bioworks Holdings Bull Case

Quarterly revenue swings and loss pattern

• Over the last six reported quarters, revenue has ranged from US$33.4 million to US$89.0 million, while quarterly net losses excluding extra items have stayed between US$56.4 million and US$107.5 million, with basic EPS losses from US$1.08 to US$2.00 per quarter.
• The consensus narrative talks about hopes for more stable, recurring revenues from life science tools and automation, yet the pattern of revenue moving between US$33.4 million and US$89.0 million and losses staying in a fairly tight band highlights how project based work and biosecurity contracts can still make the income statement quite lumpy.
  • Supporters of the consensus view point to cost savings and platform scale as ways to smooth things out over time, but the recent run of quarterly data still looks more like a company in transition than one with a steady subscription style profile.
  • Critics in that same consensus discussion flag that this volatility, combined with expectations for revenue to decline over the next three years, keeps attention on execution risk rather than on any near term earnings durability.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Ginkgo Bioworks Holdings on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this mix of risks and upside has you on the fence, consider reviewing the details yourself promptly, including the 2 key rewards and 2 important warning signs that stand out most today.

See What Else Is Out There

Ginkgo Bioworks is still working through sizeable trailing 12‑month losses above US$300 million, lumpy revenue and no clear path to near term profitability.

If you want ideas that put less emphasis on loss making stories and more on financial resilience, our 78 resilient stocks with low risk scores can quickly surface companies with steadier profiles worth your attention today.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.