Slides
Page 1
Property of Ginkgo Bioworks — 1Q2 2025 UPDATE & BUSINESS REVIEW Grow with Ginkgo Q4 2025 Update & Business Review February 26, 2026
Page 2
Property of Ginkgo Bioworks — 2Q4 2025 UPDATE & BUSINESS REVIEW FORWARD-LOOKING STATEMENTS This presentation, the conference call and webcast contain certain forward-looking statements within the meaning of the federal securities laws, including statements regarding our plans, including with respect to technology adaptations to meet our customers’ needs, strategies, including with respect to our current expectations, operations and anticipated results of operations, both business and financial, including the timing for attaining Adjusted EBITDA breakeven, potential customer success, including successful application of our offerings by our customers, expected benefits from our strategic partnerships, and expectations with regard to revenue, including our ability to meet all milestones and achieve the maximum revenue available under certain of our customer arrangements, expenses, our full year 2026 outlook, and the market environment, all of which are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, or industry results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements generally are identified by the words "believe," "can," "project," "potential," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) our ability to realize near-term and long-term cost savings associated with our site consolidation plans, including the ability to terminate leases or find sub-lease tenants for unused facilities, (ii) volatility in the price of Ginkgo's securities due to a variety of factors, including changes in the competitive and highly regulated industries in which Ginkgo operates and plans to operate, variations in performance across competitors, and changes in laws and regulations affecting Ginkgo's business, (iii) the ability to implement business plans, forecasts, and other expectations, and to identify and realize additional business opportunities, including with respect to our solutions and tools offerings, (iv) the risk of downturns in demand for products using synthetic biology, (v) the uncertainty regarding the demand for passive monitoring programs and biosecurity services, (vi) changes to the biosecurity industry, including due to advancements in technology, emerging competition and evolution in industry demands, standards and regulations, (vii) the outcome of any pending or potential legal proceedings against Ginkgo, (viii) our ability to realize the expected benefits from and the success of our platform programs and assets, (ix) our ability to successfully develop engineered cells, bioprocesses, data packages or other deliverables, (x) the product development, production or manufacturing success of our customers, (xi) our exposure to the volatility and liquidity risks inherent in holding equity interests in other operating companies and other non-cash consideration we may receive for our services, (xii) the potential negative impact on our business of our restructuring or the failure to realize the anticipated savings associated therewith and (xiii) the uncertainty regarding government budgetary priorities and funding allocated to government agencies, including potential adverse effects from the U.S. government shutdown. The foregoing list of factors is not exhaustive. Y ou should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of Ginkgo's annual report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") on February 26, 2026 and other documents filed by Ginkgo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Ginkgo assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Ginkgo does not give any assurance that it will achieve its expectations. INDUSTRY AND MARKET DATA In this presentation, Ginkgo relies on and refers to certain information and statistics regarding the markets and industries in which Ginkgo competes. Such information and statistics are based on Ginkgo management’s estimates and/or obtained from third-party sources, including reports by market research firms and company filings. While Ginkgo believes such third-party information is reliable, there can be no assurance as to the accuracy or completeness of the indicated information, and Ginkgo has not independently verified the accuracy or completeness of the information provided by the third-party sources. USE OF NON-GAAP FINANCIAL MEASURES Certain of the financial measures included in this presentation, including Adjusted EBITDA, cash flow and cash burn, have not been prepared in accordance with generally accepted accounting principles (“GAAP”), and constitute “non-GAAP financial measures” as defined by the SEC. Ginkgo has included these non-GAAP financial measures because it believes they provide an additional tool for investors to use in evaluating Ginkgo’s financial performance and prospects. Due to the nature and/or size of the items being excluded, such items do not reflect future gains, losses, expenses or benefits and are not indicative of our future operating performance. These non-GAAP financial measures are supplemental to, and should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. In addition, these non-GAAP financial measures may differ from non-GAAP financial measures with comparable names used by other companies. See the reconciliation included in this presentation for additional information regarding certain of the non-GAAP financial measures included in this presentation, including a description of these non-GAAP financial measures and a reconciliation of the historic measures to Ginkgo’s most comparable GAAP financial measures. TRADEMARKS This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners, and Ginkgo’s use thereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, service marks, trade names and copyrights. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, © or ® symbols, but Ginkgo will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. Disclaimer
Page 3
Property of Ginkgo Bioworks — 3Q4 2025 UPDATE & BUSINESS REVIEW Introduction Jason Kelly, Co-Founder and CEO Q4 2025 Financial Update Steve Coen, CFO Strategic Review Jason Kelly, Co-Founder and CEO Q&A Session Moderated by Daniel Marshall, Sr. Manager of Communications and Ownership Agenda
Page 4
Property of Ginkgo Bioworks — 4Q4 2025 UPDATE & BUSINESS REVIEW OUR MISSION Make biology easier to engineer IN 2026 GINKGO WILL FOCUS AND INVEST TO WIN AUTONOMOUS LABS Focus Ginkgo's efforts on Autonomous Labs as the common platform for biotechnology research. Invest to extend our current lead in technology. Demonstrate the capabilities of Autonomous Labs by decommissioning the majority of Ginkgo's lab benches, walk-up automation, and workcells and moving our three R&D services businesses onto a single, large Autonomous Lab. Book new sales of Autonomous Labs in biopharma, national labs, and research universities.
Page 5
Property of Ginkgo Bioworks — 5Q4 2025 UPDATE & BUSINESS REVIEW Biosecurity Divestiture Ginkgo has reached an agreement to sell its biosecurity business to a consortium of investors. ● During COVID, we explicitly invested and established our Biosecurity business. Biosecurity is essential as the technology to engineer biology improves and becomes more widely distributed. ● That business provided invaluable benefits during the pandemic through our state and national testing programs and resulted in peak annual revenue over $300M. We were proud to help open over 5,000 schools nationwide. ● The Biosecurity business continued to evolve into an end-to-end bioradar platform with investments to meet the next era of security in the United States and globally. ● The emerging defense-tech sector is driving pure-play investors who want to build next-generation biodefense Primes. ● Bringing in external capital allows Ginkgo to focus our cash on investing in Autonomous labs while sharing the upside and investment needed in biosecurity with incredible new investors. These investors also open doors in the defense sector and increase the odds of success of biodefense growing into a mature sector that protects against malicious use of biotechnology.
Page 6
Property of Ginkgo Bioworks — 6Q4 2025 UPDATE & BUSINESS REVIEW (55)% ANNUAL CASH BURN(1) ($M) Our improved cash burn allows us to invest in winning Autonomous Labs (Unaudited) Ginkgo remains in a strong financial position with $423 million in cash, cash equivalents, and marketable securities with no bank debt as of Q4 2025 $423M (1) References to cash burn is defined as change in GAAP cash, cash equivalents, and marketable securities excluding Company imposed cash restrictions, as adjusted for unrealized equity gains and losses. Cash burn excludes net proceeds from ATM sales. For a reconciliation of Cash burn, see the Appendix.
Page 7
Property of Ginkgo Bioworks — 7Q4 2025 UPDATE & BUSINESS REVIEW Agenda Introduction Jason Kelly, Co-Founder and CEO Q4 2025 Financial Update Steve Coen, CFO Strategic Review Jason Kelly, Co-Founder and CEO Q&A Session Moderated by Daniel Marshall, Sr. Manager of Communications and Ownership
Page 8
Property of Ginkgo Bioworks — 8Q4 2025 UPDATE & BUSINESS REVIEW Cell Engineering Highlights (Unaudited) CELL ENGINEERING REVENUE ($M) (26%) REVENUE-GENERATING PROGRAMS (1) (4%) 1) See Appendix for description of revenue-generating programs
Page 9
Property of Ginkgo Bioworks — 9Q4 2025 UPDATE & BUSINESS REVIEW Q4 2025 Financial Summary (Unaudited) 1) Twelve months ended December 31, 2025 includes $7.5 million of non-cash revenue from a release of deferred revenue relating to the mutual termination of a customer agreement with BiomEdit. Three months and twelve months ended December 31, 2024 include $45M of non-cash revenue from a release of deferred revenue related to the mutual termination of a customer agreement with Motif. 2) For a reconciliation of segment operating expenses, segment operating loss, net loss and Adjusted EBITDA, see the Appendix. Three Months Ended December 31, Twelve Months Ended December 31, In millions of USD 2025 2024 % Y oY 2025 2024 % Y oY Revenue: Cell Engineering ⁽¹⁾ $26 $35 (26%) $133 $174 (24%) Biosecurity 7 9 (18%) 37 53 (30%) Total revenue 33 44 (24%) 170 227 (25%) Cell Engineering cost of other revenue 3 2 56% 13 6 120% Cell Engineering research and development 28 50 (44%) 159 272 (42%) Cell Engineering general and administrative 12 20 (40%) 56 115 (51%) Biosecurity cost of sales 5 8 (28%) 29 39 (25%) Biosecurity operating expenses 6 11 (47%) 27 45 (39%) Total segment operating expenses ⁽²⁾ 54 91 (40%) 284 477 (40%) Cell Engineering operating loss (Adjusted EBITDA) (17) (38) 55% (96) (219) 56% Biosecurity operating loss (Adjusted EBITDA) (4) (10) 60% (19) (31) 38% Total segment operating loss (Adjusted EBITDA) ⁽²⁾ (21) (48) 55% (115) (250) 54% Net loss (GAAP) ⁽²⁾ (81) (108) 25% (313) (547) 43% Total Adjusted EBITDA ⁽¹⁾⁽²⁾ (36) (57) 37% (167) (293) 43% Memo: inclusive of carrying cost of excess space (net of sublease income) 15 9 54 26 Memo: inclusive of M&A related non-cash IP R&D 0 0 (0) 20 Capital expenditures (net of tenant improvement allowance) 0 9 (97%) 4 38 (89%)
Page 10
Property of Ginkgo Bioworks — 10Q4 2025 UPDATE & BUSINESS REVIEW Adjusted EBITDA (Unaudited) TOTAL ADJUSTED EBITDA(1) ($M) (1) For a reconciliation of Adjusted EBITDA, see the Appendix (2) References to cash burn is defined as change in GAAP cash, cash equivalents, and marketable securities excluding Company imposed cash restrictions, as adjusted for unrealized equity gains and losses. Cash burn excludes net proceeds from ATM sales. For a reconciliation of Cash burn, see the Appendix. (3) Inclusive of $18M of net proceeds from ATM sales FY 2024 FY 2025 Cell Engineering segment ($219) ($96) Biosecurity segment ($31) ($19) Unallocated: excess space + other ($43) ($52) Total Adj. EBITDA ($293) ($167) TOTAL ADJUSTED EBITDA(1) BY COMPONENT ($M) (25)% (33)% Total Adj. EBITDA(1) ($293M) ($167M) Total Cash Flow(2) ($383M) ($158M)(3) Total Revenue Expenses (incl. Cost of Sales)
Page 11
Property of Ginkgo Bioworks — 11Q4 2025 UPDATE & BUSINESS REVIEW Historical Outlook In millions of USD FY2025 FY2026 Total cash burn ($171) ($150) - ($125) 2026 Full Y ear Outlook (1) References to cash burn is defined as change in GAAP cash, cash equivalents, and marketable securities excluding Company imposed cash restrictions, as adjusted for unrealized equity gains and losses. Cash burn excludes net proceeds from ATM sales. For a reconciliation of Cash burn, see the Appendix.
Page 12
Property of Ginkgo Bioworks — 12Q4 2025 UPDATE & BUSINESS REVIEW Agenda Introduction Jason Kelly, Co-Founder and CEO Q4 2025 Financial Update Steve Coen, CFO Strategic Review Jason Kelly, Co-Founder and CEO Q&A Session Moderated by Daniel Marshall, Sr. Manager of Communications and Ownership
Page 13
Property of Ginkgo Bioworks — 13Q4 2025 UPDATE & BUSINESS REVIEW OUR MISSION Make biology easier to engineer
Page 14
Property of Ginkgo Bioworks — 14Q4 2025 UPDATE & BUSINESS REVIEW
Page 15
Property of Ginkgo Bioworks — 15Q4 2025 UPDATE & BUSINESS REVIEW SOURCES: PNNL + Synbiobeta
Page 16
Property of Ginkgo Bioworks — 16Q4 2025 UPDATE & BUSINESS REVIEW
Page 17
Property of Ginkgo Bioworks — 17Q4 2025 UPDATE & BUSINESS REVIEW 1 2 3 An autonomous lab must allow a scientist to do the same work they do in a traditional, manual biotechnology lab. Autonomous labs will transform biotechnology. We will sell autonomous labs in two ways: you can buy RACs and build your own or you can buy our services that use Ginkgo's in-house autonomous labs. 17 We believe…
Page 18
Property of Ginkgo Bioworks — 18Q4 2025 UPDATE & BUSINESS REVIEW 1 2 3 An autonomous lab must allow a scientist to do the same work they do in a traditional, manual biotechnology lab. Autonomous labs will transform biotechnology. We will sell autonomous labs in two ways: you can buy RACs and build your own or you can buy our services that use Ginkgo's in-house autonomous labs. 18 We believe…
Page 19
Property of Ginkgo Bioworks — 19Q4 2025 UPDATE & BUSINESS REVIEW Request Flexibility Amount of Automation
Page 20
Property of Ginkgo Bioworks — 20Q4 2025 UPDATE & BUSINESS REVIEW Request Flexibility Amount of Automation Autonomous Car
Page 21
Property of Ginkgo Bioworks — 21Q4 2025 UPDATE & BUSINESS REVIEW Request Flexibility Amount of Automation Autonomous Car 99% of transportation!
Page 22
Property of Ginkgo Bioworks — 22Q4 2025 UPDATE & BUSINESS REVIEW Request Flexibility Amount of Automation Traditional Automation Workcell
Page 23
Property of Ginkgo Bioworks — 23Q4 2025 UPDATE & BUSINESS REVIEW Request Flexibility Amount of Automation Traditional Automation Workcell 95%+ of research budget!
Page 24
Property of Ginkgo Bioworks — 24Q4 2025 UPDATE & BUSINESS REVIEW Request Flexibility Amount of Automation Traditional Automation Workcell Ginkgo Autonomous Lab
Page 25
Property of Ginkgo Bioworks — 25Q4 2025 UPDATE & BUSINESS REVIEW Key Technical Question: How do you get both high automation and high flexibility without human hands in the lab?
Page 26
Property of Ginkgo Bioworks — 26Q4 2025 UPDATE & BUSINESS REVIEW 1 2 3 An autonomous lab must allow a scientist to do the same work they do in a traditional, manual biotechnology lab. Autonomous labs will transform biotechnology. We will sell autonomous labs in two ways: you can buy RACs and build your own or you can buy our services that use Ginkgo's in-house autonomous labs. 26 We believe…
Page 27
Property of Ginkgo Bioworks — 27Q4 2025 UPDATE & BUSINESS REVIEW
Page 28
Property of Ginkgo Bioworks — 28Q4 2025 UPDATE & BUSINESS REVIEW 1.Pipetting liquids 2.Moving samples to different lab equipment 3.Inputting the setting on the lab equipment for your particular experiment
Page 29
Property of Ginkgo Bioworks — 29Q4 2025 UPDATE & BUSINESS REVIEW 1.Reliable liquid handling 2.Reliable material transport to any device 3.Parameterized control of devices 4.Support for as many devices in a single setup as you would have in a traditional lab; 50+ devices would be typical. 5.Support parallel work, handle 10-100s of parallel protocol requests from scientists that change daily. 6.As easy for scientists to use as the lab bench To replace traditional labs, an Autonomous lab must deliver: This is very technically demanding for both hardware and software and traditional automation workcells cannot deliver it.
Page 30
Property of Ginkgo Bioworks — 30Q4 2025 UPDATE & BUSINESS REVIEW 1.Reliable liquid handling 2.Reliable material transport to any device 3.Parameterized control of devices 4.Support for as many devices in a single setup as you would have in a traditional lab; 50+ devices would be typical. 5.Support parallel work, handle 10-100s of parallel protocol requests from scientists that change daily. 6.As easy for scientists to use as the lab bench Workcells do this today To replace traditional labs, an Autonomous lab must deliver: Workcells do not do this today This is very technically demanding for both hardware and software and traditional automation workcells cannot deliver it.
Page 31
Property of Ginkgo Bioworks — 31Q4 2025 UPDATE & BUSINESS REVIEW Workcells are designed around your workflow / protocol because they assume no variability in user requests. Autonomous labs are designed around your equipment because they assume variability equal to a manual lab.
Page 32
Property of Ginkgo Bioworks — 32Q4 2025 UPDATE & BUSINESS REVIEW Optional HEPA Filter Utility routing (electrical, air, and data) Plate transport track Quick connection points enable system reassembly in minutes, not days Dedicated robotic arm improves reliability and throughput Lab device of choice, from any application or vendor Local compute to aid reconfigurability RACs (reconfigurable automation carts) and Ginkgo’s Catalyst software stack allow customers to build autonomous labs
Page 33
Property of Ginkgo Bioworks — 33Q4 2025 UPDATE & BUSINESS REVIEW
Page 34
Property of Ginkgo Bioworks — 34Q4 2025 UPDATE & BUSINESS REVIEW
Page 35
Property of Ginkgo Bioworks — 35Q4 2025 UPDATE & BUSINESS REVIEW
Page 36
Property of Ginkgo Bioworks — 36Q4 2025 UPDATE & BUSINESS REVIEW
Page 37
Property of Ginkgo Bioworks — 37Q4 2025 UPDATE & BUSINESS REVIEW Linear RAC System (2-5 RACs) Closed Loop RAC System (10-20 RACs) Mega RAC “One-of-Everything” System (100+ RACs) Autonomous labs can start small and grow big. Note: Mega RAC system is currently being designed for a real customer site
Page 38
Property of Ginkgo Bioworks — 38Q4 2025 UPDATE & BUSINESS REVIEW Come visit!!!
Page 39
Property of Ginkgo Bioworks — 39Q4 2025 UPDATE & BUSINESS REVIEW Value proposition to customers: 1.Save overhead costs by closing their traditional labs 2.Increase research productivity in an age of AI where we need more data per research $ 3.Enable AI scientists to run “Lab-in-the-loop” experiments with robotic hands in the lab
Page 40
Property of Ginkgo Bioworks — 40Q4 2025 UPDATE & BUSINESS REVIEW 1 2 3 An autonomous lab must allow a scientist to do the same work they do in a traditional, manual biotechnology lab. Autonomous labs will transform biotechnology. We will sell autonomous labs in two ways: you can buy RACs and build your own or you can buy our services that use Ginkgo's in-house autonomous labs. 40 We believe…
Page 41
Property of Ginkgo Bioworks — 41Q4 2025 UPDATE & BUSINESS REVIEW What is the market potential of autonomous labs? There is a huge life science tools industry built on top of the lab bench as the dominant paradigm for general purpose work. That industry needs to be rebuilt on top of the autonomous lab.
Page 42
Property of Ginkgo Bioworks — 42Q4 2025 UPDATE & BUSINESS REVIEW We will commercialize autonomous labs in two ways: 1.Build autonomous labs at customer sites. 2.Provide access to Ginkgo’s frontier autonomous lab via “cloud lab” services
Page 43
Property of Ginkgo Bioworks — 43Q4 2025 UPDATE & BUSINESS REVIEW Ginkgo Cloud Lab Services 1.Solutions - Ginkgo scientists using our autonomous lab to deliver customer research outcomes. 2.Datapoints - Customer scientists using our autonomous lab to generate large amounts of data for training Bio AI models. 3.Cloud Lab - Coming soon! Customer scientists outsourcing small amount of lab work directly to our autonomous lab. Try before you buy!
Page 44
Property of Ginkgo Bioworks — 44Q4 2025 UPDATE & BUSINESS REVIEW Note: Logos are authentic customers (shared with permission); this is not an exhaustive list. PHARMA INDUSTRIAL BIOTECHNOLOGY AGRICULTURE STARTUPS LARGE COMPANIES 250+ solutions partnerships in last 10 years
Page 45
Property of Ginkgo Bioworks — 45Q4 2025 UPDATE & BUSINESS REVIEW Omics AbDev ADME GDPa1 Largest public IgG AbDev dataset GDPx1 DRUG-seq in large compound library GDPx2 DRUG-seq in 4x primary cells GDPx3 Cell Painting in 3x primary cells GDPsm1 Tier 1 ADME data on 250+ cmpds GDPa2 vhh Antibody Dataset GDPa3 Natural IgG developability dataset VCPI Virtual Cell Pharmacology Initiative [SCALED AUTOMATED WETLAB WORKFLOWS] [RELEASED MULTIPLE PUBLIC DATASETS] … and dozens of other undisclosed customers Datapoints Defined the Category of Bio-AI Data Provider Worked with 10 Top Pharma Customers in Its First Full Y ear [STRONG CUSTOMER DEMAND ACROSS SEGMENTS] [Disclosed Partners] Launched in Q4 2024 Generated 100,000+ Antibody datapoints Generated 2.5 Billion Omics datapoints Note: Logos are authentic customers (shared with permission); this is not an exhaustive list.
Page 46
Property of Ginkgo Bioworks — 46Q4 2025 UPDATE & BUSINESS REVIEW Datapoints is your partner for the Bio x AI era Datapoints Summit Series Antibody Developability Competition Virtual Cell Pharmacology Initiative Data Drops
Page 47
Property of Ginkgo Bioworks — 47Q4 2025 UPDATE & BUSINESS REVIEW We will develop autonomous labs first because our scientists are using them every day to deliver our cloud services, speeding our development cycle.
Page 48
Property of Ginkgo Bioworks — 48Q4 2025 UPDATE & BUSINESS REVIEW Autonomous labs can be directed by human or AI scientists
Page 49
Property of Ginkgo Bioworks — 49Q4 2025 UPDATE & BUSINESS REVIEW Ginkgo is the right company to bring Autonomous Labs to market at scale. ❏Well-capitalized ❏Reduced cash burn gives long runway ❏Extensive practical experience in automating the general purpose work of biotechnology ❏Mission-driven
Page 50
Property of Ginkgo Bioworks — 50Q2 2025 UPDATE & BUSINESS REVIEW Automation of computation in the 1950s dramatically increased the ROI of engineers’ knowledge - leading to a massive increase in the number and value of engineering jobs. The same will be true for the automation of scientific lab work.
Page 51
Property of Ginkgo Bioworks — 51Q2 2025 UPDATE & BUSINESS REVIEW Biotechnology is tech that matters to everyone. If we can unlock programming DNA like computers unlocked programming code it is the most important work humans can do. Please put down your pipettes and join us.
Page 52
Property of Ginkgo Bioworks — 52Q4 2025 UPDATE & BUSINESS REVIEW ____________________ Let’s grow the world we want to see jason@ginkgobioworks.com
Page 53
Property of Ginkgo Bioworks — 53Q4 2025 UPDATE & BUSINESS REVIEW Agenda Introduction Jason Kelly, Co-Founder and CEO Q3 2025 Financial Update Steve Coen, CFO Strategic Review Jason Kelly, Co-Founder and CEO Q&A Session Moderated by Daniel Marshall, Sr. Manager of Communications and Ownership
Page 54
Property of Ginkgo Bioworks — 54Q2 2025 UPDATE & BUSINESS REVIEW APPENDIX
Page 55
Property of Ginkgo Bioworks — 55Q4 2025 UPDATE & BUSINESS REVIEW In millions of USD, except % of total Three Months Ended December 31, Twelve Months Ended December 31, 2025 % of Total 2024 % of Total 2025 % of Total 2024 % of Total Related Parties $ 0 0% $ 1 3% $ 9 7% $ 53 30% Third Parties 26 100% 34 97% 124 93% 121 70% Cell Engineering Revenue $ 26 100% $ 35 100% $ 133 100% $ 174 100% Cash consideration $ 24 92% $ 34 96% $ 121 91% $ 113 65% Non-cash consideration 2 8% 1 4% 12 9% 61 35% Cell Engineering Revenue $ 26 100% $ 35 100% $ 133 100% $174 100% Related Parties: Related parties include Platform Ventures and certain Structured Partnerships. See notes to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2025 for additional information related to transactions with related parties. Third Parties: Includes all other customers. Non-Cash Consideration: Cell Engineering revenue recognized relating to contracts in which the underlying consideration is non-cash based, inclusive of downstream value share milestone payments received in the form of equity securities. See notes to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2025 for additional information related to revenue recognition. Cell Engineering Revenue (Unaudited)
Page 56
Property of Ginkgo Bioworks — 56Q4 2025 UPDATE & BUSINESS REVIEW Segment Information (Unaudited) Note: The accompanying footnotes are provided on the next slide Three Months Ended December 31, Twelve Months Ended December 31, In millions of USD 2025 2024 2025 2024 Cell Engineering Revenue $26 $35 $133 $174 Costs and operating expenses: Cost of other revenue 3 2 13 6 Research and development 28 50 159 272 General and administrative 12 20 56 115 Cell Engineering operating loss (17) (38) (96) (219) Biosecurity Revenue 7 9 37 53 Costs and operating expense: Cost of Biosecurity revenue 5 8 29 39 General and administrative 6 11 27 45 Biosecurity operating loss (4) (10) (19) (31) Total segment operating loss (21) (48) (114) (249) Reconciling items to reconcile total segment operating loss to loss before income taxes: Depreciation and amortization 14 16 59 63 Stock-based compensation (1) 21 21 83 115 Impairment expense (2) 0 6 0 54 Restructuring charges (3) 1 4 11 24 Carrying cost of excess space (net of sublease income) (4) 15 9 54 26 Merger and acquisition related expenses (income) (5) (2) (2) (6) 4 Acquired in-process research and development 0 0 (0) 20 Other (income) expense, net (6) 11 6 (2) (8) Loss before income taxes (81) (108) (314) (548)
Page 57
Property of Ginkgo Bioworks — 57Q4 2025 UPDATE & BUSINESS REVIEW 1) Includes $0.2 million and $0.1 million in employer payroll taxes for the three months ended December 31, 2025 and 2024, respectively, and $1.2 million and $3.0 million in employer payroll taxes for the twelve months ended December 31, 2025 and 2024, respectively. 2) For the three months ended December 31, 2024, includes $5.8 million related to lab equipment. For the year ended December 31, 2024, includes $47.9 million related to goodwill impairment and $5.8 million related to lab equipment. 3) Restructuring charges primarily consist of employee termination costs from the reduction-in-force commenced in June 2024. 4) The carrying cost of excess space includes base rent, common area maintenance charges, and real estate taxes associated with facilities the Company is not occupying, net of any sublease income from these spaces. 5) Represents transaction and integration costs directly related to mergers and acquisitions, including: (i) legal, consulting and accounting fees associated with acquisitions, (ii) post-acquisition employee retention bonuses, (iii) (gain)/loss from changes in the fair value of contingent consideration liabilities resulting from acquisitions, and (iv) costs associated with the Zymergen Bankruptcy, as well as securities litigation costs, net of insurance recovery. 6) Includes interest income, interest expense, loss on investments, changes in fair value of certain assets and liabilities, and other gains and losses. Segment Information Footnotes
Page 58
Property of Ginkgo Bioworks — 58Q4 2025 UPDATE & BUSINESS REVIEW 1) All periods include non-cash revenue when earned, including $7.5 million recognized in the twelve months ended December 31, 2025, recognized pursuant to the termination of revenue contracts with Biomedit and $45.4 million in the three and twelve months ended December 31, 2025, recognized pursuant to the termination of revenue contracts with Motif. 2) Includes $0.2 million and $0.1 million in employer payroll taxes for the three months ended December 31, 2025 and 2024, respectively, and $1.2 million and $3.0 million in employer payroll taxes for the twelve months ended December 31, 2025 and 2024, respectively. 3) For the three months ended December 31, 2024, includes $5.8 million related to lab equipment. For the year ended December 31, 2024, includes $47.9 million related to goodwill impairment and $5.8 million related to lab equipment. 4) Restructuring charges primarily consist of employee termination costs from the reduction-in-force commenced in June 2024. 5) Represents transaction and integration costs directly related to mergers and acquisitions, including: (i) legal, consulting and accounting fees associated with acquisitions, (ii) post-acquisition employee retention bonuses, (iii) (gain)/loss from changes in the fair value of contingent consideration liabilities resulting from acquisitions, and (iv) costs associated with the Zymergen Bankruptcy, as well as securities litigation costs, net of insurance recovery. Not included in this adjustment are acquired in-process research and development expenses, which totaled zero for both the three months ended December 31, 2025 and 2024, respectively, and zero and $19.8 million for the twelve months ended December 31, 2025 and 2024, respectively, * As adjusted to reflect the impact of including in Adjusted EBITDA the non-cash one-time charges related to acquired in-process research and development (see Footnote 5 below). Adjusted EBITDA Reconciliation (Unaudited) Three Months Ended December 31, Twelve Months Ended December 31, In millions of USD 2025 2024 2025 2024 Net loss ⁽¹⁾ $ (80.8) $ (107.5) $ (312.8) $ (547.0) Interest income, net 4.7 7.2 (22.6) (38.5) Income tax expense (0.6) (0.3) (0.8) (0.5) Depreciation and amortization 13.7 15.7 59.0 63.0 EBITDA $ (72.4) $ (99.5) $ (277.2) $ (523.0) Stock-based compensation ⁽²⁾ 21.3 20.7 82.7 115.3 Impairment expense ⁽³⁾ 0.0 5.8 0.0 53.7 Restructuring charges (4) 0.7 4.2 11.4 24.2 Merger and acquisition related expenses (5) (1.5) (1.7) (6.0) 4.4 Loss on investments 16.2 12.5 16.4 28.8 Loss (gain) on deconsolidation of subsidiaries 0.0 (0.0) 0.0 7.0 Change in fair value of warrant liabilities 0.0 0.0 0.0 (5.7) Change in fair value of convertible notes 0.0 0.9 5.7 2.0 Adjusted EBITDA $ (35.8) $ (57.1) $ (167.0) $ (293.3)
Page 59
Property of Ginkgo Bioworks — 59Q4 2025 UPDATE & BUSINESS REVIEW Cash Burn Reconciliation (unaudited) (1) Cash burn is defined as change in GAAP cash, cash equivalents, and marketable securities excluding Company imposed cash restrictions, as adjusted for unrealized equity gains and losses. Cash burn excludes net proceeds from ATM sales. Three Months Ended December 31, Twelve Months Ended December 31, In millions of USD 2025 2024 2025 2024 Net decrease in cash, cash equivalents and restricted cash $ (38) $ (55) $ (393) $ (383) Net decrease in marketable securities 0 0 235 0 Cash Flow (38) (55) (158) (383) Net proceeds from ATM 9 0 19 0 Transfers to Restricted Cash 0 0 (6) 0 Cash Burn ⁽¹⁾ $ (47) $ (55) $ (171) $ (383)