Technology
Ginkgo Bioworks Reports Fourth Quarter and Full Year 2023 Financial Results
Published
3 years agoon
By
$251 million of Total revenue in 2023
$139 million in Cell Engineering services revenue, representing 31% growth over 2022
78 new Cell Programs added in 2023, representing 32% growth over 2022 and continued penetration in biopharma
Year-end cash balance of nearly $950 million provides meaningful multi-year runway as we drive towards profitability and begin recognizing benefits from improved platform efficiency
BOSTON, Feb. 29, 2024 /PRNewswire/ — Ginkgo Bioworks Holdings, Inc. (NYSE: DNA, “Ginkgo”), which is building the leading platform for cell programming and biosecurity, today announced its results for the fourth quarter and year ended December 31, 2023. The update, including a webcast slide presentation and supplemental financial information, will be available at investors.ginkgobioworks.com.
“2023 was a breakout year for Ginkgo,” said Jason Kelly, co-founder and CEO of Ginkgo. “We’re working to build a durable platform that fundamentally transforms R&D in biotech. I’m particularly pleased with our growth in biopharma, which represents our largest untapped market – we added several new programs across modalities with large enterprises including Boehringer Ingelheim, Merck, Novo Nordisk, and Pfizer and are seeing strong momentum in pharma going into 2024. I am also thrilled to see a real ecosystem building around Ginkgo – we’re honored by the trust placed in us by the terrific founders of Patch Biosciences, Reverie Labs, and Proof Diagnostics to bring their technologies to customers and by the over 25 inaugural partners in our newly announced Technology Network. We are committed to bringing the best technologies together to support our customers, and we’ve never been better positioned to deliver.”
Recent Business Highlights & Strategic Positioning
Added 78 new Cell Engineering Programs in 2023, representing 32% growth over the prior year periodGinkgo’s Cell Engineering segment generated services revenue, which does not include downstream value share revenue, of $139 million in 2023, a 31% increase versus 2022Ginkgo’s Biosecurity segment generated $108 million of revenue in 2023 as the Biosecurity business shifted to a more recurring model focused on global reach and multiple pathogens to build a long-term biosecurity global infrastructureGinkgo continues to expand its global bioradar network—now in 14 countries and 10 airports—and advance capabilities for multi-target and multimodal biological threat detection, characterization, and forecasting for next-generation biological intelligenceGinkgo is partnering with the Qatar Free Zones Authority (QFZ) and Doha Venture Capital (DVC) to build a Center for Unified Biosecurity Excellence in Doha (CUBE-D), envisioned as the first of several hubs for biosecurity sample and data analysis in our global networkGinkgo is partnering with Illumina, a global leader in DNA sequencing and array-based technologies, to advance localized biosecurity capabilities in countries around the worldDownstream value share – which consists of potential value to Ginkgo from its Cell Engineering customers and includes potential royalties, milestone payments, and equity interests – is an important component of the financial potential of most programs. As of December 31, 2023 Ginkgo has approximately $2.4 billion in aggregate revenue potential from downstream milestone payments alone in addition to royalties.Ginkgo recently announced the launch of its Technology Network of over 25 companies, creating a more integrated approach to biotech R&D. Ginkgo has a long history of integrating diverse technologies to deliver on customers’ complex program goals and believes that customers should not have to choose a technical approach prematurely but should be able to test many approaches in an unbiased way. Ginkgo customers will be able to benefit from the integration of technologies from network partners in their programs, and Ginkgo expects to expand the network based on customer needs and feedback.Ginkgo also announced several acquisitions including Patch Biosciences, Proof Diagnostics and Reverie Labs. These acquisitions are expected to expand Ginkgo’s capabilities in AI and biopharma.
Fourth Quarter 2023 Financial Highlights
Fourth quarter 2023 Total revenue of $35 million, down from $98 million in the comparable prior year period, a decrease of 65% primarily driven by the expected ramp down of K-12 testing in Ginkgo’s Biosecurity segment and the impact of Cell Engineering downstream value share from equity milestones in 2022 that did not recur in 2023Fourth quarter 2023 Cell Engineering services revenue, which does not include downstream value share revenue, of $27 million, down 26% from $36 million in the comparable prior year period. There was no material downstream value share revenue received in the fourth quarter of 2023.Fourth quarter 2023 Biosecurity revenue of $8 million with gross profit margin of 15% is reflective of the early stages of transitioning to a more recurring business modelFourth quarter 2023 Loss from operations of $(178) million (inclusive of stock-based compensation expense of $44 million), compared to Loss from operations of $(231) million in the comparable prior year period (inclusive of stock-based compensation expense of $111 million). Just under half of the stock-based compensation expense relates to the continued GAAP accounting for the modification of restricted stock units issued prior to Ginkgo becoming a public company, as disclosed in our annual report on Form 10-K filed with the SEC on March 13, 2023, and which we expect to continue to ramp down significantly in the coming quarters.Fourth quarter 2023 Adjusted EBITDA of $(96) million, down from $(76) million in the comparable prior year period driven by the decline in Total revenue partially offset by a decline in operating expensesCash and cash equivalents balance as of the end of the fourth quarter of $944 million puts Ginkgo in a strong financial position to pursue its strategic objectives
Full Year 2023 Financial Highlights
Full year 2023 Total revenue of $251 million, down from $478 million in the prior year, a decrease of 47% as Biosecurity revenue transitioned from K-12 testing to a more recurring business modelFull year 2023 Cell Engineering revenue of $144 million remained stable over the prior year, representing 31% growth in services revenue offset by a decrease in downstream value share from equity milestonesFull year 2023 Biosecurity revenue of $108 million, down from $334 million in the prior year, a decrease of 68%, with full year 2023 Biosecurity gross profit margin of 50%Full year 2023 Loss from operations of $(864) million (inclusive of stock-based compensation expense of $235 million), compared to $(2.2) billion (inclusive of stock-based compensation expense of $1.9 billion) in the prior yearFull year 2023 Adjusted EBITDA of $(355) million, down from $(173) million in the prior year
Full Year 2024 Guidance
Ginkgo expects to add 100-120 new Cell Programs to the Cell Engineering platform in 2024Ginkgo expects Total revenue of $215–$235 million in 2024Ginkgo expects Cell Engineering services revenue of $165-185 million in 2024 driven by expected growth in biopharma and government programs. This guidance excludes the impact of any potential downstream value share revenue.Ginkgo expects Biosecurity revenue in 2024 of at least $50 million, representing approximate current contracted backlog, with potential upside from additional opportunities in the pipeline
Conference Call Details
Ginkgo will host a videoconference today, Thursday, February 29, 2024, beginning at 5:30 p.m. ET. The presentation will include an overview of the fourth quarter and full year financial performance, recent business updates, a discussion on Ginkgo’s outlook, as well as a moderated question and answer session.
To ask a question ahead of the presentation, please submit your questions to @Ginkgo on X (hashtag #GinkgoResults) or by sending an e-mail to investors@ginkgobioworks.com.
A webcast link is available on Ginkgo’s Investor Relations website and a replay will be made available following the presentation.
Ginkgo Investor Website: https://investors.ginkgobioworks.com/events/
Audio-Only Dial Ins:
+1 646 876 9923 (New York)
+1 301 715 8592 (Washington DC)
+1 312 626 6799 (Chicago)
+1 669 900 6833 (San Jose)
+1 253 215 8782 (Tacoma)
+1 346 248 7799 (Houston)
+1 408 638 0968 (San Jose)
Webinar ID: 928 9136 7332
If you experience technical difficulties with any of these dial-ins or if you need international dial-in numbers, please visit our web site at https://investors.ginkgobioworks.com/events/ for updated dial-in information.
About Ginkgo Bioworks
Ginkgo Bioworks is the leading horizontal platform for cell programming, providing flexible, end-to-end services that solve challenges for organizations across diverse markets, from food and agriculture to pharmaceuticals to industrial and specialty chemicals. Ginkgo’s biosecurity and public health unit, Concentric by Ginkgo, is building global infrastructure for biosecurity to empower governments, communities, and public health leaders to prevent, detect and respond to a wide variety of biological threats. For more information, visit ginkgobioworks.com and concentricbyginkgo.com, read our blog, or follow us on social media channels such as X (@Ginkgo and @ConcentricByGBW), Instagram (@GinkgoBioworks), Threads (@GinkgoBioworks) or LinkedIn.
Forward-Looking Statements of Ginkgo Bioworks
This press release, the presentation, and the conference call and webcast contain certain forward-looking statements within the meaning of the federal securities laws, including statements regarding our plans, strategies, including with respect to our balance sheet and cash runway, acquisitions, current expectations, operations and anticipated results of operations, both business and financial, including opportunities for increased operational efficiency, our manufacturing capabilities, potential customer success, including successful application of our offerings by our customers, the capabilities and potential operational and financial success of our acquisitions, partnerships and collaborations, and expected timing thereof, expectations with regard to revenue, the nature of such revenue and any related downstream value share associated with such revenue, funding that is contingent upon Ginkgo’s achievement of milestones, expenses, including our stock-based compensation expenses, our full year 2024 outlook, the future security and commercial applications of the BIOINT industry, the expansion, timing and potential capabilities of our bioradar network and the national biodefense strategy, plans to develop and deploy AI tools for biology and biosecurity for both internal use and external release, including the expected timing thereof, 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) 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, (ii) the ability to implement business plans, forecasts, and other expectations, and to identify and realize additional business opportunities, (iii) the risk of downturns in demand for products using synthetic biology, (iv) the uncertainty regarding the demand for passive monitoring programs and biosecurity services, (v) changes to the biosecurity industry, including due to advancements in technology, emerging competition and evolution in industry demands, standards and regulations, (vi) the outcome of any pending or potential legal proceedings against Ginkgo, (vii) our ability to realize the expected benefits from and the success of our Foundry platform programs, (viii) our ability to successfully develop engineered cells, bioprocesses, data packages or other deliverables, and (ix) the product development or commercialization success of our customers. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Ginkgo’s most recent quarterly report on Form 10-Q filed with the U.S. Securities and Exchange Commission (the “SEC”), 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 and does not intend 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.
Use of Non-GAAP Financial Measures
Certain of the financial measures included in this release, including Adjusted EBITDA, 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 below for additional information regarding certain of the non-GAAP financial measures included in this release, including a description of these non-GAAP financial measures and a reconciliation of the historic measures to Ginkgo’s most comparable GAAP financial measures.
Ginkgo Bioworks Contacts:
INVESTOR CONTACT:
investors@ginkgobioworks.com
MEDIA CONTACT:
press@ginkgobioworks.com
Ginkgo Bioworks Holdings, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except per share data, unaudited)
As of December 31,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$ 944,073
$ 1,315,792
Accounts receivable, net
17,157
80,907
Accounts receivable – related parties
742
1,558
Prepaid expenses and other current assets
39,777
51,822
Total current assets
1,001,749
1,450,079
Property, plant and equipment, net
188,193
314,773
Operating lease right-of-use assets
206,801
400,762
Investments
78,565
112,188
Equity method investments
—
1,543
Intangible assets, net
82,741
111,041
Goodwill
49,238
60,210
Other non-current assets
58,055
88,725
Total assets
$ 1,665,342
$ 2,539,321
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$ 9,323
$ 10,451
Deferred revenue
44,486
47,817
Accrued expenses and other current liabilities
110,051
114,694
Total current liabilities
163,860
172,962
Non-current liabilities:
Deferred revenue, net of current portion
158,062
174,767
Operating lease liabilities, non-current
221,835
413,256
Warrant liabilities
5,700
10,868
Other non-current liabilities
18,733
31,191
Total liabilities
568,190
803,044
Stockholders’ equity:
Preferred stock, $0.0001 par value; 200,000 shares authorized; none issued
—
—
Common stock, $0.0001 par value
199
190
Additional paid-in capital
6,385,997
6,136,378
Accumulated deficit
(5,290,528)
(4,397,659)
Accumulated other comprehensive income (loss)
1,484
(2,632)
Total stockholders’ equity
1,097,152
1,736,277
Total liabilities and stockholders’ equity
$ 1,665,342
$ 2,539,321
Ginkgo Bioworks Holdings, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except per share data, unaudited)
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Cell Engineering revenue
$ 26,976
$ 53,257
$ 143,531
$ 143,666
Biosecurity revenue:
Product
—
12,431
28,949
35,455
Service
7,779
32,597
78,975
298,585
Total revenue
34,755
98,285
251,455
477,706
Costs and operating expenses:
Cost of Biosecurity product revenue
—
7,447
7,481
20,646
Cost of Biosecurity service revenue
6,611
22,771
46,524
183,570
Research and development
117,038
177,548
580,621
1,052,643
General and administrative
89,223
121,383
385,025
1,429,799
Impairment of lease assets
—
—
96,210
—
Total operating expenses
212,872
329,149
1,115,861
2,686,658
Loss from operations
(178,117)
(230,864)
(864,406)
(2,208,952)
Other income (expense):
Interest income
13,303
11,441
57,217
20,262
Interest expense
(93)
(106)
(93)
(106)
Loss on equity method investments
(1,119)
10,003
(2,635)
(43,761)
Loss on investments
(10,012)
(13,354)
(54,827)
(53,335)
Change in fair value of warrant liabilities
6,555
28,871
5,168
124,970
(Loss) gain on deconsolidation of subsidiaries
(42,502)
—
(42,502)
31,889
Other income (expense), net
93
6,161
9,138
7,634
Total other income (expense), net
(33,775)
43,016
(28,534)
87,553
Loss before income taxes
(211,892)
(187,848)
(892,940)
(2,121,399)
Income tax benefit
(198)
(14,770)
(71)
(15,027)
Net loss
(211,694)
(173,078)
(892,869)
(2,106,372)
Loss attributable to non-controlling interest
—
2,390
—
(1,443)
Net loss attributable to Ginkgo Bioworks Holdings, Inc. stockholders
$ (211,694)
$ (175,468)
$ (892,869)
$ (2,104,929)
Net loss per share attributable to Ginkgo Bioworks Holdings, Inc.
common stockholders:
Basic
$ (0.11)
$ (0.09)
$ (0.46)
$ (1.25)
Diluted
$ (0.11)
$ (0.10)
$ (0.46)
$ (1.25)
Weighted average common shares outstanding:
Basic
1,977,708
1,854,952
1,944,420
1,679,061
Diluted
1,978,843
1,856,610
1,944,420
1,679,839
Comprehensive loss:
Net loss
$ (211,694)
$ (173,078)
$ (892,869)
$ (2,106,372)
Other comprehensive loss:
Foreign currency translation adjustment
4,383
5,278
4,116
(917)
Total other comprehensive gain (loss)
4,383
5,278
4,116
(917)
Comprehensive loss
$ (207,311)
$ (167,800)
$ (888,753)
$ (2,107,289)
(1)
R&D and G&A expenses included a significant charge for stock-based compensation expense as a result of the modification of the vesting terms of RSUs and related earnout shares. Total stock-based compensation expense, inclusive of employer payroll taxes, was allocated as follows (in thousands):
Three Months Ended December 31,
Year Ended December 31,
(in thousands)
2023
2022
2023
2022
Research and development
$ 26,775
$ 68,171
$ 148,861
$ 738,821
General and administrative
16,809
43,059
86,047
1,202,099
Total
$ 43,584
$ 111,230
$ 234,908
$ 1,940,920
Ginkgo Bioworks Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
Year Ended December 31,
2023
2022
Cash flows from operating activities:
Net loss
$ (892,869)
$ (2,106,372)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
70,507
42,552
Stock-based compensation
229,884
1,930,641
Non-cash customer consideration
(1,373)
(34,263)
Loss on equity method investments
2,635
43,761
Loss on investments
54,827
53,335
Change in fair value of notes receivable
2,416
(3,757)
Change in fair value of warrant liabilities
(5,168)
(124,970)
Change in fair value of contingent consideration liability
9,168
(1,262)
Loss (gain) on deconsolidation of subsidiaries
42,502
(31,889)
Impairment of long-lived assets
121,404
—
Deferred income tax benefit
(801)
(14,609)
Loss on disposal of equipment
842
3,091
Non-cash lease expense
28,313
19,082
Non-cash in-process research and development
9,182
1,162
Amortization of finance lease right-of-use assets
1,047
1,871
Non-cash severance and retention bonus expense associated with an acquisition
—
6,152
Other non-cash activity
2,147
283
Changes in operating assets and liabilities:
Accounts receivable
50,068
55,024
Prepaid expenses and other current assets
10,473
(8,523)
Operating lease right-of-use assets
9,275
13,233
Other non-current assets
2,570
921
Accounts payable
(1,183)
(10,844)
Accrued expenses and other current liabilities
16,899
(39,639)
Deferred revenue, current and non-current
(35,917)
(36,417)
Operating lease liabilities, current and non-current
(22,800)
(10,792)
Other non-current liabilities
452
31
Net cash used in operating activities
(295,500)
(252,198)
Cash flows from investing activities:
Purchases of property and equipment
(40,801)
(52,271)
Deconsolidation of subsidiaries – cash
(42,980)
(55,721)
Business acquisitions, net of cash acquired
—
82,367
Asset acquisitions, net of cash acquired
—
(7,639)
Purchases of notes receivable
(350)
(40,000)
Proceeds from notes receivable
—
10,000
Purchase of investment in equity securities
—
(3,691)
Proceeds from sale of equipment
4,428
—
Other
(990)
(439)
Net cash used in investing activities
(80,693)
(67,394)
Cash flows from financing activities:
Proceeds from exercise of stock options
93
240
Taxes paid related to net share settlement of equity awards
(23)
(981)
Principal payments on finance/capital leases and lease financing obligation
(1,295)
(1,237)
Proceeds from public offering, net of issuance costs
—
99,303
Contingent consideration payment
(1,411)
(521)
Payment of equity issuance costs
(580)
(1,467)
Net cash (used in) provided by financing activities
(3,216)
95,337
Effect of foreign exchange rates on cash and cash equivalents
(588)
908
Net decrease in cash, cash equivalents and restricted cash
(379,997)
(223,347)
Cash and cash equivalents, beginning of period
1,315,792
1,550,004
Restricted cash, beginning of period
53,789
42,924
Cash, cash equivalents and restricted cash, beginning of period
1,369,581
1,592,928
Cash and cash equivalents, end of period
944,073
1,315,792
Restricted cash, end of period
45,511
53,789
Cash, cash equivalents and restricted cash, end of period
$ 989,584
$ 1,369,581
Ginkgo Bioworks Holdings, Inc.
Selected Non-GAAP Financial Measures
(in thousands, unaudited)
Three Months Ended December 31,
Year Ended December 31,
(in thousands)
2023
2022
2023
2022
Net loss attributable to Ginkgo Bioworks Holdings, Inc. stockholders
$ (211,694)
$ (175,468)
$ (892,869)
$ (2,104,929)
Interest income
(13,226)
(11,412)
(57,217)
(20,262)
Interest expense
15
77
93
106
Income tax benefit
(198)
(14,770)
(71)
(15,027)
Depreciation and amortization
12,837
15,667
70,507
42,552
EBITDA
(212,266)
(185,906)
(879,557)
(2,097,560)
Stock-based compensation (1)
43,584
111,230
234,908
1,940,920
Impairment of long-lived assets (2)
—
—
121,404
—
Merger and acquisition related expenses (3)
23,663
26,045
70,771
46,229
Loss on investments
10,012
13,354
54,827
53,335
Loss (gain) on deconsolidation of subsidiaries
42,502
—
42,502
(31,889)
Loss on equity method investments (4)
1,119
(7,612)
2,635
45,315
Change in fair value of warrant liabilities
(6,555)
(28,871)
(5,168)
(124,970)
Change in fair value of notes receivable
2,174
(3,924)
2,295
(4,153)
Adjusted EBITDA
$ (95,767)
$ (75,684)
$ (355,383)
$ (172,773)
(1)
For the years ended December 31, 2023 and 2022, includes $5.0 million and $10.3 million, respectively, in related employer payroll taxes.
(2)
For the year ended December 31, 2023, includes $25.2 million impairment loss on lab equipment and $96.2 million impairment loss on a right-of-use asset and the related leasehold improvements associated with an exited Zymergen leased facility.
(3)
Represents transaction and integration costs directly related to mergers and acquisitions, including: (i) due diligence, legal, consulting and accounting fees associated with acquisitions, (ii) post-acquisition employee retention bonuses and severance payments, (iii) the fair value adjustments to contingent consideration liabilities resulting from acquisitions, (iv) acquired intangible assets expensed as in-process research and development, and (v) costs associated with the Zymergen Bankruptcy, as well as securities litigation costs, net of insurance recovery.
(4)
Represents losses on equity method investments under the hypothetical liquidation at book value method, net of losses attributable to non-controlling interests.
Ginkgo Bioworks Holdings, Inc.
Segment Information
(in thousands, unaudited)
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Revenue:
Cell Engineering
$ 26,976
$ 53,257
$ 143,531
$ 143,666
Biosecurity
7,779
45,028
107,924
334,040
Total revenue
34,755
98,285
251,455
477,706
Segment cost of revenue:
Biosecurity
6,611
30,218
54,005
204,216
Segment research and development expense:
Cell Engineering
77,999
95,408
353,493
273,356
Biosecurity
191
590
1,599
1,937
Total segment research and development expense
78,190
95,998
355,092
275,293
Segment general and administrative expense:
Cell Engineering
60,047
63,686
215,263
168,586
Biosecurity
12,652
13,670
55,514
56,353
Total segment general and administrative expense
72,699
77,356
270,777
224,939
Segment operating (loss) income:
Cell Engineering
(111,070)
(105,837)
(425,225)
(298,276)
Biosecurity
(11,675)
550
(3,194)
71,534
Total segment operating loss
(122,745)
(105,287)
(428,419)
(226,742)
Operating expenses not allocated to segments:
Stock-based compensation (1)
43,584
111,230
234,908
1,940,920
Impairment of long-lived assets
—
—
121,404
—
Depreciation and amortization
12,837
15,667
70,507
42,552
Change in fair value of contingent consideration liability
(1,049)
(1,320)
9,168
(1,262)
Loss from operations
$ (178,117)
$ (230,864)
$ (864,406)
$ (2,208,952)
(1)
Includes $5.0 million and $10.3 million in related employer payroll taxes for the years ended December 31, 2023 and 2022, respectively.
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SOURCE Ginkgo Bioworks
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October 19, 2026By
BEVERLY, Mass., Oct. 19, 2026 /PRNewswire/ — DataOne Software, a Dominion Enterprises company and a leading provider of automotive data and software solutions, today announced the availability of Massachusetts vehicle registration and sales data within its Cross-Sell Reports market intelligence solutions for dealers. Cross-Sell Reports, including the Cross-Sell Interactive web interface, provide auto dealers with unparalleled insight into local market trends, giving them a competitive edge in reaching new customers and expanding market share. The addition of Massachusetts data to Cross-Sell Reports expands coverage to 40 states.
“As of today, Massachusetts dealers can now access a current, accurate view of new and used vehicle transactions within their market area,” explains David Wall, DataOne head of Cross-Sell Reports. “Localized data, in easy-to-interpret views, are an incredible advantage to dealers who want to spot trends early and make decisions based on accurate market intelligence. We are thrilled to be bringing this capability not only to Massachusetts dealers but also to dealerships in other New England states whose target markets cross into Massachusetts.”
On average, over 3.8 million vehicle transactions are processed monthly for inclusion in Cross-Sell Reports, covering new and used dealer transactions across 40 states, all sourced from official state DMV records. Each dealer subscription is configured to the dealer’s unique market area and provides:
Competitive market share analysis by dealership, make, and modelZIP code-level heat mapping to identify buyer activity and emerging marketsInventory trend analysis to inform stocking decisions by segment and seasonInteractive dashboards with drill-down reporting — no analytics infrastructure required
“We know dealers trust Cross-Sell Reports for critical market insight, and for those insights to be delivered with industry-leading speed and timeliness,” says Jake Maki, DataOne President. “With the addition of Massachusetts state coverage, we continue to expand our coverage providing more dealers with the most immediate, accurate market intelligence available.”
Since welcoming the Cross-Sell brand into DataOne earlier this year, DataOne has accelerated efforts to expand state coverage of vehicle registration and sales data. In addition to Massachusetts, Cross-Sell Reports recently added Mississippi, Kansas and Georgia to its coverage.
“Our goal is to make DataOne the most accurate and comprehensive source of vehicle registration and sales data, however customers choose to use it,” says Maki. “For a dealer, that might be a Cross-Sell Interactive dashboard tuned to their local market. For other customers looking to license the data, it might be multi-state data integrated directly into their own platforms. Every new state we add makes both more valuable.”
In addition to Cross-Sell Reports and Cross-Sell Interactive, DataOne offers Vehicle Registration and Sales Data for licensing via API or FTP data feed, with coverage configurable by state or region.
For general information about DataOne solutions, contact DataOne at 877.438.8467, e-mail sales@dataonesoftware.com or visit dataonesoftware.com. For specific information about Cross-Sell Reports or Cross-Sell Interactive for dealers, visit Cross-Sell Reports.
About DataOne Software
DataOne Software (www.dataonesoftware.com) is a premier automotive data source providing the data and software solutions needed to power modern businesses across all segments of the automotive industry. DataOne’s comprehensive data solutions cover everything from VIN decoding and vehicle descriptions to specifications, optional equipment, and market pricing. With the acquisition of Cross-Sell in 2026, DataOne has expanded our product offering to include PII-free vehicle sales and registration data. Our high-quality solutions are delivered with industry-leading support, making them easy to integrate and scale.
Media Contact
Alice Fackre, Product and Brand Marketing Manager
Email: alice.fackre@dataonesoftware.com
Phone: (978) 473-9097
View original content to download multimedia:https://www.prnewswire.com/news-releases/dataone-adds-massachusetts-registration-and-sales-data-to-cross-sell-reports-for-auto-dealers-expanding-state-coverage-to-40-states-302911528.html
SOURCE DataOne Software
Technology
DR. PHONE FIX ENTERS DEVICE LIFECYCLE AND FULFILLMENT MOU WITH GEO NOVA SCOTIA
Published
16 minutes agoon
October 19, 2026By
Agreement expands Dr. Phone Fix’s institutional platform through device procurement, triage, repair, refurbishment, accessories and fulfillment services
EDMONTON, AB, Oct. 19, 2026 /CNW/ — Dr. Phone Fix Canada Corporation (TSXV: DPF) (“Dr. Phone Fix” or the “Company”), one of Canada’s fastest-growing and award-winning national consumer electronics lifecycle platforms, is pleased to announce that it has entered into a Memorandum of Understanding (“MOU”) with GEO Nova Scotia (“GEO” or “Getting Everyone Online”), a nonprofit organization focused on advancing digital inclusion across Nova Scotia.
Under the MOU, Dr. Phone Fix will provide a broad range of device lifecycle services supporting GEO’s programs, including device procurement and inventory management, donated-device triage, repair and refurbishment, device preparation, accessories, packaging, fulfillment, shipping, tracking and environmentally responsible disposition, with GEO’s approval, of devices that are uneconomical or impractical to repair.
The relationship builds on GEO’s digital inclusion programs across Nova Scotia. Since 2022, GEO has distributed more than 8,500 devices, including almost 3,500 refurbished mobile phones and iPads, and has provided more than 4,500 home internet and mobile phone connections to individuals who otherwise may not be able to afford them. GEO delivers its programs through a network of more than 125 partner agencies across the province.
“This relationship is a strong example of how the infrastructure we have built at Dr. Phone Fix can support customers well beyond the traditional retail environment,” said Piyush Sawhney, Founder and Chief Executive Officer of Dr. Phone Fix. “We can manage a broad range of device lifecycle services – from procurement and inventory management to assessment, repair, preparation and ultimately fulfillment to the end user. We believe this type of institutional relationship represents an important growth opportunity for Dr. Phone Fix as we continue expanding our capabilities across Canada.”
Under the commercial structure contemplated by the MOU, Dr. Phone Fix will generate revenue through the sale of devices to GEO, per-device processing services, accessories and approved repair and refurbishment work, where applicable. DPF will also maintain GEO-owned inventory and manage fulfillment and distribution of devices to GEO program participants and partner organizations.
Each device processed for fulfillment may include services and accessories such as protective cases, screen protection, charging cables and charging equipment, with DPF managing the preparation, packaging, shipment and associated tracking requirements.
Management believes these relationships can leverage DPF’s existing national infrastructure, supplier network, repair capabilities and centralized operating systems while creating incremental revenue streams across device procurement, repair, refurbishment, accessories and fulfillment.
About GEO Nova Scotia
GEO Nova Scotia, or Getting Everyone Online, is a nonprofit organization dedicated to advancing digital inclusion by helping ensure individuals have access to the devices, connectivity and basic skills required to participate in an increasingly digital economy. GEO works with public-sector, private-sector and community partners across Nova Scotia to support individuals facing barriers to digital access.
About Dr. Phone Fix
Dr. Phone Fix is an award-winning, eco-friendly, and customer-centric integrated device care platform providing repair, refurbishment, certified pre-owned devices, trade-in solutions, accessories and related services through its growing national retail network. Founded in 2019, the Company serves consumers and businesses across multiple Canadian markets, delivering convenient and reliable device care solutions through its corporately owned retail network. With a focus on operational execution, customer service and sustainability, Dr. Phone Fix continues to expand its national platform while supporting the repair, reuse and extension of the useful life of connected devices.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Cautionary Statement Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information can be identified by words such as “intend”, “believe”, “estimate”, “expect”, “may”, “will”, “would”, “could”, “should”, “plans”, “anticipates” and similar references to future periods. Forward-looking information includes, but is not limited to, statements regarding the expected scope, scale and benefits of the Company’s relationship with GEO Nova Scotia; potential revenues from device sales, processing, repair, refurbishment, accessories and related services; the continued expansion of the Company’s institutional and enterprise business; and the Company’s ability to leverage its national operating platform to support additional device lifecycle programs. Forward-looking information is based on management’s current expectations, assumptions and estimates as of the date of this news release. The MOU does not guarantee any specific number of device purchases and does not specify a minimum processing volume, and actual volumes, revenues and profitability may differ materially from management’s expectations. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied. These include, among others, changes in GEO’s program requirements or funding, actual device volumes, availability and condition of donated and purchased devices, supply chain and inventory availability, repair and fulfillment costs, operational execution, termination or modification of the MOU, competitive conditions and general economic and business conditions. Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information except as required by applicable law.
SOURCE Dr. Phone Fix
Technology
A Speed Cap Nobody Will Own Just Shook Up the Satellite Trade
Published
16 minutes agoon
October 19, 2026By
WASHINGTON, Oct. 19, 2026 /PRNewswire/ — USA News Group News Commentary – Ukrainian President Volodymyr Zelenskyy said on Saturday that tests showed Starlink-equipped drones lost their connection when flying faster than about 100 mph inside Ukraine, while Starlink terminals moving at more than 112 mph inside the European Union worked normally. “In other words, this is a planned operation,” he said. No one in Washington or at SpaceX has claimed the decision. Most U.S.-listed space stocks fell sharply last week, while Europe’s only low Earth orbit broadband rival to SpaceX had its best day in 16 months. Active Companies from around the markets with current developments this week include: Space Exploration Technologies Corp. (NASDAQ: SPCX), AST SpaceMobile, Inc. (NASDAQ: ASTS), Iridium Communications Inc. (NASDAQ: IRDM), Rocket Lab Corporation (NASDAQ: RKLB), Eutelsat Communications SA (Euronext Paris: ETL).
The restrictions reportedly cover both Starlink and Starshield, SpaceX’s military-use service, which Ukraine relies on for communications, logistics, live drone video and targeting. The Telegraph reported on Oct. 16, citing four unnamed sources, that Elon Musk approached President Trump with the idea of slowing Starlink in Ukraine and that Trump “agreed.” Musk said on X that speed or usage limits on Starshield “are decided by the US military and ultimately POTUS.” Trump told reporters, “it wasn’t me, and I don’t think it was Elon.”
Secretary of State Marco Rubio said on Saturday, “We had nothing to do with it. Nobody ordered that Starlink speed to be slowed down. It sorta happened.” He also said Starshield was not available to Ukraine, which Yahoo Finance noted conflicts with a late 2024 Pentagon contract that expanded Ukraine’s Starshield access from about 500 to roughly 3,000 terminals. Speaking on NBC’s Meet the Press on Sunday, Zelenskyy said, “Just give us back Starlink.”
Europe is paying close attention. The European Union is working to develop its own alternative to Starlink, and on Sunday the U.S. ambassador to the EU threatened “devastating” retaliation if the bloc advanced a proposal favoring EU-made satellites over companies like SpaceX, Yahoo Finance reported.
CONTINUED… Read this and more news for the space sector at: usanewsgroup.com
In other industry developments and happenings in the market this week include:
Space Exploration Technologies Corp. (NASDAQ: SPCX)
Shares of SpaceX fell 10.17% last week, from $162.57 at the Oct. 9 close to $146.03 on Oct. 16, according to Stock Analysis data, though they remain above the $135 price of the company’s June initial public offering. Starlink, a core part of SpaceX’s business, has more than 13 million subscribers worldwide, and Yahoo Finance noted this is the first throttling episode since the company went public.
SpaceX has limited service in Ukraine before. In 2023, President and COO Gwynne Shotwell acknowledged the company could restrict how Ukraine used Starlink, saying, “There are things that we can do, and have done.” Musk said on X last week that Starlink “is limited to civilian or defensive activities.”
AST SpaceMobile, Inc. (NASDAQ: ASTS)
AST SpaceMobile, which is building a space-based cellular broadband network that connects directly to standard smartphones, fell 20.23% last week, from $50.97 to $40.66. On Oct. 13, Piper Sandler downgraded the stock to Neutral from Overweight and cut its price target to $54 from $98, citing SpaceX’s direct-to-cell ambitions after its agreement to acquire Grain Management’s 800 MHz spectrum for about $8 billion, subject to regulatory approval.
Piper warned that SpaceX could, in theory, limit launch opportunities for competitors such as AST and pressure pricing by competing with telecom operators. Not every analyst agreed. Deutsche Bank upgraded the shares to Buy on Oct. 12 with a $93 target, and Clear Street reiterated a Buy rating with a $115 target, arguing AST is about six months ahead of SpaceX in direct-to-cell.
Iridium Communications Inc. (NASDAQ: IRDM)
Iridium announced on Oct. 14 that Altair Semiconductor is adding Iridium NTN Direct to its ALT1350 and ALT1550 cellular IoT chipsets, letting device makers, module makers and mobile network operators add satellite coverage without a separate satellite modem. “Iridium is offering device manufacturers a powerful new way to develop connected products,” said Tim Last, executive vice president at Iridium.
Iridium stockholders approved the company’s acquisition by Rocket Lab on Sept. 24, with about 99.6% of votes cast in favor. Each Iridium share is to be exchanged for $27.00 in cash plus Rocket Lab stock based on an exchange ratio subject to a collar, for a notional value of $54.00 per share, and the deal is expected to close by mid-2027, subject to remaining regulatory approvals. Iridium shares fell 7.82% last week, from $47.47 to $43.76.
Rocket Lab Corporation (NASDAQ: RKLB)
Rocket Lab shares fell 25.47% last week, from $68.21 to $50.84, after founder and CEO Sir Peter Beck said in a video posted to YouTube that the first launch of the company’s Neutron rocket would move from late 2026 into 2027. Inspectors found voids in the carbon-fiber layers of a recently made forward propellant dome after curing, according to Space.com.
Beck said the voids “don’t necessarily mean that the dome would fail in flight,” but added, “Possible success isn’t our standard.” Rocket Lab expects to finish a new forward dome by the end of the year and complete first-stage testing in the first quarter of 2027, after which Beck said the company expects to be “in good shape to share a new target launch date.”
Eutelsat Communications SA (Euronext Paris: ETL)
Eutelsat shares jumped 23% on Oct. 14, the stock’s biggest one-day gain in 16 months, Reuters reported, after Ukraine said Starlink had introduced restrictions on its military-grade service. Eutelsat’s OneWeb network has more than 600 satellites in low Earth orbit, compared with about 10,000 for Starlink, and it is the only company besides SpaceX providing space-based internet through a low Earth orbit network. Bernstein analyst Aleksander Peterc said the news put European providers “back in the spotlight as potential alternatives.”
Not everyone sees an easy swap. Existing Starlink users cannot simply switch to OneWeb, since a transition would require new terminals and supporting infrastructure, and independent consultant Christian Freiherr von der Ropp said “considering it as a straightforward substitute overlooks significant operational and infrastructure constraints.”
Space stocks swung hard on headlines last week. Learn to read the charts behind moves like these with the free Stock Preachers guide, plus The Roadmap market reports, at stockpreachers.com.
Contact Information:
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This article is independent news commentary. USA News Group is wholly owned and operated by Market Equities Limited (“MEL”), a company incorporated under the laws of Ireland. MEL has not been paid by any company mentioned in this article. MEL and its owners, operators, directors, and affiliates do not currently own any shares of the companies mentioned in this article, but reserve the right to, and will, buy and sell shares of those companies at any time without further notice. Weekly price changes are from the October 9, 2026 close to the October 16, 2026 close based on Stock Analysis data. Information is drawn from company news releases, published reporting and third-party data believed to be reliable, but its accuracy is not guaranteed. Investing in securities carries risk, including the loss of some or all of your investment. This document is governed by the laws of Ireland.
View original content to download multimedia:https://www.prnewswire.com/news-releases/a-speed-cap-nobody-will-own-just-shook-up-the-satellite-trade-302912322.html
SOURCE USA News Group
DataOne Adds Massachusetts Registration and Sales Data to Cross-Sell Reports for Auto Dealers, Expanding State Coverage to 40 States
DR. PHONE FIX ENTERS DEVICE LIFECYCLE AND FULFILLMENT MOU WITH GEO NOVA SCOTIA
A Speed Cap Nobody Will Own Just Shook Up the Satellite Trade
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