Technology
Ginkgo Bioworks Reports Fourth Quarter and Full Year 2023 Financial Results
Published
2 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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April 21, 2026By
HONG KONG, April 21, 2026 /PRNewswire/ — Wondershare, a global leader in productivity and creativity software, will participate in the Microsoft AI Tour Hong Kong on April 22, 2026, at the Grand Hyatt Hong Kong. At Booth E10, the company will showcase its AI-powered business workflow solutions across its product portfolio, highlighting Wondershare PDFelement as a key focus, and inviting attendees to experience how intelligent workflows can transform modern business operations.
As Microsoft’s flagship global AI event, the Microsoft AI Tour brings together industry leaders, partners, and innovators to explore how artificial intelligence is reshaping business landscapes. At the Hong Kong stop, Wondershare will highlight its deepening collaboration with Microsoft, showcasing how its product ecosystem works seamlessly within Microsoft’s AI and cloud technologies to enable more efficient, secure, and scalable workflows.
This collaboration comes at a pivotal time for Hong Kong’s rapidly evolving AI landscape. Hong Kong is rapidly emerging as a key AI innovation hub, driven by strong policy support and accelerating enterprise adoption. Despite this momentum, many organizations still face challenges such as fragmented AI adoption, integration complexity, and data security concerns. In collaboration with Microsoft, Wondershare addresses these challenges by enabling connected, end-to-end AI workflows that deliver practical and measurable productivity gains.
Under the theme “Streamline Workflows. Power Content with AI.”, Wondershare presents a unified approach to AI-driven productivity. At the center of this ecosystem is Wondershare PDFelement, enabling smarter and more efficient document workflows within enterprise environments and helping businesses adopt AI in practical, everyday scenarios. Supporting this vision, Wondershare’s broader product portfolio—including EdrawMax, EdrawMind, Filmora, and Reelmate—extends AI-powered capabilities across diagramming, mind mapping, video creation, and premium comic content creation, forming a connected, end-to-end workflow, all of which will also be showcased on-site at the event.
Through live, interactive demonstrations, attendees visiting Booth E10 will be able to explore Wondershare’s full product ecosystem and gain hands-on insight into how AI can enhance productivity across a wide range of business scenarios.
Wondershare warmly invites all participants to visit the booth and discover how AI-powered workflows can unlock new possibilities for business growth.
About Wondershare:
Wondershare is a globally recognized software company founded in 2003, known for its innovative solutions in creativity and productivity. Driven by the mission “Creativity Simplified”, Wondershare offers a range of tools, including PDFelement for document management; EdrawMax, EdrawMind for diagraming, Filmora and SelfyzAI for video editing. With over 2 billion cumulative active users across all products and a presence in over 200 countries and regions, Wondershare empowers the next generation of creators with intuitive software and trendy creative resources, continually expanding the possibilities of creativity worldwide.
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SOURCE Wondershare Technology
Technology
Cohesity Appoints Nigel Lee as Technical Sales Leader, Asia Pacific and Japan (APJ)
Published
33 minutes agoon
April 21, 2026By
SINGAPORE, April 21, 2026 /PRNewswire/ — Cohesity, today announced Nigel Lee as Technical Sales Leader for Asia Pacific and Japan (APJ). Based in Singapore, Lee will lead the company’s technical sales strategy, pre-sales organisation, and solution engineering execution across the region, reporting to Mark Nutt, SVP & GM, International at Cohesity, and reflects Cohesity’s increased investment in the region as a strategic priority.
In this newly created role, Lee will strengthen technical engagement with customers and partners, and drive adoption of Cohesity’s AI-driven data security and cyber resilience platform across APJ.
Lee brings 29 years of experience leading pre-sales, sales engineering, and go-to-market changes across Asia Pacific. He has a strong record of building high-performing teams, driving enterprise growth, and engaging C-level stakeholders in complex markets.
“APJ is a strategically important region for Cohesity, and Nigel’s leadership, passion and deep expertise make him exceptionally well positioned to lead our technical sales organisation,” said Mark Nutt, SVP & GM, International, Cohesity. “As we continue to invest in the region, his ability to align technical strategy with the rapidly developing customer requirements caused by the ever-changing threat and compliance landscape will be critical to accelerating our growth and ensuring our customers’ ongoing business resilience.”
Previously, Lee was Director of Data Storage Solutions, Asia Pacific at Lenovo, where he led the regional business and transformed the go-to-market to drive growth. He also held senior regional and global roles at NetApp.
“Across the region, organisations are under increasing pressure to secure, manage, and unlock value from their data as AI adoption accelerates and cyber threats evolve. Cohesity is uniquely positioned to simplify this complexity through a unified, AI-driven data security platform,” said Nigel Lee, Technical Sales Leader, Asia Pacific and Japan at Cohesity. “Having spent my career scaling organisations and embedding solution expertise early in the customer journey, I’m excited to join at this pivotal time and look forward to working with our teams, partners, and customers to drive meaningful, outcome-led growth.”
Lee holds an Executive MBA from Kellogg-HKUST and a Bachelor of Computer Science.
About Cohesity
Cohesity protects, secures, and provides insights into the world’s data. As the leader in AI-powered data security, Cohesity helps organisations strengthen resilience, accelerate recovery, and reduce IT costs. With Zero Trust security and advanced AI/ML, Cohesity Data Cloud is trusted by customers in more than 140 countries, including 70% of the Global 500. Cohesity is also backed by industry leaders such as NVIDIA, Amazon, Google, IBM, Cisco, and HPE.
Cohesity is certified as a Great Place to Work in multiple countries. Follow Cohesity on LinkedIn and visit www.cohesity.com to learn more.
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SOURCE Cohesity
A New Nature Interface for Engaging with Your Trees, in Any Language
HONG KONG, April 21, 2026 /PRNewswire/ — EcoMatcher, a Certified B Corporation that enables companies to plant and track trees transparently, today announced Tree Personas, a new Nature Interface designed to make tree gifting and sustainability engagement more personal, interactive, and memorable.
With Tree Personas, companies can assign a distinct digital personality to each gifted tree, enabling recipients to virtually visit their tree in TreeTracker 3D, chat with it through TreeChat+ in their own language, and learn about its growth, local environment, and real-world impact.
Tree Personas build on EcoMatcher’s earlier TreeChat, which introduced chatbot-powered conversations with trees, only in English. While TreeChat enabled interaction, Tree Personas shape how a tree communicates in any language – from curious and playful to calm and reflective – while all environmental data, location, and impact metrics remain authentic and unchanged.
EcoMatcher describes Tree Personas as a Nature Interface — a new category of digital interface that allows people to interact with real ecosystems through digital companions connected to living trees. The company believes Nature Interfaces can help reconnect people with nature in an increasingly digital world.
Rather than passively receiving information about a planted tree, users can build an ongoing relationship with it — asking questions, learning about its ecosystem, and following its growth over time. Even when users are away, Tree Personas continue to evolve digitally, encouraging people to return and discover new reflections, observations, and updates.
“Trees are essential for life on Earth, yet most people rarely have a personal connection with them,” said Bas Fransen, CEO of EcoMatcher. “Tree Personas turn planted trees into interactive companions that help people learn about nature and build deeper connections with the ecosystems that support us.”
Meet the First Tree Personas
EcoMatcher introduces three Tree Personas available to companies gifting trees, all inspired by real ecological stages and behaviours of trees:
Twiggles: A young, curious tree highlighting small discoveries in nature.Oakly: A grounded, thoughtful tree sharing ecosystems insights.Seren: A calm, reflective tree encouraging deeper connections with nature.
Companies can also collaborate with EcoMatcher to create custom Tree Personas aligned with their brand values, sustainability goals, or storytelling needs.
EcoMatcher will share more about the background and opportunities of Tree Personas during its upcoming Demo Day on April 27. To sign up, visit www.ecomatcher.com/demo.
About EcoMatcher
EcoMatcher is a Certified B Corporation that enables companies to integrate transparent tree planting into their business. Through its technology platform, organizations can plant trees, track them digitally, and engage employees and customers in sustainability. EcoMatcher’s customers include Dubai Islamic Bank, Grab, Infosys, and Singlife.
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/ecomatcher-unveils-tree-personas-302741368.html
SOURCE EcoMatcher
Wondershare to Showcase AI-Powered Business Workflows with PDFelement at Microsoft AI Tour Hong Kong
Cohesity Appoints Nigel Lee as Technical Sales Leader, Asia Pacific and Japan (APJ)
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