Ginkgo Bioworks Holdings, Inc.DNA

Ginkgo Bioworks Holdings, Inc. Earnings Per Share Disclosure

10-KFiled Feb 26, 20261 min read
Net Loss per Share
The calculation of earnings per common share is as follows (in thousands, except share data):
Year Ended December 31,
202520242023
Numerator:
Net loss$(312,763)$(547,029)$(892,869)
Denominator
Weighted average common shares outstanding55,457,67651,894,63948,610,507
Net loss per share$(5.64)$(10.54)$(18.37)
The following potential common shares, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share attributable to Ginkgo Bioworks Holdings, Inc. common stockholders for the periods presented because including them would have been anti-dilutive:
As of December 31,
202520242023
Unvested PSUs4,407,287— — 
Warrants to purchase Class A common stock1,295,6221,295,6221,295,622
Unvested RSUs1,262,8533,327,3983,804,189
Earnout shares (1)
3,793,0633,794,2433,803,049
Outstanding stock options366,567767,520192,208
Escrow shares (2)
— 20,332 — 
11,125,3929,205,1159,095,068
(1)Represents employee and non-employee earnout shares for which the service-based and/or market-based vesting conditions have not been satisfied.
(2)Represents restricted common stock issued in connection with asset acquisitions, held in escrow for indemnification purposes, and subject to forfeiture.

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

Income TaxesRevenueFair ValuePP&EGoodwill & IntangiblesLeasesSegmentsCommitmentsStock CompensationNew StandardsPay vs Performance