Maravai Lifesciences Reports Fourth Quarter and Full Year 2025 Financial Results

February 26, 2026 |

19 min read

Organizational restructuring and operating cost reduction ahead of plan

Focus on operational excellence, revenue growth, and improving Adjusted EBITDA

SAN DIEGO--(BUSINESS WIRE)--Maravai LifeSciences Holdings, Inc. (Maravai) (NASDAQ: MRVI), a global provider of life science reagents and services to researchers and biotech innovators, today reported financial results for the fourth quarter and full year ended December 31, 2025, together with other business updates.

Key Financial Results:

Quarterly revenue of $49.9 million, Net loss of $(63.0) million, and Adjusted EBITDA (non-GAAP) of $0.5 million;
Annual revenue of $185.7 million, Net loss of $(230.8) million and Adjusted EBITDA (non GAAP) of $(31.2) million; and
Introduced full year 2026 revenue guidance range of $200 million to $210 million and full year 2026 Adjusted EBITDA guidance range of $18 million to $20 million.

“Driven by strong execution across the organization, we exceeded our revenue expectations and returned to positive Adjusted EBITDA in the fourth quarter, underscoring the operating leverage of our new model," said Bernd Brust, CEO, Maravai LifeSciences.

Brust continued, “We enter 2026 well positioned to drive operational excellence, accelerate revenue growth, and continue improving Adjusted EBITDA as we work toward creating long-term value for all stakeholders."

Financial Guidance for Full Year 2026

Maravai’s financial guidance for the full year 2026 is based on expectations for its existing business and does not include the financial impact of potential new acquisitions, if any, or items that have not yet been identified or quantified. This guidance is also subject to a number of risks, uncertainties and other factors, including those identified in “Forward-looking Statements” below.

Revenue for the full year 2026 is expected to be in the range of $200 million to $210 million.

Adjusted EBITDA (non-GAAP) is expected to be in the range of $18 million to $20 million.

As it relates to forward-looking Adjusted EBITDA, Maravai cannot provide guidance for the most directly comparable GAAP measure or a reconciliation of this non-GAAP financial measure because it is unable to provide a meaningful or accurate calculation or estimation of certain significant reconciling items without unreasonable effort.

Reporting Segment Name Update

In the fourth quarter of 2025, we updated the names of our external reporting segments to better reflect how management views the business. Nucleic Acid Production and Biologic Safety Testing are now reported as TriLink and Cygnus, respectively; this change was to nomenclature only and does not impact segment composition, financial results, or historical comparability.

Revenue for the Fourth Quarter 2025

	Three Months Ended December 31,
(Dollars in 000’s)		2025		2024	Year-over-Year % Change
TriLink	$	34,599	$	41,899	(17.4	)%
Cygnus		15,267		14,659	4.1	%
Total Revenue	$	49,866	$	56,558	(11.8	)%

Revenue for the Full Year 2025

	Year Ended December 31,
(Dollars in 000’s)		2025		2024	Year-over-Year % Change
TriLink	$	119,787	$	196,345	(39.0	)%
Cygnus		65,956		62,840	5.0	%
Total Revenue	$	185,743	$	259,185	(28.3	)%

Fourth Quarter 2025 Financial Results by Reporting Segment

Revenue for the fourth quarter was $49.9 million, representing a 11.8% decrease over the same period in the prior year and was driven by the following:

TriLink revenue was $34.6 million for the fourth quarter, representing a 17.4% decrease year-over-year. The revenue decrease was primarily due to a lack of high-volume CleanCap orders for commercial phase vaccine programs in the fourth quarter of 2025. Excluding revenue from high-volume CleanCap, revenue was up 25.4% year-over-year driven by GMP consumable products and CDMO GMP builds.
Cygnus revenue was $15.3 million for the fourth quarter, up 4.1% year-over-year. The revenue increase was driven by strength in HCP kits from core customers.

Net loss and Adjusted EBITDA (non-GAAP) were $(63.0) million and $0.5 million, respectively, for the fourth quarter of 2025, compared to net loss and Adjusted EBITDA (non-GAAP) of $(46.1) million and $(1.1) million, respectively, for the fourth quarter of 2024.

Full Year 2025 Financial Results by Reporting Segment

Revenue for the year ended December 31, 2025 was $185.7 million, representing a 28.3% decrease over the prior year and was driven by the following:

TriLink revenue was $119.8 million for the year ended December 31, 2025, representing a 39.0% decrease year-over-year. The revenue decrease was primarily driven by a lack of high-volume CleanCap orders for commercial phase vaccine programs. Excluding revenue from high-volume CleanCap, revenue was down 8.2% year-over-year due to lower demand for discovery products.
Cygnus revenue was $66.0 million for the year ended December 31, 2025, up 5.0% year-over-year. The revenue increase was driven primarily by strength in HCP kits and qualification services and increased demand for MockV viral clearance kits.

Net loss and Adjusted EBITDA (non-GAAP) were $(230.8) million and $(31.2) million, respectively, for the year ended December 31, 2025, compared to net loss and Adjusted EBITDA (non-GAAP) of $(259.6) million and $35.9 million, respectively, for the same period in the prior year.

Conference Call and Webcast

Maravai’s management will host a conference call today at 2:00 p.m. PT/ 5:00 p.m. ET to discuss its financial results for the fourth quarter and full year 2025 and other business updates. To participate in the conference call by telephone, approximately 10 minutes before the call, dial 1-800-343-4136 or 1-203-518-9843 and reference Maravai LifeSciences, Conference ID: MARAVAI. The call will also be available via live or archived webcast on the "Investors" section of the Maravai web site at https://investors.maravai.com/.

MARAVAI LIFESCIENCES HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)

	Three Months Ended December 31,						Year Ended December 31,
		2025			2024			2025			2024
Revenue	$	49,866		$	56,558		$	185,743		$	259,185
Cost of revenue		37,024			37,168			151,753			150,876
Gross profit		12,842			19,390			33,990			108,309

Operating expenses:
Selling, general and administrative		31,583			41,243			145,118			161,771
Research and development		3,788			4,561			17,402			19,221
Change in estimated fair value of contingent consideration		—			(630	)		200			(2,003	)
Impairment of goodwill and long-lived assets		25,825			11,912			68,709			166,151
Restructuring		10,441			6			17,827			(1,214	)
Total operating expenses		71,637			57,092			249,256			343,926
Loss from operations		(58,795	)		(37,702	)		(215,266	)		(235,617	)
Other income (expense):
Interest expense		(6,555	)		(11,263	)		(26,992	)		(47,700	)
Interest income		2,384			6,036			11,436			27,403
Loss on extinguishment of debt		—			(3,187	)		—			(3,187	)
Change in payable to related parties pursuant to the Tax Receivable Agreement		—			(1	)		—			(40	)
Other (expense) income		(43	)		43			(4,152	)		(2,341	)
Loss before income taxes		(63,009	)		(46,074	)		(234,974	)		(261,482	)
Income tax expense (benefit)		6			(7	)		(4,212	)		(1,860	)
Net loss		(63,015	)		(46,067	)		(230,762	)		(259,622	)
Net loss attributable to non-controlling interests		(27,334	)		(20,162	)		(99,989	)		(114,776	)
Net loss attributable to Maravai LifeSciences Holdings, Inc.	$	(35,681	)	$	(25,905	)	$	(130,773	)	$	(144,846	)

Net loss per Class A common share attributable to Maravai LifeSciences Holdings, Inc., basic and diluted	$	(0.24	)	$	(0.18	)	$	(0.90	)	$	(1.05	)
Weighted average number of Class A common shares outstanding, basic and diluted		145,074			141,812			144,360			137,906

MARAVAI LIFESCIENCES HOLDINGS, INC.

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION
(in thousands, except per share amounts)
(Unaudited)

Net Loss to Adjusted EBITDA (non-GAAP)
	Three Months Ended December 31,						Year Ended December 31,
		2025			2024			2025			2024
Net loss	$	(63,015	)	$	(46,067	)	$	(230,762	)	$	(259,622	)
Add:
Amortization		6,512			6,902			27,951			27,531
Depreciation		5,933			5,466			23,558			20,852
Interest expense		6,555			11,263			26,992			47,700
Interest income		(2,384	)		(6,036	)		(11,436	)		(27,403	)
Income tax expense (benefit)		6			(7	)		(4,212	)		(1,860	)
EBITDA		(46,393	)		(28,479	)		(167,909	)		(192,802	)
Acquisition contingent consideration ⁽¹⁾		—			(630	)		200			(2,003	)
Acquisition integration costs ⁽²⁾		659			918			3,104			5,559
Stock-based compensation ⁽³⁾		3,926			10,545			30,174			49,415
Merger and acquisition related expenses ⁽⁴⁾		—			865			1,270			1,728
Loss on extinguishment of debt ⁽⁵⁾		—			3,187			—			3,187
Acquisition related tax adjustment ⁽⁶⁾		—			(68	)		4,082			2,306
Tax Receivable Agreement liability adjustment ⁽⁷⁾		—			1			—			40
Executive leadership transition costs ⁽⁸⁾		—			—			2,024			—
Impairment of goodwill and long-lived assets ⁽⁹⁾		25,825			11,912			68,709			166,151
Property and equipment impairment ⁽¹⁰⁾		157			—			1,216			—
Restructuring costs ⁽¹¹⁾		15,132			10			22,064			11
Other ⁽¹²⁾		1,230			638			3,876			2,330
Adjusted EBITDA (non-GAAP)	$	536		$	(1,101	)	$	(31,190	)	$	35,922

Net Loss attributable to Maravai LifeSciences Holdings, Inc. to Adjusted Net Loss (non-GAAP) and Adjusted Fully Diluted Loss Per Share (non-GAAP)

	Three Months Ended December 31,						Year Ended December 31,
		2025			2024			2025			2024
Net loss attributable to Maravai LifeSciences Holdings, Inc.	$	(35,681	)	$	(25,905	)	$	(130,773	)	$	(144,846	)
Net loss impact from pro forma conversion of Class B shares to Class A common shares		(27,334	)		(20,162	)		(99,989	)		(114,776	)
Adjustment to the provision for income tax ⁽¹³⁾		7,181			4,804			24,485			27,348
Tax-effected net loss		(55,834	)		(41,263	)		(206,277	)		(232,274	)
Acquisition contingent consideration ⁽¹⁾		—			(630	)		200			(2,003	)
Acquisition integration costs ⁽²⁾		659			918			3,104			5,559
Stock-based compensation ⁽³⁾		3,926			10,545			30,174			49,415
Merger and acquisition related expenses ⁽⁴⁾		—			865			1,270			1,728
Loss on extinguishment of debt ⁽⁵⁾		—			3,187			—			3,187
Acquisition related tax adjustment ⁽⁶⁾		—			(68	)		4,082			2,306
Tax Receivable Agreement liability adjustment ⁽⁷⁾		—			1			—			40
Executive leadership transition costs ⁽⁸⁾		—			—			2,024			—
Impairment of goodwill and long-lived assets ⁽⁹⁾		25,825			11,912			68,709			166,151
Property and equipment impairment ⁽¹⁰⁾		157			—			1,216			—
Restructuring costs ⁽¹¹⁾		15,132			10			22,064			11
Other ⁽¹²⁾		1,230			638			3,876			2,330
Tax impact of adjustments ⁽¹⁴⁾		(2,686	)		(356	)		(4,636	)		(21,401	)
Net cash tax benefit retained from historical exchanges ⁽¹⁵⁾		—			(687	)		—			—
Adjusted net loss (non-GAAP)	$	(11,591	)	$	(14,928	)	$	(74,194	)	$	(24,951	)

Diluted weighted average shares of Class A common stock outstanding		261,302			254,863			257,285			254,149

Adjusted net loss (non-GAAP)	$	(11,591	)	$	(14,928	)	$	(74,194	)	$	(24,951	)
Adjusted fully diluted loss per share (non-GAAP)	$	(0.04	)	$	(0.06	)	$	(0.29	)	$	(0.10	)

__________________
Explanatory Notes to Reconciliations
(1)		Refers to the change in the estimated fair value of contingent consideration related to completed acquisitions.
(2)		Refers to incremental costs incurred to execute and integrate completed acquisitions, including retention payments related to integration that were negotiated specifically at the time of, the Company’s acquisition of MyChem, LLC (“MyChem”) and Alphazyme, LLC (“Alphazyme”), which were completed in January 2022 and January 2023, respectively. These retention payments arise from the Company’s agreements executed in connection with its acquisitions of MyChem and Alphazyme and provide incremental financial incentives, over and above recurring compensation, to ensure the employees of these companies remain present and participate in integration of the acquired businesses during the integration and knowledge transfer periods. The Company agreed to pay certain employees of Alphazyme retention payments totaling $9.3 million as of various dates but primarily through December 31, 2025, as long as these individuals continued to be employed by the Company. The Company agreed to pay the sellers of MyChem retention payments totaling $20.0 million as of the second anniversary of the closing of the acquisition date as long as two senior employees (who were also the sellers of MyChem) continued to be employed by TriLink BioTechnologies. The Company recognized compensation expense related to these payments in the post-acquisition period ratably over the service period. Retention payment expenses were $0.6 million (Alphazyme) and $2.7 million (Alphazyme) for the three months and year ended December 31, 2025, respectively. Retention payment expenses were $0.8 million (Alphazyme) and $5.2 million (MyChem $1.8 million; Alphazyme $3.4 million) for the three months and year ended December 31, 2024, respectively. Retention expenses for MyChem concluded in the first quarter of 2024, and following the payments in the first quarter of 2024, there are no further retention expenses payable for MyChem. Retention expenses for Alphazyme concluded in the fourth quarter of 2025, and following the payments in the fourth quarter of 2025, there are no further retention expenses payable for Alphazyme. There are no further cash-based retention payments planned, other than those disclosed above, for acquisitions completed as of December 31, 2025.
(3)		Refers to non-cash expense associated with stock-based compensation.
(4)		Refers to diligence, legal, accounting, tax and consulting fees incurred in connection with acquisitions that were pursued but not consummated.
(5)		Refers to the non-cash loss incurred on partial extinguishment of debt primarily associated with the voluntary prepayment on the Term Loan.
(6)		Refers to non-cash expense associated with adjustments to the indemnification asset recorded in connection with the acquisition of MyChem.
(7)		Refers to the adjustment of the Tax Receivable Agreement liability primarily due to changes in our estimated state apportionment and the corresponding change of our estimated state tax rate.
(8)		Refers to costs associated with the Executive Leadership Transition that occurred in June 2025, including severance and legal costs. For the year ended December 31, 2025, stock-based compensation benefit of $3.3 million primarily related to forfeited stock awards in connection with the Executive Leadership Transition is included in the stock-based compensation line item.
(9)		Refers to the goodwill and intangible asset impairment recorded for our TriLink segment.
(10)		Refers to non-cash charges to write-down surplus laboratory equipment to estimated fair value, less costs to sell.
(11)		Refers to restructuring costs associated with the 2025 Corporate Realignment Plan and 2023 Cost Realignment Plan. For the three months and year ended December 31, 2025, stock-based compensation benefit of $3.0 million and $2.5 million, respectively, related to forfeited stock awards in connection with the 2025 Corporate Realignment Plan is included on the stock-based compensation line item. For the year ended December 31, 2024, stock-based compensation benefit of $1.2 million related to forfeited stock awards in connection with 2023 Cost Realignment Plan is included on the stock-based compensation line item. For the three months ended December 31, 2024, such amount was immaterial. For the three months and year ended December 31, 2025, inventory impairment of $1.7 million recorded within cost of revenue on the consolidated statements of operations is included in the restructuring costs line item.
(12)		For the year ended December 31, 2025, refers to severance payments, inventory step-up charges in connection with the acquisition of Alphazyme, legal costs, and other non-recurring costs that are deemed to be outside of the ordinary course of business. For the year ended December 31, 2024, refers to the loss on abandoned projects, severance payments, inventory step-up charges and certain other adjustments in connection with the acquisition of Alphazyme, and other non-recurring costs that are deemed to be outside of the ordinary course of business.
(13)		Represents additional corporate income taxes at an assumed effective tax rate of approximately 24% applied to additional net loss attributable to Maravai LifeSciences Holdings, Inc. from the assumed proforma exchange of all outstanding shares of Class B common stock for shares of Class A common stock.
(14)		Represents income tax impact of non-GAAP adjustments at an assumed effective tax rate of approximately 24% and the assumed proforma exchange of all outstanding shares of Class B common stock for shares of Class A common stock.
(15)		Represents income tax benefits due to the amortization of intangible assets and other tax attributes resulting from the tax basis step up associated with the purchase or exchange of Maravai Topco Holdings, LLC units and Class B common stock, net of payment obligations under the Tax Receivable Agreement.

Non-GAAP Financial Information

This press release contains financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. (GAAP). These non-GAAP measures include: Adjusted EBITDA and Adjusted fully diluted Earnings Per Share (EPS).

Maravai defines Adjusted EBITDA as net income (loss) before interest, taxes, depreciation and amortization, certain non-cash items and other adjustments that we do not consider representative of our ongoing operating performance including, as applicable: (i) fair value adjustments to acquisition contingent consideration; (ii) incremental costs incurred to execute and integrate completed acquisitions, and associated retention payments; (iii) non-cash expenses related to share-based compensation; (iv) expenses incurred for acquisitions that were pursued but not consummated (including legal, accounting and professional consulting services); (v) non-cash expense associated with adjustments to the carrying value of the indemnification asset recorded in connection with completed acquisitions; (vi) executive leadership transition costs; (vii) impairment charges; (viii) restructuring costs; (ix) severance payments; and (x) inventory step-up charges in connection with completed acquisitions. Maravai defines Adjusted Net Loss as tax-effected earnings before the adjustments described above, and the tax effects of those adjustments. Maravai defines Adjusted fully diluted EPS as Adjusted Net Loss divided by the diluted weighted average number of shares of Class A common stock outstanding for the applicable period, which assumes the proforma exchange of all outstanding units of Maravai Topco Holdings, LLC (paired with shares of Class B common stock) for shares of Class A common stock.

These non-GAAP measures are supplemental measures of operating performance that are not prepared in accordance with GAAP and do not represent, and should not be considered as, an alternative to net loss, as determined in accordance with GAAP.

Management uses these non-GAAP measures to understand and evaluate Maravai’s core operating performance and trends and to develop short-term and long-term operating plans. Management believes the measures facilitate comparison of Maravai’s operating performance on a consistent basis between periods and, when viewed in combination with its results prepared in accordance with GAAP, help provide a broader picture of factors and trends affecting Maravai’s results of operations.

These non-GAAP financial measures have limitations as an analytical tool, and you should not consider them in isolation, or as a substitute for analysis of Maravai’s results as reported under GAAP. Because of these limitations, they should not be considered as a replacement for net loss, as determined by GAAP, or as a measure of Maravai’s profitability. Management compensates for these limitations by relying primarily on Maravai’s GAAP results and using non-GAAP measures only for supplemental purposes. The non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.

About Maravai

Maravai is a leading life sciences company providing critical products to enable the development of drug therapies, diagnostics and novel vaccines and to support research on human diseases. Maravai’s companies are leaders in providing products and services in the fields of nucleic acid synthesis and biologics safety testing to many of the world's leading biopharmaceutical, vaccine, diagnostics, and cell and gene therapy companies.

For more information about Maravai LifeSciences, visit www.maravai.com.

Forward-looking Statements

This press release contains, and Maravai’s officers and representatives may from time-to-time make, “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements in this press release which are not strictly historical statements constitute forward-looking statements, including, without limitation, statements regarding Maravai’s operating leverage from its cost reduction initiatives and organizational changes; Maravai’s ability to accelerate revenue growth and continue improving Adjusted EBITDA; Maravai’s ability to create long-term value for all stakeholders; and Maravai’s financial guidance for 2026, constitute forward-looking statements and are identified by words like “believe,” “expect,” “see,” “project,” “may,” “will,” “should,” “seek,” “anticipate,” or “could” and similar expressions.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management’s current beliefs, expectations and assumptions regarding the future of Maravai’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of management’s control. Maravai’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause Maravai’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:

The level of Maravai’s customers’ spending on and demand for TriLink and Cygnus products and services.
The risk that Maravai does not realize the expected operational or financial benefits from its organizational changes.
Maravai’s operating results are prone to significant fluctuation, which may make Maravai’s future operating results difficult to predict and could cause Maravai’s actual operating results to fall below expectations or any guidance Maravai may provide.

Contacts

Deb Hart
Maravai LifeSciences
+ 1 858-988-5917
ir@maravai.com

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