Maravai LifeSciences Reports Third Quarter 2026 Financial Results
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 third quarter ended September 30, 2026, together with other business updates.
Key Financial Results:
“Our third-quarter results build on the momentum we established in the first half of the year,” said Bernd Brust, CEO of Maravai LifeSciences. “TriLink revenue grew 12% year-over-year led by 28% revenue growth for our mRNA products, while Cygnus delivered its sixth consecutive quarter of year-over-year growth, with revenue up 8%.”
Brust continued, “Four Discovery mRNA customers transitioned to clinical-stage GMP this quarter, reinforcing our belief that today’s Discovery success will create tomorrow’s GMP opportunity. Based on our third-quarter performance and our expectations for the fourth quarter, we are raising our full-year revenue and adjusted EBITDA guidance. We remain focused on driving sustained, profitable growth and creating long-term value for our shareholders.”
Revenue for the Third Quarter 2026
Three Months Ended September 30,
(Dollars in 000’s)
2026
2025
Year-over-Year %
Change
TriLink
$
28,350
$
25,353
11.8%
Cygnus
17,501
16,277
7.5%
Total Revenue
$
45,851
$
41,630
10.1%
Revenue for the Nine Months Ended September 30, 2026
Nine Months Ended September 30,
(Dollars in 000’s)
2026
2025
Year-over-Year %
Change
TriLink
$
110,495
$
85,188
29.7%
Cygnus
52,635
50,689
3.8%
Total Revenue
$
163,130
$
135,877
20.1%
Third Quarter 2026 Financial Results by Reporting Segment
Revenue for the third quarter was $45.9 million, an increase of 10.1% compared to the prior year period, driven by the following:
Net loss and Adjusted EBITDA (non-GAAP) were $(24.0) million and $5.8 million, respectively, for the third quarter of 2026, compared to net loss and Adjusted EBITDA (non-GAAP) of $(45.1) million and $(10.8) million, respectively, for the third quarter of 2025.
Nine Months Ended September 30, 2026 Financial Results by Reporting Segment
Revenue for the nine months ended September 30, 2026 increased 20.1% compared to the prior year period, driven by the following:
Net loss and Adjusted EBITDA (non-GAAP) were $(52.0) million and $34.8 million, respectively, for the nine months ended September 30, 2026, compared to net loss and Adjusted EBITDA (non-GAAP) of $(167.7) million and $(31.7) million, respectively, for the same period in the prior year.
Updated 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 now expected to be in the range of $212.0 million to $216.0 million, up from the prior range of $205.0 million to $215.0 million.
Adjusted EBITDA (non-GAAP) is now expected to be in the range of $40.0 million to $42.0 million, up from the prior range of $33.0 million to $35.0 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.
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 third quarter of 2026 and other business updates. To participate in the conference call by telephone, approximately 10 minutes before the call, dial 1-800-343-4849 or 1-203-518-9894 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.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Revenue
$
45,851
$
41,630
$
163,130
$
135,877
Cost of revenue
29,659
35,975
92,587
114,729
Gross profit
16,192
5,655
70,543
21,148
Operating expenses:
Selling, general and administrative
30,502
35,456
91,664
113,735
Research and development
3,390
3,844
10,981
13,614
Goodwill impairment
—
—
—
42,884
Restructuring
2,919
7,386
5,764
7,386
Total operating expenses
36,811
46,686
108,409
177,619
Loss from operations
(20,619
)
(41,031
)
(37,866
)
(156,471
)
Other income (expense):
Interest expense
(4,027
)
(6,844
)
(14,585
)
(20,437
)
Interest income
598
2,797
3,630
9,052
Loss on extinguishment of debt
—
—
(3,413
)
—
Other expense
(27
)
(71
)
(171
)
(4,109
)
Loss before income taxes
(24,075
)
(45,149
)
(52,405
)
(171,965
)
Income tax benefit
(75
)
(92
)
(397
)
(4,218
)
Net loss
(24,000
)
(45,057
)
(52,008
)
(167,747
)
Net loss attributable to non-controlling interests
(10,161
)
(19,501
)
(22,020
)
(72,655
)
Net loss attributable to Maravai LifeSciences Holdings, Inc.
$
(13,839
)
$
(25,556
)
$
(29,988
)
$
(95,092
)
Net loss per Class A common share attributable to Maravai LifeSciences Holdings, Inc., basic and diluted
$
(0.09
)
$
(0.18
)
$
(0.20
)
$
(0.66
)
Weighted average number of Class A common shares outstanding, basic and diluted
149,067
144,683
147,839
144,119
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
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Net loss
$
(24,000
)
$
(45,057
)
$
(52,008
)
$
(167,747
)
Add:
Amortization
6,466
7,209
19,407
21,439
Depreciation
5,737
5,975
15,950
17,625
Interest expense
4,027
6,844
14,585
20,437
Interest income
(598
)
(2,797
)
(3,630
)
(9,052
)
Income tax benefit
(75
)
(92
)
(397
)
(4,218
)
EBITDA
(8,443
)
(27,918
)
(6,093
)
(121,516
)
Acquisition integration costs (1)
312
847
761
2,445
Stock-based compensation (2)
10,115
9,056
27,063
26,248
Merger and acquisition related expenses (3)
—
—
—
1,270
Loss on extinguishment of debt
—
—
3,413
—
Acquisition related tax adjustment (4)
—
—
—
4,082
Executive leadership transition costs (5)
—
17
—
2,024
Goodwill impairment (6)
—
—
—
42,884
Property and equipment impairment (7)
—
7
—
1,059
Restructuring costs (8)
2,903
6,932
5,980
6,932
Other (9)
933
292
3,697
2,846
Adjusted EBITDA (non-GAAP)
$
5,820
$
(10,767
)
$
34,821
$
(31,726
)
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
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Net loss attributable to Maravai LifeSciences Holdings, Inc.
$
(13,839
)
$
(25,556
)
$
(29,988
)
$
(95,092
)
Net loss impact from pro forma conversion of Class B shares to Class A common shares
(10,161
)
(19,501
)
(22,020
)
(72,655
)
Adjustment to the provision for income tax (10)
2,486
4,644
5,388
17,304
Tax-effected net loss
(21,514
)
(40,413
)
(46,620
)
(150,443
)
Acquisition integration costs (1)
312
847
761
2,445
Stock-based compensation (2)
10,115
9,056
27,063
26,248
Merger and acquisition related expenses (3)
—
—
—
1,270
Loss on extinguishment of debt
—
—
3,413
—
Acquisition related tax adjustment (4)
—
—
—
4,082
Executive leadership transition costs (5)
—
17
—
2,024
Goodwill impairment (6)
—
—
—
42,884
Property and equipment impairment (7)
—
7
—
1,059
Restructuring costs (8)
2,903
6,932
5,980
6,932
Other (9)
933
292
3,697
2,846
Tax impact of adjustments (11)
(160
)
1,932
(2,973
)
(1,950
)
Adjusted net loss (non-GAAP)
$
(7,411
)
$
(21,330
)
$
(8,679
)
$
(62,603
)
Diluted weighted average shares of Class A common stock outstanding (non-GAAP)
275,974
257,019
269,571
255,943
Adjusted loss (non-GAAP)
$
(7,411
)
$
(21,330
)
$
(8,679
)
$
(62,603
)
Adjusted fully diluted loss per share (non-GAAP)
$
(0.03
)
$
(0.08
)
$
(0.03
)
$
(0.24
)
____________________
Explanatory Notes to Reconciliations
(1)
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 Alphazyme, which was completed in January 2023. These retention payments were from the Company’s agreement executed in connection with its acquisition of Alphazyme and provided incremental financial incentives, over and above recurring compensation, to ensure the employees of Alphazyme remained present and participated in integration of the acquired business during the integration and knowledge transfer period. 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 recognized compensation expense related to these payments in the post-acquisition period ratably over the service period, with certain costs capitalized into inventory. Retention payment expenses were $0.7 million and $2.2 million for the three and nine months ended September 30, 2025, respectively. Retention expenses for Alphazyme concluded in the fourth quarter of 2025, and following the payments in the fourth quarter of 2025, there were no further retention expenses payable for Alphazyme. There are no further cash-based retention payments planned as of September 30, 2026. The remaining expenses incurred reflect the impact to cost of revenue for the retention bonuses previously capitalized into inventory as the inventory is sold.
(2)
Refers to non-cash expense associated with stock-based compensation.
(3)
Refers to diligence, legal, accounting, tax and consulting fees incurred in connection with acquisitions that were pursued but not consummated.
(4)
Refers to non-cash expense associated with adjustments to the indemnification asset recorded in connection with the acquisition of MyChem.
(5)
Refers to costs associated with the Executive Leadership Transition that occurred in June 2025, including severance and legal costs. For the nine months ended September 30, 2025, stock-based compensation benefit of $(3.3) million primarily related to forfeited stock awards in connection with the Executive Leadership Transition is included on the stock-based compensation line item. For the three months ended September 30, 2025, there was no such stock-based compensation benefit amount.
(6)
Refers to goodwill impairment recorded for our TriLink segment.
(7)
Refers to non-cash charges to write-down surplus laboratory equipment to estimated fair value, less costs to sell.
(8)
Refers to restructuring costs associated with the 2025 Corporate Realignment Plan. For the nine months ended September 30, 2026, stock-based compensation benefit of ($0.2 million) related to forfeited stock awards is included in the stock-based compensation line item. For the three months ended September 30, 2026 there was no such stock-based compensation benefit amount. For the three and nine months ended September 30, 2025, stock-based compensation expense of $0.5 million related to forfeited stock awards in connection with the 2025 Corporate Realignment Plan is included in the stock-based compensation line item. For the three and nine months ended September 30, 2026, there was a nominal amount of depreciation expense primarily related to the 2025 Corporate Realignment Plan is included in the depreciation line item. For the three and nine months ended September 30, 2025, there was no restructuring related depreciation expense.
(9)
For the three and nine months ended September 30, 2026 and for the three and nine months ended September 30, 2025, refers to severance expense, inventory step-up charges in connection with the acquisition of Alphazyme, non-recurring legal costs, change in the estimated fair value of contingent consideration related to completed acquisitions, and other non-recurring costs that are deemed to be outside of the ordinary course of business.
(10)
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.
(11)
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.
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 from period to period. Maravai defines Adjusted Net Income (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 Income (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 that are not strictly historical statements constitute forward-looking statements, including, without limitation, statements regarding Maravai’s expected revenue and EBITDA performance for the full year 2026, including its expectations for the fourth quarter of 2026; the expectation that customer programs at the Discovery stage will advance into clinical and commercial development and create GMP opportunities for TriLink; Maravai’s ability to execute on its strategy to drive sustained, profitable growth; and Maravai’s ability to create long-term value for its shareholders, constitute forward-looking statements and are identified by words like “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “guidance,” “intend,” “may,” “plan,” “project,” “see,” “seek,” “should,” “target,” “will,” or “would” 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:
Any forward-looking statements made in this release are based only on information currently available to management and speak only as of the date on which it is made. Maravai undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.