Maravai LifeSciences Reports First Quarter 2026 Financial Results
MRVI
First quarter 2026 total revenue up 41% from prior year Base revenue excluding revenue for high-volume CleanCap for commercialized COVID-19 vaccines up 10% from prior year
Published on 05/07/2026 at 04:04 pm EDT
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 first quarter ended March 31, 2026, together with other business updates.
Key Financial Results:
“2026 is off to a strong start, driven by improving demand in our core TriLink base business and continued strength across our higher-margin portfolio,” said Bernd Brust, CEO of Maravai LifeSciences. “TriLink base, non-COVID revenue grew 15% year over year, while total TriLink revenue grew 65%. Our disciplined focus on the cost structure and operational efficiency translated this revenue growth into meaningful EBITDA expansion and positive free cash flow, reflecting the structural improvements taking hold across the business.”
Brust continued, “With solid first quarter performance and improving visibility into the balance of the year, we are raising our full-year revenue and EBITDA guidance. We remain confident in our strategy to drive sustained, profitable growth and long-term value creation.”
Revenue for the First Quarter 2026
Three Months Ended March 31,
(Dollars in 000’s)
2026
2025
Year-over-Year % Change
TriLink
$
47,476
$
28,750
65.1
%
Cygnus
18,361
18,100
1.4
%
Total Revenue
$
65,837
$
46,850
40.5
%
First Quarter 2026 Financial Results by Reporting Segment
Revenue for the first quarter was $65.8 million, an increase of 40.5% compared to the prior year period, driven by the following:
Net loss and Adjusted EBITDA (non-GAAP) were $(6.4) million and $20.3 million, respectively, for the first quarter of 2026, compared to net loss and Adjusted EBITDA (non-GAAP) of $(52.9) million and $(10.5) million, respectively, for the first quarter of 2025.
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 $205.0 million to $215.0 million, up from the prior range of $200.0 million to $210.0 million.
Adjusted EBITDA (non-GAAP) is now expected to be in the range of $30.0 million to $32.0 million, up from the prior range of $18.0 million to $20.0 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 first quarter of 2026 and other business updates. To participate in the conference call by telephone, approximately 10 minutes before the call, dial 1-800-343-5172 or 1-203-518-9856 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 March 31,
2026
2025
Revenue
$
65,837
$
46,850
Cost of revenue
32,136
39,125
Gross profit
33,701
7,725
Operating expenses:
Selling, general and administrative
29,092
39,564
Research and development
3,889
4,888
Goodwill impairment
—
12,435
Restructuring
2,878
—
Total operating expenses
35,859
56,887
Loss from operations
(2,158
)
(49,162
)
Other income (expense):
Interest expense
(5,749
)
(6,778
)
Interest income
1,873
3,225
Other (expense) income
(494
)
24
Loss before income taxes
(6,528
)
(52,691
)
Income tax (benefit) expense
(151
)
162
Net loss
(6,377
)
(52,853
)
Net loss attributable to non-controlling interests
(2,644
)
(22,908
)
Net loss attributable to Maravai LifeSciences Holdings, Inc.
$
(3,733
)
$
(29,945
)
Net loss per Class A common share attributable to Maravai LifeSciences Holdings, Inc., basic and diluted
$
(0.02
)
$
(0.21
)
Weighted average number of Class A common shares outstanding, basic and diluted
146,426
143,425
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
March 31,
2026
2025
Net loss
$
(6,377
)
$
(52,853
)
Add:
Amortization
6,472
7,030
Depreciation
4,900
5,693
Interest expense
5,749
6,778
Interest income
(1,873
)
(3,225
)
Income tax (benefit) expense
(151
)
162
EBITDA
8,720
(36,415
)
Acquisition integration costs (1)
231
767
Stock-based compensation (2)
6,743
10,403
Merger and acquisition related expenses (3)
—
1,178
Goodwill impairment (4)
—
12,435
Restructuring costs (5)
3,110
—
Other (6)
1,523
1,083
Adjusted EBITDA (non-GAAP)
$
20,327
$
(10,549
)
Net Loss attributable to Maravai LifeSciences Holdings, Inc. to Adjusted Net Income (Loss) (non-GAAP) and Adjusted Fully Diluted Earnings (Loss) Per Share (non-GAAP)
Three Months Ended
March 31,
2026
2025
Net loss attributable to Maravai LifeSciences Holdings, Inc.
$
(3,733
)
$
(29,945
)
Net loss impact from pro forma conversion of Class B shares to Class A common shares
(2,644
)
(22,908
)
Adjustment to the provision for income tax (7)
647
5,456
Tax-effected net loss
(5,730
)
(47,397
)
Acquisition integration costs (1)
231
767
Stock-based compensation (2)
6,743
10,403
Merger and acquisition related expenses (3)
—
1,178
Goodwill impairment (4)
—
12,435
Restructuring costs (5)
3,110
—
Other (6)
1,523
1,083
Tax impact of adjustments (8)
(2,040
)
1,095
Adjusted net income (loss) (non-GAAP)
$
3,837
$
(20,436
)
Diluted weighted average shares of Class A common stock outstanding
261,679
255,457
Adjusted net income (loss) (non-GAAP)
$
3,837
$
(20,436
)
Adjusted fully diluted earnings (loss) per share (non-GAAP)
$
0.01
$
(0.08
)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
Free Cash Flow (non-GAAP)
Three Months Ended
March 31,
2026
2025
Net cash provided by (used in) operating activities
$
8,665
$
(9,390
)
Purchases of property and equipment
(4,437
)
(4,501
)
Free cash flow (non-GAAP)
$
4,228
$
(13,891
)
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, Adjusted fully diluted Earnings Per Share (EPS) and free cash flow.
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) incremental costs incurred to execute and integrate completed acquisitions, and associated retention payments; (ii) non-cash expenses related to share-based compensation; (iii) expenses incurred for acquisitions that were pursued but not consummated (including legal, accounting and professional consulting services); (iv) impairment charges; (v) restructuring costs; (vi) severance payments; and (vii) inventory step-up charges in connection with completed acquisitions. 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. Maravai defines free cash flow as operating cash flow less purchases of property and equipment.
Adjusted EBITDA and Adjusted fully diluted EPS are supplemental measures of operating performance, and free cash flow is a supplemental liquidity measure. These non-GAAP measures are not prepared in accordance with GAAP and do not represent, and should not be considered as, an alternative to net loss, fully diluted EPS or cash flows from operations, respectively, as determined in accordance with GAAP.
Management uses these non-GAAP measures to understand and evaluate Maravai’s core operating performance, available liquidity and trends and to develop short-term and long-term operating plans. Management believes the measures facilitate comparison of Maravai’s operating and cash flow 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 and liquidity.
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 expected revenue and EBITDA performance for the full year 2026; demand in the core TriLink business and Maravai’s higher-margin portfolio, and the expected ongoing impact of Maravai’s cost structure and operating efficiency initiatives on its EBITDA performance and Maravai’s ability to execute on its strategy to drive sustained, profitable growth, 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:
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.
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