Maravai LifeSciences : Investor Presentation - May 2026
MRVI
Published on 05/08/2026 at 01:03 pm EDT
NASDAQ: MRVI
Investor Presentation
May 2026
Anticipate $10 million to $20 million annual revenue contribution from COVID GMP CleanCap® beginning in 2026 which will be part of our GMP Consumables revenue
Cygnus HCP kits used in 29 out of 29 commercialized CAR-T cell and gene therapies
96%
Top 25 R&D spenders1
Source: Drug, Discovery & Development, April 30, 2025
● = New to company or promoted to new role since August 2025 Corporate Realignment
Chief Executive Officer and Board Member
Executive Vice President and Chief Financial Officer
Senior Vice President and Chief Scientific Officer
Executive Vice President and General Manager, Cygnus Technologies
Executive Vice President, Secretary and General Counsel
Senior Vice President, TriLink Global Operations
Senior Vice President, Sales, TriLink and Alphazyme
+$15 M
>$50 M
(previously)
>$65M costs removed, cost reduction program exceeded initial $50M target
Return to positive adjusted EBITDA1, Q126= $20.3M
Q1 base revenue2 +10% YoY; TriLink base up 15%
Reconciliation provided in the appendix
Revenue excluding $14.3 M for COVID GMP CleanCap
Commercial Execution
Operational Excellence
R&D Focus
Deeper engagement with biopharma customers
Expanding mRNABuilder platform
Expanding our customer base and share per customer through a broader portfolio of products and services
Centralized operations, clearer ownership and accountability
Implemented additional automation to improve efficiencies
Structural, scalable improvements
Prioritizing highest return opportunities at TriLink and Cygnus
Robust pipeline of new products for 2026
Q1 REVENUE
$65.8 M
+41%
Q1 ADJUSTED GROSS MARGIN2
65.3%
Q1 ADJUSTED EBITDA2
$20.3 M
TriLink base revenue1 growth
+15% YoY driven by GMP consumables and Discovery
Base revenue growth of 10% YoY1
Cygnus +1% YoY with strong demand in North America and EMEA
Positive free cash flow of
$4.2 million3
Revenue excluding $14.3 M for COVID GMP CleanCap
Reconciliation provided in appendix
Operating cash flow less purchases of property and equipment
Key milestones in Maravai's transformation - new management, decisive cost alignment, and return to positive Adjusted EBITDA and FCF
Wind-Down Begins
COVID GMP falls to
$65.9M (FY24). Base
business exposed. Urgent reset needed.
$50M+ Cost Savings Plan Announced
Q2 earnings call: Corporate Realignment Plan launched. Ultimately
>$65M removed.
Return to Positive FCF
$65.8M revenue.
$20.3M Adj. EBITDA.
FCF positive.
2024
Q2 2025
Q1 2026
Pre-2024
Jun-Jul 2025
Q4 2025
COVID Revenue Peak
Total rev. $883M peak (2022). CleanCap® COVID GMP dominated P&L. Base business masked.
New Leadership Team
CEO Bernd Brust + CFO Raj Asarpota installed. Full C-suite restructured.
Positive Adj. EBITDA
+$0.5M Q4 EBITDA.
Base rev +18% YoY.
>$65M cost removal exceeded target.
©2026 Maravai LifeSciences.
Positioning
Maravai for Long-Term, Sustainable, Profitable Growth
Strategic Clarity Driving
Improved Results
Thank you
©2026 Maravai LifeSciences.
Appendix for non-GAAP Measures
©2026 Maravai LifeSciences.
This presentation 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 Net Income (Loss), Adjusted fully diluted Earnings Per Share (EPS), Adjusted Gross Margin 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 Adjusted Gross Margin as gross margin before adjustments described above. Maravai defines free cash flow as operating cash flow less purchases of property and equipment.
Adjusted EBITDA, Adjusted Net Income (Loss), 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.
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 arise from the Company's agreement executed in connection with its acquisition of Alphazyme and provide incremental financial incentives, over and above recurring compensation, to ensure the employees of Alphazyme remain present and participate 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. Retention payment expenses were $0.7 million for the three months ended March 31, 2025. 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 retentionpayments planned, other than those disclosed above, for acquisitions completed as of March 31, 2026.
Refers to non-cash expense associated with stock-based compensation.
Refers to diligence, legal, accounting, tax and consulting fees incurred in connection with acquisitions that were pursued but not consummated.
Refers to goodwill impairment recorded for our TriLink segment.
Refers to restructuring costs (benefit) associated with the 2025 Corporate Realignment Plan. For the three months ended March 31, 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 and three months ended March 31, 2026, 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 three and three months ended March 31, 2025, primarily refers to severance payments and other non-recurring costs that are deemed to be outside of the ordinary course of business.
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.
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.
Disclaimer
Maravai LifeSciences Holdings Inc. published this content on May 08, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2026 at 17:02 UTC.