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Sep 30
Maravai Q3 2025 Earnings Report
Maravai reported its financial results for the third quarter ended September 30, 2025, including a decrease in revenue and a net loss, alongside updates on organizational restructuring and cost reduction initiatives.
Key Takeaways
Maravai LifeSciences reported a challenging third quarter in 2025 with total revenue decreasing by 39.7% year-over-year to $41.6 million and a net loss of $(45.1) million. The Nucleic Acid Production segment saw a significant decline due to a lack of high-volume CleanCap orders, while Biologics Safety Testing showed modest growth. The company remains optimistic about sequential revenue growth for TriLink in Q4 2025 and expects improved financial results in 2026.
Total revenue for Q3 2025 was $41.6 million, a 39.7% decrease year-over-year.
The company reported a net loss of $(45.1) million and an Adjusted EBITDA of $(10.8) million for the quarter.
Nucleic Acid Production revenue decreased by 52.9% to $25.4 million, primarily due to the absence of high-volume CleanCap orders.
Biologics Safety Testing revenue increased by 7.2% to $16.3 million, driven by strength across most product lines.
Maravai
Maravai
Maravai Revenue by Segment
Revenue by Segment
Nucleic Acid Production Revenue
CapyFin.comBiologics Safety Testing Revenue
CapyFin.com Forward Guidance
Maravai LifeSciences expects full-year 2025 revenue to be approximately $185.0 million. The company anticipates double-digit sequential revenue growth for TriLink in the fourth quarter of 2025 and aims to deliver attractive financial results in Q4 2025 and 2026, excluding potential high-volume CleanCap orders or new acquisitions.
Positive Outlook
- Full year 2025 revenue expected to be approximately $185.0 million.
- TriLink is expected to deliver double-digit sequential revenue growth in the fourth quarter of 2025.
- Organizational restructuring and operating cost reduction initiatives are on track.
- Company is positioned to deliver attractive financial results in Q4 2025 and 2026.
- Cygnus continues to perform well.
Challenges Ahead
- Revenue guidance does not include potential high-volume CleanCap orders for commercial phase vaccine programs.
- Guidance does not include potential new acquisitions.
- Guidance is subject to various risks and uncertainties, including those identified in "Forward-looking Statements".
- Nucleic Acid Production segment's revenue decrease was primarily driven by a lack of high-volume CleanCap orders.
- Lower discovery revenue was driven by a softer research and development funding and purchasing environment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income