Maravai LifeSciences (NASDAQ:MRVI) executives told investors the company exited fiscal 2025 with improving operating leverage following a restructuring and a renewed emphasis on customer engagement, setting up management’s expectation for a return to growth and profitability in 2026.
Fourth-quarter performance and return to positive adjusted EBITDA
For the fourth quarter of 2025, Maravai reported revenue of $49.9 million, down from $56.6 million in the prior-year quarter. Management noted the year-ago period included $14.3 million of “high-volume” COVID GMP CleanCap sales; excluding that comparison, revenue increased 18% year over year. CEO Bernd Brust said the quarter’s growth was driven by TriLink’s GMP consumables and CDMO services, as well as demand at Cygnus for wholesale host cell protein (HCP) kits.
Segment rename and Q4 segment results
Investor relations head Debra Hart said Maravai renamed its two reportable segments to align with internal brand terminology: Nucleic Acid Production is now TriLink, and Biologics Safety Testing is now Cygnus. She emphasized the change was “nomenclature only” and did not alter segment composition or historical comparability.
CFO Rajesh Asarpota said TriLink revenue was $34.6 million in Q4, down 17% year over year, but up 25% on a base basis excluding the prior-year COVID CleanCap comparison. TriLink generated adjusted EBITDA of $936,000 in Q4, which Asarpota said was the segment’s first return to positive adjusted EBITDA since Q4 2024.
Cygnus revenue was $15.3 million in Q4, up 4% versus the prior year. Asarpota said Cygnus delivered adjusted EBITDA of $10.2 million, representing a 66.7% margin, with growth driven by continued demand for HCP kits from core customers.
GAAP results, cash, and cost actions
Maravai reported a GAAP net loss before non-controlling interest of $63.0 million for Q4 2025, compared with a loss of $46.1 million a year earlier. Asarpota said the Q4 2025 loss included a $25.8 million non-cash intangible asset impairment charge related to TriLink and $12.1 million of non-cash restructuring charges, including lease unwind costs.
For full-year 2025, Maravai reported revenue of $185.7 million, which Brust said exceeded guidance by about $700,000. Full-year GAAP net loss was $230.8 million, compared with a loss of $259.6 million in 2024. Full-year adjusted EBITDA was negative $31.2 million.
On the balance sheet, Asarpota said Maravai ended the year with $216.9 million in cash and $294.2 million in long-term debt. Cash used in operations in Q4 was $22.8 million, including $3.6 million related to restructuring. He also disclosed that in Q1 2026 the company made a voluntary $50 million debt repayment using cash on hand, reducing both cash and total debt by $50 million from year-end levels.
Management said restructuring actions are ahead of prior targets. Asarpota said the company previously targeted more than $50 million of annualized expense reductions and is now estimating savings of more than $65 million. He added that $3 million of savings were captured in Q3 and another $8 million in Q4.
Operational and product updates: TriLink and Cygnus
Brust outlined steps management has taken since he assumed the CEO role in June, including simplifying the business, increasing direct customer interaction, and centralizing operations to reduce fixed costs and improve decision-making speed. He also highlighted automation initiatives, including an “automated EU site” to support screening supply for Europe.
On commercial execution, Brust said TriLink is positioning CleanCap as part of a broader portfolio that includes enzymes, oligonucleotides, and the ModTail product, with a strategy to engage customers earlier and across more stages of the mRNA and gene-based therapeutic workflow. He said an upcoming launch of GMP enzymes is expected next quarter and noted more than $1.2 million of GMP enzyme orders already “in hand” for 2026.
Management also discussed the role of mRNA Builder, an AI and computer-aided design and ordering platform that came from the Officinae Bio acquisition. In response to a question on AI, Brust said about 70 orders have gone through the system since launch, and he characterized it as the company’s biggest current AI involvement.
In R&D and new products, Brust said ModTail generated more than a half million dollars in 2025 and that 2026 year-to-date bookings have already surpassed that level. He said customer data and internal studies showed improved protein expression and extended duration of expression. In the Q&A, Chief Scientific Officer Dr. Chanfeng Zhao added that TriLink’s IVT kit has been “well-received,” with more than 100 kits ordered in the first four weeks, sequential growth from Q3 to Q4, and the conversion of one major customer from a competitor.
At Cygnus, Brust said the company expanded mass spectrometry infrastructure to increase capacity and broaden analytical services. Management also highlighted continued investment in MockV for viral clearance prediction. In Q&A, executives said MockV has shown a “tremendous runway,” and Zhao noted Cygnus has supported customers who included MockV data in clinical trial applications, describing the initial regulatory reception as positive while cautioning adoption is a longer-cycle process.
2026 outlook and other updates
For 2026, Asarpota guided to total revenue of $200 million to $210 million, representing 8% to 13% growth over 2025. The company expects TriLink to grow low double digits at the midpoint, driven by double-digit growth in GMP consumables and “stabilization in Discovery,” while Cygnus is expected to grow low to mid single digits.
Maravai guided to full-year adjusted EBITDA of $18 million to $20 million and projected gross margin expansion of about 1,200 basis points year over year, driven by restructuring actions, cost initiatives, and product mix. Asarpota said total operating expenses are expected to decline about 13%, with G&A down about 18% and sales and marketing down about 13%, while R&D is expected to be modestly higher.
Management also reiterated expectations for COVID-related CleanCap revenue in 2026. In response to an analyst question, Brust said the company still expects $10 million to $20 million total for the year, all occurring in the first half, and described that range as an “ongoing run rate” for following years as well.
Finally, Asarpota provided updates on internal controls and litigation. He said the company completed its remediation plan to address previously identified material weaknesses related to revenue process controls and certain inputs and assumptions used in goodwill impairment assessments. He also said the U.S. District Court for the Southern District of California dismissed in full the securities class action lawsuits against Maravai and certain former executives.
About Maravai LifeSciences (NASDAQ:MRVI)
Maravai LifeSciences Holdings, Inc (NASDAQ: MRVI) is a life sciences company specializing in the development and supply of critical reagents and services for the development and manufacture of biologic therapies. The company’s offerings support a range of applications in genomics, molecular diagnostics, vaccine development and next-generation sequencing. Maravai’s platforms address key challenges in nucleic acid production, protein detection, epigenetic analysis and reagent quality across the biopharmaceutical industry.
Through its product portfolio, which includes proprietary mRNA capping reagents, lipid nanoparticle delivery systems, synthetic oligonucleotides and high-precision assay kits, Maravai enables customers to accelerate research and streamline manufacturing workflows.
