Maravai LifeSciences Holdings, Inc. reported fourth‑quarter 2025 revenue of $49.9 million, a decline of 11.8% from the $56.6 million earned in Q4 2024. Full‑year revenue for 2025 was $185.7 million, down 28.3% from $259.2 million in 2024. The revenue drop is largely attributable to the wind‑down of high‑volume CleanCap orders for commercial phase COVID‑19 vaccine programs, which had driven TriLink’s sales in prior periods.
Adjusted EBITDA turned positive in Q4 2025, rising to $0.5 million from a $1.1 million loss in Q4 2024. The full‑year adjusted EBITDA, however, remained a $31.2 million loss. Management attributes the quarterly turnaround to cost‑reduction initiatives and stronger demand in the Cygnus (Biologics Safety Testing) segment, while growth in TriLink’s GMP consumables and CDMO services helped offset the decline in CleanCap revenue.
The company’s adjusted earnings per share were $‑0.04, beating the consensus estimate of $‑0.07 by $0.03. The beat reflects tighter cost control and a favorable product mix shift toward higher‑margin Cygnus contracts.
For 2026, Maravai is guiding total revenue between $200 million and $210 million and adjusted EBITDA between $18 million and $20 million. The guidance signals management’s confidence in a rebound, supported by an expected gross‑margin expansion of roughly 1,200 basis points and ongoing annualized expense savings of $65 million.
Market reaction was positive, with the company’s shares rising 4.49% in aftermarket trading. Investors cited the EPS beat, the return to positive adjusted EBITDA, and the robust 2026 guidance as key drivers of the favorable response.
"Driven by strong execution across the organization, we exceeded our revenue expectations and returned to positive Adjusted EBITDA in the fourth quarter, underscoring the operating leverage of our new model," said CEO Bernd Brust. "We enter 2026 well positioned to drive operational excellence, accelerate revenue growth, and continue improving Adjusted EBITDA as we work toward creating long-term value for all stakeholders."
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