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MRVI

Maravai LifeSciences Holdings, Inc.

MRVI

Maravai LifeSciences Holdings, Inc. • NASDAQ
$3.62 ▼ -0.55% (-0.02)
Market Cap $999.16 M
52w High $6.21
52w Low $1.67
Dividend Yield 0%
P/E -4.31
Volume 300.86K
Outstanding Shares 144.98M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $41.63M ▼ $-109.785M ▼ $-25.556M ▲ -61.388% ▲ $0.48 ▲ $-22.463M ▲
Q2-2025 $47.397M ▲ $74.046M ▲ $-39.591M ▼ -83.531% ▼ $-0.27 ▼ $-51.924M ▼
Q1-2025 $46.85M ▼ $56.887M ▼ $-29.945M ▼ -63.917% ▼ $-0.21 ▼ $-31.003M ▼
Q4-2024 $56.406M ▼ $57.092M ▼ $-26.145M ▲ -46.351% ▲ $-0.18 ▲ $-20.713M ▲
Q3-2024 $65.2M $197.488M $-99.038M -151.899% $-0.7 $-147.971M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $243.574M ▼ $849.191M ▼ $417.332M ▼ $245.443M ▼
Q2-2025 $269.907M ▼ $896.966M ▼ $428.983M ▼ $265.859M ▼
Q1-2025 $285.053M ▼ $959.751M ▼ $429.478M ▼ $300.614M ▼
Q4-2024 $322.399M ▼ $1.008B ▼ $431.035M ▼ $325.292M ▼
Q3-2024 $578.157M $1.278B $665.088M $345.14M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-25.556M ▲ $-15.15M ▼ $-2.926M ▲ $-8.249M ▼ $-26.333M ▼ $-18.076M ▼
Q2-2025 $-69.837M ▼ $-10.265M ▼ $-3.236M ▲ $-1.534M ▲ $-15.146M ▲ $-13.139M ▲
Q1-2025 $-29.945M ▼ $-9.39M ▲ $-23.129M ▼ $-4.9M ▲ $-37.346M ▲ $-14.625M ▲
Q4-2024 $-26.145M ▲ $-14.638M ▼ $-4.931M ▲ $-236.189M ▼ $-255.758M ▼ $-20.487M ▼
Q3-2024 $-172.027M $13.136M $-8.959M $809K $4.986M $3.545M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Biologics Safety Testing Segment
Biologics Safety Testing Segment
 $30.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲
Nucleic Acid Production Segment
Nucleic Acid Production Segment
 $100.00M ▲$30.00M ▼$30.00M ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement MRVI’s income statement shows a business coming down from an exceptional pandemic-era boom and still searching for a new steady state. Revenue surged in the early 2020s on mRNA vaccine demand, then fell sharply and is now closer to pre-boom levels. Profitability has flipped from very strong operating and net profits to clear losses over the last two years, suggesting the cost base and organization were built for a larger business than today’s revenue supports. Gross margins remain positive but far thinner than during peak years, pointing to both lower volumes and less favorable mix or pricing. Overall, the story is one of normalization after a one‑time spike, with current earnings under pressure while the company adjusts to more typical demand levels.

Balance Sheet

Balance Sheet The balance sheet still looks relatively solid, even after the comedown in earnings. Total assets and cash are well above where they were before the boom, indicating the company used its good years to build up financial and operating resources. Debt is meaningful but has not increased dramatically, and equity has grown over time, which suggests some underlying value creation despite the recent setbacks. However, the drop from the prior asset and equity peak reflects write-downs or reduced expectations tied to the post‑pandemic reset. Overall, MRVI appears to have a reasonable financial cushion to navigate its transition, but less room for prolonged losses than during its best years.

Cash Flow

Cash Flow Cash generation tells a similar “boom then reset” story. During the high-demand period, operating cash flow was very strong relative to the size of the business, and free cash flow was robust after only modest investment needs. More recently, operating cash flow has shrunk dramatically and has been only slightly positive, with free cash flow turning slightly negative as even light capital spending now exceeds internally generated cash. The business remains capital‑light, which is a structural advantage, but its cash engine is currently running near idle. This makes the path back to healthier, more consistent cash inflows a key medium‑term watchpoint.

Competitive Edge

Competitive Edge MRVI holds a strong niche position rather than being a broad, all‑things‑to‑all‑people life science giant. Through TriLink, it provides specialized nucleic acid materials and the CleanCap® technology that became central to mRNA vaccine production, while Cygnus offers “gold standard” biologics safety tests used in many approved cell and gene therapies. These products are embedded in customer workflows, tightly linked to regulatory expectations, and backed by specialized know‑how and intellectual property, which together create meaningful switching costs and a durable moat. At the same time, the company is exposed to concentration risk: it depends heavily on a few high‑growth therapeutic modalities (like mRNA and cell and gene therapy) and on continued funding and success in those areas. Competition from large, diversified life science suppliers and the possibility of new or alternative technologies are ongoing strategic risks.

Innovation and R&D

Innovation and R&D Innovation is clearly a core strength. MRVI continues to expand the CleanCap® platform, develop advanced nucleic acid and enzyme capabilities, and roll out new biologics safety tools such as MockV® kits that help customers run complex studies more efficiently. The company is also building out contract development and manufacturing services, positioning itself as a partner across the lifecycle from research materials to clinical‑grade production. Frequent new product introductions and investment in expanded manufacturing capacity suggest an R&D engine aimed at the next wave of mRNA, cell, and gene therapy applications. The main uncertainty is execution: MRVI must convert its strong scientific pipeline and specialized facilities into steady, diversified revenue in a market that can be both cyclical and fast‑moving.

Summary

MRVI is transitioning from a pandemic‑driven growth story to a more normalized, platform‑based life sciences business. Financially, it has moved from exceptional revenue and profits to a smaller, loss‑making profile, but with a balance sheet and cash position that still provide some resilience. Strategically, it owns valuable, specialized positions in mRNA capping and biologics safety testing that are deeply integrated into customers’ processes and supported by meaningful intellectual property and regulatory acceptance. The long‑term opportunity is tied to the expansion of mRNA, cell, and gene therapies and to the growth of its CDMO and testing offerings; the key risks are continued revenue concentration, intense competition, and prolonged pressure on margins and cash flow if post‑boom demand remains subdued. How effectively MRVI can right‑size its cost base, broaden its customer base, and monetize its innovation pipeline will likely shape its future trajectory more than any single product or year’s results.

NEWS

November 10, 2025 · 8:00 AM UTC

Maravai LifeSciences Announces November 2025 Investor Conference Schedule

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November 6, 2025 · 4:01 PM UTC

Maravai LifeSciences Reports Third Quarter 2025 Financial Results

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October 29, 2025 · 7:52 AM UTC

MARAVAI INVESTIGATION REMINDER: Bragar Eagel & Squire, P.C. Continues Investigation on Behalf of Maravai Long-Term Stockholders

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October 22, 2025 · 4:01 PM UTC

Maravai LifeSciences To Host Earnings Conference Call on Thursday, November 6, 2025

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October 2, 2025 · 7:42 AM UTC

MARAVAI (MRVI) INVESTIGATION ALERT: Bragar Eagel & Squire, P.C. Reminds Investors of the Investigation into Maravai LifeSciences Holdings, Inc. on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm

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