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MARAVAI LIFESCIENCES HOLDINGS, INC. (MRVI)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 revenue was $41.6M, down 12.6% sequentially and 39.7% YoY; Nucleic Acid Production fell 52.9% YoY while Biologics Safety Testing grew 7.2% YoY .
  • Adjusted EPS was a loss of $0.08 (vs. loss of $0.01 in Q3 2024), and Adjusted EBITDA was -$10.8M (vs. +$16.2M in Q3 2024) .
  • Management reinstated FY 2025 revenue guidance at approximately $185M, implies ~18% sequential revenue growth in Q4; expects Q4 adjusted EBITDA loss of ~$3.5M and double‑digit sequential revenue growth at TriLink (NAP) in Q4 .
  • Versus Wall Street: revenue missed consensus by ~$7.9M while EPS was roughly in line; estimates point to Q4 revenue ~$49.1M* and EPS loss ~$0.067* .
  • Narrative catalyst: cost reductions (> $50M annualized) on track, BST momentum, and visible Q4 order book (binding commitments/multi‑year agreements), setting up 2026 return to positive adjusted EBITDA .

What Went Well and What Went Wrong

What Went Well

  • BST revenue rose 7.2% YoY to $16.3M, with strong demand across HCP kits, quantification services, and MockV viral clearance products; segment Adjusted EBITDA margin was ~64.8% .
  • Management reaffirmed significant cost actions: “on track to lower our expected annualized expenses by greater than $50 million,” with >$7M sequential Adjusted EBITDA improvement targeted for Q4 .
  • Order visibility improved: binding purchase commitments and multi‑year supply agreements support Q4 and 2026 outlook; TriLink expected to deliver double‑digit sequential revenue growth in Q4 .

What Went Wrong

  • NAP revenue fell 52.9% YoY to $25.4M on lack of high‑volume CleanCap orders and timing of GMP/CDMO builds; base business down ~18% YoY excluding COVID GMP CleanCap .
  • Gross profit compressed to $5.7M as gross margin fell to low teens, reflecting mix and lower NAP volumes; consolidated Adjusted EBITDA was -$10.8M .
  • China remained weak within BST despite broader regional strength; management cited continued softness in discovery orders under $25K tied to academic funding environment .

Financial Results

Consolidated performance (reported)

MetricQ1 2025Q2 2025Q3 2025
Revenue ($USD)$46.85M $47.40M $41.63M
GAAP Diluted EPS$(0.21) $(0.27) $(0.18)
Adjusted EPS (non-GAAP)$(0.08) $(0.08) $(0.08)
Adjusted EBITDA ($USD)$(10.5)M $(10.4)M $(10.8)M

Segment revenue

SegmentQ3 2024Q2 2025Q3 2025
Nucleic Acid Production (NAP)$53.84M $31.09M $25.35M
Biologics Safety Testing (BST)$15.18M $16.31M $16.28M
Total Revenue$69.03M $47.40M $41.63M

Selected KPIs/mix and liquidity

KPIQ3 2025
Revenue mix by customer: Biopharma 27%, Life Sciences & Diagnostics 32%, Academia 4%, CRO/CMO/CDMO 8%, Distributors 29%
Geography: North America 60%, EMEA 19%, APAC ex‑China 12%, China 8%, LatAm 1%
Cash & Equivalents$243.6M
Long-term Debt$295.6M
Cash used in operations$(15.2)M

Performance vs Wall Street consensus (Q3 2025)

MetricConsensusActual
Revenue ($USD)$49.02M*$41.63M
Primary EPS$(0.0823)*$(0.08) (Adjusted EPS)

Values retrieved from S&P Global.*

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueFY 2025$185M–$205M (Q1 guide) ≈$185M (reinstated Q3) Lowered to low end; reinstated after Q2 withdrawal
Revenue cadenceQ4 2025N/A+18% sequential growth vs Q3 (implies ~$49M) New quantitative cadence
Base business growth (ex‑COVID GMP CleanCap)Q4 2025N/A+16% YoY New metric disclosed
Adjusted EBITDAFY 2025N/A≈$(35)M loss New full‑year outlook
Adjusted EBITDAQ4 2025N/A≈$(3.5)M loss New quarterly outlook
TriLink (NAP)Q4 2025N/ADouble‑digit sequential revenue growth expected New qualitative guide

Note: Company withdrew guidance in Q2 and reinstated in Q3 .

Earnings Call Themes & Trends

TopicQ1 2025 (May)Q2 2025 (Aug)Q3 2025 (Nov)Trend
Cost reduction/restructuringCost base ~$200M; breakeven ~$225M revenue; ongoing cost discipline >$50M annualized savings plan; ~25% workforce reduction; charges $8–$9M On track >$50M; execution largely complete; >$7M sequential EBITDA improvement targeted Strengthening execution; savings flowing through
BST performanceQ1 strong seasonal peak; 100% coverage of approved CAR‑T/C&GT +10% YoY; margin ~67% +7% YoY; margin ~64.8%; regional strength U.S./Europe; China weak Sustained growth; China softness persists
COVID CleanCap (high‑volume)No HV orders in 2025 guide; pipeline tracking Indication/binding order for 2026; manage base without HV Expect $10–$20M in 2026; combination of orders in hand and discussions Returns modest in 2026; not central to plan
Discovery funding/macrosAcademic exposure small (4–6%); mixed funding signals Base NAP up 3% YoY; lumpy GMP/CDMO Under-$25K discovery remains tough; over-$25K screening/preclinical improving Gradual stabilization in higher‑value orders
China/geopoliticsBST China $3.8M; monitoring tariffs Some pull‑forward; expect flat for year China down ~12%; broader APAC ex‑China strong Weakness lingering in China
Digital/e‑commerce (mRNA Builder)Launching mRNA Builder upgrade; e‑commerce share small Emphasis on e‑commerce to drive research consumables Early traction: doubling orders, >80% conversion; scaling planned Building digital funnel/efficiency
AI/process design (Officinae)ML DOE process dev services launched KPIs and bottom‑up metrics upgraded Continued focus on operational rigor and forecasting Data‑driven operating model
CDMO visibilityFlanders GMP build; visibility 2–3 quarters out Prior CDMO builds didn’t repeat; stronger funnel Increased engagement; multi‑year supply agreements; batch sizes to grow in 2026 Improving visibility and scale

Management Commentary

  • CEO: “We are on track to lower our expected annualized expenses by greater than $50 million… We expect to see more than $7 million in sequential adjusted EBITDA improvements in Q4.”
  • CEO (TriLink outlook): “We expect TriLink to deliver double digit sequential revenue growth in the fourth quarter.”
  • CFO: “We anticipate closing 2025 with revenue of approximately $185 million… an adjusted EBITDA loss of $3.5 million in Q4.”
  • CSO (ModTail): “ModTail increases mRNA lifespan by resisting exonuclease digestion… helps mRNA protein expression and duration of expression… works for CleanCap and enzymatic capping.”

Q&A Highlights

  • COVID CleanCap 2026: Management targets $10–$20M with some orders in hand; upside not required for 2026 EBITDA/FCF positivity .
  • Cost savings composition: ~40–50% labor; 15–20% facilities; 15–20% CapEx; 15–20% other; split roughly 50/50 between COGS and OpEx .
  • Gross margin outlook: Improvement expected with product mix as GMP orders ramp in Q4 and into 2026 .
  • TriLink funnel/order timing: Lumpy GMP/CDMO; larger orders recently; strong October start and Q4 order visibility .
  • Regional dynamics: U.S. and Europe strong for BST; China down; APAC ex‑China growing .

Estimates Context

  • Q3 2025 revenue missed consensus ($41.63M vs. $49.02M*), driven by lack of high‑volume CleanCap and timing of GMP/CDMO orders .
  • EPS roughly in line (Adjusted EPS $(0.08) vs. Primary EPS consensus $(0.0823)); adjusted EBITDA loss was deeper than estimate (-$10.8M vs. -$7.36M), reflecting gross margin pressure and lower NAP volumes .
  • Consensus points to Q4 2025 revenue ~$49.07M* and EPS loss ~$0.0669*; management’s guidance for +18% sequential growth and small adjusted EBITDA loss aligns broadly with consensus .

Values retrieved from S&P Global.*

Key Takeaways for Investors

  • Expect near‑term relief: visible Q4 order book and +18% sequential revenue guide; watch TriLink’s double‑digit sequential growth and BST continuity as catalysts .
  • Structural fix underway: >$50M annualized cost reductions should support margin recovery and 2026 return to positive adjusted EBITDA even without high‑volume CleanCap .
  • Segment mix matters: BST provides recurring/high‑margin ballast; NAP recovery hinges on GMP consumables/CDMO timing and adoption of innovations like ModTail and IVT kits .
  • China is a headwind; APAC ex‑China and Europe show strength—geographic mix will influence margins and growth pacing .
  • Liquidity adequate: $243.6M cash and manageable cash burn give runway to execute restructuring and growth initiatives .
  • Watch estimate revisions: Q3 revenue miss vs. consensus may prompt modest near‑term trims, but Q4 trajectory and 2026 profitability plan could stabilize estimates .
  • Tactical setup: Position for Q4 execution updates (orders/mix/margins) and 2026 guidance in next call; monitor progress on multi‑year supply agreements and digital funnel (mRNA Builder) .

Appendix: Additional Q3‑period press releases

  • Earnings call scheduling (Oct 22, 2025) .
  • November 2025 investor conference participation (Nov 10, 2025) .
  • Third‑party legal “investigation” notices (Oct–Nov) – no operational impact disclosed .