Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | --- | --- | --- | | Class A common stock, $0.01 par value | MRVI | The Nasdaq Stock Market LLC | ...

分组1 - Maravai LifeSciences Holdings, Inc. reported a quarterly loss of $0.04 per share, better than the Zacks Consensus Estimate of a loss of $0.07, and improved from a loss of $0.06 per share a year ago, resulting in an earnings surprise of +40.03% [1] - The company posted revenues of $49.87 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.21%, but down from $56.56 million in the same quarter last year [2] - Maravai LifeSciences shares have underperformed the market, losing about 4% since the beginning of the year compared to the S&P 500's gain of 0.7% [3] 分组2 - The current consensus EPS estimate for the coming quarter is -$0.05 on revenues of $57.61 million, and for the current fiscal year, it is -$0.22 on revenues of $210.65 million [7] - The Zacks Industry Rank for Medical - Products is in the bottom 44% of over 250 Zacks industries, indicating that the industry outlook can significantly impact stock performance [8]

Financial Data and Key Metrics Changes - The company reported full-year revenue of $185.7 million, exceeding guidance by approximately $700,000, with Q4 revenue at $49.9 million, representing an 18% year-over-year growth when excluding $14.3 million from high-volume CleanCap sales in Q4 2024 [8][20] - Adjusted EBITDA for Q4 was positive at $536,000, marking a significant improvement of approximately $11 million sequentially from Q3, and the first return to positive adjusted EBITDA in four quarters [9][22] - GAAP net loss for Q4 was $63 million, including a $25.8 million non-cash impairment charge, compared to a loss of $46.1 million in Q4 2024 [21] Business Line Data and Key Metrics Changes - TriLink generated $34.6 million in revenue for Q4, down 17% year-over-year, but base revenue grew 25% when excluding the prior year's CleanCap revenue [20][25] - Cygnus revenue was $15.3 million in Q4, up 4% year-over-year, driven by demand for HCP kits [20][26] - For the full year, TriLink revenue was $119.8 million, while Cygnus revenue increased 5% to $66 million [25][26] Market Data and Key Metrics Changes - Revenue by geography in Q4 was 55% from North America, 15% from EMEA, 21% from Asia Pacific (excluding China), 8% from China, and 1% from Latin and Central America [21] - The number of companies pursuing mRNA and guide RNA programs globally increased to 809 from 643 a year ago, indicating sustained interest in RNA-based approaches [17] Company Strategy and Development Direction - The company aims to simplify operations, improve execution, increase customer interaction, and deliver better financial results, with a focus on expanding TriLink's role in the mRNA and gene-based therapeutic workflow [7][10] - Investments are prioritized in high-return opportunities across mRNA, cell and gene therapy, and biologic safety testing, with a robust pipeline of new product introductions planned for 2026 [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing stabilization in the broader tools and biotech environment, with signs of recovery in biopharma funding [16] - The company anticipates total revenue growth of 8%-13% in 2026, with adjusted EBITDA expected to improve by $50 million-$52 million over 2025 [27][28] Other Important Information - The company completed the implementation of its remediation plan to address previously identified material weaknesses in internal controls [29] - The securities class action lawsuits against the company were dismissed, reflecting positive progress in resolving legal matters [30] Q&A Session Summary Question: Visibility on order volume and growth areas - Management noted that order volumes are materially higher than the previous year, particularly in GMP consumables and larger orders in Discovery, indicating strong customer engagement [34][35] Question: Gross margin expansion details - The gross margin expansion of 1,200 basis points is attributed to $65 million in annualized cost savings and improved product mix, particularly from GMP consumables [41] Question: AI's role in efficiency - The company is utilizing AI through its mRNA Builder platform, which automates the design of optimized RNA constructs, enhancing customer engagement [43] Question: Expectations for 2026 and potential challenges - Management remains optimistic for Q1 and the year, with no significant negative comps expected, and strong customer spending observed [47][50] Question: COVID CleanCap revenue expectations - The company expects $10 million-$20 million in COVID CleanCap revenue for the first half of 2026, with no additional revenue anticipated in the second half [92][94]

Maravai LifeSciences (NasdaqGS:MRVI) Q4 2025 Earnings call February 25, 2026 05:00 PM ET Company ParticipantsBernd Brust - CEOChanfeng Zhao - SVP and Chief Scientific OfficerDebra Hart - Head of Investor RelationsDoug Schenkel - Managing DirectorRajesh Asarpota - EVP and CFOConference Call ParticipantsJosh Heinen - Research AnalystJustin Bowers - Equity Research AnalystMatt Hewitt - Senior Research AnalystMatt Larew - Research AnalystMatt Stanton - VP and Equity Research AnalystMatthew Parisi - Research Ana ...

Maravai LifeSciences (NasdaqGS:MRVI) Q4 2025 Earnings call February 25, 2026 05:00 PM ET Speaker8Ladies and gentlemen, thank you for your continued patience. Your meeting will begin shortly. If you need assistance at any time today, please press star 0 and a member of our team will be happy to help you. Again, ladies and gentlemen, thank you for your continued patience. Your meeting will begin shortly. Again, if you do need assistance at any time today, please press star 0 and a member of our team will be h ...

NASDAQ: MRVI Q4 and Year-end 2025 Financial Results February 25, 2026 Agenda | 01 | Welcome | Deb Hart, Head of Investor Relations | | --- | --- | --- | | 02 | Business Highlights | Bernd Brust, Chief Executive Officer | | 03 | Financial Results | Raj Asarpota, Chief Financial Officer | | | & Guidance | | | 04 | Q&A Session | Bernd Brust, Chief Executive Officer | | | | Raj Asarpota, Chief Financial Officer | | | | Chanfeng Zhao, Chief Scientific Officer | ©2026 Maravai LifeSciences. This document and its c ...

Financial Performance - Fourth quarter 2025 revenue was $49.9 million, a decrease of 11.8% year-over-year, while annual revenue was $185.7 million, down 28.3% from the previous year[9][10][11]. - Adjusted EBITDA for the fourth quarter was $0.5 million, compared to a loss of $(1.1) million in the same quarter of 2024; for the full year, Adjusted EBITDA was $(31.2) million, an improvement from $(35.9) million in 2024[7][14]. - The company reported a net loss of $(63.0) million for the fourth quarter and $(230.8) million for the full year 2025, compared to $(46.1) million and $(259.6) million in the prior year, respectively[11][14]. - For the three months ended December 31, 2025, Maravai reported a net loss of $35.681 million, compared to a net loss of $25.905 million for the same period in 2024, representing a 37.5% increase in losses year-over-year[19]. - The adjusted net loss (non-GAAP) for the year ended December 31, 2025, was $74.194 million, compared to $24.951 million in 2024, indicating a significant increase of 197.5%[19]. - The adjusted fully diluted loss per share (non-GAAP) for the three months ended December 31, 2025, was $0.04, an improvement from $0.06 in the same period of 2024[19]. Revenue Breakdown - TriLink revenue for the fourth quarter was $34.6 million, down 17.4% year-over-year, primarily due to a lack of high-volume CleanCap orders; excluding these orders, revenue increased by 25.4%[13]. - Cygnus revenue for the fourth quarter was $15.3 million, up 4.1% year-over-year, driven by strong demand for HCP kits from core customers[13]. Operational Changes - The company has undergone organizational restructuring and cost reduction initiatives ahead of plan, focusing on operational excellence and revenue growth[1][3]. - Maravai updated its external reporting segments, renaming Nucleic Acid Production to TriLink and Biologic Safety Testing to Cygnus, with no impact on financial results[8]. - The company anticipates operational and financial benefits from its organizational changes and cost reduction initiatives, aiming to accelerate revenue growth and improve adjusted EBITDA in the future[29]. - The company is positioned to drive operational excellence and accelerate revenue growth as it enters 2026, aiming to create long-term value for stakeholders[3]. Future Guidance - The company expects full year 2026 revenue to be in the range of $200 million to $210 million, with Adjusted EBITDA guidance of $18 million to $20 million[5][4]. - Maravai's financial guidance for 2026 includes expectations for continued improvement in operating performance, although actual results may differ due to various uncertainties and risks[30]. Risks and Challenges - Maravai faces competition from larger life science, pharmaceutical, and biotechnology companies that could potentially render its products obsolete[31]. - The company relies on a limited number of customers for a significant portion of its revenue, which poses a risk to maintaining these relationships[31]. - Risks related to compliance with quality standards and potential product liability lawsuits could affect market acceptance of Maravai's products[31]. - The company may face challenges in maintaining effective internal controls over financial reporting, which could impact financial transparency[32]. - Maravai's reliance on a limited number of suppliers for raw materials increases operational risk[31]. - Future impairment of goodwill and intangible assets could negatively affect Maravai's financial position[32]. - The potential for cyber-attacks or security breaches poses a risk to the confidentiality of Maravai's proprietary information[31]. Expenses and Compensation - Operating expenses for the fourth quarter were $71.6 million, compared to $57.1 million in the same period of 2024, reflecting increased restructuring costs and impairment charges[17]. - Maravai incurred $3.926 million in stock-based compensation for the three months ended December 31, 2025, compared to $10.545 million in the same period of 2024, reflecting a decrease of 62.8%[19]. - The company recognized impairment charges of $25.825 million for goodwill and long-lived assets in the three months ended December 31, 2025, compared to $11.912 million in the same period of 2024, marking a 116.5% increase[19]. - Maravai's retention payment expenses related to acquisitions totaled $0.6 million for the three months ended December 31, 2025, and $2.7 million for the year, with no further cash-based retention payments planned beyond those disclosed[20].

Core Viewpoint - Maravai LifeSciences, Inc. is set to announce its fourth quarter and full year 2025 financial and operating results on February 25, 2026, after market close, followed by a conference call and webcast [1]. Group 1: Company Overview - Maravai LifeSciences is a global provider of life science reagents and services aimed at researchers and biotech innovators [1]. - The company specializes in critical products that facilitate the development of drug therapies, diagnostics, and novel vaccines, as well as supporting research on human diseases [3]. - Maravai's subsidiaries are recognized leaders in nucleic acid synthesis and biologics safety testing, serving many of the world's top biopharmaceutical, vaccine, diagnostics, and cell and gene therapy companies [3]. Group 2: Conference Call Details - The conference call can be accessed by telephone at 1-800-343-4136 or 1-203-518-9843, with the reference ID being MARAVAI [2]. - The call will also be available via live or archived webcast on the "Investors" section of Maravai's website [2].

Summary of Maravai LifeSciences Conference Call Company Overview - **Company**: Maravai LifeSciences (NasdaqGS:MRVI) - **Industry**: Life Sciences Tools and Diagnostics Key Points and Arguments Management Changes and Business Restructuring - New management team and CEO have been in place for about five months, focusing on restructuring the business to adapt to a post-COVID environment [4][3] - Over $50 million in annualized expenses are being removed through reduced headcount, facility rationalization, and lower capital expenditures [4][5] - The organization has become leaner with instilled financial discipline to ensure effective spending [4][5] Financial Guidance and Revenue Outlook - Guidance was suspended in Q2 to reassess the business, but reinstated for Q3, projecting $49 million for Q4, indicating a significant sequential increase [6][7] - The company is focused on returning to revenue growth and achieving positive EBITDA and cash flow generation [5][6] Sales and Commercial Strategy - Positive trends observed in October, particularly in GMP consumables and CDMO orders, with biotech funding showing signs of improvement [9][10] - The sales team is concentrating on larger orders (over $25,000), which constitute about 60% of revenue, while smaller orders are less impactful [10][11] - The company is enhancing sales tools and business intelligence to improve revenue generation [12][10] Product Development and Innovation - A strategic shift towards fewer, more impactful products, such as ModTail technology, which enhances mRNA protein expression durability [14][15] - Introduction of IVT kits for discovery customers, with plans for further product rollouts in 2026 [15][18] - The MockViral kits and mass spec analytical services are driving growth in the BST business, with expectations for high single-digit growth rates [19][20] Market Trends and Regional Performance - Strong growth in the Americas and Europe, with a muted performance in China due to previous tariff issues [19][26] - The company anticipates growth in China, particularly in the BST segment, as relationships with suppliers strengthen [26][27] CDMO Business and Capacity Utilization - Increased demand for CDMO services as programs move to clinical stages, with a focus on technical expertise and responsiveness [28][29] - The company is exploring options for utilizing excess capacity built during the COVID period, particularly in light of onshoring trends [29][30] Financial Projections for 2026 - Projected revenue from vaccine-related CleanCap products is estimated at $10 million to $20 million annually starting in 2026 [31][32] - Orders in hand are reportedly higher than the previous year, with a high degree of confidence in their realization [35][36] - Positive trends in biotech funding are expected to translate into increased demand within six months [42][43] Cost Management and Profitability - The company has downsized by 25% of its headcount, centralizing operations to improve decision-making and reduce costs [45][46] - The business is structured for scalability, allowing for increased profitability without significant additional operating expenses [46][44] Additional Important Insights - The focus on impactful product development and strategic customer engagement is expected to drive future growth [14][38] - The company is optimistic about capturing market opportunities in mRNA and oncology sectors over the next 12-18 months [38][39]

Summary of Maravai LifeSciences Conference Call Company Overview - **Company**: Maravai LifeSciences (NasdaqGS:MRVI) - **Date of Conference**: November 12, 2025 - **Key Speaker**: CFO Raj Asarpota Key Points Strategic Review and Restructuring - Maravai has undergone a strategic review leading to a restructuring aimed at achieving over **$50 million** in annualized expense savings, with **$3 million** realized in Q3 and an expected **$7 million** in Q4 [9][10][11] - The company has streamlined operations by removing layers built during the COVID years, enhancing decision-making and forecasting capabilities [10][11] Financial Performance and Forecasting - Q3 nucleic acid revenues were down **20%** to **$25 million**, compared to **$30 million** in the first half of the year, but the decline rate is decreasing [24][28] - The company expects strong double-digit growth in Q4, supported by a solid order volume and improved forecasting accuracy [29][31] - For 2024, Maravai anticipates **$10 million to $20 million** in COVID-related revenues, having had **zero** COVID revenue in the current year [80][81] Industry Outlook - The biopharma sector shows signs of recovery, with larger pharma companies active and smaller biotechs rationalizing their programs [39][40] - mRNA therapies are gaining traction beyond COVID, particularly in oncology and autoimmune conditions, which are seen as future growth drivers [40][49] Customer Base and Market Dynamics - Emerging biotech companies are crucial for early discovery and future revenue growth as they transition to larger orders [58] - The company is focusing on larger deals while still maintaining e-commerce initiatives for smaller orders [21][22] Product Development and Innovation - Maravai is optimistic about the potential of new products, particularly in mRNA applications, which are expected to increase dosage and efficiency [106][110] - The combination of Mocktail and CleanCap technologies is anticipated to enhance customer workflows and product durability [109][110] Financial Projections - The company aims for mid to high single-digit growth in the long term, aligning with peers like Thermo and Danaher [116] - Positive EBITDA is expected for the full year, driven by cost reductions and improved product mix [117][120] Customer Concentration - Nakulai has become a significant customer, contributing to revenue in 2024, although the company does not rely heavily on them for forecasts [84][91] - Pfizer remains committed to mRNA therapeutics despite some pipeline adjustments, alleviating concerns about customer concentration [74][80] Regional Performance - Growth in the BST segment was **7%** in the Americas and **17%** in Europe, while growth in China was muted due to tariff-related actions [97][102] - The company expects growth in China in 2026, with a stable outlook for European operations [104][102] Additional Insights - The company is focused on leveraging its scientific credibility and customer relationships to drive future growth [9][40] - There is a strong emphasis on improving operational efficiency and decision-making processes to enhance profitability [121][122]