Financial Performance - Q1 2025 revenue reached $47 million[12] - Nucleic Acid Production (NAP) revenue was $29 million, accounting for 61% of total revenue[49, 50] - Biologics Safety Testing (BST) revenue was $18 million, representing 39% of total revenue[50, 51] - The company reported a GAAP net loss of $53 million[39] - Adjusted EBITDA was -$11 million, with an adjusted EBITDA margin of -23%[39] - Basic and Diluted EPS were both -$0.21, while Adjusted EPS was -$0.08[42] Guidance and Outlook - The company anticipates full-year 2025 revenue to be between $185 million and $205 million[53] - Q2 2025 revenue is projected to be in the range of $45 million to $50 million[53] - Capital expenditures for FY 2025 are expected to be between $15 million and $20 million[47, 54] Business Highlights - The company has 447 CleanCap customers in clinical stage, which is a 15% year-over-year increase[26] - The company has approximately 1,500 total programs, with 30% in clinical and 70% in preclinical stages[26]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission File Number: 001-39725 Maravai LifeSciences Holdings, Inc. (Exact name of registrant as specified in its char ...

Maravai LifeSciences First Quarter 2025 Financial Results [Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) Maravai LifeSciences reported Q1 2025 revenue of $46.9 million, a 27% decrease, with a net loss of $52.9 million and negative Adjusted EBITDA, exceeding guidance but reaffirming full-year outlook - First quarter revenue exceeded guidance, and the base business (excluding high-volume CleanCap) grew by over **$4 million** compared to Q4 2024[2](index=2&type=chunk) Q1 2025 Key Financial Metrics | Metric | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $46.9M | $64.2M | (27.0)% | | **Net Loss** | $(52.9)M | $(22.7)M | N/A | | **Adjusted EBITDA** | $(10.5)M | $7.8M | N/A | Q1 2025 Revenue by Segment (in thousands) | Segment | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Nucleic Acid Production | $28,750 | $46,016 | (37.5)% | | Biologics Safety Testing | $18,100 | $18,163 | (0.3)% | | **Total Revenue** | **$46,850** | **$64,179** | **(27.0)%** | - Full-year 2025 revenue guidance is maintained at **$185.0 million to $205.0 million**, which excludes potential revenue from high-volume CleanCap orders for commercial phase vaccine programs[7](index=7&type=chunk)[8](index=8&type=chunk) [Consolidated Statements of Operations](index=3&type=section&id=Consolidated%20Statements%20of%20Operations) Maravai's Q1 2025 Consolidated Statement of Operations shows revenue of $46.9 million, a $49.2 million operating loss, and a $29.9 million net loss, impacted by a $12.4 million goodwill impairment Consolidated Statements of Operations Highlights (in thousands, except per share data) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $46,850 | $64,179 | | Total operating expenses | $96,012 | $83,040 | | Goodwill impairment | $12,435 | $— | | Loss from operations | $(49,162) | $(18,861) | | Net loss | $(52,853) | $(22,680) | | Net loss per Class A share | $(0.21) | $(0.09) | [Non-GAAP Financial Measures and Reconciliations](index=4&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section presents non-GAAP financial metrics, including a Q1 2025 Adjusted EBITDA of negative $10.5 million and an Adjusted fully diluted loss per share of $(0.08), used by management to assess core operating performance - Management uses non-GAAP measures like Adjusted EBITDA and Adjusted EPS to understand core operating performance, trends, and to facilitate period-to-period comparisons[19](index=19&type=chunk) [Reconciliation of Net Loss to Adjusted EBITDA](index=4&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20Adjusted%20EBITDA) The company reconciled a Q1 2025 GAAP net loss of $52.9 million to a non-GAAP Adjusted EBITDA of $(10.5) million, with key adjustments including goodwill impairment and stock-based compensation Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Net loss** | **$(52,853)** | **$(22,680)** | | Amortization & Depreciation | $12,723 | $11,655 | | Interest expense, net | $3,553 | $3,654 | | Income tax expense | $162 | $271 | | **EBITDA** | **$(36,415)** | **$(7,100)** | | Stock-based compensation | $10,403 | $12,057 | | Goodwill impairment | $12,435 | $— | | Other adjustments | $2,928 | $2,838 | | **Adjusted EBITDA (non-GAAP)** | **$(10,549)** | **$7,795** | [Reconciliation of Net Loss to Adjusted Net Loss and Adjusted EPS](index=5&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20Adjusted%20Net%20Loss%20and%20Adjusted%20EPS) Maravai reported a Q1 2025 Adjusted Net Loss of $20.4 million, resulting in an Adjusted Fully Diluted Loss Per Share of $(0.08), after adjusting for specific non-recurring items Adjusted Net Loss and EPS (non-GAAP) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Adjusted net loss (in thousands) | $(20,436) | $(5,368) | | Adjusted fully diluted loss per share | $(0.08) | $(0.02) | [Explanatory Notes and Definitions](index=5&type=section&id=Explanatory%20Notes%20and%20Definitions) This section defines non-GAAP measures like Adjusted EBITDA and Adjusted Net Loss, detailing specific adjustments such as a $12.4 million goodwill impairment and acquisition-related costs - A goodwill impairment charge of **$12.4 million** was recorded for the Nucleic Acid Production segment[15](index=15&type=chunk) - Adjusted EBITDA is defined as net income (loss) adjusted for interest, taxes, depreciation, amortization, and other specific items like acquisition costs, stock-based compensation, and impairment charges[17](index=17&type=chunk) - Retention payments related to the MyChem acquisition concluded in Q1 2024. Retention payments for the Alphazyme acquisition will continue through December 31, 2025[14](index=14&type=chunk) [Forward-Looking Statements and Risk Factors](index=9&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) This section outlines forward-looking statements and significant risk factors, including customer demand fluctuations, CleanCap® sales dependency, competition, supply chain vulnerabilities, and debt-related risks - Key business risks include significant fluctuations in operating results, dependency on customer spending, and uncertainty regarding revenue from high-volume CleanCap® sales for commercial vaccines[24](index=24&type=chunk) - The company faces competition from larger life science and pharmaceutical companies that could render its technology obsolete[24](index=24&type=chunk) - Operational and financial risks include reliance on a limited number of suppliers, product liability lawsuits, ability to service debt, and potential conflicts of interest due to its 'controlled company' status and Tax Receivable Agreement (TRA)[25](index=25&type=chunk)[26](index=26&type=chunk)

Core Insights - Maravai LifeSciences reported a first quarter revenue of $46.9 million, a 27.0% decrease compared to the same period in 2024, primarily due to a decline in nucleic acid production revenue [3][4][8] - The company experienced a net loss of $(52.9) million for the first quarter of 2025, which included a goodwill impairment of $12.4 million [4][11] - Maravai's revenue guidance for the full year 2025 remains unchanged, projected between $185.0 million and $205.0 million [6][7] Financial Performance - Nucleic Acid Production revenue was $28.8 million, reflecting a 37.5% year-over-year decrease, attributed to lower demand for research products and lack of high-volume CleanCap orders [3][8] - Biologics Safety Testing revenue was relatively flat at $18.1 million, showing a slight decrease of 0.3% year-over-year [3][8] - Adjusted EBITDA for the first quarter was $(10.5) million, a significant decline from $7.8 million in the same quarter of 2024 [4][12] Management Commentary - CEO Trey Martin emphasized the company's commitment to a return-to-growth strategy despite a challenging macroeconomic environment, highlighting customer focus and differentiated technologies as key strengths [2][4] - The management plans to navigate the evolving landscape to drive long-term value for the company [2][4] Revenue Guidance - The revenue guidance for 2025 does not include potential revenue from high-volume CleanCap orders or new acquisitions [5][6] - The guidance reflects expectations based on the existing base business and is subject to various risks and uncertainties [5][6] Operational Insights - The total operating expenses for the first quarter were $96.0 million, up from $83.0 million in the prior year, driven by increased costs in various segments [11][12] - The company reported a loss from operations of $(49.2) million for the first quarter, compared to $(18.9) million in the same period last year [11][12]

Core Viewpoint - A class action securities lawsuit has been filed against Maravai LifeSciences Holdings, Inc. for alleged securities fraud affecting investors between August 7, 2024, and February 24, 2025 [1][2]. Group 1: Allegations and Company Issues - The lawsuit claims that Maravai lacked adequate internal controls over financial reporting related to revenue recognition [2]. - It is alleged that the Company inaccurately recognized revenue on certain transactions during fiscal 2024 [2]. - The complaint also states that Maravai's goodwill was overstated, leading to materially misleading positive statements about the Company's business and prospects [2]. Group 2: Legal Process and Participation - Investors who suffered losses during the relevant time frame have until May 5, 2025, to request to be appointed as lead plaintiff [3]. - Class members may be entitled to compensation without any out-of-pocket costs or fees [3]. Group 3: Firm Background - Levi & Korsinsky has a history of securing hundreds of millions of dollars for shareholders and is recognized as one of the top securities litigation firms in the United States [4].

Core Viewpoint - Maravai LifeSciences Holdings, Inc. reported disappointing fourth-quarter 2024 earnings, missing analyst expectations and facing a significant price target downgrade due to concerns over its financial outlook and ongoing legal issues [1][4]. Financial Performance - The company posted an adjusted loss per share of $0.06, which was wider than the expected loss of $0.04, with quarterly revenue at $56.6 million, slightly below the consensus forecast of $56.67 million [2]. - For the full year, Maravai reported revenue of $259 million, consistent with its guidance, but its GAAP net loss widened to $260 million from a $138 million loss in 2023 [3]. Analyst Reactions - Following the disappointing results, Stifel analysts reduced their price target for Maravai by 50%, from $10.00 to $5.00, reflecting concerns about the company's near-term financial outlook and weaker-than-expected revenues and EBITDA [4]. Legal Issues - Maravai is facing a securities class action lawsuit alleging improper accounting practices, including failure to disclose significant financial issues and misleading statements [5]. - The lawsuit claims that Maravai's stock price fell nearly 22% after the company announced a delay in its fiscal 2024 earnings release due to the need for more time to complete its financial close [5]. Accounting Concerns - CFO Kevin Herde acknowledged errors in revenue recognition, specifically a $3.9 million misrecording due to timing issues related to a shipment [6]. - The company also recorded an $11.9 million non-cash goodwill impairment charge related to its Alphazyme acquisition, indicating material weaknesses in internal controls over revenue recognition and goodwill assessments [7][9].

Core Viewpoint - A class action securities lawsuit has been filed against Maravai LifeSciences Holdings, Inc. alleging securities fraud that affected investors between August 7, 2024, and February 24, 2025 [1][2]. Group 1: Allegations - The lawsuit claims that Maravai LifeSciences lacked adequate internal controls over financial reporting related to revenue recognition [2]. - It is alleged that the Company inaccurately recognized revenue on certain transactions during fiscal 2024 [2]. - The complaint also states that the goodwill of the Company was overstated, leading to materially misleading positive statements about its business and operations [2]. Group 2: Legal Process - Investors who suffered losses during the specified timeframe have until May 5, 2025, to request to be appointed as lead plaintiff [3]. - Participation in the lawsuit does not require serving as a lead plaintiff, and there are no out-of-pocket costs for class members [3]. Group 3: Firm Background - Levi & Korsinsky, LLP has a history of securing hundreds of millions of dollars for shareholders and is recognized as one of the top securities litigation firms in the United States [4].

Core Viewpoint - A class action securities lawsuit has been filed against Maravai LifeSciences Holdings, Inc. for alleged securities fraud affecting investors between August 7, 2024, and February 24, 2025 [1][2]. Group 1: Allegations - The lawsuit claims that Maravai LifeSciences lacked adequate internal controls over financial reporting related to revenue recognition [2]. - It is alleged that the company inaccurately recognized revenue on certain transactions during fiscal 2024 [2]. - The complaint also states that Maravai's goodwill was overstated, leading to materially misleading positive statements about the company's business and prospects [2]. Group 2: Legal Process - Investors who suffered losses during the specified timeframe have until May 5, 2025, to request to be appointed as lead plaintiff [3]. - Participation in the lawsuit does not require serving as a lead plaintiff, and class members may be entitled to compensation without any out-of-pocket costs [3]. Group 3: Firm Background - Levi & Korsinsky, LLP has a strong track record in securities litigation, having secured hundreds of millions of dollars for shareholders over the past 20 years [4]. - The firm has been recognized in ISS Securities Class Action Services' Top 50 Report for seven consecutive years as one of the leading securities litigation firms in the United States [4].

NEW YORK, May 01, 2025 (GLOBE NEWSWIRE) -- The Gross Law Firm issues the following notice to shareholders of Maravai LifeSciences Holdings, Inc. (NASDAQ: MRVI). Shareholders who purchased shares of MRVI during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery. CONTACT US HERE: https://securitiesclasslaw.com/securities/maravai-lifesciences-holdings-inc-loss-submission-form/?id=1461 ...

Company Overview - Maravai LifeSciences, Inc. is a global provider of life science reagents and services, supporting researchers and biotech innovators [3] - The company specializes in products for drug therapies, diagnostics, and novel vaccines, and supports research on human diseases [3] - Maravai's offerings include nucleic acid synthesis and biologics safety testing, serving leading biopharmaceutical, vaccine, diagnostics, and cell and gene therapy companies [3] Upcoming Financial Announcement - Maravai plans to announce its first quarter 2025 financial and operating results after market close on May 12, 2025 [1] - A conference call and webcast will be held on the same day at 2:00 p.m. PT / 5:00 p.m. ET [1] Conference Call Participation - Participants can join the conference call by dialing (800) 343-4849 or (203) 518-9848, referencing Conference ID MARAVAI [2] - The call will also be available via live or archived webcast on the Maravai website [2]