Maravai LifeSciences(MRVI) - 2025 Q1 - Quarterly Results

Maravai LifeSciences First Quarter 2025 Financial Results Financial Performance Summary 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] 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][8] Consolidated Statements of Operations 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 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] Reconciliation of Net Loss to Adjusted EBITDA 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 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 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] - 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] - Retention payments related to the MyChem acquisition concluded in Q1 2024. Retention payments for the Alphazyme acquisition will continue through December 31, 2025[14] Forward-Looking Statements and Risk Factors 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] - The company faces competition from larger life science and pharmaceutical companies that could render its technology obsolete[24] - 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][26]