Maravai LifeSciences (MRVI) investor relations material

Executive summary

• Q3 2026 revenue was $45.9M, up 10.1% YoY; Adjusted Gross Margin was 57.7%, and Adjusted EBITDA was $5.8M versus a $10.8M loss a year earlier.

• Net loss narrowed to $24.0M from $45.1M; 9M revenue rose 20.1% to $163.1M and Adjusted EBITDA was $34.8M.

• FY 2026 revenue and Adjusted EBITDA guidance increased, reflecting Q3 performance and Q4 expectations.

Financial highlights

• Q3 gross profit was $16.2M versus $5.7M; operating loss narrowed to $20.6M from $41.0M YoY.

• GAAP gross margin was 35.3% versus 13.6%; Adjusted Gross Margin was 57.7% versus 40.0%.

• Adjusted diluted EPS was a loss of $0.03 versus $0.08; GAAP loss per share was $0.09 versus $0.18.

• Q3 cost of revenue fell 17.6% to $29.7M and operating expenses declined 21.2% to $36.8M, including $2.9M of restructuring costs.

Outlook and guidance

• FY 2026 revenue guidance rose to $212M–$216M from $205M–$215M; Adjusted EBITDA guidance rose to $40M–$42M from $33M–$35M.

• FY26 Adjusted Gross Margin expansion is expected to exceed 1,600 bps YoY; GMP revenue growth is expected at 20%.

• GMP activity in 2027 is expected to skew toward H2; GMP ModTail is not expected to contribute material revenue that year.

• FY26 capital expenditures are projected at $2M–$4M; cash and continued credit-facility access are expected to cover requirements over the next 12 months and beyond.