Maravai LifeSciences (MRVI) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $45.9M, up 10.1% YoY; Adjusted Gross Margin rose to 57.7%, and Adjusted EBITDA was $5.8M, improving $16.6M YoY.

• Growth reflected mRNA demand, favorable mix and cost discipline; FY26 revenue and Adjusted EBITDA guidance increased.

• Q3 progress included 70 new Discovery mRNA customers, four new GMP customers and 30% growth in GMP consumables.

Financial highlights

• GAAP net loss was $24.0M versus $45.1M in Q3 2025; GAAP loss per share was $0.09 versus $0.18.

• Adjusted diluted EPS was a loss of $0.03 versus a loss of $0.08; Adjusted EBITDA was $5.8M versus a loss of $10.8M.

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

• 9M revenue rose 20.1% to $163.1M; net loss was $52.0M versus $167.7M, and Adjusted EBITDA was $34.8M versus a loss of $31.7M.

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

Outlook and guidance

• FY26 revenue guidance increased 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 is expected to skew toward H2 2027; GMP-grade ModTail was expected to launch by year-end 2026 but is not expected to contribute material dollars in 2027.

• Discovery growth is expected to continue; the Cygnus long-term base growth framework is mid-single digits plus, with FY26 growth expected at 5%–6%.

• Guidance reflects the existing business and excludes potential acquisitions; results remain subject to risks and uncertainties.