MRVI MARAVAI LIFESCIENCES HOLDINGS, INC.

Overview and Growth

In fiscal 2025, MARAVAI LIFESCIENCES HOLDINGS, INC. recorded $185.74M of revenue, net loss of $130.77M, and an operating cash outflow of $57.57M. At $185.74M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line contracted 28.3% from $259.19M in fiscal 2024; this top-line contraction left the company with a smaller revenue base. On a per-share basis, diluted EPS was -$0.90, which connects the reported earnings outcome with the company’s diluted share count. The company employed $770.58M of total assets, the balance-sheet base supporting its current operating and cash-flow results. The revenue-to-assets relationship was 0.24x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Gross profit was $33.99M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross margin was 18.3%, so that share of each revenue unit remained after the cost of revenue reported for the period. The company recorded an operating loss of $215.27M after the reported operating expense base. The operating loss equaled 115.9% of revenue, showing the scale of the operating deficit relative to sales. The bottom-line result was a net loss of $130.77M after operating, financing, tax, and other recognized items. The net loss equaled 70.4% of revenue, showing the bottom-line deficit relative to the company’s sales base. The company reported a pretax loss of $234.97M, before the effect of income taxes. The pretax loss equaled 126.5% of revenue, measuring the pre-tax deficit against sales. The reported tax benefit was $4.21M, favorably bridging the pretax and after-tax results. The net loss equaled 35.1% of period-end equity, showing the deficit relative to book capital. The net loss equaled 17.0% of period-end assets, showing the deficit relative to the asset base.

Liquidity and Capital Structure

The company held $770.58M of assets against $397.87M of liabilities and $372.71M of equity, revealing how the asset base was financed. The near-term balance sheet paired $296.25M of current assets with $44.92M of current liabilities at the reporting date. At 6.6x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Reported cash and equivalents were $216.89M, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 482.9%, excluding receivables and other current assets. Total debt was $291.77M, establishing the amount of borrowing carried within the company’s capital structure. Debt equaled 0.78x of book equity, describing the relative scale of borrowing and shareholder capital. Debt represented 37.9% of total assets, placing borrowing in the context of the company’s full resource base. The liabilities-to-assets relationship was 51.6%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 28.1%, comparing reported cash and equivalents with the full positive asset balance. Compared with $1.01B in fiscal 2024, the current asset base moved 23.6% and finished lower. Book equity was 35.4% lower than fiscal 2024 equity of $577.21M, showing how shareholder capital changed year over year.

Cash Flow and Earnings Quality

Operating activities used $57.57M of cash, resulting in an operating cash outflow for the year. Capital spending of $13.15M added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. Operating cash flow and capital spending combined to leave a $70.72M cash deficit after capital spending. The free-cash-flow deficit equaled 38.1% of revenue, showing the post-investment cash shortfall relative to sales. Relative to total assets, the post-investment cash deficit measured 9.2%.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.