Maravai LifeSciences Reports 31.7% Revenue Decline and $69.8 Million Net Loss in Q2 2025

Maravai LifeSciences Holdings, Inc. reported a significant decline in financial performance for the second quarter of 2025, with total revenue of $47.4 million, down 31.7% from $69.4 million in the same period last year. For the first half of 2025, revenue decreased by 29.5% to $94.2 million compared to $133.6 million in the first half of 2024. The decline was primarily attributed to the absence of high-volume sales of the CleanCap® product, which had previously contributed substantially to revenue from commercial vaccine programs. The Nucleic Acid Production segment saw a 43.1% drop in revenue, while the Biologics Safety Testing segment experienced a 9.9% increase.

Operating expenses rose sharply, totaling $113.7 million for the second quarter, a 37.2% increase from $82.9 million in the prior year. This increase was driven by a $30.4 million goodwill impairment charge related to the Alphazyme reporting unit, alongside higher costs associated with inventory reserves and professional services. The company reported a net loss of $69.8 million for the quarter, compared to a loss of $18.4 million in the same quarter of 2024. The net loss attributable to Maravai LifeSciences Holdings, Inc. was $39.6 million, resulting in a net loss per Class A common share of $0.27.

In terms of strategic developments, Maravai completed two acquisitions in early 2025: Molecular Assemblies for $11.2 million and Officinae Bio for $15.1 million. These acquisitions are expected to enhance the company's capabilities in nucleic acid production and support the development of next-generation therapies. The company also announced a corporate realignment plan aimed at reducing operating costs by over $50 million, which will involve a workforce reduction impacting approximately 25% of its employees.

Operationally, Maravai's workforce stood at over 560 employees as of June 30, 2025, with a significant portion holding advanced degrees. The company is focusing on expanding its customer base both domestically and internationally, with North America accounting for 64.6% of total revenue in the second quarter. The company is also actively pursuing improvements in its e-commerce presence as part of its growth strategy.

Looking ahead, Maravai anticipates continued challenges due to the lack of high-volume CleanCap orders and broader economic conditions affecting customer spending. The company is committed to investing in research and development to meet customer needs while managing costs through its corporate realignment plan. The outlook remains cautious as the company navigates these operational and market challenges.