Maravai LifeSciences Holdings, Inc. reported first quarter 2025 revenue of $46.9 million, representing a 27.0% decrease compared to the same period in the prior year. Despite the year-over-year decline, this revenue figure exceeded the company's internal guidance range.
The company posted a GAAP net loss of $(52.9) million and an Adjusted EBITDA of $(10.5) million for Q1 2025. The basic and diluted net loss per Class A common share was $0.21.
Revenue for the Nucleic Acid Production segment was $28.8 million, down 37.5% year-over-year, primarily due to the absence of high-volume CleanCap demand. The Biologics Safety Testing segment's revenue was $18.1 million, remaining essentially flat compared to Q1 2024.
Maravai's base business, which excludes revenue from high-volume CleanCap for commercial vaccine programs, showed sequential growth of more than $4 million compared to the fourth quarter of 2024. The company reaffirmed its full-year 2025 revenue guidance in the range of $185.0 million to $205.0 million, excluding high-volume CleanCap.
A goodwill impairment charge of $12.4 million related to the TriLink reporting unit was recorded in Q1 2025, reflecting lower projected near-term revenues and a slower transition to new mRNA clinical trials. The gross profit margin decreased sharply to 16.5% in Q1 2025 from 40.3% in Q1 2024, mainly due to higher fixed facility costs and depreciation as a percentage of lower sales.
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