Maravai Raises 2026 Adjusted EBITDA Outlook After Third Quarter

The Tip Desk · November 11, 2026 · 3 min read

Adjusted EBITDA guidance is now $40.0 million to $42.0 million after third-quarter Adjusted EBITDA of $5.8 million and a $24.0 million net loss.

Maravai LifeSciences Holdings (MRVI), a global provider of life science reagents and services, raised its full-year 2026 Adjusted EBITDA outlook to $40.0 million to $42.0 million from $33.0 million to $35.0 million after third-quarter results, and lifted revenue guidance to $212.0 million to $216.0 million from $205.0 million to $215.0 million.

The company said the update reflected third-quarter performance and its expectations for the fourth quarter. Chief executive Bernd Brust said the quarter built on momentum established in the first half of the year.

Revenue for the three months ended September 30, 2026 was $45.9 million, up 10.1% from a year earlier. That followed $51.4 million in the second quarter and $65.8 million in the first quarter, when $14.3 million of high-volume CleanCap orders for commercial-phase COVID vaccine programs sat in the top line. Net loss was $24.0 million, and Adjusted EBITDA was $5.8 million. A year earlier, net loss was $45.1 million and Adjusted EBITDA was $(10.8) million.

TriLink, the larger reporting segment, generated $28.4 million of revenue, up 11.8% year over year. The company said the increase was driven primarily by demand for Discovery mRNA and GMP consumables, as well as strength from its CDMO business. Brust said mRNA revenue grew 28% year over year and that four Discovery mRNA customers transitioned to clinical-stage GMP in the quarter.

Cygnus revenue was $17.5 million, up 7.5% from a year earlier. The company attributed the increase to demand for Host Cell Protein and ELISA kits and said Cygnus delivered its sixth consecutive quarter of year-over-year growth. That growth rate compared with 2.8% in the second quarter and 1.4% in the first quarter.

Gross profit was $16.2 million on $45.9 million of revenue, versus $5.7 million of gross profit on $41.6 million of revenue a year earlier. Cost of revenue was $29.7 million. Selling, general and administrative expense was $30.5 million, research and development $3.4 million, and restructuring $2.9 million. Interest expense was $4.0 million.

For the nine months ended September 30, 2026, revenue was $163.1 million, up 20.1% from a year earlier. TriLink revenue for the nine months was $110.5 million, up 29.7%, which the company said was driven primarily by the $14.3 million of CleanCap COVID orders in the first quarter. Excluding that CleanCap revenue, TriLink base revenue grew 12.9% year over year. Cygnus nine-month revenue was $52.6 million, up 3.8%. Net loss for the nine months was $52.0 million and Adjusted EBITDA was $34.8 million, compared with net loss of $167.7 million and Adjusted EBITDA of $(31.7) million a year earlier.

The company said full-year guidance is based on expectations for its existing business and does not include the financial impact of potential new acquisitions. Brust said the company remains focused on driving sustained, profitable growth.