MARAVAI LIFESCIENCES HOLDINGS, INC.MRVI
MARAVAI LIFESCIENCES HOLDINGS, INC. Segments Disclosure
Segments
Segment results are presented in the same manner as we present our operations internally to make operating decisions and assess performance. The accounting policies for the segments are the same as those described in Significant Accounting Policies (see Note 1). The Company’s financial performance is reported in two segments – TriLink, formerly referred to as Nucleic Acid Production, and Cygnus, formerly referred to as Biologics Safety Testing (see Item 1. Business).
A description of each segment follows:
•TriLink: focuses on the manufacturing and sale of highly modified nucleic acids products to support the needs of customers’ research, therapeutic and vaccine programs. This segment also provides research products for labeling and detecting proteins in cells and tissue samples.
•Cygnus: focuses on the manufacturing and sale of host cell protein, bioprocess impurity detection, viral clearance prediction kits and associated products. This segment also provides services for custom antibody development, assay development, antibody affinity extraction and mass spectrometry that are utilized by our customers in their biologic drug manufacturing spectrum.
The Company has determined that adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”) is the profit or loss measure that the CODM uses to make resource allocation decisions and evaluate segment performance. Adjusted EBITDA assists management in comparing the segment performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect the Company’s core operations and, therefore, are not included in measuring segment performance. The CODM reviews segment performance along with forecasts and other non-financial information in our annual budgeting process. The Company defines Adjusted EBITDA as net loss before interest, taxes, depreciation and amortization, certain non-cash items and other adjustments that we do not consider in our evaluation of ongoing operating performance from period to period. Corporate costs, net of eliminations, are managed on a standalone basis and are not allocated to segments.
The following schedules include revenue, expenses, and adjusted EBITDA for each of the Company’s reportable segments for the periods presented (in thousands):
| Year Ended December 31, 2025 | |||||||||||||||||
| TriLink | Cygnus | Total | |||||||||||||||
| Revenue | $ | 119,787 | $ | 65,956 | $ | 185,743 | |||||||||||
| Less: | |||||||||||||||||
Cost of revenue (1) | 93,053 | 11,747 | |||||||||||||||
Selling and marketing (1) | 22,150 | 3,075 | |||||||||||||||
General and administrative (1) | 18,361 | 4,903 | |||||||||||||||
Research and development (1) | 9,353 | 1,987 | |||||||||||||||
Other segment items (2) | 19 | 4 | |||||||||||||||
| Adjusted EBITDA for reportable segments | (23,149) | 44,240 | $ | 21,091 | |||||||||||||
| Reconciliation of total reportable segments’ adjusted EBITDA to loss before income taxes | |||||||||||||||||
Corporate costs | (52,281) | ||||||||||||||||
| Amortization | (27,951) | ||||||||||||||||
| Depreciation | (23,558) | ||||||||||||||||
| Interest expense | (26,992) | ||||||||||||||||
| Interest income | 11,436 | ||||||||||||||||
| Other adjustments: | |||||||||||||||||
| Acquisition contingent consideration | (200) | ||||||||||||||||
| Acquisition integration costs | (3,104) | ||||||||||||||||
| Stock-based compensation | (30,174) | ||||||||||||||||
| Merger and acquisition related expenses | (1,270) | ||||||||||||||||
| Acquisition related tax adjustment | (4,082) | ||||||||||||||||
Executive leadership transition costs (3) | (2,024) | ||||||||||||||||
Impairment of goodwill and long-lived assets | (68,709) | ||||||||||||||||
| Property and equipment impairment | (1,216) | ||||||||||||||||
Restructuring costs (4) | (22,064) | ||||||||||||||||
| Other | (3,876) | ||||||||||||||||
| Loss before income taxes | $ | (234,974) | |||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||
TriLink | Cygnus | Total | |||||||||||||||
| Revenue | $ | 196,345 | $ | 62,840 | $ | 259,185 | |||||||||||
| Less: | |||||||||||||||||
Cost of revenue (1) | 94,694 | 9,918 | |||||||||||||||
Selling and marketing (1) | 20,722 | 2,921 | |||||||||||||||
General and administrative (1) | 20,370 | 4,197 | |||||||||||||||
Research and development (1) | 9,713 | 1,960 | |||||||||||||||
Other segment items (2) | 33 | 3 | |||||||||||||||
| Adjusted EBITDA for reportable segments | 50,813 | 43,841 | $ | 94,654 | |||||||||||||
Reconciliation of total reportable segments’ adjusted EBITDA to loss before income taxes | |||||||||||||||||
Corporate costs | (58,732) | ||||||||||||||||
| Amortization | (27,531) | ||||||||||||||||
| Depreciation | (20,852) | ||||||||||||||||
| Interest expense | (47,700) | ||||||||||||||||
| Interest income | 27,403 | ||||||||||||||||
| Other adjustments: | |||||||||||||||||
| Acquisition contingent consideration | 2,003 | ||||||||||||||||
| Acquisition integration costs | (5,559) | ||||||||||||||||
| Stock-based compensation | (49,415) | ||||||||||||||||
| Merger and acquisition related expenses | (1,728) | ||||||||||||||||
Loss on extinguishment of debt | (3,187) | ||||||||||||||||
| Acquisition related tax adjustment | (2,306) | ||||||||||||||||
| Tax Receivable Agreement liability adjustment | (40) | ||||||||||||||||
Impairment of goodwill and long-lived assets | (166,151) | ||||||||||||||||
Restructuring costs (4) | (11) | ||||||||||||||||
| Other | (2,330) | ||||||||||||||||
Loss before income taxes | $ | (261,482) | |||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||
TriLink | Cygnus | Total | |||||||||||||||
| Revenue | $ | 224,769 | $ | 64,176 | $ | 288,945 | |||||||||||
| Intersegment revenues | — | 3 | 3 | ||||||||||||||
| 224,769 | 64,179 | 288,948 | |||||||||||||||
Elimination of intersegment revenues | (3) | ||||||||||||||||
| Total consolidated revenues | $ | 288,945 | |||||||||||||||
| Less: | |||||||||||||||||
Cost of revenue (1) | 94,040 | 9,620 | |||||||||||||||
Selling and marketing (1) | 18,580 | 2,295 | |||||||||||||||
General and administrative (1) | 22,474 | 4,242 | |||||||||||||||
Research and development (1) | 7,010 | 1,077 | |||||||||||||||
Other segment items (2) | 7 | 37 | |||||||||||||||
| Adjusted EBITDA for reportable segments | 82,658 | 46,908 | $ | 129,566 | |||||||||||||
Reconciliation of total reportable segments’ adjusted EBITDA to income before income taxes | |||||||||||||||||
Corporate costs | (64,257) | ||||||||||||||||
| Amortization | (27,356) | ||||||||||||||||
| Depreciation | (12,898) | ||||||||||||||||
| Interest expense | (45,892) | ||||||||||||||||
| Interest income | 27,727 | ||||||||||||||||
| Other adjustments: | |||||||||||||||||
| Acquisition contingent consideration | 3,286 | ||||||||||||||||
| Acquisition integration costs | (12,695) | ||||||||||||||||
| Stock-based compensation | (34,588) | ||||||||||||||||
| Merger and acquisition related expenses | (4,392) | ||||||||||||||||
| Acquisition related tax adjustment | (1,293) | ||||||||||||||||
| Tax Receivable Agreement liability adjustment | 668,886 | ||||||||||||||||
Restructuring costs (4) | (6,567) | ||||||||||||||||
| Other | (1,791) | ||||||||||||||||
Income before income taxes | $ | 617,736 | |||||||||||||||
___________________
(1)Expenses are adjusted to remove the impact of certain items, including interest, taxes, depreciation and amortization, certain non-cash items and other adjustments. Management believes these do not directly reflect our core operations, and, therefore, are not included in measuring segment performance.
(2)Other segment items for each reportable segment include realized and unrealized loss on foreign exchange transactions.
(3)For the year ended December 31, 2025, stock-based compensation benefit of $3.3 million primarily related to forfeited stock awards in connection with the Executive Leadership Transition is included in the stock-based compensation line item.
(4)For the years ended December 31, 2025, 2024 and 2023, stock-based compensation benefit of $2.5 million, $1.2 million, and $0.1 million, respectively, related to forfeited stock awards in connection with restructuring actions is included on the stock-based compensation line item. For the year ended December 31, 2025, inventory impairment of $1.7 million recorded within cost of revenue on the consolidated statements of operations is included in the restructuring costs line item.
There was no intersegment revenue during the years ended December 31, 2025 and 2024. During the year ended December 31, 2023, intersegment revenue was immaterial between the TriLink and Cygnus segments.
The Company does not allocate assets to its reportable segments as they are not included in the review performed by the CODM for purposes of assessing segment performance and allocating resources.
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.