MRVI

Maravai is living through the collapse of its COVID-era mRNA windfall. Revenue has fallen from $883M (FY2022) to $186M (FY2025), and the decline is still steep at -28.3% YoY — this is not a base that has stabilized. The MD&A makes the source plain: the TriLink segment (CleanCap mRNA capping, nucleic acids) cratered from $196.3M to $119.8M in a single year (-39%), as the customers who bought capping reagents for COVID vaccines have evaporated. The one bright spot, Cygnus biologics-safety testing, grew modestly ($62.8M → $66.0M), but at roughly a third of revenue it cannot offset TriLink's implosion.

The more alarming number is gross profit, down 68.6% to $34.0M for an 18.3% gross margin — catastrophic for a life-sciences tools 'products' company that should run 60-70%. The 10-K's cost-of-revenue language (inventory write-downs, 'excess, obsolete or expired inventory, and idle capacity') tells you why: Maravai over-built capacity for a demand level that never returned. That feeds straight into a -115.9% operating margin, a -$131M net loss, -61.6% ROE, and $57.6M of operating cash burn (vs. a small inflow prior year). Management has launched a restructuring with workforce reductions, but cutting into a 435-person company while gross margin is 18% is damage control, not a growth story.