Maravai LifeSciences第二季收入增9% 上半年虧損大幅收窄至1615萬美元

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _____________
Commission File Number: 001-39725
Maravai LifeSciences Holdings, Inc.
(Exact name of registrant as specified in its charter)

Delaware85-2786970
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

10770 Wateridge Circle, Suite 200
San Diego, California
92121
(Address of principal executive offices)
(Zip Code)

______________________________
(858) 546-0004
(Registrant’s telephone number, including area code)
______________________________
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, $0.01 par valueMRVIThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated fileroAccelerated filerý
Non-accelerated filero
Smaller reporting companyo

Emerging growth companyo

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes ☐   No  x
As of July 31, 2026, 148,989,545 shares of the registrant’s Class A common stock were outstanding and 110,684,080 shares of the registrant’s Class B common stock were outstanding.

1

Table of Contents

TABLE OF CONTENTS

Page
Forward-Looking Statements
3

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 (unaudited) 
5

Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025 (unaudited)
6

Condensed Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended June 30, 2026 and 2025 (unaudited)
7

Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended June 30, 2026 and 2025 (unaudited)
8

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025 (unaudited)
10

Notes to Condensed Consolidated Financial Statements (unaudited)
12

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
27

Item 3. Quantitative and Qualitative Disclosures About Market Risk
44

Item 4. Controls and Procedures
45

PART II - OTHER INFORMATION

Item 1. Legal Proceedings
46

Item 1A. Risk Factors
46

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
46

Item 3. Defaults Upon Senior Securities
46

Item 4. Mine Safety Disclosures
46

Item 5. Other Information
46

Item 6. Exhibits
47

Signatures
48

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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this report, including, without limitation, statements under the section “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” are forward-looking statements. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements often may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely” and other words and terms of similar meaning. These statements are based upon management’s current expectations, assumptions and estimates and are not guarantees of the timing or nature of our future operating or financial performance or other events. All forward-looking statements are subject to risks, uncertainties and other factors that may cause our actual results to differ materially from those that we expected, including:
•The level of our customers’ spending on and demand for TriLink and Cygnus products and services.
•Our operating results are prone to significant fluctuation, which may make our future operating results difficult to predict and could cause our actual operating results to fall below expectations or any guidance we may provide. 
•Uncertainty regarding the extent and duration of our revenue associated with high-volume sales of CleanCap® for commercial phase vaccine programs and the dependency of such revenue, in important respects, on factors outside our control.
•Shifts in the trade, economic and other policies and priorities of the U.S. federal government, on our and our customers’ current and future business operations.
•Unintended consequences from our recent organizational changes and workforce reduction.
•Use of our products by customers in the production of vaccines and therapies, some of which represent relatively new and still-developing modes of treatment, and the impact of unforeseen adverse events, negative clinical outcomes, development of alternative therapies, or increased regulatory scrutiny of these modes of treatment and their financial cost on our customers’ use of our products and services. 
•Competition with life science, pharmaceutical and biotechnology companies who are substantially larger than us and potentially capable of developing new approaches that could make our products, services and technology obsolete. 
•The potential failure of our products and services to perform as expected and the reliability of the technology on which our products and services are based. 
•Our use of Artificial Intelligence technologies, including Machine Learning, and business, compliance, and reputational challenges that may result from such use.
•The risk that our products do not comply with required quality standards. 
•Market acceptance of our life science reagents.
•Our ability to efficiently manage our strategic acquisitions and organic growth opportunities.
•Natural disasters, geopolitical instability (including ongoing military conflicts) and other catastrophic events. 
•Risks related to our acquisitions, including whether we achieve the anticipated benefits of acquisitions of businesses or technologies. 
•Product liability lawsuits.
•Our dependency on a limited number of customers for a high percentage of our revenue and our ability to maintain our current relationships with such customers.
•Our reliance on a limited number of suppliers or, in some cases, sole suppliers, for some of our raw materials and the risk that we may not be able to find replacements or immediately transition to alternative suppliers. 
•The risk that our products become subject to more onerous regulation by the U.S. Food and Drug Administration or other regulatory agencies in the future. 
•Our ability to obtain, maintain and enforce sufficient intellectual property protection for our current or future products. 
•The risk that a future cyber-attack or security breach cannot be prevented.
•Our ability to protect the confidentiality of our proprietary information.
•The risk that one of our products may be alleged (or found) to infringe on the intellectual property rights of third parties.
•Compliance with our obligations under intellectual property license agreements. 
•Our or our licensors’ failure to maintain the patents or patent applications in-licensed from a third party.
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•Our ability to adequately protect our intellectual property and proprietary rights throughout the world.
•Our existing level of indebtedness and our ability to raise additional capital on favorable terms. 
•Our ability to generate sufficient cash flow to service all of our indebtedness.
•Our potential failure to meet our debt service obligations.
•Restrictions on our current and future operations under the terms applicable to our credit agreement.
•Our dependence, by virtue of our principal asset being our interest in Maravai Topco Holdings, LLC (“Topco LLC”), on distributions from Topco LLC to pay our taxes and expenses, including payments under a tax receivable agreement with the former owners of Topco LLC (the “Tax Receivable Agreement” or “TRA”) together with various limitations and restrictions that impact Topco LLC’s ability to make such distributions. 
•The risk that conflicts of interest could arise between our shareholders and Maravai Life Sciences Holdings, LLC (“MLSH 1”), the only other member of Topco LLC, and impede business decisions that could benefit our shareholders. 
•The substantial future cash payments we may be required to make under the Tax Receivable Agreement to MLSH 1 and Maravai Life Sciences Holdings 2, LLC (“MLSH 2”), an entity through which certain of our former owners hold their interests in the Company and the negative effect of such payments. 
•The fact that our organizational structure, including the TRA, confers certain benefits upon MLSH 1 and MLSH 2 that will not benefit our other common shareholders to the same extent as they will benefit MLSH 1 and MLSH 2. 
•Our ability to realize all or a portion of the tax benefits that are expected to result from the tax attributes covered by the Tax Receivable Agreement.
•The possibility that we will receive distributions from Topco LLC significantly in excess of our tax liabilities and obligations to make payments under the Tax Receivable Agreement.
•Factors that could lead to future impairment of our goodwill and other amortizable intangible assets.
•Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns.
•Our ability to design and maintain effective internal control over financial reporting in the future.
•The fact that investment entities affiliated with GTCR, LLC (“GTCR”) currently control a majority of the voting power of our outstanding common stock and may have interests that conflict with ours or yours in the future. 
•Risks related to our “controlled company” status within the meaning of the corporate governance standards of NASDAQ. 
•The potential anti-takeover effects of certain provisions in our corporate organizational documents.
•Potential sales of a significant portion of our outstanding shares of Class A common stock.
•Potential preferred stock issuances and the anti-takeover impacts of any such issuances.
We derive many of our forward-looking statements from our operating budgets and forecasts, which are based on many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause our actual results to differ materially from our expectations or cautionary statements are disclosed under the sections entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report on Form 10-Q. 
The forward-looking statements included in this report are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

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Part I.

Item 1. Financial Statements

MARAVAI LIFESCIENCES HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value)
(Unaudited)

June 30, 2026December 31, 2025
Assets
Current assets:
Cash and cash equivalents$70,091 $216,890 
Accounts receivable, net31,138 25,498 
Inventory41,230 40,495 
Prepaid expenses and other current assets13,196 13,368 

Total current assets155,655 296,251 
Property and equipment, net142,414 151,479 
Goodwill129,429 129,429 
Intangible assets, net138,375 151,543 

Other assets37,873 41,875 
Total assets$603,746 $770,577 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$7,125 $2,910 
Accrued expenses and other current liabilities30,169 36,567 

Current portion of long-term debt1,125 5,440 

Total current liabilities38,419 44,917 
Long-term debt, less current portion145,980 286,331 
Finance lease liabilities, less current portion29,591 30,141 

Other long-term liabilities34,168 36,477 
Total liabilities248,158 397,866 
Commitments and contingencies (Note 5)

Stockholders’ equity:
Class A common stock, $0.01 par value - 500,000 shares authorized; 148,888 and 145,324 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
1,489 1,453 
Class B common stock, $0.01 par value - 256,856 shares authorized; 110,684 issued and outstanding as of June 30, 2026 and December 31, 2025
1,107 1,107 
Additional paid-in capital207,598 199,177 
Retained earnings (accumulated deficit)(6,031)10,118 
Accumulated other comprehensive income
459 524 
Total stockholders’ equity attributable to Maravai LifeSciences Holdings, Inc.204,622 212,379 
Non-controlling interest150,966 160,332 
Total stockholders’ equity355,588 372,711 
Total liabilities and stockholders’ equity$603,746 $770,577 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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MARAVAI LIFESCIENCES HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Revenue$51,442 $47,397 $117,279 $94,247 
Cost of revenue30,792 39,629 62,928 78,754 
Gross profit20,650 7,768 54,351 15,493 

Operating expenses:
Selling, general and administrative32,070 38,715 61,162 78,279 
Research and development3,702 4,882 7,591 9,770 

Goodwill impairment
— 30,449 — 42,884 
Restructuring
(33)— 2,845 — 
Total operating expenses35,739 74,046 71,598 130,933 
Loss from operations
(15,089)(66,278)(17,247)(115,440)
Other income (expense):
Interest expense(4,809)(6,815)(10,558)(13,593)
Interest income1,159 3,030 3,032 6,255 
Loss on extinguishment of debt(3,011)— (3,413)— 

Other expense(52)(4,062)(144)(4,038)
Loss before income taxes
(21,802)(74,125)(28,330)(126,816)
Income tax benefit(171)(4,288)(322)(4,126)
Net loss
(21,631)(69,837)(28,008)(122,690)
Net loss attributable to non-controlling interests
(9,215)(30,246)(11,859)(53,154)
Net loss attributable to Maravai LifeSciences Holdings, Inc.
$(12,416)$(39,591)$(16,149)$(69,536)

Net loss per Class A common share attributable to Maravai LifeSciences Holdings, Inc., basic and diluted
$(0.08)$(0.27)$(0.11)$(0.48)
Weighted average number of Class A common shares outstanding, basic and diluted
147,996 144,236 147,215 143,833 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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MARAVAI LIFESCIENCES HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands)
(Unaudited)

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Net loss$(21,631)$(69,837)$(28,008)$(122,690)
Other comprehensive income (loss):

Foreign currency translation adjustments(12)442 (114)1,016 
Total other comprehensive income (loss)(12)442 (114)1,016 
Total comprehensive loss(21,643)(69,395)(28,122)(121,674)
Comprehensive loss attributable to non-controlling interests
(9,220)(30,054)(11,908)(52,712)
Total comprehensive loss attributable to Maravai LifeSciences Holdings, Inc.
$(12,423)$(39,341)$(16,214)$(68,962)

The accompanying notes are an integral part of the condensed consolidated financial statements.
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MARAVAI LIFESCIENCES HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(in thousands)
(Unaudited)

Three Months Ended June 30, 2026
Class A Common StockClass B Common Stock
SharesAmountSharesAmountAdditional Paid-In CapitalRetained Earnings (Accumulated Deficit)Accumulated Other Comprehensive Income
Non-Controlling InterestTotal Stockholders’ Equity
March 31, 2026147,496$1,475 110,684$1,107 $202,131 $6,385 $466 $157,519 $369,083 

Issuance of Class A common stock under employee equity plans, net of shares withheld for employee taxes1,392 14 — — (2,071)— — — (2,057)
Non-controlling interest adjustment for changes in proportionate ownership in Topco LLC— — — — 1,699 — — (1,699)— 
Stock-based compensation— — — — 5,839 — — 4,366 10,205 

Net loss— — — — — (12,416)— (9,215)(21,631)
Foreign currency translation adjustment— — — — — — (7)(5)(12)
June 30, 2026148,888$1,489 110,684$1,107 $207,598 $(6,031)$459 $150,966 $355,588 

Six Months Ended June 30, 2026
Class A Common StockClass B Common Stock
SharesAmountSharesAmountAdditional Paid-In CapitalRetained Earnings (Accumulated Deficit)Accumulated Other Comprehensive Income
Non-Controlling InterestTotal Stockholders’ Equity
December 31, 2025145,324$1,453 110,684$1,107 $199,177 $10,118 $524 $160,332 $372,711 

Issuance of Class A common stock under employee equity plans, net of shares withheld for employee taxes3,564 36 — — (5,985)— — — (5,949)
Non-controlling interest adjustment for changes in proportionate ownership in Topco LLC— — — — 4,726 — — (4,726)— 
Stock-based compensation— — — — 9,680 — — 7,268 16,948 

Net loss— — — — — (16,149)— (11,859)(28,008)
Foreign currency translation adjustment— — — — — — (65)(49)(114)
June 30, 2026148,888$1,489 110,684$1,107 $207,598 $(6,031)$459 $150,966 $355,588 

Three Months Ended June 30, 2025
Class A Common StockClass B Common Stock
SharesAmountSharesAmountAdditional Paid-In CapitalRetained Earnings (Accumulated Deficit)Accumulated Other Comprehensive Income
Non-Controlling InterestTotal Stockholders’ Equity
March 31, 2025143,958$1,440 110,684$1,107 $186,797 $110,946 $324 $229,659 $530,273 

Issuance of Class A common stock under employee equity plans, net of shares withheld for employee taxes657 6 — — 310 — — — 316 
Non-controlling interest adjustment for changes in proportionate ownership in Topco LLC— — — — 427 — — (427)— 
Stock-based compensation— — — — 3,843 — — 2,946 6,789 

Net loss— — — — — (39,591)— (30,246)(69,837)
Foreign currency translation adjustment— — — — — — 250 192 442 
June 30, 2025144,615$1,446 110,684$1,107 $191,377 $71,355 $574 $202,124 $467,983 

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Six Months Ended June 30, 2025
Class A Common StockClass B Common Stock
SharesAmountSharesAmountAdditional Paid-In CapitalRetained Earnings (Accumulated Deficit)Accumulated Other Comprehensive Income
Non-Controlling InterestTotal Stockholders’ Equity
December 31, 2024141,976$1,420 110,684$1,107 $181,874 $140,891 $— $251,917 $577,209 

Issuance of Class A common stock under employee equity plans, net of shares withheld for employee taxes2,639 26 — — (4,770)— — — (4,744)
Non-controlling interest adjustment for changes in proportionate ownership in Topco LLC— — — — 4,558 — — (4,558)— 
Stock-based compensation— — — — 9,715 — — 7,477 17,192 

Net loss— — — — — (69,536)— (53,154)(122,690)
Foreign currency translation adjustment— — — — — — 574 442 1,016 
June 30, 2025144,615$1,446 110,684$1,107 $191,377 $71,355 $574 $202,124 $467,983 

The accompanying notes are an integral part of the condensed consolidated financial statements.
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MARAVAI LIFESCIENCES HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)

Six Months Ended
June 30,
20262025
Operating activities:
Net loss$(28,008)$(122,690)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation10,213 11,650 
Amortization of intangible assets12,941 14,230 
Amortization of operating lease right-of-use assets3,231 4,416 

Stock-based compensation expense16,948 17,192 
Loss on extinguishment of debt3,413 — 

Impairment469 43,936 

Acquisition related tax adjustment— 4,082 

Other201 897 
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable(5,626)10,661 
Inventory(735)3,557 
Prepaid expenses and other current assets662 (621)

Accounts payable4,362 1,074 
Accrued expenses and other current liabilities(3,521)6,639 

Other long-term liabilities(1,893)(14,678)
Net cash provided by (used in) operating activities12,657 (19,655)
Investing activities:
Cash paid for acquisitions of a business, net of cash acquired— (18,990)
Purchases of property and equipment(4,807)(7,375)

Net cash used in investing activities(4,807)(26,365)
Financing activities:

Proceeds from borrowings of long-term debt150,000 — 
Principal repayments of long-term debt(294,240)(2,720)
Financing costs incurred for long-term debt(3,575)— 

Taxes paid for shares withheld under employee equity plans, net of proceeds from issuance of Class A common stock(5,936)(4,719)
Other financing activities, net(455)1,005 
Net cash used in financing activities(154,206)(6,434)
Effects of exchange rate changes on cash and cash equivalents47 (38)
Net decrease in cash, cash equivalents, and restricted cash(146,309)(52,492)
Cash and cash equivalents, beginning of period216,890 322,399 
Cash, cash equivalents and restricted cash, end of period$70,581 $269,907 

Supplemental cash flow information:
Cash paid for interest$13,740 $12,637 
Cash refunded for income taxes, net$— $(535)

Supplemental disclosures of non-cash activities:
Property and equipment included in accounts payable and accrued expenses$539 $1,722 

Right-of-use assets obtained in exchange for operating lease liabilities$— $463 

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Six Months Ended
June 30,
20262025
Fair value of contingent consideration liability recorded in connection with acquisition of a business$— $4,800 
Accrued consideration payable recorded in connection with acquisitions of a business$— $2,331 

As of June 30,
Reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheets:20262025
Cash and cash equivalents$70,091 $269,907 
Restricted cash included in other current assets490 — 
Total cash, cash equivalents, and restricted cash $70,581 $269,907 

The accompanying notes are an integral part of the condensed consolidated financial statements.
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MARAVAI LIFESCIENCES HOLDINGS, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.Organization and Significant Accounting Policies
Description of Business
Maravai LifeSciences Holdings, Inc. (the “Company,” and together with its consolidated subsidiaries, “Maravai,” “we,” “us,” and “our”) provides critical products to enable the development of drugs, therapeutics, diagnostics, vaccines and to support research on human diseases. Our products address the key phases of biopharmaceutical development and include complex nucleic acids for therapeutic and diagnostic applications and immunoassay, qPCR and mass spectrometry-based products and services to detect impurities during the production of biopharmaceutical products.
The Company is headquartered in San Diego, California and operates in two principal businesses: TriLink and Cygnus. Our TriLink business manufactures and sells products used in the fields of gene therapy, vaccines, nucleoside chemistry, oligonucleotide therapy and molecular diagnostics, including reagents used in the chemical synthesis, modification, labelling and purification of deoxyribonucleic acid (“DNA”) and ribonucleic acid (“RNA”). Our core TriLink offerings include messenger ribonucleic acid (“mRNA”), our proprietary CleanCap® capping and ModTail™ poly(A) tail modification technologies, long and short oligonucleotides, our oligonucleotide building blocks, and custom enzyme development and manufacturing. Our Cygnus business sells biologic safety testing products and highly specialized analytical products for use in biologic manufacturing process development, including custom product-specific antibody and assay development services.
Basis of Presentation
The Company is a holding company and has no material assets other than our ownership of equity interests in Topco LLC. As the sole managing member of Topco LLC, the Company operates and controls all of the business and affairs, and is the ultimate parent company, of Topco LLC. The Company conducts its business through Topco LLC and its consolidated subsidiaries. MLSH 1, which is controlled by investment entities affiliated with GTCR, is the only other member of Topco LLC that is not a wholly-owned subsidiary of the Company. Because we manage and operate the business and control the strategic decisions and day-to-day operations of Topco LLC, and also have a substantial financial interest in Topco LLC, we consolidate the financial results of Topco LLC, and a portion of our net loss is allocated to the non-controlling interests in Topco LLC held by MLSH 1.
The accompanying unaudited interim condensed consolidated financial statements include the accounts of the Company and its subsidiaries, with all intercompany accounts and transactions eliminated. Certain prior period information has been reclassified to conform to the current period presentation.
Unaudited Interim Condensed Consolidated Financial Statements
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to Form 10-Q of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements include all adjustments necessary to fairly state our financial position and the results of our operations and cash flows for interim periods in accordance with GAAP. All such adjustments are of a normal, recurring nature. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2026 or for any future period.
The condensed consolidated balance sheet presented as of December 31, 2025 has been derived from the audited consolidated financial statements as of that date. The condensed consolidated financial statements and notes are presented as permitted by Form 10-Q and do not contain all information that is included in the annual consolidated financial statements and notes thereto of the Company. The condensed consolidated financial statements and notes included in this report should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”) filed with the SEC.
Use of Estimates
The preparation of consolidated financial statements in accordance with GAAP requires the Company to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenue, expenses, and related disclosures. These estimates form the basis for judgments the Company makes about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company bases its estimates and judgments on historical experience and on various other assumptions that the Company believes are reasonable under the circumstances. These estimates are based on 
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management’s knowledge about current events and expectations about actions the Company may undertake in the future. Significant estimates include, but are not limited to, the payable to related parties pursuant to the Tax Receivable Agreement (as defined in Note 9), the realizability of our net deferred tax assets, valuation of goodwill and long-lived assets, and valuation of assets acquired and liabilities assumed in business combinations. Actual results could differ materially from those estimates.
Significant Accounting Policies
A description of the Company’s significant accounting policies is included in Note 1 of the Notes to the Consolidated Financial Statements included in the 2025 Form 10-K. There were no material changes in the Company’s significant accounting policies during the three and six months ended June 30, 2026.
Revenue Recognition
Contract balances
Contract liabilities include billings in excess of revenue recognized, such as customer deposits and deferred revenue, which are both included in accrued expenses and other current liabilities on the accompanying condensed consolidated balance sheets. Customer deposits are recorded when cash payments are received or due in advance of performance. Deferred revenue is recorded when the Company has unsatisfied performance obligations. Total contract liabilities were $5.4 million and $3.0 million as of June 30, 2026 and December 31, 2025, respectively. Contract liabilities are generally expected to be recognized into revenue within the next twelve months.
During the three and six months ended June 30, 2026, the Company recognized revenue of $0.8 million and $1.5 million, respectively, that was included in the contract liabilities balances as of December 31, 2025. During the three and six months ended June 30, 2025, the Company recognized revenue of $0.6 million and $1.5 million, respectively, that was included in the contract liabilities balances as of December 31, 2024.
Disaggregation of revenue
The following tables summarize revenue by segment and region for the periods presented (in thousands):

Three Months Ended June 30, 2026
TriLinkCygnusTotal
North America$24,646$6,638$31,284
Europe, the Middle East and Africa6,1294,32410,453
Asia Pacific3,7015,6189,319
Latin and Central America193193386
Total revenue$34,669$16,773$51,442

Six Months Ended June 30, 2026
TriLinkCygnusTotal
North America$52,599$14,374$66,973
Europe, the Middle East and Africa23,6608,74032,400
Asia Pacific5,61011,58117,191
Latin and Central America276439715
Total revenue$82,145$35,134$117,279

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Three Months Ended June 30, 2025
TriLink
Cygnus
Total
North America$23,872$6,767$30,639
Europe, the Middle East and Africa4,1074,2888,395
Asia Pacific3,0235,1358,158
Latin and Central Americ