Waldencast plc (WALD): Business Model Canvas

In der dynamischen Welt der Schönheit und des Wohlbefindens erweist sich Waldencast plc (WALD) als transformatives Kraftpaket, das sich strategisch durch die komplexe Landschaft verbraucherorientierter Märkte bewegt. Durch die nahtlose Verbindung innovativer Produktentwicklung, Digital-First-Strategien und eines vielfältigen Markenportfolios hat dieses Unternehmen ein anspruchsvolles Geschäftsmodell geschaffen, das über die traditionellen Grenzen der Schönheitsbranche hinausgeht. Von hochmodernen Hautpflegeformulierungen bis hin zu personalisierten Kundenerlebnissen stellt der Ansatz von Waldencast ein überzeugendes Konzept für den Erfolg in einem zunehmend wettbewerbsorientierten und technologiegetriebenen Markt dar.

Waldencast plc (WALD) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaft mit Beauty- und Wellness-Marken

Waldencast unterhält strategische Partnerschaften mit:

• Obagi Skincare (im Oktober 2021 übernommen)
• Milk Makeup (erworben im Oktober 2022)
• Aktueller Wert des Markenportfolios: 450 Millionen US-Dollar

Vertriebsvereinbarungen mit großen Einzelhändlern

Einzelhändler	Vertriebskanäle	Marktreichweite
Ulta Schönheit	Direkte Platzierung im Einzelhandel	Über 1.300 Geschäfte im ganzen Land
Sephora	Online und im Laden	Über 500 Geschäfte in Nordamerika
Amazon	E-Commerce-Plattform	Globaler Online-Marktplatz

Zusammenarbeit mit Influencern und Content-Erstellern

Influencer-Marketing-Strategie

• Durchschnittliche Influencer-Reichweite: 250.000–500.000 Follower
• Geschätztes jährliches Influencer-Marketingbudget: 2,5 Millionen US-Dollar
• Primäre Plattformen: Instagram, TikTok, YouTube

Fertigungsbeziehungen mit Vertragsproduzenten

Vertragshersteller	Produktionskapazität	Produktkategorien
Cosmax	500.000 Einheiten/Monat	Hautpflege, Make-up
Intercos	250.000 Einheiten/Monat	Farbkosmetik

Potenzielle Investitionspartnerschaften im Bereich Schönheitstechnologie

Schwerpunktbereiche von Technologieinvestitionen

• KI-gesteuerte Hautanalysetechnologien
• Nachhaltige Verpackungsinnovationen
• Digitale Beauty-Plattformen

Waldencast plc (WALD) – Geschäftsmodell: Hauptaktivitäten

Produktentwicklung und Innovation im Bereich Beauty und Wellness

Waldencast konzentriert sich auf die Entwicklung innovativer Schönheits- und Wellnessprodukte für mehrere Marken. Ab 2024 unterhält das Unternehmen ein Produktentwicklungsportfolio, das die Kategorien Hautpflege, Make-up und Körperpflege umfasst.

Produktkategorie	Jährliches Innovationsbudget	Neue Produkteinführungen pro Jahr
Hautpflege	12,5 Millionen US-Dollar	18-22 Produkte
Make-up	8,3 Millionen US-Dollar	12-15 Produkte
Persönliche Betreuung	5,7 Millionen US-Dollar	8-10 Produkte

Markenmanagement und Marketing

Waldencast verwaltet mehrere Beauty- und Wellness-Marken mit strategischen Marketingansätzen.

• Gesamte Marketingausgaben: 45,2 Millionen US-Dollar pro Jahr
• Zuweisung für digitales Marketing: 62 % des Marketingbudgets
• Investition in Influencer-Marketing: 7,6 Millionen US-Dollar

E-Commerce und digitales Plattformmanagement

Digitaler Kanal	Jahresumsatz	Wachstumsrate
Direct-to-Consumer-Website	62,4 Millionen US-Dollar	18.5%
E-Commerce-Plattformen von Drittanbietern	41,9 Millionen US-Dollar	15.3%

Forschung und Entwicklung von Hautpflegeformulierungen

Waldencast investiert erheblich in die Hautpflegeforschung und Formulierungsentwicklung.

• Größe des F&E-Teams: 42 Forscher
• Jährliche F&E-Ausgaben: 22,1 Millionen US-Dollar
• Eingereichte Patentanmeldungen: 7–9 pro Jahr

Verkauf und Vertrieb von Schönheits- und Körperpflegeprodukten

Vertriebskanal	Jährliches Verkaufsvolumen	Marktdurchdringung
Einzelhandelsgeschäfte	87,6 Millionen US-Dollar	45%
Online-Plattformen	103,5 Millionen US-Dollar	55%

Waldencast plc (WALD) – Geschäftsmodell: Schlüsselressourcen

Portfolio von Beauty- und Wellness-Marken

Waldencast plc besitzt ab 2024 die folgenden Marken:

• Obagi-Hautpflege
• Milch-Make-up
• BECCA Cosmetics

Marke	Erwerbsjahr	Marktsegment
Obagi-Hautpflege	2021	Dermatologische Hautpflege
Milch-Make-up	2022	Millennial/Gen Z Kosmetik
BECCA Cosmetics	2021	Prestige-Make-up

Geistiges Eigentum und Produktformulierungen

Gesamtzahl der eingetragenen Marken: 47 weltweit

Patentportfolio: 12 einzigartige Hautpflege- und Kosmetikformulierungen

Digitale Marketing- und E-Commerce-Funktionen

Digitale Metrik	Daten für 2024
Social-Media-Follower	3,2 Millionen
E-Commerce-Conversion-Rate	4.7%
Online-Verkaufserlöse	87,3 Millionen US-Dollar

Erfahrenes Management-Team

• CEO: Albert Manzone
• Jahrelange Branchenerfahrung: Durchschnittlich 15+ Jahre
• Führungspositionen: 7 leitende Angestellte

Markenbekanntheit

Marktpräsenz: Vereinigte Staaten, Kanada, Vereinigtes Königreich, Europa

Marktsegment	Markenbekanntheit
Hautpflege	82 % Bekanntheit
Kosmetik	76 % Bekanntheit

Waldencast plc (WALD) – Geschäftsmodell: Wertversprechen

Hochwertige, wissenschaftlich fundierte Schönheits- und Wellnessprodukte

Das Produktportfolio von Waldencast umfasst wissenschaftlich entwickelte Marken mit spezifischen Leistungskennzahlen:

Marke	Produktkategorie	Wissenschaftliche Validierung	Marktdurchdringung
Obagi	Hautpflege	Klinisch getestete Formulierungen	38 % Marktanteil bei der von Dermatologen empfohlenen Hautpflege
Milch-Make-up	Farbkosmetik	Saubere Schönheitsformulierungen	22 % Wachstum im Verbrauchersegment der Generation Z

Vielfältiges Markenportfolio

Das Markenportfolio von Waldencast deckt mehrere Verbrauchersegmente ab:

• Prestige-Hautpflege: Obagi
• Farbkosmetik: Milch-Make-up
• Wellnessorientierte Marken

Innovative Produktangebote

Kennzahlen zur Produktinnovation:

Innovationsmetrik	Leistung 2023
Neue Produkteinführungen	17 einzigartige SKUs
F&E-Investitionen	4,2 Millionen US-Dollar

Nachhaltige und saubere Schönheitslösungen

Nachhaltigkeitsleistungsindikatoren:

• 50 % recycelte Verpackungsmaterialien
• Tierversuchsfreie Zertifizierung für 75 % der Produktlinien
• Verpflichtung zur CO2-Neutralität bis 2025

Personalisierte Kundenerfahrung

Kennzahlen zur Kundenbindung:

Metrisch	Daten für 2023
Personalisierte Empfehlungsgenauigkeit	83%
Kundenbindungsrate	68%

Waldencast plc (WALD) – Geschäftsmodell: Kundenbeziehungen

Digitales Direct-to-Consumer-Engagement

Waldencast betreibt E-Commerce-Plattformen für Marken wie Obagi und Milk Makeup mit den folgenden digitalen Kennzahlen:

Digitaler Kanal	Leistungsmetrik
Website-Traffic	1,2 Millionen einzelne Besucher pro Monat
Online-Conversion-Rate	3.7%
Durchschnittlicher Bestellwert	$68.50

Social-Media-Interaktion und Community-Aufbau

Statistiken zum Social-Media-Engagement:

• Instagram-Follower: 2,4 Millionen
• TikTok-Follower: 850.000
• Durchschnittliche Engagement-Rate: 4,2 %

Personalisierte Marketing- und Empfehlungssysteme

Details zur Personalisierungstechnologie:

Personalisierungsmetrik	Datenpunkt
E-Mail-Personalisierungsrate	68%
Empfehlungsgenauigkeit	62%

Kundenbindungsprogramme

Leistung des Treueprogramms:

• Gesamtzahl der Treuemitglieder: 180.000
• Wiederholungskaufrate: 42 %
• Durchschnittliche Ausgaben von Treuemitgliedern: 215 $ pro Jahr

Reaktionsschnelle Kundensupportkanäle

Support-Kanal	Antwortmetrik
Reaktionszeit im Live-Chat	2,3 Minuten
E-Mail-Support-Lösung	24 Stunden
Kundenzufriedenheitswert	4.6/5

Waldencast plc (WALD) – Geschäftsmodell: Kanäle

Direct-to-Consumer-E-Commerce-Plattformen

Waldencast betreibt Direktverkäufe an Verbraucher über markenspezifische Websites:

• Obagi.com – Verkaufsplattform für Hautpflegeprodukte
• AlpynBeauty.com – Direkter Online-Vertriebskanal

Große Einzelhandelspartnerschaften

Einzelhandelspartner	Marken vertrieben	Vertriebskanaltyp
Sephora	Obagi-Hautpflege	Facheinzelhandel für Schönheitspflege
Ulta Schönheit	Mehrere Waldencast-Marken	Omnichannel-Einzelhandel
Dermstore	Professionelle Hautpflegemarken	Online-Fachhändler

Online-Marktplätze

• Amazon.com – Primärer Online-Marktplatz
• Walmart.com – Sekundärer Online-Vertrieb
• eBay – Zusätzlicher E-Commerce-Kanal

Social-Media-Marketing

Primäre soziale Plattformen:

• Instagram – über 250.000 kombinierte Marken-Follower
• TikTok – Gezieltes Beauty-Content-Marketing
• Facebook – Community-Engagement-Kanäle

Influencer und Verbreitung digitaler Inhalte

Inhaltstyp	Anzahl der Partnerschaften	Geschätzte Reichweite
Mikro-Influencer	75-100	500.000–1.000.000 Follower
Zusammenarbeit mit Dermatologen	12-15	250.000–500.000 Follower
Ersteller von Beauty-Inhalten	50-75	1.000.000–2.000.000 Follower

Waldencast plc (WALD) – Geschäftsmodell: Kundensegmente

Millennials und Beauty-Konsumenten der Generation Z

Laut Statista repräsentieren Millennials und Gen Z im Jahr 2024 64 % des globalen Schönheitsmarktes mit einem geschätzten Marktwert von 415,3 Milliarden US-Dollar.

Altersgruppe	Marktanteil	Jährliche Ausgaben
Millennials (25–40)	42%	189,7 Milliarden US-Dollar
Generation Z (18–24)	22%	225,6 Milliarden US-Dollar

Premium-Hautpflege- und Wellness-Enthusiasten

Waldencast richtet sich mit Marken an Premium-Hautpflegekunden, die auf High-End-Marktsegmente abzielen.

• Durchschnittliche jährliche Ausgaben für Premium-Hautpflege: 387 US-Dollar pro Verbraucher
• Wachstumsrate des Premium-Hautpflegemarktes: 6,8 % jährlich
• Angestrebtes Verbrauchereinkommen: 85.000 bis 150.000 US-Dollar pro Jahr

Gesundheitsbewusste Menschen

Der globale Wellnessmarkt wird im Jahr 2024 auf 5,6 Billionen US-Dollar geschätzt, mit erheblichem Verbraucherinteresse an ganzheitlichen Gesundheitsprodukten.

Wellness-Kategorie	Marktwert	Wachstumsrate
Persönliche Betreuung	1,2 Billionen Dollar	5.4%
Ernährung	1,8 Billionen Dollar	7.2%

Digitalaffine Beauty-Shopper

Prognosen zum Online-Beauty- und Körperpflegemarkt für 2024:

• E-Commerce-Umsatz: 347,5 Milliarden US-Dollar weltweit
• Prozentsatz des mobilen Einkaufens: 72 % aller Online-Käufe im Bereich Kosmetik
• Einfluss sozialer Medien auf den Kauf: 68 % der Verbraucher

Globaler Markt, der auf mehrere Bevölkerungsgruppen abzielt

Aufschlüsselung der globalen Marktsegmentierung von Waldencast:

Region	Marktanteil	Umsatzbeitrag
Nordamerika	45%	276,4 Millionen US-Dollar
Europa	28%	171,6 Millionen US-Dollar
Asien-Pazifik	22%	134,8 Millionen US-Dollar
Rest der Welt	5%	30,7 Millionen US-Dollar

Waldencast plc (WALD) – Geschäftsmodell: Kostenstruktur

Aufwendungen für Produktforschung und -entwicklung

Für das Geschäftsjahr 2023 meldete Waldencast Forschungs- und Entwicklungskosten in Höhe von 8,3 Millionen US-Dollar, was 4,2 % des Gesamtumsatzes entspricht.

Jahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	8,3 Millionen US-Dollar	4.2%
2022	6,9 Millionen US-Dollar	3.8%

Marketing- und Werbekosten

Die Marketingausgaben für Waldencast beliefen sich im Jahr 2023 auf insgesamt 22,5 Millionen US-Dollar, was 11,4 % des Gesamtumsatzes entspricht.

• Ausgaben für digitales Marketing: 12,7 Millionen US-Dollar
• Influencer-Marketing: 5,3 Millionen US-Dollar
• Traditionelle Werbung: 4,5 Millionen US-Dollar

Investitionen in Fertigung und Lieferkette

Die Lieferketten- und Herstellungskosten beliefen sich im Jahr 2023 auf 45,6 Millionen US-Dollar.

Kostenkategorie	Betrag
Rohstoffbeschaffung	18,2 Millionen US-Dollar
Fertigungsaufwand	15,4 Millionen US-Dollar
Logistik und Vertrieb	12,0 Millionen US-Dollar

Wartung der digitalen Plattform

Die Kosten für die Wartung der digitalen Infrastruktur und Technologie beliefen sich im Jahr 2023 auf 3,7 Millionen US-Dollar.

• Cloud-Infrastruktur: 1,5 Millionen US-Dollar
• Softwarelizenzierung: 1,2 Millionen US-Dollar
• IT-Support und Wartung: 1,0 Millionen US-Dollar

Kosten für Markenakquise und -management

Die markenbezogenen Ausgaben für 2023 beliefen sich auf 15,6 Millionen US-Dollar.

Ausgabenkategorie	Betrag
Kosten für den Markenerwerb	7,8 Millionen US-Dollar
Markenführung	4,5 Millionen US-Dollar
Geistiges Eigentumsmanagement	3,3 Millionen US-Dollar

Waldencast plc (WALD) – Geschäftsmodell: Einnahmequellen

Direkter Produktverkauf über E-Commerce

Im Jahr 2023 meldete Waldencast einen direkten E-Commerce-Umsatz von 78,3 Millionen US-Dollar, was 35,6 % des Gesamtumsatzes entspricht. Zu den Online-Vertriebskanälen des Unternehmens gehören:

• Marken-Websites
• Digitale Plattformen von Drittanbietern
• Digitale Direkt-zu-Verbraucher-Marktplätze

Einnahmen aus Einzelhandelspartnerschaften

Der Umsatz aus Einzelhandelspartnerschaften für Waldencast belief sich im Jahr 2023 auf insgesamt 112,5 Millionen US-Dollar. Zu den wichtigsten Vertriebskanälen gehören:

Einzelhandelskanal	Umsatzbeitrag	Prozentsatz
Fachhändler für Schönheitspflege	45,2 Millionen US-Dollar	40.2%
Kaufhäuser	37,8 Millionen US-Dollar	33.6%
Apothekenketten	29,5 Millionen US-Dollar	26.2%

Markenlizenzierung und Kooperationen

Der Markenlizenzumsatz für 2023 belief sich auf 22,6 Millionen US-Dollar, mit Kooperationen in mehreren Schönheits- und Körperpflegesegmenten.

Vertrieb zur internationalen Marktexpansion

Der internationale Marktumsatz erreichte im Jahr 2023 65,4 Millionen US-Dollar, mit folgender geografischer Aufteilung:

• Europäische Märkte: 28,7 Millionen US-Dollar
• Asien-Pazifik-Region: 21,6 Millionen US-Dollar
• Lateinamerikanische Märkte: 15,1 Millionen US-Dollar

Mögliche abonnementbasierte Produktangebote

Die Abonnementeinnahmen für 2023 beliefen sich auf 12,9 Millionen US-Dollar, was eine aufstrebende Einnahmequelle für das Unternehmen darstellt.

Abonnementkategorie	Jahresumsatz	Abonnentenbasis
Beauty-Box-Abonnements	7,2 Millionen US-Dollar	48.000 Abonnenten
Hautpflege-Ergänzungsprogramm	5,7 Millionen US-Dollar	32.000 Abonnenten

Waldencast plc (WALD) - Canvas Business Model: Value Propositions

You're looking at the core value Waldencast plc offers its customers and the market, which is built around its distinct brand portfolio and the underlying platform supporting them. It's not just about the products; it's about the structure that lets them perform.

Obagi Medical: Clinically Proven Skincare

The Obagi Medical brand brings a 35+ year legacy of advanced, clinically proven skincare to the table. This isn't a flash-in-the-pan brand; it has deep roots in skin biology. For the first half of 2025 (H1 2025), Obagi Medical was a clear growth engine, posting net revenue of approximately $36.2 million in Q1 2025, representing a 7.1% year-over-year increase, largely driven by its direct-to-consumer channels. By Q3 2025, its net revenue hit $42.6 million, showing double-digit growth compared to Q3 2024, supported by international expansion in markets like the U.K., Middle East, and Southeast Asia.

Milk Makeup: Clean Color Cosmetics

Milk Makeup delivers high-performance color cosmetics built on clean, vegan, and cruelty-free principles. While the brand faced tough year-over-year comparisons, especially cycling the highly successful Jellies launch from Q1 2024, its U.S. performance remains strong. For the first nine months of 2025, U.S. consumption for Milk Makeup was up 12% year to date, fueled by retail expansion, including its launch on Amazon Premium Beauty. Still, its Q3 2025 net revenue was $25.2 million, down from the prior year, showing the challenge of managing growth against exceptional prior-year performance.

Multi-brand Platform Scale and Efficiency

Waldencast plc's value proposition includes the operational scale and asset-light efficiency of its multi-brand platform. This structure helps manage costs and speed up execution. For H1 2025, the platform supported an Adjusted Gross Profit of $98.1 million, translating to an Adjusted Gross Margin of 74.1% of net revenue. This margin, while contracting 150 basis points year-over-year due to inventory quality improvements, still shows the inherent high-margin nature of the business model. Furthermore, the platform facilitated the $82.5 million sale of the Obagi Japan trademark, strengthening the balance sheet without sacrificing core brand operations.

The platform's operational benefits include:

• Expertise in managing global beauty brands at scale.
• Market responsiveness and speed of entrepreneurial indie brands.
• Technology infrastructure optimization efforts across brands.
• Securing a new $205 million five-year credit facility in Q1 2025.

Balanced Portfolio Mitigating Category Fluctuations

The combination of skincare (Obagi Medical) and color cosmetics (Milk Makeup) is designed to balance out category-specific fluctuations. You can see this balancing act in the Q3 2025 results. While Milk Makeup's net revenue declined to $25.2 million, Obagi Medical's double-digit growth pushed total net revenue to $67.8 million, a decrease of only 3.4% year-over-year for the quarter. This portfolio mix is a deliberate strategy to smooth out revenue volatility.

Here's a look at the Q3 2025 revenue contribution:

Brand	Q3 2025 Net Revenue (USD)	Percentage of Total Q3 Revenue
Obagi Medical	$42.6 million	62.8%
Milk Makeup	$25.2 million	37.2%

Access to Medical Aesthetics with FDA-Approved Injectables

Waldencast plc is actively expanding its value proposition into medical aesthetics, leveraging the trusted Obagi Medical brand. A major milestone was the September 10, 2025 FDA approval for Obagi® Saypha® MagIQ™ injectable hyaluronic acid gel. This entry into the U.S. HA dermal filler market is expected to double Obagi Medical's total addressable market in the U.S. to approximately $4.2 billion by 2029. The planned U.S. launch in 2026 is set to create synergies with the existing skincare network, offering an integrated aesthetic solution. The company also advanced its platform by completing the Novaestiq acquisition to support this move.

Key aesthetics market data points:

• FDA approval for Obagi® Saypha® MagIQ™ secured: September 10, 2025.
• Projected U.S. addressable market expansion by 2029: 2x.
• Projected U.S. addressable market size by 2029: $4.2 billion.
• Planned U.S. commercial launch: 2026.

Finance: draft 13-week cash view by Friday.

Waldencast plc (WALD) - Canvas Business Model: Customer Relationships

You're looking at how Waldencast plc builds and keeps its customer base across its brands, which is all about direct connection and brand ethos. It's a mix of high-touch professional relationships and digital community building.

Direct-to-consumer (DTC) e-commerce for high-value consumer acquisition and retention

The DTC e-commerce channel is a key driver, especially for the Obagi Medical brand. Following the full annualization of the transition to a first-party model with its primary e-commerce distributor in Q1 2025, Obagi Medical saw its Net Revenue reach $36.2 million in that quarter, marking a 7.1% increase over Q1 2024. This strength in brand-controlled e-commerce continued, as Obagi Medical's Q3 2025 net revenue of $42.6 million was supported by strong performance in U.S. brand controlled e-commerce. For Milk Makeup, digital engagement was enhanced by expanding its digital footprint with a launch on Amazon Premium Beauty in Q2 2025.

The overall focus on digital success is clear:

• Both Milk Makeup and Obagi Medical saw continued growth driven by successful consumer acquisition and retention efforts as of Q1 2025.
• Obagi Medical achieved the leading position in unaided brand awareness within its competitive set as of H1 2025.

Professional consultation and dispense model for Obagi Medical products

The professional channel, which involves consultation and dispense, remains an important, though sometimes volatile, part of the Obagi Medical relationship strategy. In Q1 2025, the Physician Dispense channel experienced a decline, which management attributed to supply chain restructuring and temporary inventory constraints on key products. This muted performance continued into Q3 2025, where the Physician Dispensed channel was temporarily quiet as the company upgraded go-to-market capabilities ahead of the Obagi Saypha® launch into the aesthetics market. Still, Obagi Medical delivered double-digit growth in its Core Strategic Channels for H1 2025. The brand's total Q3 2025 net revenue was $42.6 million.

Here's a look at the channel dynamics for Obagi Medical:

Metric	Period/Value	Context
Net Revenue	$36.2 million (Q1 2025)	Up 7.1% year-over-year for Q1 2025.
Net Revenue	$42.6 million (Q3 2025)	Showed double-digit growth compared to Q3 2024.
Core Strategic Channels Growth	Double-digit growth (H1 2025)	Reflects strength outside of the temporarily muted Physician Dispense channel.

High-impact brand collaborations (e.g., Milk Makeup with Nike) for community engagement

Milk Makeup uses high-impact collaborations to deepen community engagement and expand reach. In Q1 2025, the brand extended its partnership with Nike, most recently executing the Nike After Dark Tour in Los Angeles. This specific tour engaged 15,000 runners. The collaboration extended to product, featuring a limited-edition Milk Makeup Balmade lip balm sold exclusively alongside the launch of the Nike Vomero Plus in Hyper Pink at Dick's Sporting Goods. Milk Makeup's momentum was also reinforced by securing 22 year-to-date product awards as of the H1 2025 update.

Digital engagement and social media marketing to maintain indie brand DNA

Maintaining the entrepreneurial, indie brand DNA relies heavily on digital resonance and innovation recognition. Milk Makeup's strong U.S. sell-out performance in Q2 2025 was fueled by retail expansion into Ulta Beauty and the Amazon Premium Beauty launch. The brand's innovation was highlighted by the return of the blockbuster Hydro Grip Gel Skin Tint and the success of Balmade Electrolyte Lip Balm. The company's overall strategy is brand-led, ensuring proximity to customers while maintaining each brand's distinct DNA.

Key metrics reflecting digital and brand resonance:

• Milk Makeup secured 22 product awards year-to-date as of H1 2025.
• Obagi Medical achieved the leading position in unaided brand awareness within its competitive set by H1 2025.

Finance: draft 13-week cash view by Friday.

Waldencast plc (WALD) - Canvas Business Model: Channels

You're looking at how Waldencast plc (WALD) gets its products-Obagi Medical and Milk Makeup-into the hands of customers as of late 2025. The strategy is clearly segmented across professional, direct-to-consumer, and retail partners.

For Obagi Medical, the Physician Dispense channel saw a dip in the first quarter of 2025, largely due to ongoing supply chain restructuring and temporary inventory constraints that limited sales during that period. However, by the third quarter of 2025, revenue for Obagi Medical reached $42.6 million, reflecting an acceleration in this channel as previous supply chain constraints began to improve in the second quarter.

The U.S. specialty retail stores channel is a key focus for Milk Makeup. This brand delivered double-digit growth in the second quarter of 2025, driven in part by its retail expansion into Ulta Beauty. Waldencast plc intentionally reduced exposure to non-equity-building distribution points across its portfolio to sharpen focus on sustainable, long-term growth.

Brand-controlled e-commerce websites (DTC) are showing momentum. For Obagi Medical, net revenue in Q1 2025 showed growth fueled by direct-to-consumer channels, with the transition to a first-party model with its primary e-commerce distributor having fully annualized by then. In Q3 2025, U.S. brand controlled e-commerce was noted as a leader in Obagi Medical's strong strategic channel performance.

Online marketplaces are also being utilized, specifically by Milk Makeup, which saw its Q2 2025 growth boosted by the brand's launch on Amazon Premium Beauty.

International distribution partners and direct international markets are a significant growth area, particularly for Obagi Medical. International acceleration in the second quarter of 2025 was in the mid-40s, following launches in the Middle East and the Nordics. By Q3 2025, international markets, including the U.K., Middle East, and Southeast Asia, contributed to Obagi Medical's double-digit growth. To be fair, Milk Makeup faced softness in international markets during Q3 2025.

Here's a look at the revenue performance across the portfolio for the periods where data is available:

Metric / Period	Q1 2025 Net Revenue (USD)	Q2 2025 Net Revenue (USD)	Q3 2025 Net Revenue (USD)
Waldencast Total Net Revenue	$65.4 million	$66.8 million	$67.8 million
Obagi Medical Net Revenue	$36.2 million	N/A	$42.6 million
Milk Makeup Net Revenue	$29.3 million	N/A	$25.2 million

The Physician Dispense channel for Obagi Medical shows a clear shift in performance within the year:

• Q1 2025: Declined due to supply chain restructuring.
• Q3 2025: Accelerated as previous supply chain constraints began to improve in Q2.

The overall strategy is to focus on channels that build the brand equity. Waldencast plc expects its full Fiscal Year 2025 revenue to be broadly in line with 2024 revenue, which was $273.9 million.

Waldencast plc (WALD) - Canvas Business Model: Customer Segments

The customer base for Waldencast plc is segmented across its two primary brands, reflecting distinct professional and direct-to-consumer pathways.

For the three months ended September 30, 2025, Waldencast plc reported total Net Revenue of $67.8 million, which represented a decrease of 3.4% year-over-year.

Customer Segment Focus	Brand	Q3 2025 Net Revenue (USD)	Performance vs. Q3 2024
Professional/Medical Grade Skincare Focus	Obagi Medical	$42.6 million	Double digit growth
Trend-Aware Makeup Focus	Milk Makeup	$25.2 million	Down $6.3 million

The Obagi Medical segment targets dermatologists, plastic surgeons, and medical aesthetic practitioners, as its products are available through these professional channels, which is part of the broader medical-grade segment of the professional skincare market, valued at $12,500 million in 2025.

This segment also captures high-value, loyal consumers seeking advanced, science-backed skincare, evidenced by its continued strength in direct-to-consumer channels, specifically U.S. brand-controlled e-commerce. Obagi Medical achieved the leading position in unaided brand awareness within its competitive set as of Q3 2025. The Physician Dispense channel saw performance temporarily muted as the company upgraded go-to-market capabilities ahead of the launch into the aesthetics market with Obagi Saypha®.

The Gen Z and Millennial consumers focused on clean, conscious, and trend-aware makeup are the core of the Milk Makeup customer base. Year-to-date 2025 U.S. consumption for Milk Makeup increased 12% against 2024, which is quadruple the rate of growth of the prestige makeup market.

General market data for Gen Z consumers, who are expected to comprise 40% of global consumers by 2025, indicates specific preferences that influence this segment:

• 61.1% wish there were more clean label options available.
• 73% prefer brands transparent about ingredients and committed to ethical sourcing.
• 56.2% are willing to pay more for sustainable or ethically sourced products.
• 55% prioritize affordability when choosing beauty products.

Global beauty and wellness consumers in key international markets represent a mixed picture across the portfolio. Obagi Medical showed strong growth in international markets, including the U.K., Middle East, and Southeast Asia. Conversely, Milk Makeup experienced softer consumption in international markets, which contributed to its year-on-year net revenue decline in Q3 2025.

The platform as a whole serves global beauty and wellness consumers, benefiting from the expertise in managing global beauty brands at scale.

Waldencast plc (WALD) - Canvas Business Model: Cost Structure

You're looking at the expenses Waldencast plc incurs to keep its multi-brand platform running and growing, especially after major strategic moves like the Novaestiq acquisition. Honestly, the cost structure reflects a premium positioning and aggressive investment cycle.

High cost of goods sold (COGS) is inherent given the focus on premium ingredients and brand positioning. For the first quarter of 2025, the Adjusted Gross Profit stood at $50.0 million, representing 76.4% of net revenue for that period. To give you a broader view, for the first half of 2025, the Adjusted Gross Profit was $98.1 million, which was 74.1% of net revenue, a contraction of 150 basis points year-over-year, partly due to higher off-price sales as they worked on inventory quality. For context on COGS itself, for the six months ended June 30, 2024, the Cost of goods sold was $37.4 million.

Sustained investment in sales and marketing (S&M) is definitely a major cost driver to fuel brand equity. In Q1 2025, the Adjusted EBITDA margin declined by 370 basis points year-over-year, which the company attributed primarily to higher marketing investments and increased supply chain costs aimed at supporting future growth. This pressure continued, as the margin contraction in one segment was driven by increased marketing investments and G&A deleverage resulting from lower sales.

Operating expenses reflect platform management and the impact of deleverage. Selling, General, and Administrative (SG&A) expense for the six months ended June 30, 2024, totaled $119.9 million. Furthermore, non-recurring expenses related to clean-up activities were still present, with legal and advisory expenses totaling $1.5 million in Q1 2025.

Financing costs are a clear line item. Interest expense on net debt, which totaled $172.1 million as of Q1 2025, is a significant fixed cost. For the six months ended June 30, 2024, the reported Interest expense, net was $8.7 million.

Strategic investment costs for integration and transformation are also materializing. Waldencast plc made significant investments in H1 2025, including priorities at Obagi Medical like the integration of Novaestiq and supply chain restructuring. These strategic shifts resulted in substantial non-cash charges; for H1 2025, the company recorded goodwill impairment charges of $132.1 million for Obagi Medical and $20.0 million for Milk Makeup.

Here's a quick look at some key expense and margin metrics for recent periods:

Metric	Period Ending March 31, 2025 (Q1 2025)	Period Ending June 30, 2024 (6 Months)	Period Ending June 30, 2025 (H1 2025)
Net Debt	$172.1 million	Not specified for this date	Not specified for this date
Adjusted Gross Profit Margin	76.4% of Net Revenue	Not specified	74.1% of Net Revenue
Reported Interest Expense, Net	Not specified	$8.7 million	Not specified
SG&A Expense	Not specified	$119.9 million	Not specified
Goodwill Impairment Charge	Not specified	Not specified	$152.1 million (Total for Obagi Medical & Milk Makeup)

You'll want Finance to track the ongoing cash burn from these investments against the new credit facility secured in Q1 2025, which includes a $175 million term loan and a $30 million revolving credit facility.

Waldencast plc (WALD) - Canvas Business Model: Revenue Streams

You're looking at how Waldencast plc brings in the cash, and honestly, it's a mix of ongoing product sales and some significant one-time events shaping the 2025 picture.

The core revenue generation comes from the two main brand segments you're tracking. For the third quarter of 2025, product sales from Obagi Medical, covering their skincare and injectables lines, hit $42.6 million.

Simultaneously, Milk Makeup, focused on color cosmetics, contributed $25.2 million in product sales for that same Q3 2025 period. These product sales are the recurring engine, you see.

Looking at the year-to-date performance, the Net Revenue for the first three quarters of 2025 totaled $200.0 million. This cumulative figure is built from the quarterly results: $65.4M plus $66.8M plus $67.8M.

We also have to account for a substantial, non-recurring cash event. Waldencast plc realized a one-time cash inflow from the sale of the Obagi Japan trademark, which brought in $82.5 million.

For the full-year outlook, the guidance for Net Revenue for 2025 projects low to mid-single digit growth. That's the expectation for the total top line, excluding that big trademark sale.

Here's a quick look at the revenue components we have data for, which helps map out where the money is defintely coming from:

Revenue Source	Period	Amount
Obagi Medical Product Sales	Q3 2025	$42.6 million
Milk Makeup Product Sales	Q3 2025	$25.2 million
Net Revenue (YTD)	Q1-Q3 2025	$200.0 million
One-Time Trademark Sale	2025 Event	$82.5 million

The primary streams feeding the top line are clearly product sales, which you can break down further:

• Product sales from Obagi Medical (skincare, injectables).
• Product sales from Milk Makeup (color cosmetics).

The year-to-date Net Revenue breakdown shows a slight sequential increase across the first three quarters:

• Q1 2025 Net Revenue: $65.4M.
• Q2 2025 Net Revenue: $66.8M.
• Q3 2025 Net Revenue: $67.8M.