Waldencast plc (WALD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la belleza y el bienestar, Waldencast PLC (Wald) surge como una potencia transformadora, navegando estratégicamente el intrincado panorama de los mercados impulsados ​​por el consumidor. Al combinar a la perfección el desarrollo innovador de productos, las estrategias digitales primero y una cartera de marca diversa, esta compañía ha creado un modelo de negocio sofisticado que trasciende las fronteras tradicionales de la industria de la belleza. Desde formulaciones de cuidado de la piel de vanguardia hasta experiencias personalizadas de los clientes, el enfoque de Waldencast representa un plan convincente para el éxito en un mercado cada vez más competitivo y basado en la tecnología.

Waldencast PLC (Wald) - Modelo de negocio: asociaciones clave

Asociación estratégica con marcas de belleza y bienestar

Waldencast tiene asociaciones estratégicas con:

• Obagi Skincare (adquirido en octubre de 2021)
• Maquillaje de leche (adquirido en octubre de 2022)
• Valor de cartera de marca actual: $ 450 millones

Acuerdos de distribución con los principales minoristas

Detallista	Canales de distribución	Alcance del mercado
Ulta belleza	Colocación minorista directa	1.300+ tiendas en todo el país
Sephora	En línea y en la tienda	Más de 500 tiendas en América del Norte
Amazonas	Plataforma de comercio electrónico	Mercado global en línea

Colaboración con personas influyentes y creadores de contenido

Estrategia de marketing de influencia

• Alcance promedio del influencer: 250,000-500,000 seguidores
• Presupuesto estimado de marketing de influencia anual: $ 2.5 millones
• Plataformas principales: Instagram, Tiktok, YouTube

Relaciones de fabricación con productores de contratos

Fabricante de contratos	Capacidad de producción	Categorías de productos
Cosmax	500,000 unidades/mes	Cuidado de la piel, maquillaje
Intercos	250,000 unidades/mes	Cosméticos de color

Posentes asociaciones de inversión en tecnología de belleza

Áreas de enfoque de inversión tecnológica

• Tecnologías de análisis de la piel impulsadas por IA
• Innovaciones de envases sostenibles
• Plataformas de belleza digital

Waldencast PLC (Wald) - Modelo de negocio: actividades clave

Desarrollo de productos e innovación en belleza y bienestar

Waldencast se centra en desarrollar productos innovadores de belleza y bienestar en múltiples marcas. A partir de 2024, la compañía mantiene una cartera de desarrollo de productos que abarca las categorías de cuidado de la piel, maquillaje y cuidado personal.

Categoría de productos	Presupuesto anual de innovación	Lanzamientos de nuevos productos por año
Protección de la piel	$ 12.5 millones	18-22 productos
Constituir	$ 8.3 millones	12-15 productos
Cuidado personal	$ 5.7 millones	8-10 productos

Gestión de marca y marketing

Waldencast administra múltiples marcas de belleza y bienestar con enfoques de marketing estratégico.

• Gastos totales de marketing: $ 45.2 millones anuales
• Asignación de marketing digital: 62% del presupuesto de marketing
• Inversión de marketing de influencia: $ 7.6 millones

Gestión de comercio electrónico y plataforma digital

Canal digital	Ingresos anuales	Índice de crecimiento
Sitio web directo al consumidor	$ 62.4 millones	18.5%
Plataformas de comercio electrónico de terceros	$ 41.9 millones	15.3%

Investigación y desarrollo de formulaciones para el cuidado de la piel

Waldencast invierte significativamente en la investigación del cuidado de la piel y el desarrollo de la formulación.

• Tamaño del equipo de I + D: 42 investigadores
• Gastos anuales de I + D: $ 22.1 millones
• Solicitudes de patentes presentadas: 7-9 por año

Ventas y distribución de productos de belleza y cuidado personal

Canal de distribución	Volumen de ventas anual	Penetración del mercado
Tiendas minoristas	$ 87.6 millones	45%
Plataformas en línea	$ 103.5 millones	55%

Waldencast PLC (Wald) - Modelo de negocio: recursos clave

Cartera de marcas de belleza y bienestar

Waldencast PLC posee las siguientes marcas a partir de 2024:

• Cuidado de la piel de Obagi
• Maquillaje de leche
• Becca Cosmetics

Marca	Año de adquisición	Segmento de mercado
Cuidado de la piel de Obagi	2021	Dermatología cuidado de la piel
Maquillaje de leche	2022	Millennial/Gen Z Cosmetics
Becca Cosmetics	2021	Maquillaje de prestigio

Propiedad intelectual y formulaciones de productos

Total de marcas registradas: 47 a nivel mundial

Cartera de patentes: 12 formulaciones únicas para el cuidado de la piel y cosméticos

Capacidades de marketing digital y comercio electrónico

Métrico digital	2024 datos
Seguidores de redes sociales	3.2 millones
Tasa de conversión de comercio electrónico	4.7%
Ingresos de ventas en línea	$ 87.3 millones

Equipo de gestión experimentado

• CEO: Albert Manzone
• Años de experiencia en la industria: Promedio de más de 15 años
• Posiciones de liderazgo ejecutivo: 7 altos ejecutivos

Reconocimiento de marca

Presencia del mercado: Estados Unidos, Canadá, Reino Unido, Europa

Segmento de mercado	Reconocimiento de marca
Protección de la piel	82% de conciencia
Productos cosméticos	76% de conciencia

Waldencast PLC (Wald) - Modelo de negocio: propuestas de valor

Productos de belleza y bienestar de alta calidad y respaldados científicamente

La cartera de productos de Waldencast incluye marcas desarrolladas científicamente con métricas de rendimiento específicas:

Marca	Categoría de productos	Validación científica	Penetración del mercado
Obagi	Protección de la piel	Formulaciones clínicamente probadas	38% de participación de mercado en el cuidado de la piel recomendado por el dermatólogo
Maquillaje de leche	Cosméticos de color	Formulaciones de belleza limpia	Crecimiento del 22% en el segmento de consumo de Gen Z

Cartera de marca diversa

La cartera de marca de Waldencast cubre múltiples segmentos de consumidores:

• Pabininto de prestigio: Obagi
• Color Cosmetics: maquillaje de leche
• Marcas centradas en el bienestar

Ofertas innovadoras de productos

Métricas de innovación de productos:

Métrica de innovación	2023 rendimiento
Nuevos lanzamientos de productos	17 SKU únicos
Inversión de I + D	$ 4.2 millones

Soluciones de belleza sostenibles y limpias

Indicadores de rendimiento de sostenibilidad:

• 50% de materiales de embalaje reciclados
• Certificación sin crueldad para el 75% de las líneas de productos
• Compromiso de neutralidad de carbono para 2025

Experiencia personalizada del cliente

Métricas de participación del cliente:

Métrico	2023 datos
Precisión de recomendación personalizada	83%
Tasa de retención de clientes	68%

Waldencast PLC (Wald) - Modelo de negocio: relaciones con los clientes

Compromiso digital directo a consumidor

Waldencast opera plataformas de comercio electrónico para marcas como Obagi y el maquillaje de leche con las siguientes métricas digitales:

Canal digital	Métrico de rendimiento
Tráfico del sitio web	1,2 millones de visitantes únicos mensuales
Tasa de conversión en línea	3.7%
Valor de pedido promedio	$68.50

Interacción en las redes sociales y construcción de la comunidad

Estadísticas de compromiso de las redes sociales:

• Seguidores de Instagram: 2.4 millones
• Tiktok seguidores: 850,000
• Tasa de compromiso promedio: 4.2%

Sistemas de marketing y recomendaciones personalizados

Detalles de la tecnología de personalización:

Métrico de personalización	Punto de datos
Tasa de personalización por correo electrónico	68%
Precisión de recomendación	62%

Programas de fidelización de clientes

Rendimiento del programa de fidelización:

• Miembros de lealtad total: 180,000
• Repita la tasa de compra: 42%
• Gasto promedio de los miembros de lealtad: $ 215 anualmente

Canales de atención al cliente receptivos

Canal de soporte	Métrica de respuesta
Tiempo de respuesta al chat en vivo	2.3 minutos
Resolución de soporte por correo electrónico	24 horas
Puntuación de satisfacción del cliente	4.6/5

Waldencast PLC (Wald) - Modelo de negocio: canales

Plataformas de comercio electrónico directo al consumidor

Waldencast opera ventas directas a consumidores a través de sitios web específicos de marca:

• Obagi.com - Plataforma de ventas de productos para el cuidado de la piel
• Alpynbeauty.com - canal de ventas en línea directo

Grandes asociaciones minoristas

Socio minorista	Marcas distribuidas	Tipo de canal de ventas
Sephora	Cuidado de la piel de Obagi	Minorista de belleza especializada
Ulta belleza	Múltiples marcas Waldencast	Minorista omnicanal
Dermstore	Marcas profesionales para el cuidado de la piel	Minorista especializado en línea

Mercados en línea

• Amazon.com - Mercado principal en línea
• Walmart.com - Distribución secundaria en línea
• eBay - canal de comercio electrónico adicional

Marketing en redes sociales

Plataformas sociales primarias:

• Instagram: más de 250,000 seguidores de marca combinados
• Tiktok - Marketing de contenido de belleza dirigido
• Facebook - Canales de participación comunitaria

Distribución de influencer y contenido digital

Tipo de contenido	Número de asociaciones	Alcance estimado
Microinfluencores	75-100	500,000-1,000,000 seguidores
Colaboraciones de dermatólogo	12-15	250,000-500,000 seguidores
Creadores de contenido de belleza	50-75	1,000,000-2,000,000 de seguidores

Waldencast PLC (Wald) - Modelo de negocio: segmentos de clientes

Consumidores de belleza milenario y de la generación z

Según Statista, los millennials y la generación Z representan el 64% del mercado global de belleza en 2024, con un valor de mercado estimado de $ 415.3 mil millones.

Grupo de edad	Cuota de mercado	Gasto anual
Millennials (25-40)	42%	$ 189.7 mil millones
Gen Z (18-24)	22%	$ 225.6 mil millones

Entusiastas premium de cuidado de la piel y bienestar

Waldencast se dirige a los consumidores premium de cuidado de la piel con marcas dirigidas a segmentos de mercado de alta gama.

• Gasto promedio de cuidado de cuidado de cuidado de cuidado de la piel anual anual: $ 387 por consumidor
• Tasa de crecimiento del mercado de cuidado de la piel premium: 6.8% anual
• Sproket de ingresos del consumidor objetivo: $ 85,000 - $ 150,000 anualmente

Individuos conscientes de la salud

Mercado mundial de bienestar valorado en $ 5.6 billones en 2024, con un importante interés del consumidor en productos de salud holísticos.

Categoría de bienestar	Valor comercial	Índice de crecimiento
Cuidado personal	$ 1.2 billones	5.4%
Nutrición	$ 1.8 billones	7.2%

Compradores de belleza expertos en digital

Proyecciones del mercado de belleza y cuidado personal en línea para 2024:

• Ventas de comercio electrónico: $ 347.5 mil millones a nivel mundial
• Porcentaje de compra móvil: 72% de las compras totales de belleza en línea
• Influencia de las redes sociales en la compra: 68% de los consumidores

Mercado global dirigido a múltiples datos demográficos

Desglose de segmentación del mercado global de Waldencast:

Región	Cuota de mercado	Contribución de ingresos
América del norte	45%	$ 276.4 millones
Europa	28%	$ 171.6 millones
Asia-Pacífico	22%	$ 134.8 millones
Resto del mundo	5%	$ 30.7 millones

Waldencast PLC (Wald) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo de productos

Para el año fiscal 2023, Waldencast reportó gastos de I + D de $ 8.3 millones, lo que representa el 4.2% de los ingresos totales.

Año	Gastos de I + D	Porcentaje de ingresos
2023	$ 8.3 millones	4.2%
2022	$ 6.9 millones	3.8%

Costos de marketing y publicidad

Los gastos de marketing para Waldencast en 2023 totalizaron $ 22.5 millones, lo que representa el 11.4% de los ingresos totales.

• Gasto de marketing digital: $ 12.7 millones
• Marketing de influencia: $ 5.3 millones
• Publicidad tradicional: $ 4.5 millones

Inversiones de fabricación y cadena de suministro

La cadena de suministro y los costos de fabricación para 2023 fueron de $ 45.6 millones.

Categoría de costos	Cantidad
Adquisición de materia prima	$ 18.2 millones
Sobrecarga de fabricación	$ 15.4 millones
Logística y distribución	$ 12.0 millones

Mantenimiento de la plataforma digital

Los costos de infraestructura digital y mantenimiento de tecnología fueron de $ 3.7 millones en 2023.

• Infraestructura en la nube: $ 1.5 millones
• Licencias de software: $ 1.2 millones
• Soporte y mantenimiento de TI: $ 1.0 millones

Gastos de adquisición y gestión de la marca

Los gastos relacionados con la marca para 2023 ascendieron a $ 15.6 millones.

Categoría de gastos	Cantidad
Costos de adquisición de marca	$ 7.8 millones
Gestión de marca	$ 4.5 millones
Gestión de propiedad intelectual	$ 3.3 millones

Waldencast PLC (Wald) - Modelo de negocio: flujos de ingresos

Ventas directas de productos a través del comercio electrónico

En 2023, Waldencast informó ventas directas de comercio electrónico de $ 78.3 millones, lo que representa el 35.6% de los ingresos totales. Los canales de ventas en línea de la compañía incluyen:

• Sitios web de marca
• Plataformas digitales de terceros
• Mercados digitales directos al consumidor

Ingresos de asociación minorista

Los ingresos por asociación minorista para Waldencast en 2023 totalizaron $ 112.5 millones, con canales de distribución clave que incluyen:

Canal minorista	Contribución de ingresos	Porcentaje
Minoristas de belleza especializados	$ 45.2 millones	40.2%
Grandes almacenes	$ 37.8 millones	33.6%
Cadenas de farmacia	$ 29.5 millones	26.2%

Licencias de marca y colaboraciones

Los ingresos por licencia de marca para 2023 ascendieron a $ 22.6 millones, con colaboraciones en múltiples segmentos de belleza y cuidado personal.

Ventas de expansión del mercado internacional

Las ventas del mercado internacional en 2023 alcanzaron los $ 65.4 millones, con un desglose geográfico de la siguiente manera:

• Mercados europeos: $ 28.7 millones
• Región de Asia-Pacífico: $ 21.6 millones
• Mercados latinoamericanos: $ 15.1 millones

Ofertas potenciales de productos basadas en suscripción

Los ingresos por suscripción para 2023 fueron de $ 12.9 millones, lo que representa un flujo de ingresos emergente para la compañía.

Categoría de suscripción	Ingresos anuales	Base de suscriptores
Suscripciones de caja de belleza	$ 7.2 millones	48,000 suscriptores
Programa de reabastecimiento de la piel	$ 5.7 millones	32,000 suscriptores

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.