Waldencast PLC (WALD): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Dans le monde dynamique de la beauté et du bien-être, Waldencast Plc (Wald) apparaît comme une puissance transformatrice, naviguant stratégiquement dans le paysage complexe des marchés axés sur les consommateurs. En mélangeant de manière transparente le développement de produits innovants, des stratégies d'abord numériques et un portefeuille de marque diversifié, cette entreprise a conçu un modèle commercial sophistiqué qui transcende les limites traditionnelles de l'industrie de la beauté. Des formulations de soins de pointe aux expériences client personnalisées, l'approche de Waldencast représente un plan de succès convaincant pour le succès sur un marché de plus en plus compétitif et axé sur la technologie.

Waldencast PLC (Wald) - Modèle d'entreprise: partenariats clés

Partenariat stratégique avec les marques de beauté et de bien-être

Waldencast a des partenariats stratégiques avec:

• Obagi Skincare (acquis en octobre 2021)
• Maquillage de lait (acquis en octobre 2022)
• Valeur du portefeuille de marque actuel: 450 millions de dollars

Accords de distribution avec les grands détaillants

Détaillant	Canaux de distribution	Portée du marché
Ulta Beauty	Placement de vente au détail direct	1 300+ magasins à l'échelle nationale
Séphora	En ligne et en magasin	Plus de 500 magasins en Amérique du Nord
Amazone	Plate-forme de commerce électronique	Market en ligne mondial

Collaboration avec des influenceurs et des créateurs de contenu

Stratégie de marketing d'influenceur

• Influenceur moyen Reach: 250 000 à 500 000 abonnés
• Budget de marketing annuel estimé annuel: 2,5 millions de dollars
• Plateaux principaux: Instagram, Tiktok, YouTube

Relations de fabrication avec les producteurs de contrats

Fabricant de contrats	Capacité de production	Catégories de produits
Cosmax	500 000 unités / mois	Soins de la peau, maquillage
Intercos	250 000 unités / mois	Cosmétiques de couleur

Partenariats d'investissement potentiels dans la technologie de la beauté

Domaines d'investissement technologique

• Technologies d'analyse de la peau dirigée par l'IA
• Innovations d'emballage durables
• Plates-formes de beauté numériques

Waldencast PLC (Wald) - Modèle d'entreprise: Activités clés

Développement des produits et innovation dans la beauté et le bien-être

Waldencast se concentre sur le développement de produits de beauté et de bien-être innovants sur plusieurs marques. En 2024, la société maintient un portefeuille de développement de produits couvrant des catégories de soins de la peau, de maquillage et de soins personnels.

Catégorie de produits	Budget d'innovation annuel	Lancements de nouveaux produits par an
Soins de la peau	12,5 millions de dollars	18-22 produits
Se maquiller	8,3 millions de dollars	12-15 produits
Soins personnels	5,7 millions de dollars	8-10 produits

Gestion et marketing de la marque

Waldencast gère plusieurs marques de beauté et de bien-être avec des approches marketing stratégiques.

• Total des dépenses de marketing: 45,2 millions de dollars par an
• Attribution du marketing numérique: 62% du budget marketing
• Investissement marketing d'influence: 7,6 millions de dollars

E-commerce et gestion des plateformes numériques

Canal numérique	Revenus annuels	Taux de croissance
Site Web directement aux consommateurs	62,4 millions de dollars	18.5%
Plates-formes de commerce électronique tierces	41,9 millions de dollars	15.3%

Recherche et développement des formulations de soins de la peau

Waldencast investit considérablement dans la recherche de soins de la peau et le développement de la formulation.

• Taille de l'équipe R&D: 42 chercheurs
• Dépenses annuelles de R&D: 22,1 millions de dollars
• Demandes de brevet déposées: 7-9 par an

Ventes et distribution de produits de beauté et de soins personnels

Canal de distribution	Volume des ventes annuelles	Pénétration du marché
Magasins de détail	87,6 millions de dollars	45%
Plateformes en ligne	103,5 millions de dollars	55%

Waldencast PLC (Wald) - Modèle d'entreprise: Ressources clés

Portfolio de marques de beauté et de bien-être

Waldencast plc possède les marques suivantes en 2024:

• Soins de la peau obagi
• Maquillage de lait
• Becca Cosmetics

Marque	Année d'acquisition	Segment de marché
Soins de la peau obagi	2021	Soins de la peau de dermatologie
Maquillage de lait	2022	Millennial / Gen Z Cosmetics
Becca Cosmetics	2021	Maquillage de prestige

Propriété de propriété intellectuelle et de produits

Marques totales enregistrées: 47 à l'échelle mondiale

Portefeuille de brevets: 12 Formulations de soins de la peau et de cosmétiques uniques

Capacités de marketing numérique et de commerce électronique

Métrique numérique	2024 données
Abonnés des médias sociaux	3,2 millions
Taux de conversion du commerce électronique	4.7%
Revenus de vente en ligne	87,3 millions de dollars

Équipe de gestion expérimentée

• PDG: Albert Manzone
• Années d'expérience dans l'industrie: Moyenne 15 ans et plus
• Positions en leadership exécutif: 7 cadres supérieurs

Reconnaissance de la marque

Présence du marché: États-Unis, Canada, Royaume-Uni, Europe

Segment de marché	Reconnaissance de la marque
Soins de la peau	82% de sensibilisation
Produits de beauté	76% de sensibilisation

Waldencast plc (Wald) - Modèle d'entreprise: propositions de valeur

Produits de beauté et de bien-être de haute qualité et soutenus scientifiquement

Le portefeuille de produits de Waldencast comprend des marques scientifiquement développées avec des mesures de performance spécifiques:

Marque	Catégorie de produits	Validation scientifique	Pénétration du marché
Obagi	Soins de la peau	Formulations testées cliniquement	38% de part de marché dans les soins de la peau recommandés par le dermatologue
Maquillage de lait	Cosmétiques de couleur	Formulations de beauté propre	22% de croissance du segment des consommateurs de la génération Z

Portfolio de marque diversifié

Le portefeuille de marque de Waldencast couvre plusieurs segments de consommateurs:

• Prestige Skinare: Obagi
• Cosmétiques de couleur: maquillage de lait
• Marques axées sur le bien-être

Offres de produits innovants

Métriques d'innovation des produits:

Métrique d'innovation	Performance de 2023
Lancements de nouveaux produits	17 SKUS uniques
Investissement en R&D	4,2 millions de dollars

Solutions de beauté durables et propres

Indicateurs de performance sur la durabilité:

• Matériel d'emballage recyclé à 50%
• Certification sans cruauté pour 75% des gammes de produits
• Engagement de neutralité en carbone d'ici 2025

Expérience client personnalisée

Métriques d'engagement client:

Métrique	2023 données
Précision de recommandation personnalisée	83%
Taux de rétention de la clientèle	68%

Waldencast PLC (Wald) - Modèle d'entreprise: relations avec les clients

Engagement numérique directement aux consommateurs

Waldencast exploite des plateformes de commerce électronique pour des marques comme Obagi et Milk Makeup avec les mesures numériques suivantes:

Canal numérique	Métrique de performance
Trafic	1,2 million de visiteurs uniques mensuels
Taux de conversion en ligne	3.7%
Valeur de commande moyenne	$68.50

Interaction des médias sociaux et bâtiment communautaire

Statistiques d'engagement des médias sociaux:

• Followers Instagram: 2,4 millions
• TIKTOK APIRES: 850 000
• Taux d'engagement moyen: 4,2%

Systèmes de marketing et de recommandation personnalisés

Détails de la technologie de personnalisation:

Métrique de personnalisation	Point de données
Taux de personnalisation par e-mail	68%
Précision de recommandation	62%

Programmes de fidélisation de la clientèle

Performance du programme de fidélité:

• Membres de fidélité totale: 180 000
• Taux d'achat répété: 42%
• Dépens moyens des membres de fidélité: 215 $ par an

Canaux de support client réactifs

Canal de support	Métrique de réponse
Temps de réponse du chat en direct	2,3 minutes
Résolution d'assistance par e-mail	24 heures
Score de satisfaction du client	4.6/5

Waldencast plc (Wald) - Modèle d'entreprise: canaux

Plates-formes de commerce électronique directement au consommateur

WaldenCast exploite des ventes directes aux consommateurs via des sites Web spécifiques à la marque:

• Obagi.com - Plateforme de vente de produits de la peau
• Alpynbeauty.com - Channel de vente en ligne direct

Partenariats de détail majeurs

Partenaire de vente au détail	Marques distribuées	Type de canal de vente
Séphora	Soins de la peau obagi	Specialty Beauty Retail
Ulta Beauty	Plusieurs marques Waldencast	Retail omnicanal
Dermstore	Marques de soins de la peau professionnels	Détaillant spécialisé en ligne

Marchés en ligne

• Amazon.com - Marché en ligne primaire
• Walmart.com - Distribution secondaire en ligne
• eBay - canal de commerce électronique supplémentaire

Marketing des médias sociaux

Plateformes sociales primaires:

• Instagram - 250 000+ abonnés de marque combinés
• Tiktok - Marketing de contenu de beauté ciblé
• Facebook - Canaux de fiançailles communautaires

Influenceur et distribution de contenu numérique

Type de contenu	Nombre de partenariats	Portée estimée
Micro-influenceurs	75-100	500 000 à 1 000 000 abonnés
Collaborations dermatologues	12-15	250 000 à 500 000 abonnés
Créateurs de contenu de beauté	50-75	1 000 000 à 2 000 000 abonnés

Waldencast plc (Wald) - Modèle d'entreprise: segments de clientèle

Millennial et Gen Z Beauty Consumers

Selon Statista, les milléniaux et la génération Z représentent 64% du marché mondial de la beauté en 2024, avec une valeur marchande estimée de 415,3 milliards de dollars.

Groupe d'âge	Part de marché	Dépenses annuelles
Milléniaux (25-40)	42%	189,7 milliards de dollars
Gen Z (18-24)	22%	225,6 milliards de dollars

Premium les soins de la peau et des passionnés de bien-être

Waldencast cible les consommateurs de soins de la peau de qualité supérieure avec des marques ciblant les segments de marché haut de gamme.

• Dépenses annuelles moyennes de soins de la peau de qualité supérieure: 387 $ par consommateur
• Taux de croissance du marché des soins de la peau premium: 6,8% par an
• Bracket de revenu des consommateurs cible: 85 000 $ - 150 000 $ par an

Personnes soucieuses de la santé

Marché mondial du bien-être d'une valeur de 5,6 billions de dollars en 2024, avec un intérêt important des consommateurs pour les produits de santé holistiques.

Catégorie de bien-être	Valeur marchande	Taux de croissance
Soins personnels	1,2 billion de dollars	5.4%
Nutrition	1,8 billion de dollars	7.2%

Acheteurs de beauté avertis du numérique

Projections du marché de la beauté et des soins personnels en ligne pour 2024:

• Ventes de commerce électronique: 347,5 milliards de dollars dans le monde
• Pourcentage d'achat mobile: 72% du total des achats de beauté en ligne
• Influence des médias sociaux sur l'achat: 68% des consommateurs

Marché mondial ciblant plusieurs données démographiques

La répartition de la segmentation mondiale du marché de Waldencast:

Région	Part de marché	Contribution des revenus
Amérique du Nord	45%	276,4 millions de dollars
Europe	28%	171,6 millions de dollars
Asie-Pacifique	22%	134,8 millions de dollars
Reste du monde	5%	30,7 millions de dollars

Waldencast plc (Wald) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement de produits

Pour l'exercice 2023, Waldencast a déclaré des dépenses de R&D de 8,3 millions de dollars, ce qui représente 4,2% des revenus totaux.

Année	Dépenses de R&D	Pourcentage de revenus
2023	8,3 millions de dollars	4.2%
2022	6,9 millions de dollars	3.8%

Coûts de marketing et de publicité

Les dépenses de marketing pour Waldencast en 2023 ont totalisé 22,5 millions de dollars, représentant 11,4% des revenus totaux.

• Dépenses en marketing numérique: 12,7 millions de dollars
• Marketing d'influence: 5,3 millions de dollars
• Publicité traditionnelle: 4,5 millions de dollars

Investissements de fabrication et de chaîne d'approvisionnement

La chaîne d'approvisionnement et les coûts de fabrication pour 2023 étaient de 45,6 millions de dollars.

Catégorie de coûts	Montant
Achat de matières premières	18,2 millions de dollars
Fabrication des frais généraux	15,4 millions de dollars
Logistique et distribution	12,0 millions de dollars

Maintenance de plate-forme numérique

Les coûts d'infrastructure numérique et de maintenance technologique ont été de 3,7 millions de dollars en 2023.

• Infrastructure cloud: 1,5 million de dollars
• Licence logicielle: 1,2 million de dollars
• Soutien et maintenance informatiques: 1,0 million de dollars

Dépenses d'acquisition et de gestion de la marque

Les dépenses liées à la marque pour 2023 s'élevaient à 15,6 millions de dollars.

Catégorie de dépenses	Montant
Coûts d'acquisition de marque	7,8 millions de dollars
Gestion de la marque	4,5 millions de dollars
Gestion de la propriété intellectuelle	3,3 millions de dollars

Waldencast PLC (Wald) - Modèle d'entreprise: Strots de revenus

Ventes de produits directs via le commerce électronique

En 2023, Waldencast a déclaré des ventes directes de commerce électronique de 78,3 millions de dollars, ce qui représente 35,6% des revenus totaux. Les canaux de vente en ligne de l'entreprise comprennent:

• Sites Web de marque
• Plates-formes numériques tierces
• Marchés numériques directs aux consommateurs

Revenus de partenariat de vente au détail

Les revenus des partenariats de vente au détail pour Waldencast en 2023 ont totalisé 112,5 millions de dollars, avec des canaux de distribution clés, notamment:

Canal de vente au détail	Contribution des revenus	Pourcentage
Détaillants de beauté spécialisés	45,2 millions de dollars	40.2%
Grands magasins	37,8 millions de dollars	33.6%
Chaînes de pharmacie	29,5 millions de dollars	26.2%

Licence et collaborations de marque

Les revenus de licence de marque pour 2023 s'élevaient à 22,6 millions de dollars, avec des collaborations sur plusieurs segments de beauté et de soins personnels.

Ventes d'expansion du marché international

Les ventes de marché internationaux en 2023 ont atteint 65,4 millions de dollars, avec une rupture géographique comme suit:

• Marchés européens: 28,7 millions de dollars
• Région Asie-Pacifique: 21,6 millions de dollars
• Marchés latino-américains: 15,1 millions de dollars

Offres de produits potentiels basés sur l'abonnement

Le chiffre d'affaires de l'abonnement pour 2023 était de 12,9 millions de dollars, ce qui représente une source de revenus émergente pour la société.

Catégorie d'abonnement	Revenus annuels	Base d'abonné
Abonnements à la boîte de beauté	7,2 millions de dollars	48 000 abonnés
Programme de réapprovisionnement de la peau	5,7 millions de dollars	32 000 abonnés

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.