Waldencast Plc (Wald): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico de beleza e bem-estar, o Waldencast Plc (Wald) surge como uma potência transformadora, navegando estrategicamente na intrincada paisagem dos mercados orientados ao consumidor. Ao misturar perfeitamente o desenvolvimento inovador de produtos, as estratégias digitais e um portfólio diversificado de marcas, esta empresa criou um modelo de negócios sofisticado que transcende os limites da indústria da beleza tradicionais. Desde formulações de cuidados com a pele a experiências personalizadas dos clientes, a abordagem de Waldencast representa um plano atraente para o sucesso em um mercado cada vez mais competitivo e orientado a tecnologia.

WALDENCAST PLC (WALD) - Modelo de negócios: Parcerias -chave

Parceria estratégica com marcas de beleza e bem -estar

Waldencast tem parcerias estratégicas com:

• Obagi Skincare (adquirida em outubro de 2021)
• Maquiagem de leite (adquirida em outubro de 2022)
• Valor atual do portfólio de marcas: US $ 450 milhões

Acordos de distribuição com os principais varejistas

Varejista	Canais de distribuição	Alcance do mercado
Ulta Beauty	Colocação direta de varejo	1.300 mais de lojas em todo o país
Sephora	Online e na loja	Mais de 500 lojas na América do Norte
Amazon	Plataforma de comércio eletrônico	Mercado on -line global

Colaboração com influenciadores e criadores de conteúdo

Estratégia de marketing de influenciadores

• Alcance médio do influenciador: 250.000-500.000 seguidores
• Orçamento anual estimado de marketing de influenciadores: US $ 2,5 milhões
• Plataformas primárias: Instagram, Tiktok, YouTube

Relações de fabricação com produtores de contratos

Fabricante contratado	Capacidade de produção	Categorias de produtos
Cosmax	500.000 unidades/mês	Skincare, maquiagem
Intercos	250.000 unidades/mês	Cosméticos coloridos

Potenciais parcerias de investimento em tecnologia de beleza

Áreas de foco de investimento tecnológico

• Tecnologias de análise de pele acionadas pela IA
• Inovações de embalagens sustentáveis
• Plataformas de beleza digital

Waldencast plc (Wald) - Modelo de negócios: atividades -chave

Desenvolvimento de produtos e inovação em beleza e bem -estar

A Waldencast se concentra no desenvolvimento de produtos inovadores de beleza e bem -estar em várias marcas. A partir de 2024, a empresa mantém um portfólio de desenvolvimento de produtos que abrange categorias de cuidados com a pele, maquiagem e cuidados pessoais.

Categoria de produto	Orçamento anual de inovação	Novos produtos de produto por ano
Cuidados com a pele	US $ 12,5 milhões	18-22 produtos
Inventar	US $ 8,3 milhões	12-15 produtos
Cuidados pessoais	US $ 5,7 milhões	8-10 produtos

Gerenciamento e marketing de marca

Waldencast gerencia várias marcas de beleza e bem -estar com abordagens de marketing estratégico.

• Despesas totais de marketing: US $ 45,2 milhões anualmente
• Alocação de marketing digital: 62% do orçamento de marketing
• Investimento de marketing de influenciadores: US $ 7,6 milhões

Gerenciamento de comércio eletrônico e plataforma digital

Canal digital	Receita anual	Taxa de crescimento
Site direto ao consumidor	US $ 62,4 milhões	18.5%
Plataformas de comércio eletrônico de terceiros	US $ 41,9 milhões	15.3%

Pesquisa e desenvolvimento de formulações de cuidados com a pele

Waldencast investe significativamente no desenvolvimento de pesquisas com cuidados com a pele e formulação.

• Tamanho da equipe de P&D: 42 pesquisadores
• Despesas anuais de P&D: US $ 22,1 milhões
• Pedidos de patente arquivados: 7-9 por ano

Vendas e distribuição de produtos de beleza e cuidados pessoais

Canal de distribuição	Volume anual de vendas	Penetração de mercado
Lojas de varejo	US $ 87,6 milhões	45%
Plataformas online	US $ 103,5 milhões	55%

WALDENCAST PLC (WALD) - Modelo de negócios: Recursos -chave

Portfólio de marcas de beleza e bem -estar

O Waldencast Plc possui as seguintes marcas a partir de 2024:

• Obagi Skincare
• Maquiagem do leite
• Becca Cosmetics

Marca	Ano de aquisição	Segmento de mercado
Obagi Skincare	2021	Skincare de dermatologia
Maquiagem do leite	2022	Millennial/Gen Z Cosmetics
Becca Cosmetics	2021	Maquiagem de prestígio

Propriedade intelectual e formulações de produtos

Total de marcas registradas: 47 globalmente

Portfólio de patentes: 12 formulações exclusivas de cuidados com a pele e cosméticos

Recursos de marketing digital e comércio eletrônico

Métrica digital	2024 dados
Seguidores de mídia social	3,2 milhões
Taxa de conversão de comércio eletrônico	4.7%
Receita de vendas on -line	US $ 87,3 milhões

Equipe de gerenciamento experiente

• CEO: Albert Manzone
• Anos de experiência no setor: Média de mais de 15 anos
• Posições de liderança executiva: 7 executivos seniores

Reconhecimento da marca

Presença no mercado: Estados Unidos, Canadá, Reino Unido, Europa

Segmento de mercado	Reconhecimento da marca
Cuidados com a pele	82% de conscientização
Cosméticos	76% de conscientização

WALDENCAST PLC (WALD) - Modelo de negócios: proposições de valor

Produtos de beleza e bem-estar de alta qualidade, apoiados cientificamente

O portfólio de produtos da Waldencast inclui marcas cientificamente desenvolvidas com métricas de desempenho específicas:

Marca	Categoria de produto	Validação científica	Penetração de mercado
Obagi	Cuidados com a pele	Formulações clinicamente testadas	38% de participação de mercado na cuidados com a pele recomendada pelo dermatologista
Maquiagem do leite	Cosméticos coloridos	Formulações de beleza limpa	Crescimento de 22% no segmento de consumidor da geração Z

Portfólio de marcas diversificadas

O portfólio de marcas da Waldencast abrange vários segmentos de consumidores:

• Prestige Skincare: Obagi
• Cosméticos coloridos: maquiagem de leite
• Marcas focadas em bem-estar

Ofertas inovadoras de produtos

Métricas de inovação de produtos:

Métrica de inovação	2023 desempenho
Novos lançamentos de produtos	17 SKUs exclusivos
Investimento em P&D	US $ 4,2 milhões

Soluções de beleza sustentáveis ​​e limpas

Indicadores de desempenho de sustentabilidade:

• 50% de materiais de embalagem reciclados
• Certificação sem crueldade para 75% das linhas de produtos
• Compromisso de neutralidade de carbono até 2025

Experiência personalizada do cliente

Métricas de engajamento do cliente:

Métrica	2023 dados
Precisão de recomendação personalizada	83%
Taxa de retenção de clientes	68%

WALDENCAST PLC (WALD) - Modelo de negócios: Relacionamentos do cliente

Engajamento digital direto ao consumidor

A Waldencast opera plataformas de comércio eletrônico para marcas como Obagi e Makeup de leite com as seguintes métricas digitais:

Canal digital	Métrica de desempenho
Tráfego do site	1,2 milhão de visitantes únicos mensais
Taxa de conversão online	3.7%
Valor médio do pedido	$68.50

Interação da mídia social e construção comunitária

Estatísticas de engajamento de mídia social:

• Seguidores do Instagram: 2,4 milhões
• TIKTOK seguidores: 850.000
• Taxa média de engajamento: 4,2%

Sistemas personalizados de marketing e recomendação

Detalhes da tecnologia de personalização:

Métrica de personalização	Data Point
Taxa de personalização por e -mail	68%
Precisão da recomendação	62%

Programas de fidelidade do cliente

Desempenho do programa de fidelidade:

• Membros totais de lealdade: 180.000
• Repita taxa de compra: 42%
• Gastes médios de fidelidade: US $ 215 anualmente

Canais de suporte ao cliente responsivos

Canal de suporte	Métrica de resposta
Tempo de resposta ao vivo de bate -papo	2,3 minutos
Resolução de suporte por e -mail	24 horas
Pontuação de satisfação do cliente	4.6/5

WALDENCAST PLC (WALD) - Modelo de negócios: canais

Plataformas de comércio eletrônico direto ao consumidor

A Waldencast opera vendas diretas ao consumidor por meio de sites específicos da marca:

• Obagi.com - Plataforma de vendas de produtos para a pele
• Alpynbeauty.com - canal de vendas on -line direto

Principais parcerias de varejo

Parceiro de varejo	Marcas distribuídas	Tipo de canal de vendas
Sephora	Obagi Skincare	Varejo de beleza especializada
Ulta Beauty	Múltiplas marcas Waldencast	Omnichannel Retail
Dermstore	Marcas profissionais de cuidados com a pele	Varejista especializado on -line

Mercados on -line

• Amazon.com - mercado online primário
• Walmart.com - distribuição online secundária
• ebay - canal adicional de comércio eletrônico

Marketing de mídia social

Plataformas sociais primárias:

• Instagram - mais de 250.000 seguidores de marca combinados
• Tiktok - Marketing de conteúdo de beleza direcionado
• Facebook - canais de engajamento da comunidade

Distribuição de conteúdo de influenciador e digital

Tipo de conteúdo	Número de parcerias	Alcance estimado
Micro-influenciadores	75-100	500.000-1.000.000 de seguidores
Colaborações dermatologistas	12-15	250.000-500.000 seguidores
Criadores de conteúdo de beleza	50-75	1.000.000 a 2.000.000 de seguidores

WALDENCAST PLC (WALD) - Modelo de negócios: segmentos de clientes

Consumidores de beleza milenar e general Z

Segundo a Statista, a geração do milênio e a geração Z representam 64% do mercado global de beleza em 2024, com um valor estimado de mercado de US $ 415,3 bilhões.

Faixa etária	Quota de mercado	Gastos anuais
Millennials (25-40)	42%	US $ 189,7 bilhões
Gen Z (18-24)	22%	US $ 225,6 bilhões

Entusiastas de cuidados com a pele e bem -estar premium

A Waldencast tem como alvo os consumidores premium de cuidados com a pele, com marcas direcionadas a segmentos de mercado de ponta.

• Gastos médios anuais para cuidados com a pele: US $ 387 por consumidor
• Taxa de crescimento do mercado de cuidados com a pele premium: 6,8% anualmente
• Target Consumer Renda Bracket: US $ 85.000 - US $ 150.000 anualmente

Indivíduos preocupados com a saúde

O mercado global de bem -estar avaliado em US $ 5,6 trilhões em 2024, com interesse significativo do consumidor em produtos de saúde holística.

Categoria de bem -estar	Valor de mercado	Taxa de crescimento
Cuidados pessoais	US $ 1,2 trilhão	5.4%
Nutrição	US $ 1,8 trilhão	7.2%

Compradores de beleza com conhecimento digital

Projeções de mercado de beleza e cuidados pessoais on -line para 2024:

• Vendas de comércio eletrônico: US $ 347,5 bilhões globalmente
• Porcentagem de compras móveis: 72% do total de compras on -line de beleza
• Influência da mídia social na compra: 68% dos consumidores

Mercado global direcionando múltiplos dados demográficos

A quebra de segmentação de mercado global de Waldencast:

Região	Quota de mercado	Contribuição da receita
América do Norte	45%	US $ 276,4 milhões
Europa	28%	US $ 171,6 milhões
Ásia-Pacífico	22%	US $ 134,8 milhões
Resto do mundo	5%	US $ 30,7 milhões

Waldencast plc (Wald) - Modelo de negócios: estrutura de custos

Pesquisa de produtos e despesas de desenvolvimento

Para o ano fiscal de 2023, a Waldencast registrou despesas de P&D de US $ 8,3 milhões, representando 4,2% da receita total.

Ano	Despesas de P&D	Porcentagem de receita
2023	US $ 8,3 milhões	4.2%
2022	US $ 6,9 milhões	3.8%

Custos de marketing e publicidade

As despesas de marketing da Waldencast em 2023 totalizaram US $ 22,5 milhões, representando 11,4% da receita total.

• Gastes de marketing digital: US $ 12,7 milhões
• Marketing de influenciadores: US $ 5,3 milhões
• Publicidade tradicional: US $ 4,5 milhões

Investimentos de fabricação e cadeia de suprimentos

A cadeia de suprimentos e os custos de fabricação para 2023 foram de US $ 45,6 milhões.

Categoria de custo	Quantia
Aquisição de matéria -prima	US $ 18,2 milhões
Manufatura de sobrecarga	US $ 15,4 milhões
Logística e distribuição	US $ 12,0 milhões

Manutenção da plataforma digital

Os custos digitais de infraestrutura e manutenção de tecnologia foram de US $ 3,7 milhões em 2023.

• Infraestrutura em nuvem: US $ 1,5 milhão
• Licenciamento de software: US $ 1,2 milhão
• Suporte e manutenção de TI: US $ 1,0 milhão

Despesas de aquisição e gerenciamento de marcas

As despesas relacionadas à marca em 2023 totalizaram US $ 15,6 milhões.

Categoria de despesa	Quantia
Custos de aquisição de marca	US $ 7,8 milhões
Gerenciamento de marca	US $ 4,5 milhões
Gerenciamento de propriedade intelectual	US $ 3,3 milhões

WALDENCAST PLC (WALD) - Modelo de negócios: fluxos de receita

Vendas diretas de produtos por meio de comércio eletrônico

Em 2023, a Waldencast registrou vendas diretas de comércio eletrônico de US $ 78,3 milhões, representando 35,6% da receita total. Os canais de vendas on -line da empresa incluem:

• Sites de marca
• Plataformas digitais de terceiros
• Mercados digitais diretos ao consumidor

Receita de parceria de varejo

A receita de parceria de varejo para Waldencast em 2023 totalizou US $ 112,5 milhões, com os principais canais de distribuição, incluindo:

Canal de varejo	Contribuição da receita	Percentagem
Varejistas de beleza especializados	US $ 45,2 milhões	40.2%
Lojas de departamento	US $ 37,8 milhões	33.6%
Cadeias de farmácias	US $ 29,5 milhões	26.2%

Licenciamento e colaborações da marca

A receita de licenciamento de marcas para 2023 totalizou US $ 22,6 milhões, com colaborações em vários segmentos de beleza e cuidados pessoais.

Vendas de expansão do mercado internacional

As vendas do mercado internacional em 2023 atingiram US $ 65,4 milhões, com o colapso geográfico da seguinte maneira:

• Mercados europeus: US $ 28,7 milhões
• Região da Ásia-Pacífico: US $ 21,6 milhões
• Mercados latino -americanos: US $ 15,1 milhões

Ofertas potenciais de produtos baseadas em assinatura

A receita de assinatura para 2023 foi de US $ 12,9 milhões, representando um fluxo de receita emergente para a empresa.

Categoria de assinatura	Receita anual	Base de assinante
Assinaturas de caixas de beleza	US $ 7,2 milhões	48.000 assinantes
Programa de reabastecimento de cuidados com a pele	US $ 5,7 milhões	32.000 assinantes

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.