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Waldencast Announces Q2 2025 Results and Provides Q3 2025 Trading Update

WALD
  • Waldencast plc reported Q2 2025 net revenue of $66.8 million, a 5.6% year-over-year increase, with Adjusted EBITDA of $3.3 million.
  • H1 2025 net revenue totaled $132.3 million, up 0.5% year-over-year, while Adjusted EBITDA fell to $7.7 million due to goodwill impairment charges.
  • Q3 2025 net revenue decreased 3.4% year-over-year to $67.8 million, reflecting contrasted performance across the portfolio.
  • Obagi Medical achieved double-digit revenue growth in Q3 2025, driven by strong e-commerce performance & international market expansion.
  • Obagi Medical advanced its strategy by acquiring Novaestiq, securing FDA approval for Obagi Saypha® MagIQ, & selling Obagi Japan trademark rights to Rohto Pharmaceutical for $82.5 million.
  • Milk Makeup saw U.S. consumption rise 12% year-to-date but faced a 20.1% revenue decline in Q3 2025 due to softer international sales & a high comparison base.
  • Milk Makeup appointed Mazdack Rassi as President to lead transformation initiatives aimed at renewing momentum in 2026.
  • Waldencast updated its FY 2025 outlook to expect net revenue broadly in line with 2024 & an Adjusted EBITDA margin in the high single digits.
  • The Board of Directors is conducting a strategic review with Lazard as financial advisor to maximize shareholder value.
  • As of September 30, 2025, the company held $14.2 million in cash & cash equivalents with net debt of $186.7 million.
  • Management will not host a conference call for Q3 2025 results as the company focuses on the ongoing strategic review.