Waldencast PLC
waldencast.comNo Longer Reporting
The company has not filed an annual or quarterly report since its FY2025 20-F, filed Mar 13, 2026. Its latest SEC filing is a 6-K from Oct 15, 2026.
20-F for FY2025, filed Mar 13, 2026
The sections below describe the company as of the FY2025 annual report.
What Did They Do?
Develops and sells professional skincare, makeup and aesthetic injectable fillers to consumers, physicians and beauty retailers.
20-F for FY2025, filed Mar 13, 2026ProductsView ↗
In 2026, we entered the aesthetics solutions market with the launch of the Obagi Medical Saypha®, MagIQ™ and ChIQ™ lines of injectable HA…View ↗
For each of the last three fiscal years, our primary U.S. distribution for prescription and non-prescription (either OTC or cosmetic) Obagi…View ↗
Milk Makeup’s product range includes primers, skin tints, lip and cheek tints, mascaras, brow products, eyeliners, lip glosses and balms…View ↗
Milk Makeup’s primary distribution is through key beauty retailers in both the U.S. and internationally. The brand was originally launched…View ↗
How Did They Make Money?
Customers buy products through distributors, retailers, physicians and Waldencast’s online stores, and generally pay in advance or after delivery or invoicing. Waldencast also receives royalties based on local operators’ sales of Obagi-branded products.
20-F for FY2025, filed Mar 13, 2026The Company’s revenue is primarily generated from product sales to distributors, retailers, physicians and directly to consumers (“DTC”)…View ↗
Typically, customers are required to pay either in advance or between 30 and 90 days from delivery or invoicing,View ↗
The Company has different contracted shipping terms with different customers that dictate the timing of payment, passage of legal title…View ↗
The Company generates royalty revenue from products in China by Obagi Hong Kong and until November 2025 in Japan through a strategic…View ↗
-
20-F for FY2025, filed Mar 13, 2026
FY2025 revenue by product or service ↗
$272.1M
-
20-F for FY2025, filed Mar 13, 2026
$272.1M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Net product sales
Sold outright
20-F for FY2025, filed Mar 13, 2026 |
99% |
Net product sales, FY2025
$268.2M Sources
|
Sold outright |
|
Royalty
Licensed
|
1.4% |
Royalty, FY2025
$3.9M Sources
|
Licensed |
Who Were Their Customers?
Obagi reaches physicians through its sales force and sells non-prescription products online to consumers; international sales also go through distributors. Milk Makeup sells mainly through beauty retailers and its own and Amazon online stores, with regional distributors abroad.
20-F for FY2025, filed Mar 13, 2026For each of the last three fiscal years, our primary U.S. distribution for prescription and non-prescription (either OTC or cosmetic) Obagi…View ↗
For non-prescription products, an increasing proportion of our domestic sales are also through brand-controlled e-commerce sites…View ↗
For each of the last three fiscal years, Obagi Medical products have been sold internationally outside of the U.S. through three channels…View ↗
Milk Makeup’s primary distribution is through key beauty retailers in both the U.S. and internationally. The brand was originally launched…View ↗
In the U.S., Milk Makeup is sold through two key online channels, our e-commerce site, www.milkmakeup.com, and on www.amazon.com. In the…View ↗
Outside of North America, Milk Makeup ships its products to other distributors and retailers in the U.K., Germany, Scandinavia and Latin…View ↗
20-F for FY2025, filed Mar 13, 2026
For the year ended December 31, 2025, four customers accounted for 16%, 16%, 11%, and 11% of the Company’s revenue, respectively. For the…View ↗
Did Revenues Turn Into Profits?
No. It lost $229.7M in FY2025.
20-F for FY2025, filed Mar 13, 2026
−$217.5MView ↗
20-F for FY2025, filed Mar 13, 2026
−$229.7MView ↗
20-F for FY2025, filed Mar 13, 2026
−$16.2MView ↗
How Were They Changing?
Grew. Revenue grew 91% in 4 years, from $142.5M in FY2021 to $272.1M in FY2025, about 18% a year.
Injectable treatments
The earlier report describes skincare products and a facial-treatment device; the latest report also describes hyaluronic acid injectable fillers, extending Obagi into aesthetic treatments.
20-F for FY2022, filed Jan 16, 2024 20-F for FY2025, filed Mar 13, 2026Obagi Medical®—Products within our flagship brand were historically designed for professional recommendation in a clinical setting. We now…View ↗
Loading...
