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WALDW

Waldencast plc

WALDW

Waldencast plc • NASDAQ
$0.04 ▲ 21.36% (+0.01)
Market Cap $4.62 M
52w High $0.86
52w Low $0.03
Dividend Yield 0%
P/E 0
Volume 350
Outstanding Shares 112.01M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2024 $142.286M ▲ $128.644M ▲ $-32.368M ▼ -22.749% ▼ $-0.29 ▼ $-1.124M ▼
Q2-2024 $131.582M ▲ $121.684M ▲ $-10.075M ▲ -7.657% ▲ $-0.091 ▲ $1.73M ▲
Q4-2023 $108.8M ▼ $120.101M ▲ $-78.209M ▼ -71.883% ▼ $-0.64 ▼ $-18.484M ▲
Q2-2023 $109.338M ▲ $100.619M ▲ $-11.772M ▲ -10.767% ▲ $-0.109 ▲ $-23.734M ▲
Q4-2022 $89.854M $57.981M $-107.151M -119.25% $-1 $-106.216M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2024 $14.802M ▼ $975.86M ▼ $245.923M ▼ $662.319M ▲
Q2-2024 $19.691M ▼ $1.014B ▼ $253.212M ▼ $618.608M ▼
Q4-2023 $22.576M ▲ $1.043B ▼ $273.437M ▼ $624.626M ▲
Q2-2023 $18.9M ▲ $1.087B ▼ $318.251M ▲ $615.277M ▼
Q4-2022 $8.693M $1.09B $290.177M $639.239M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2024 $-32.368M ▼ $2.562M ▲ $-1.524M ▼ $-5.732M ▼ $-4.883M ▼ $1.14M ▲
Q2-2024 $-10.075M ▲ $-11.382M ▲ $-1.396M ▼ $11.314M ▼ $-1.391M ▲ $-12.668M ▲
Q4-2023 $-60.567M ▼ $-13.41M ▲ $-610K ▲ $15.047M ▼ $-21.67M ▼ $-13.859M ▲
Q2-2023 $-29.414M ▼ $-16.365M ▼ $-1.384M ▼ $29.282M ▲ $21.67M ▲ $-17.507M ▼
Q1-2023 $-14.707M $-8.182M $-692K $14.641M $0 $-8.753M

Revenue by Products

Product Q4-2022
Product
Product
 $90.00M ▲
Royalty
Royalty
 $0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing steadily each year, which suggests the brands are gaining traction and scaling. Profit quality is mixed: gross profit has improved over time, but the company still runs at an operating loss and reports negative net income. The size of the losses has been shrinking more recently, which hints that the business model is moving toward better efficiency, yet it is not at a self-sustaining, profitable stage. Overall, it looks like a growth story with improving but still negative earnings.

Balance Sheet

Balance Sheet The balance sheet shows a business with a solid equity base relative to its size and a manageable but meaningful level of debt. Assets are fairly stable, not swinging wildly, which points to a reasonably anchored platform rather than a highly speculative balance sheet. The main concern is that cash on hand appears quite low compared with total obligations, implying that liquidity is tight and the company likely depends on ongoing cash generation or external funding to stay comfortable. Debt does not look excessive, but the cushion to absorb setbacks is not particularly large.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, though the shortfall appears to be getting smaller. Free cash flow tracks closely with operating cash flow, as capital spending is minimal. This means the core operations are still consuming cash rather than supplying it, even if the burn rate is improving. The company is effectively in an investment and scale-up phase, where growth is prioritized over near-term cash generation, and it likely needs continued access to financing until operations turn sustainably cash-positive.

Competitive Edge

Competitive Edge Waldencast is building a multi-brand beauty and wellness platform anchored by established names like Obagi Medical and trend-forward Milk Makeup. This gives it a mix of clinical, doctor-linked skincare and culturally relevant, “clean” color cosmetics aimed at younger consumers. The portfolio approach helps spread risk across different price points, channels, and customer types. Its brands benefit from strong identities, loyal followings, and alignment with themes like inclusivity and conscious beauty. However, the beauty and skincare market is highly crowded, fast-moving, and dominated by larger players with deeper pockets, so maintaining visibility, shelf space, and consumer relevance is a constant challenge. Successful integration of acquisitions and consistent brand execution are key swing factors.

Innovation and R&D

Innovation and R&D Innovation is a core part of Waldencast’s story. Obagi brings decades of science-backed, clinical skincare with products vetted through dermatological research and trials, including a push into areas like dermal fillers and advanced scalp and skin treatments. Milk Makeup contributes agile, trend-driven product development, focusing on clean formulations, novel formats like sticks, and social-media-friendly “hero” products. Together, they position Waldencast at the intersection of medical-grade efficacy and modern, values-based beauty. Future innovation will likely come from new product pipelines, geographic expansion, new treatment categories (like injectables), and additional brand acquisitions. At the same time, innovation risk is real: product launches must resonate with consumers, comply with regulation (especially for medical products), and outpace intense competition.

Summary

Waldencast (and by extension, the WALDW warrants tied to it) represents a scaling beauty and wellness platform with recognizable brands, steady revenue growth, and meaningful investments in innovation, but it has yet to achieve consistent profitability or positive cash flow. The financials suggest improving margins and narrowing losses, but also limited cash reserves and ongoing reliance on external capital or future cash generation. Strategically, the company is trying to build a differentiated platform of purpose-driven, science-based and trend-led brands, operating in large but very competitive markets. Future outcomes will depend heavily on the success of new product launches, geographic and channel expansion, the integration of new acquisitions, and progress toward sustainable profitability. Warrants add another layer of complexity and risk, since their value ultimately depends on the long-term performance of the underlying equity and the company’s ability to execute its strategy.