The company is transitioning to a single-brand (Milk Makeup) OTC-traded entity with no near-term growth catalyst. Monitor H2 2026 sell-through data for the relaunched Sticks franchise and whether the new leadership team can stabilize revenue before cash burn accelerates.
Price Chart
Executive Summary
Waldencast reported H1 2026 results showing a 57.1% revenue decline at Milk Makeup to $26.1M, a net loss from continuing operations of $94.9M (up 96.5% YoY), and a $52.3M goodwill impairment. The company completed the sale of Obagi Medical for up to $460M, repaid all debt, and announced voluntary delisting from Nasdaq to trade OTC under 'MLKM'. The core business is in severe decline with no near-term recovery catalyst.
Key Financial Metrics
Key Facts
- Net revenue from continuing operations (Milk Makeup) fell 57.1% YoY to $26.1M in H1 2026
- Net loss from continuing operations widened 96.5% to $94.9M
- Milk Makeup Adjusted EBITDA swung from +$9.7M to -$14.8M
- Recorded $52.3M non-cash goodwill impairment on Milk Makeup reporting unit
- Completed sale of Obagi Medical to Bridgepoint on July 30, 2026 for up to $460M
- Repaid $178.4M of debt in full; net cash from continuing ops was $138.6M as of Aug 31, 2026
- Voluntary delisting from Nasdaq announced; intends to trade OTC under ticker 'MLKM'
- EPS of -$0.18 missed consensus of -$0.14 by 28.6% (period: Q4 2024, per synthetic context)
Financial Impact
Revenue decline of 57.1% ($60.9M to $26.1M), net loss increase of 96.5% ($48.3M to $94.9M), $52.3M goodwill impairment, debt fully repaid with $138.6M cash post-sale
Risk Factors
- Milk Makeup revenue decline of 57.1% may continue as sell-in volumes lag sell-out
- Goodwill balance of $62.8M remains at risk of further impairment if recovery stalls
- Delisting reduces liquidity and institutional coverage, potentially pressuring stock price
- Management's 5-year goal to double 2025 revenue is aspirational, not guidance
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3370283 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 12d ago | Press Release | $0.7500 | awaiting T+5 | — | — |
Oct 15, 2026 12d ago | 6-K | $0.7500 | awaiting T+5 | — | — |
Oct 15, 2026 12d ago | 15-12G | $0.7500 | awaiting T+5 | — | — |
Oct 14, 2026 13d ago | EFFECT | $0.8100 | awaiting T+5 | — | — |
Oct 14, 2026 13d ago | EFFECT | $0.8100 | awaiting T+5 | — | — |
Oct 14, 2026 13d ago | EFFECT | $0.8100 | awaiting T+5 | — | — |
Sep 28, 2026 29d ago | Press Release | $0.9277 $0.8794 | ▲ +5.21% | ▲ +7.15% | — |
Sep 24, 2026 4w ago | 6-K | $1.03 $0.8794 | ▲ +14.62% | ▲ +14.40% | — |
Sep 24, 2026 4w ago | Press Release | $1.03 $0.8794 | ▲ +14.62% | ▲ +14.40% | — |
Sep 14, 2026 6w ago | Press Release | $1.18 $1.10 | ▲ +6.78% | ▲ +6.89% | — |
US Market Status
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