Waldencast, a global multi-brand beauty and wellness platform, has reported operating results for the three months ended June 30, 2025 (Q2 2025) and six months ended June 30, 2025 (H1 2025).
For Q2 2025, net revenue grew 5.6% year-over-year to $66.8 million, compared to $63.3 million in Q2 2024. Adjusted EBITDA was $3.3 million, or 5.0% of net revenue.
For H1 2025, net revenue increased 0.5% year-over-year to $132.3 million, compared to $131.6 million in H1 2024. Adjusted EBITDA was $7.7 million, or 5.8% of net revenue.
Performance at Obagi Medical continued to be supported by breakthrough innovation and the strengthening of the international business. Milk Makeup continued to grow its consumption in the United States but faced a more challenging comparison against last year’s exceptionally successful launches, further impacted by softness in international markets.
Obagi Medical's Net Revenue Grew 1.9% in Q2 2025
In Q2 2025, net revenue grew 1.9% to $35.2 million, compared to $34.6 million in Q2 2024. Adjusted EBITDA was $1.8 million, or 5.1% of net revenue.
In H1 2025, net revenue grew 4.5% to $71.4 million, compared to $68.4 million in H1 2024. Adjusted EBITDA was $7.7 million, or 10.8% of net revenue.
During Q2 and Q3, Waldencast acquired Novaestiq, the U.S. distribution rights for Saypha fillers and secured FDA approval for Saypha MagIQ Injectable Hyaluronic Acid Gel under the Obagi Medical brand.
Milk Makeup's Net Revenue Grew 10% in Q2 2025
In Q2 2025, net revenue grew 10% to $31.6 million, compared to $28.7 million in Q2 2024. Adjusted EBITDA was $5.3 million, or 16.8% of net revenue.
In H1 2025, net revenue decreased 3.7% to $60.9 million, compared to $63.2 million in H1 2024. Adjusted EBITDA was $9.7 million, or 15.9% of net revenue.
Following a successful Q1 2025 rollout at Ulta Beauty, Milk Makeup expanded to Amazon Premium Beauty in Q2 2025 and continued to benefit from blockbuster innovations such as Hydro Grip Gel Tint.
Despite these strengths, the brand experienced softer consumption in international markets, which resulted in a year-on-year net revenue decline.
