“Through the first nine months of the year, we delivered stable net revenue performance with contrasted results between the brands, while advancing our strategic priorities to drive our long-term growth,” said Michel Brousset, Waldencast (WALD) Founder and CEO. “In Q2 2025, our net revenue grew 5.6% year-over-year to $66.8 million and we delivered an Adjusted EBITDA Margin of 5.0%. In Q3 2025, our results reflected a contrasted performance across the portfolio. Performance at Obagi Medical continued to be supported by breakthrough innovation and the strengthening of the international business. Milk Makeup continued to grow consumption in the U.S. but faced a more challenging comparison against last year’s exceptionally successful launches, further impacted by softness in international markets.
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