Waldencast H1 2026: Revenue Plunges 57%, $52M Goodwill Impairment, But $139M Cash After Obagi Sale
WALD sits 47% above its 52-week low of $0.72.
Summary
Waldencast reported H1 2026 results showing Milk Makeup revenue down 57% and a $52M goodwill impairment, offset by a debt-free balance sheet with $139M cash after the Obagi sale.
Updates
· Wiseek News — Obagi sale completed for up to $460M; $178.4M debt repaid; $52.3M goodwill impairment; plans Nasdaq delisting.
Key Events · Earnings and Guidance · WALD
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Milk Makeup Revenue Collapses 57%
Net revenue from continuing operations fell to $26.1 million in H1 2026 from $60.9 million a year earlier, driven by softer consumer demand, a gap in the innovation calendar, and elevated retailer inventory.
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$52.3M Goodwill Impairment Charge
The company recorded a non-cash goodwill impairment of $52.3 million against the Milk Makeup reporting unit, reducing goodwill to $62.8 million, following a $20.0 million impairment in H1 2025.
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Adjusted EBITDA Swings to Negative $23.2M
Consolidated Adjusted EBITDA from continuing operations was $(23.2) million versus $0.02 million in H1 2025, with Milk Makeup Adjusted EBITDA at $(14.8) million compared to $9.7 million a year ago.
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Debt-Free Balance Sheet with $138.6M Cash
After closing the Obagi Medical sale on July 30, 2026, Waldencast repaid $178.4 million of debt and held $138.6 million in cash as of August 31, 2026, providing runway for the Milk Makeup turnaround.
Analysis · WALD · Industrial Applications And Services
Waldencast's first-half 2026 results reveal a sharply deteriorating core business: Milk Makeup revenue fell 57.1% to $26.1 million, the company recorded a $52.3 million non-cash goodwill impairment, and Adjusted EBITDA swung to negative $23.2 million from breakeven a year ago. The silver lining is the balance sheet — the Obagi Medical sale closed July 30, leaving $138.6 million in cash and zero debt, which funds the turnaround. Management is betting on a rebuilt leadership team, a relaunched Sticks franchise, and a five-year goal to double revenue. The stock trades at $1.06 with delisting from Nasdaq expected October 2, making this a pivotal disclosure for remaining shareholders.
How filings like this one have moved
In the 30 days to Nov 2, 2026, 40.4% of the 1069 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.35%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, WALD was trading at $1.06 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $138.6M. The 52-week trading range was $0.72 to $3.22. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.