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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Waldencast
Waldencast (WALD) investor relations material
Waldencast has been delisted
Waldencast Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary28 Sep, 2026
Executive summary
Completed sale of Obagi Medical for up to $460 million, marking a strategic shift to focus solely on Milk Makeup.
Fully repaid $178.4 million in debt, significantly strengthening the balance sheet.
Announced voluntary delisting from Nasdaq and plans to trade over-the-counter under the ticker “MLKM.”
Leadership team rebuilt, with new executives across creative, finance, marketing, and operations.
Financial highlights
Net revenue from continuing operations for H1 2026 was $26.1 million, down 57.1% year-over-year.
Net loss from continuing operations increased 96.5% to $94.9 million.
Adjusted EBITDA from continuing operations was $(23.2) million, compared to $0.02 million in H1 2025.
Gross margin declined to 53.7% from 67.3% year-over-year; excluding non-recurring costs, gross margin would have been 61.3%.
Cash and cash equivalents from continuing operations rose to $138.6 million as of August 31, 2026, post-Obagi sale.
Outlook and guidance
Targeting to double 2025 revenue over the next five years and achieve mid-20s Adjusted EBITDA margin once scale is restored (not formal guidance).
Focused on restoring growth through core consumer engagement, innovation, and retail execution.
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Latest events from Waldencast
- Flat revenue, lower EBITDA, Obagi growth, Milk Makeup decline, and major debt reduction.WALD
Q4 2025 - All directors and the auditor were reappointed by large majorities; no questions raised.WALDAGM 2026
- Q3 net revenue rose 30.8% with strong margin expansion and robust brand growth.WALDQ3 2024
- Q2 2024 revenue and margins surged, with both brands outpacing market growth and guidance raised.WALDQ2 2024
- Scaling high-growth beauty brands with strong margins and global expansion in a resilient market.WALDCanaccord Genuity 44th Annual Growth Conference & Private Company Showcase 2024
- Q1 net sales up 21%, margins improved, and innovation plus global expansion fuel future growth.WALDTD Cowen’s 8th Annual Future of the Consumer Conference
- Sales accelerate on innovation and global expansion, with margins and liquidity remaining strong.WALDOppenheimer's 24th Annual Consumer Growth and E-Commerce Conference
- Net revenue and EBITDA surged in 2024, with both brands driving margin and market outperformance.WALDQ4 2024
- Rapidly scaling beauty platform achieves high growth and margins through brand-focused strategy.WALD27th Annual ICR Conference 2025
Waldencast
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Frequently asked questions
Waldencast plc is a global investment company focused on building and scaling premium beauty and wellness brands. The company partners with and invests in businesses within the beauty and personal care sectors, helping them grow through strategic guidance and operational support. The company is headquartered in White Plains, New York, and its shares are listed on the Nasdaq.