$WALD

Waldencast plc

CIK:0001840199|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Net revenue	$ 272,071	$ 273,868	$ 218,138
Cost of goods sold	89,053	82,124	76,561
Gross profit	183,018	191,744	141,577
Selling, general and administrative	247,984	245,297	223,508
Loss on impairment of goodwill	152,018	5,031	0
Gain on sale of trademark	(5,679)	0	0
Loss on acquisition	6,233	0	0
Total operating expenses	400,556	250,328	223,508
Total operating loss	(217,538)	(58,584)	(81,931)
Interest expense, net	25,094	17,155	18,906
Loss on extinguishment of debt	24,398	0	0
Change in fair value of derivative liabilities	(3,695)	(23,627)	10,337
Change in contingent consideration liabilities (Note 10)	(861)	0	0
Other (income) expense, net	(229)	(3,574)	1,769
Total other expenses (income), net	44,707	(10,046)	31,012
Loss before income taxes	(262,245)	(48,538)	(112,943)
Income tax (benefit) expense	(14,189)	110	(6,975)
Net loss	(248,056)	(48,648)	(105,968)
Net loss attributable to noncontrolling interests	(18,307)	(6,205)	(15,987)
Net loss attributable to Class A shareholders	$ (229,749)	$ (42,443)	$ (89,981)
Net loss per share attributable to Class A shareholders (Note 14):
Basic (in dollars per share)	$ (2.01)	$ (0.39)	$ (0.99)
Diluted (in dollars per share)	$ (2.01)	$ (0.39)	$ (0.99)
Shares used in computing net loss per share (Note 14):
Basic (in shares)	114,070,225	109,295,742	91,158,500
Diluted (in shares)	114,070,225	109,295,742	91,158,500
Other comprehensive (loss) income — foreign currency translation adjustments, net of tax	$ (684)	$ 450	$ (147)
Comprehensive loss	(248,740)	(48,198)	(106,115)
Comprehensive loss attributable to noncontrolling interests	(18,357)	(6,148)	(16,012)
Comprehensive loss attributable to Class A shareholders	$ (230,383)	$ (42,050)	$ (90,103)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (248,056)	$ (48,648)	$ (105,968)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	11,796	9,392	9,235
Depreciation and amortization	59,184	60,015	60,498
Non-cash lease expense	2,104	1,986	1,721
Paid-in-kind interest expense	2,680	0	0
Provision (recovery) for credit losses	165	(996)	0
Change in fair value of derivative warrant liabilities	(3,839)	(23,627)	10,337
Change in fair value on interest rate collar	0	0	106
Change in fair value of contingent consideration liabilities	(861)	0	0
Change in fair value of embedded derivative	144	0	0
Amortization of debt issuance costs	2,370	1,712	1,575
Amortization and release of related party liability	0	(5,856)	(4,058)
Loss on extinguishment of debt	24,398	0	0
Deferred income taxes	(17,444)	(1,185)	(7,021)
Loss on impairment of goodwill	152,018	5,031	0
Loss on acquisition	6,233	0	0
Gain on sale of trademark	(5,679)	0	0
Loss on impairment of right of use assets	0	0	3,643
Loss on disposal of equipment	0	112	62
Changes in operating assets and liabilities:
Accounts receivable	(2,696)	(3,158)	(2,071)
Related party accounts receivable	263	309	(816)
Inventories	(867)	2,580	(1,300)
Prepaid expenses	318	(2,236)	996
Other current assets and other assets	158	(377)	138
Accounts payable	(6,802)	(2,982)	4,382
Related party accounts payable	0	(18)	(354)
Operating lease liabilities	(3,002)	(2,677)	(2,560)
Other current liabilities and other liabilities	14,599	1,803	1,680
Net cash used in operating activities	(12,816)	(8,820)	(29,775)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditure on intangible assets	(237)	(304)	(455)
Capital expenditure on property and equipment	(3,430)	(2,708)	(1,591)
Proceeds from sale of trademark	82,500	0	0
Acquisition of Novaestiq	(2,605)	0	0
Cash received from interest rate collar premium	0	92	52
Net cash provided by (used in) investing activities	76,228	(2,920)	(1,994)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from PIPE investments	0	0	70,000
Payment of PIPE transaction costs	0	0	(1,068)
Proceeds from term loan, net of discount	396,063	0	0
Repayment of term loan	(405,343)	(8,750)	(8,777)
Proceeds from revolving credit facility, net of discount	44,325	15,000	35,000
Repayment of revolving credit facility	(60,000)	0	(49,117)
Proceeds from note payable	1,517	1,632	2,420
Repayment of note payable	(1,575)	(1,770)	(1,452)
Payment of debt issuance costs	(10,153)	0	0
Payment of debt termination fees	(11,604)	0	0
RSU taxes paid on behalf of employees	(451)	(530)	(1,473)
Distribution to pay withholding taxes	0	0	(1,204)
Net cash (used in) provided by financing activities	(47,221)	5,582	44,329
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	16,191	(6,158)	12,560
Effect of foreign exchange rates on cash and cash equivalents	(601)	(116)	(147)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Beginning of period	16,302	22,576	10,163
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - End of period	31,892	16,302	22,576
SUPPLEMENTAL CASH FLOW DATA – CASH PAID:
Interest	21,425	15,125	17,331
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Non-cash portion of distribution agreement acquired	29,781	0	0
Capital expenditures in accounts payable and accruals	219	146	318
Issuance of stock for acquisition	7,556	0	0
Contingent consideration (Equity classified)	21,881	0	0
Initial measurement of embedded derivatives	12,553	0	0
Accrued but unpaid debt issuance costs	1,000	0	0
Deferred tax liability on acquisition	6,482	0	0
Reconciliation of cash, cash equivalents and restricted cash. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
Cash and cash equivalents	30,379	14,802	21,089
Restricted cash	1,513	1,500	1,487
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$ 31,892	$ 16,302	$ 22,576

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS:
Cash and cash equivalents	$ 30,379,000	$ 14,802,000
Restricted cash	1,513,000	1,500,000
Inventories	54,609,000	53,104,000
Prepaid expenses	6,397,000	7,513,000
Other current assets	4,811,000	427,000
Total current assets	126,943,000	103,622,000
Property and equipment, net	6,240,000	5,831,000
Intangible assets, net	427,098,000	526,438,000
Goodwill	177,571,000	329,589,000
Right-of-use asset, net	7,735,000	9,839,000
Other non-current assets	574,000	541,000
TOTAL ASSETS	746,161,000	975,860,000
CURRENT LIABILITIES:
Current portion of operating lease liabilities	2,111,000	2,766,000
Current portion of long-term debt	771,000	29,479,000
Embedded derivative liabilities	11,833,000	0
Other current liabilities	40,367,000	19,560,000
Total current liabilities	74,547,000	76,892,000
Long-term debt, net	135,752,000	137,137,000
Derivative warrant liabilities	1,181,000	5,021,000
Long-term operating lease liabilities	10,377,000	12,724,000
Deferred income tax liabilities	3,082,000	14,044,000
Contingent consideration liabilities	21,020,000	0
Other non-current liabilities	104,000	105,000
TOTAL LIABILITIES	246,063,000	245,923,000
COMMITMENTS AND CONTINGENCIES (Note 17)
SHAREHOLDERS’ EQUITY:
Preferred shares, 25,000,000 shares authorized, $0.0001 par value, none issued and outstanding	0	0
Additional paid-in capital	981,197,000	951,260,000
Accumulated deficit	(518,953,000)	(289,204,000)
Accumulated other comprehensive (loss) income	(378,000)	251,000
TOTAL CONTROLLING SHAREHOLDERS’ EQUITY	461,879,000	662,319,000
Noncontrolling interest	38,219,000	67,618,000
TOTAL SHAREHOLDERS' EQUITY	500,098,000	729,937,000
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	746,161,000	975,860,000
Nonrelated Party
CURRENT ASSETS:
Accounts receivable, net	28,014,000	25,484,000
CURRENT LIABILITIES:
Accounts payable	19,465,000	25,087,000
Related Party
CURRENT ASSETS:
Accounts receivable, net	1,220,000	792,000
Class A Ordinary Shares
SHAREHOLDERS’ EQUITY:
Ordinary shares	12,000	11,000
Class B Ordinary Shares
SHAREHOLDERS’ EQUITY:
Ordinary shares	$ 1,000	$ 1,000