NASDAQ: OLPX

Our Products

OLAPLEX’s products are designed to provide a holistic hair health regimen, from root to tip. From our origins of creating the bond-building space, our product portfolio has expanded to approximately 30 products that support the hair health needs of our Pro and consumer communities. We seek to develop science-based and technology-forward products that service foundational hair health. Recognizing that hair health starts inside the hair, we utilize our patent-protected bond-building technology, Bis-amino, which works on the molecular level to repair the hair’s disulfide bonds. Leveraging our Bis-amino technology, our two-part salon and at home bond-building treatments are complete bond builders that can repair all three main chemical bonds deep inside the hair: hydrogen, ionic and disulfide bonds. In 2024, we introduced the first in-salon service for repairing and shaping curls with another first to market innovation - our patent-protected OLAPLEX Bond Shaping Technology™ - a proprietary peptide that penetrates deep into the hair to strengthen, rebuild, and reform curl-shaping disulfide bonds. These products and in-salon treatments are complemented by our broader product portfolio that seeks to provide a holistic healthy hair regimen by furthering its strength and elasticity, shine and sheen, smoothness and anti-frizz, softness and moisturization, and shape retention and integrity. We believe that our product offerings support our interconnected Pro and consumer communities and create demand for our products across our omnichannel distribution network.

We strive to continue to break ground in the prestige haircare category with our Pro-first and consumer-centric innovation strategy. We have rebuilt our innovation engine, strengthened our product development process and enhanced our product pipeline, which we believe will allow us to continue to introduce breakthrough science while expanding our product portfolio. Our 2025 product innovations aimed to balance expansion within existing categories where we have strong market share with entry into fast-growing niche segments that we believe are underpenetrated by both OLAPLEX and the beauty industry generally. Within wash care, where we have strong market share, we launched No. 4FINE and No. 5FINE Bond Maintenance® Shampoo and Conditioner, which use customized formulations designed to optimize hair health for consumers who have fine hair. Additionally, we launched No. 0.5 Scalp Longevity Treatment, which marked our entry into one of the fastest-growing niches in the prestige haircare category. We also launched two hair masks, our Rich Hydration Mask and Weightless Nourishing Mask, utilizing our proprietary technology to introduce innovation that extends hydration and strengthens hair through five washes. In August 2025, we acquired Purvala Bioscience, Inc. (“Purvala”), a Boston-based biotechnology company, which seeks to develop transformative bioinspired technologies with applications across the health and beauty industries. With our acquisition of Purvala and our strengthened internal innovation engine, we seek to create the next generation of disruptive science-backed product innovation, and we expect to launch at least two to three innovations annually over the coming years. We intend to focus on developing or acquiring proprietary new technologies, building on existing technology platforms, and exploring adjacent categories in haircare and other categories.

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In the Salon

Pros are the heart of our brand. Consumers rely on trusted professional hairstylists to address their hair health needs, from bond repair and beyond. Our Pro-only treatments and salon products allow our Pros to provide technical services that achieve a better end result and enable those styles supported by a base of healthy hair. To align with their in-salon technical services, Pros can select differentiated at-home solutions to enable their clients to maintain healthy hair between salon visits. Further, Pros can select customized OLAPLEX wash care routines for their clients, allowing clients to take the products used at the salon home to use in the shower. Finally, Pros introduce clients to our styling products, allowing clients to enhance their hair style at home.

At Home

Our consumers rely on our at-home products to support their hair health routine. Our at-home product regimen starts with our products aimed at creating a foundation of healthy hair. Next, consumers can customize their own wash care routine by selecting specialized wash care products based on their hair health needs. Finally, our differentiated after shower and styling products allow consumers to amplify their results. Consumer interest in and familiarity with OLAPLEX products drives conversations with their professional hairstylists regarding our products and brand, contributing to the interconnectedness of these communities in creating a healthy hair regimen.

Our Brand

OLAPLEX is a foundational health and beauty company inspired by the Pro and powered by breakthrough innovation. Our marketing strategy seeks to celebrate the passion and creativity of our Pros, as well as our breakthrough scientific innovations and technologies. Our marketing model is focused on elevating our brand and implementing a 360 degree, full funnel marketing strategy that is tailored to the unique characteristics of our omnichannel platform. We seek to engage consumers and build brand equity through digital and social media advocacy, experiential marketing and leveraging our relationships with brand ambassadors and influencers. In addition, we intend to enhance our educational resources and incorporate education through our full marketing ecosystem to empower our Pros directly with product knowledge and other support.

In fiscal year 2026, we are introducing a refreshed visual identity for our product packaging that seeks to elevate our packaging design to reflect our brand identity. We plan to implement our refreshed packaging across our product portfolio in a phased manner.

Our Market

OLAPLEX products are designed to provide consumers with a hair health regimen that can be customized for particular hair types and textures, allowing our products to appeal to a broad range of consumers in the prestige haircare category. Haircare is a large market that we believe presents significant opportunities for growth. According to Euromonitor, in 2024, consumers spent an estimated $93 billion globally on retail haircare products, with consumer retail spend anticipated to grow at a compound annual growth rate of approximately 6% from 2024 to 2029. Within the broader retail haircare market, OLAPLEX operates in the fastest growing category of premium haircare (which we refer to herein as “prestige haircare”), which Euromonitor forecasts will grow at a compound annual growth rate of approximately 7% globally from 2024 to 2029, as consumers “trade up” and increase their haircare spending as they experience the benefits of higher quality products. According to Circana, in the United States, OLAPLEX's home market, prestige haircare sales were $4.9 billion in 2025, an increase of 8% compared to 2024. In addition, consumers are estimated to spend over $200 billion globally on salon haircare services annually. Consumer spend on salon haircare services drives the market for Pros to spend on haircare products for use in the salon.

We believe there is substantial long-term opportunity to grow globally, focusing on our key markets. Our priority international regions are currently key markets in Europe and Asia, which we serve either directly or through distributors.

In 2025, we began executing a systematic market-by-market reset of our international distribution network that follows a three-tiered approach: distributor-led priority markets, OLAPLEX direct investment markets, and light-touch distributor markets. This three-tiered approach prioritizes investments designed to meet the unique characteristics of each market and allows us to focus our investments on the countries that we believe offer the greatest growth potential while providing the tools and direction needed for consistent brand and business execution around the world.

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Our Channels

We believe that a key differentiator of OLAPLEX is our synergistic omnichannel strategy. Our three sales channels, professional, specialty retail, and direct-to-consumer (“DTC”), work together to reinforce relationships with current customers and introduce our products to an expanded potential customer base.

We seek to build and maintain strong customer relationships globally. Our products were sold in more than 60 countries across the world in 2025. During the year ended December 31, 2025, one of our customers represented 18% of our total net sales. During the year ended December 31, 2024, three of our customers represented 39% of our total net sales, in aggregate. During the year ended December 31, 2023, two of our customers represented 21% of our total net sales, in aggregate. In 2025, approximately 48% of our net sales were generated in the U.S. and approximately 52% of our net sales were international, based on the shipping address on record for the customer purchasing our products. The majority of net sales are transacted in U.S. Dollars, our functional and reporting currency.

Professional Channel Rooted in our Pro Community, the Foundation of OLAPLEX

Our Pro community has been at the center of our brand since inception. In our professional channel, our products are sold primarily through beauty supply distributors who then sell those products to professional beauty outlets, such as professional beauty supply stores, salons and licensed Pros, for use in the salon or for Pros to sell to consumers for use at home. In 2025, we sold our products through over 110 professional distributors. Where permitted by law, our international distributors generally may only sell our products to professional beauty outlets in specific territories, with some having the exclusive right to sell our products in the territory. Our agreements with professional beauty distributors also typically contain minimum purchase and sell-through requirements and prohibit the distributor from selling products deemed competitive with ours.

Specialty Retail Channel Focused on Reaching Consumers

Our specialty retail channel includes specialty retailers with online and/or brick and mortar presences, where we further build our brand by reinforcing our relationship with current consumers and accessing new consumers. Many of our primary customers are preeminent retailers in the beauty industry. In 2025, we sold our products through over 65 retailers in more than 20 countries throughout the world.

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DTC Channel Leveraging our Digital Capabilities

We sell our products directly to consumers through our branded website, Olaplex.com, and third-party e-commerce platforms, including Amazon and pure play beauty and wellness partners. Our branded website provides our customers with the full OLAPLEX brand experience and is an important educational tool for Pros and our customers to learn about our products.

Supply Chain and Global Distribution Network

We believe that we have developed a flexible and resilient third-party supply chain that is capable of supporting long-term growth at scale. A core tenet of our supply chain strategy is leveraging strong relationships with our manufacturers and logistics partners to create an expansive supply network that is designed to provide ample capacity without requiring significant additional capital investment. We work closely with our suppliers to ensure that their quality management systems meet applicable quality and regulatory requirements. We have a comprehensive process for inbound inspection of components and finished goods, and we collaborate with our contract manufacturers and third-party logistics providers to confirm that finished products meet our quality standards.

Our finished products are manufactured by third-party manufacturers located in the U.S. and Europe. Cosway Company Inc. (“Cosway”) manufactured products that accounted for 54% of our net sales and 52% of our inventory product purchases in 2025.

We utilize third parties with key operational facilities located inside and outside the U.S. to warehouse and distribute our products for sale throughout the world. We believe that our manufacturing and distribution network is sufficient to meet anticipated demand. In addition, we have disaster recovery programs in place with certain of our key suppliers that allow for shifting of manufacturing capacity if necessary to account for disruptions due to natural disasters and other events outside of our or their control. We continue to implement improvements in capacity, technology, resiliency, and productivity and to align our manufacturing and distribution capabilities with anticipated regional and international sales demand and expansion of our customer base in targeted geographies.

Seasonality

Our revenues typically are slightly higher in the second half of the fiscal year due to increased levels of purchasing by consumers and retailers for the end of year holiday selling season. However, fluctuations in net sales in any fiscal quarter may be attributable to a number of other factors, including macroeconomic factors, competitive activity, the level and scope of new product introductions or promotional and planning activities undertaken by us or our customers, which may impact the timing of purchases or order placement.

Competition

There is significant competition within each market where our products are sold. Competition in the beauty industry is based on a variety of factors, including innovation, product efficacy, pricing, brand recognition and loyalty, service to the consumer, distribution, promotional activities, advertising, special events, new product introductions, e-commerce initiatives, sustainability and other activities. We compete against a number of global and local companies who operate in the prestige haircare category. Some of our competitors are large multinational companies, many of which market and sell their haircare products under multiple brands across different price tiers. Our competitors include Estee Lauder, Henkel AG & Co. KGaA, Kao Corporation, L’Oreal S.A., Procter & Gamble and Unilever. In addition, small independent companies continue to enter the market with new brands and customized product offerings. Certain of our competitors also have ownership interests in third parties that are our customers.

We believe we have a well-recognized and strong reputation within the beauty industry, from our customers to the end-consumer, and that the quality and performance of our products, our emphasis on science-based innovation, our asset-light operating model, and our engagement with our Pro and consumer communities position us to compete effectively.

Intellectual Property

We own patents, trademarks, copyrights, and other intellectual property rights that support key aspects of our brand and products. We strategically pursue available protections of these rights and vigorously protect and enforce them against third-party theft and infringement.

Our flagship trademark is OLAPLEX. We seek to register our OLAPLEX mark in all jurisdictions where we do business. We also have other trademark registrations and pending trademark applications for certain of our product names and tag lines.

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In addition, as of December 31, 2025, we owned over 180 issued patents worldwide, including 20 U.S. patents, and over 35 pending patent applications worldwide. Our patent portfolio includes patent families with approximately 100 granted patents worldwide that include claims that cover Olaplex's product line and claims that cover other haircare, nail and skincare products that utilize similar mechanisms to Olaplex's proprietary technology. The patents in these families are generally expected to expire between 2034 and 2041, absent any term extension. Any additional patents that grant from pending applications in these patent families would also be expected to expire between 2034 and 2041.

We also rely on and use commercially reasonable measures to protect our unpatented proprietary technology, which includes our expertise and product formulations, continuing innovation and other know‐how to develop and maintain our competitive position.

For more information, see “Risk Factors - Risks Related to Intellectual Property Matters” included in Part I, Item 1A of this Annual Report.

Commitment to Social and Environmental Consciousness

We believe our responsibility extends beyond our products. We continue to evaluate the impact we have on our environment and communities in an effort to further integrate sustainability and social impact into our strategy and business operations.

Environmental Sustainability

Our products are formulated without Parabens, Sodium Lauryl Sulfate “SLS”, Sodium Lauryl Ether Sulfate “SLES”, Phthalates, Formaldehyde releasers, Mineral oil and Petrolatum and are certified as “cruelty free” by the Leaping Bunny Program. Since our early days, we have focused on limiting the use of secondary product packaging, and as a result of these efforts, we have avoided using secondary paper packaging for the majority of our products. For our products and kits that do use secondary paper packaging, the paper cartons we currently use are Forest Stewardship Council (FSC) certified. We are focused on increasing packaging circularity and the use of sustainably sourced materials in our packaging.

Diversity, Equity and Inclusion

We believe there is unity in diversity, and our mission is to create a culture that celebrates our bonds by embracing, elevating and empowering individuals from all backgrounds. It is important that our employees reflect the diversity of our Pro and consumer communities, and our focus on diversity, equity and inclusion remains a key factor in both our consumer strategy and internal culture. Our current Olaplex employees include former Pros whose unique perspectives and insights have helped us better understand our diverse consumer base and what matters to them. We are proud to have a diverse workplace environment where 78% of our U.S.-based employees identified as female and 37% identified as non-white as of December 31, 2025. Additionally, seven of the eleven members of our board of directors (the “Board of Directors”) and the majority of our leadership team identify as female. We know through experience that different ideas, perspectives and backgrounds create a stronger and more creative work environment that can deliver better results.

Supporting Small Businesses

We are invested in the success of our Pro community as their businesses grow alongside ours. Currently, we believe that the majority of our salon community is made up of small businesses and/or Pros who identify as female, and a meaningful percentage of our Pros identify as racial or ethnic minorities.

Employees and Human Capital Resources

Employees

As of December 31, 2025, Olaplex employed 278 employees and leveraged contractors to supplement work in key areas. We do not have any employees governed by a union. We utilize professional employer organizations (“PEOs”), who serve as our employers of record and, depending on the jurisdiction, administer certain of our human resources, payroll and employee benefits functions.

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Culture

We believe our commitment to our heritage in the prestige haircare category and encouragement of our employees to bring their whole self to work has created a culture that is paramount to our success. We are passionate about what we do, how our products impact lives and what our brand means to our community.

To support our community, a dedicated team of Olaplex employees serve as “Bond Builders,” who volunteer to lead employee engagement activities across a variety of important topics including product education, community and outreach, team building, mental health and wellness, and diversity, equity and inclusion.

Compensation and Benefits

Our compensation philosophy is to provide a combination of compensation and benefits that attract, retain and motivate talented employees. Our compensation philosophy is informed by the market and tied to the delivery of results. We are also committed to providing comprehensive health and wellness benefit solutions that allow our employees and their families to live healthier and more secure lives. We aim to provide development opportunities for our talented workforce through a number of avenues, including on-the-job learning and classroom training, which are further supported by a professional development reimbursement program and an educational assistance plan.

Government Regulation

We and our products are subject to various federal, state and local laws and regulations, including regulation in the United States by the Food and Drug Administration (“FDA”) and the Federal Trade Commission (“FTC”), as well as regulation outside the United States by the European Commission, among others. These laws and regulations principally relate to ingredients, proper labeling, advertising, packaging, marketing, manufacture, safety, shipment and disposal of our products, as well as environmental matters.

In the U.S., our products are considered “cosmetics” under the Federal Food, Drug, and Cosmetic Act (“FDCA”). The labeling of cosmetic products is subject to the requirements of the FDCA, the Fair Packaging and Labeling Act, the Poison Prevention Packaging Act and other FDA regulations. Cosmetics are not subject to pre-market approval by the FDA. However, certain ingredients, such as color additives, must be pre-approved for the specific intended use of the product and are subject to certain restrictions on their use. FDA regulations also prohibit or otherwise restrict the use of certain types of ingredients in cosmetic products. If a company has not adequately substantiated the safety of its products or ingredients, then a specific warning label is required. The FDA may, by regulation, require other warning statements on certain cosmetic products for specified hazards associated with such products.

In addition, the FDA requires that cosmetic labeling and claims be truthful and not misleading. Moreover, cosmetics may not be marketed or labeled for their use in treating, preventing, mitigating, or curing disease or other conditions or in affecting the structure or function of the body, as such claims would cause the products to be drugs and subject to regulation as drugs. The FDA has issued warning letters to cosmetic companies alleging improper drug claims regarding their cosmetic products. In addition to FDA requirements, the FTC and state consumer protection laws and regulations can subject a cosmetics company to a range of requirements and theories of liability, including similar standards regarding false and misleading product claims, under which FTC or state enforcement or class-action lawsuits may be brought.

The Modernization of Cosmetics Regulation Act (“MoCRA”), signed into law on December 29, 2022, will expand the FDA’s regulatory oversight of cosmetics as its provisions become effective. MoCRA requires, among other things, that manufacturers of cosmetics products report serious adverse events associated with their cosmetic products to the FDA. It further requires manufacturers to register their facilities and brands, list their cosmetic products with the FDA and renew these listings annually, maintain for FDA review records demonstrating adequate substantiation of cosmetic product safety, and comply with Good Manufacturing Practice (“GMP”) regulations for cosmetic products, although the FDA is still developing and promulgating rules and regulations to implement these requirements. MoCRA also grants the FDA authority to issue mandatory recalls of cosmetic products that pose a risk of serious adverse health consequences.

The FDA monitors compliance of cosmetic products through reports it receives about adverse events, other market surveillance and inspection of cosmetic manufacturers and distributors to ensure that the products are not manufactured under insanitary conditions or labeled in a false or misleading manner. Inspections also may arise from consumer or competitor complaints filed with the FDA. In the event the FDA identifies any violation of FDA regulation impacting the safety of a product, the FDA may request or a manufacturer may independently decide to conduct a recall or market withdrawal of such product or to make changes to its manufacturing processes, product formulations or labels.

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The FTC also regulates and can bring enforcement action against cosmetic companies for deceptive advertising and lack of adequate scientific substantiation for claims. The FTC requires that companies have a reasonable basis to support marketing claims. What constitutes a reasonable basis can vary depending on the strength or type of claim made, or the market in which the claim is made, but objective evidence substantiating the claim is generally required.

In the European Union (“E.U.”), the sale of cosmetic products is regulated under, amongst other laws, the E.U. Cosmetics Regulation (EC) No 1223/2009 (the “E.U. Cosmetics Regulation”), which provides the general regulatory framework for finished cosmetic products placed on the E.U. market, and the E.U. REACH Regulation (EC) No 1907/2006 (the “E.U. REACH Regulation”). The overarching requirement of the E.U. Cosmetics Regulation is that a cosmetic product made available on the E.U. market must be safe for human health when used under normal or reasonably foreseeable conditions of use, taking account of the following: (a) presentation including conformity with Directive 87/357/EEC regarding health and safety of consumers; (b) labelling; (c) instructions for use and disposal; (d) any other indication or information provided by the responsible person; and (e) the maintenance of a product safety report.

Generally, there is no requirement for pre-market approval of cosmetic products in the European Union. However, manufacturers are required to notify their products via the centralized E.U. cosmetic products notification portal. Manufacturers are responsible for safety of their marketed finished cosmetic products and must undergo an appropriate scientific safety assessment before cosmetic products are sold. The E.U. Cosmetics Regulation requires the manufacture of cosmetic products to comply with cosmetic GMPs, which is presumed where the manufacture is in accordance with the relevant harmonized standards. In addition, text, names, trademarks, pictures and figurative or other signs used in the labelling and advertising of cosmetic products cannot imply that these products have characteristics or functions they do not actually have. Any product claims in labelling must be capable of being substantiated.

The E.U. Cosmetics Regulation has been retained in U.K legislation, subject to certain amendments, and is applicable to Great Britain (England, Scotland and Wales) and Northern Ireland. Such amendments include notification of cosmetic products made available to consumers in Great Britain to the Office for Product and Safety Standards and the requirement to have a responsible person established in the U.K.

The E.U. REACH Regulation aims to, amongst other things, ensure the safe use of chemicals, including chemicals used in cosmetic products. Chemical substances must be registered at the European Chemicals Agency (“ECHA”), and the ECHA has certain legal powers and duties to review registration dossiers for regulatory compliance. Bis-amino is registered under the E.U. REACH Regulation.

We rely on expert consultants and our responsible person(s) for our E.U. and U.K. product registrations and review of our labelling for compliance with regulations in the E.U. and the U.K.

We are also subject to a number of federal, state, local and international laws and regulations involving consumer privacy and data protection, data security, content, intellectual property, distribution, electronic contracts and other communications, competition, protection of minors, consumer protection, telecommunications, product liability, taxation, economic or other trade prohibitions or sanctions and online payment services. Many of these laws and regulations are still evolving and being tested in courts, and may be subject to significant change.

Available Information

Our Internet address is www.Olaplex.com. Our website and the information contained on, or that can be accessed through, the website will not be deemed to be incorporated by reference in, and are not considered part of, this Annual Report. Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, current reports on Form 8-K, including exhibits, proxy and information statements and amendments to those reports filed or furnished pursuant to Sections 13(a), 14, and 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are available through the “Investors” portion of our website free of charge as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. In addition, our filings with the SEC may be accessed through the SEC’s Interactive Data Electronic Applications system at http://www.sec.gov. All statements made in any of our securities filings, including all forward-looking statements or information, are made as of the date of the document in which the statement is included, and we do not assume or undertake any obligation to update any of those statements or documents unless we are required to do so by law.