Oddity Tech (ODD-US) & a personal note about the blog!

On a personal note…

I’ve taken up a new seat & will cease posting on the blog for the duration - It’s been an absolute blast posting and connecting with readers - I have met some genuinely really smart dudes on here that I remain in touch with.

I’ll still be active here so feel free to continue reaching out to chat names!

A trade summary of sorts below +133% YTD.

The long side of the book gave good returns; EOS-AU +515%, PNG-TSX +127%, MCE-AU +44%.

Short side of the book was circa breakeven. Only major losses were in RCAT-US. Gains were made in TLX-AU, APX-AU & ODD-US, discussed hereonin.

There is a big fat disclaimer at the rear of this post - read it. This is not financial advice, and is merely my honest and genuine analysis on the securities discussed.

Oddity Tech (ODD-US)

Dated: Aug 7, 2025. SP: $58 (now $51).

MC: $3.6bn. ADV: ~$85m.

Note: this note will be brief as it does not require extensive proof to reach a conclusion

This is one of those companies that takes you 5 minutes to realise it is total bullshit.

Oddity are an Israeli DTC cosmetic/beauty company trading predominantly through the Il Makiage brand. They report 97% online sales.

This the balance sheet year ended Dec 2024.

There are some issues here.

~$100m is a high number of inventory ~177 days for a DTC makeup brand (HIMS ~77).

Intangibles balance of $36m is low for a company doing $475m online sales pa.

PP&E of $9.2m is incredibly low when justified against ~40 retail stores in Israel, a head office in NYC, an R&D centre in Tel Aviv and a ‘lab’ in Boston.

The company tell you it does ~82% sales in the US.

The web traffic says otherwise.

The company claims it employs 489 individuals.

Linkedin says otherwise.

The company claims it does not sell to distributors

Yet in Australia you can purchase Il Makiage products from Woolworths, Harvey Norman, Big W. Check for yourself.

For those non-Australian readers, this is the equivalent of selling through Walmart.

Il Makiage Global LLP dissolved in 2018 had 2 LP members, both Panamaian shells. why?

The $76m 2023 acquisition of Revela “Molecular biology lab” to “bring pharma’s AI based molecule discovery technology to beauty and wellness.” is odd, further so when you consider nearly all Revela employees have left the company.

Evan was in such a rush out the door he forgot to line his next steps up!

I cannot see what, if anything was exchanged in this transaction.

As I’ve alluded to, I don’t think the reported financials are accurate and I am short the companies stock.

Once again, thanks to all readers of the blog.

Disclaimer:

This is a blog of my thoughts of some securities. It is not financial advice.
The information contained in this post is for informational and entertainment purposes only and should not be construed as financial, investment, or other professional advice. I may hold or trade positions in the securities discussed, and such positions may change at any time without notice. All opinions expressed are solely my own, based on publicly available information, and do not constitute a recommendation to buy, sell, or hold any security.