Skip to main content

Beachbody (BODi) Reports First Quarter Financial Results and Announces New Three-Year $25 Million Committed Lending Agreement

Strengthens Balance Sheet with New Three-Year $25 Million Committed Lending Agreement

Revenues and Net Loss Better Than Guidance

Gross Margin of 71%-up 350bps over prior year

Adjusted EBITDA Better than Guidance

Sixth Consecutive Quarter of Positive Adjusted EBITDA

The Beachbody Company, Inc. (NYSE: BODI) (“BODi” or the “Company”), a leading fitness and nutrition company, today announced financial results for its first quarter ended March 31, 2025.

Carl Daikeler, BODi's Co-Founder and Chief Executive Officer, commented:

"Our first quarter results mark our first full quarter in our new business model and we are pleased to have exceeded our expectations. We continue to generate higher margin revenue streams, with first quarter gross margins at their highest level in five years. We have made significant progress in broadening our go to market strategy, opening new channels of distribution that were not previously available to us. This multi-channel opportunity will allow us to reach more of our addressable market while leveraging our cost structure."

“In addition, we are thrilled to announce a new lending agreement with Tiger Finance for a $25 million, 3-year committed loan facility that we executed on May 13, 2025. This financing allowed us to retire $17.3 million of outstanding debt on May 13, 2025 while also adding approximately $5 million of capital to our balance sheet. We are excited about our new partner Tiger Finance and their conviction with the BODi business plan over the next three years.”

"While we are pleased with our first quarter results, 2025 will be a transition year for the company and it will take time for our strategic initiatives to take hold. However, with our new business model in place, I am very excited about the opportunities to optimize our top-line potential, positioning us for long-term success."

First Quarter 2025 Results

  • Total revenue was $72.4 million compared to $120.0 million in the prior year period.
    • Digital revenue was $42.9 million compared to $61.5 million in the prior year period and digital subscriptions totaled 1.02 million in the first quarter.
    • Nutrition and Other revenue was $28.7 million compared to $55.5 million in the prior year period and nutritional subscriptions totaled 0.08 million in the first quarter.
    • Connected Fitness revenue was $0.8 million compared to $3.0 million in the prior year period and approximately 1,500 bikes were delivered in the first quarter.
  • Total operating expenses were $55.2 million compared to $92.1 million in the prior year period.
  • Operating loss improved by $7.1 million to $3.7 million compared to an operating loss of $10.8 million in the prior year period.
  • Net loss was $5.7 million compared to a net loss of $14.2 million in the prior year period.
  • Adjusted EBITDA1 was $3.7 million compared to $4.6 million in the prior year period.
  • Cash provided by operating activities for the three months ended March 31, 2025 was $2.3 million compared to cash provided by operating activities of $9.1 million in the prior year period, and cash used in investing activities was $0.7 million compared to cash provided by investing activities of $3.9 million in the prior year period. Free cash flow1 was $1.6 million compared to $7.4 million in the prior year period.

1Definitions of (1) Adjusted EBITDA, (2) free cash flow and (3) net cash position, and reconciliations to the comparable GAAP metrics, are at the end of this release.

New Lending Agreement

BODi today announced a $35.0 million, 3-year loan facility, which includes a $10.0 million uncommitted accordion. The Company borrowed $25.0 million on May 13, 2025 and used the proceeds to fully retire the $17.3 million of outstanding debt with Blue Torch Capital as of the repayment date of May 13, 2025, ahead of the February 2026 maturity date of that loan, and provided the Company approximately $5 million in additional capital on the balance sheet.

Key Operational and Business Metrics

 

 

For the Three Months Ended March 31,

 

 

 

2025

2024

Change v 2024

 

 

 

 

 

 

 

Digital Subscriptions (in millions)

 

1.02

1.22

(16.6%)

 

Nutritional Subscriptions (in millions)

 

0.08

0.15

(47.7%)

 

Total Subscriptions (in millions)

 

1.10

1.37

(20.0%)

 

 

 

 

 

 

 

Average Digital Retention

 

97.0%

95.7%

130bps

 

Total Streams (in millions)

 

20.7

25.6

(19.0%)

 

DAU/MAU

 

32.5%

33.2%

-70bps

 

 

 

 

 

 

 

Connected Fitness Units Delivered (in thousands)

 

1.5

3.5

(56.9%)

 

 

 

 

 

 

 

Digital

 

$42.9

$61.5

(30.2%)

 

Nutrition & Other

 

$28.7

$55.5

(48.4%)

 

Connected Fitness

 

$0.8

$3.0

(73.6%)

 

Revenue (in millions)

 

$72.4

$120.0

(39.7%)

 

Net Loss (in millions)

 

($5.7)

($14.2)

59.6%

 

Adjusted EBITDA (in millions)

 

$3.7

$4.6

(19.6%)

 

 

 

 

 

 

 

Outlook for The Second Quarter of 2025

 

 

Outlook For Quarter Ending June 30, 2025

 

 

 

 

Low

 

High

 

 

(in millions)

 

 

 

 

 

 

Revenue

 

$

51

 

$

61

 

 

 

 

 

 

 

 

 

Net Loss

 

$

(7

)

$

(3

)

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

Depreciation

 

$

2

 

$

2

 

 

Amortization of Content Assets

 

$

2

 

$

2

 

 

Interest Expense

 

$

1

 

$

1

 

 

Equity-Based Compensation

 

$

2

 

$

2

 

 

Other Adjustment Items

 

$

-

 

$

-

 

 

Total Adjustments

 

$

7

 

$

7

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

-

 

$

4

 

 

 

 

 

 

 

 

 

Conference Call and Webcast Information

BODi will host a conference call at 5:00pm ET on Wednesday, May 14, 2025, to discuss its financial results and matters other than past results, such as guidance. To participate in the live call, please dial (833) 470-1428 (U.S. & Canada) and provide the conference identification number: 063200. The conference call will also be available to interested parties through a live webcast at https://investors.thebeachbodycompany.com/.

A replay of the call will be available until May 21, 2025, by dialing (866) 813-9403 (U.S & Canada). The replay passcode is 709295.

After the conference call, a webcast replay will remain available on the investor relations section of the Company’s website for one year.

About BODi and The Beachbody Company, Inc.

Originally known as Beachbody, BODi has been innovating structured step-by-step home fitness and nutrition programs for 25 years such as P90X, Insanity, and 21-Day Fix, plus the first premium superfood nutrition supplement, Shakeology. Since its inception in 1999 BODi has helped over 30 million customers pursue extraordinary life-changing results. The BODi community represents millions of people helping each other stay accountable to goals of healthy weight loss, improved strength and energy, and resilient mental and physical well-being. For more information, please visit TheBeachBodyCompany.com.

Safe Harbor Statement

This press release of The Beachbody Company, Inc. (“we,” “us,” “our,” and similar terms) contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are statements other than statements of historical facts and statements in future tense. These statements include but are not limited to, statements regarding our future performance and our market opportunity, including expected financial results for the second quarter and full year, our business strategy, our plans, and our objectives and future operations.

Forward-looking statements are based upon various estimates and assumptions, as well as information known to us as of the date hereof, and are subject to risks and uncertainties. Accordingly, actual results could differ materially due to a variety of factors, including: our ability to effectively compete in the fitness and nutrition industries; our ability to successfully acquire and integrate new operations; our reliance on a few key products; market conditions and global and economic factors beyond our control; intense competition and competitive pressures from other companies worldwide in the industries in which we operate; and litigation and the ability to adequately protect our intellectual property rights. You can identify these statements by the use of terminology such as "believe", “plans”, "expect", "will", "should," "could", "estimate", "anticipate" or similar forward-looking terms. You should not rely on these forward-looking statements as they involve risks and uncertainties that may cause actual results to vary materially from the forward-looking statements. For more information regarding the risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements, as well as risks relating to our business in general, we refer you to the "Risk Factors" section of our Securities and Exchange Commission (SEC) filings, including those risks and uncertainties included in the Form 10-K filed with the SEC on March 28, 2025 and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, which are available on the Investor Relations page of our website at https://investors.thebeachbodycompany.com and on the SEC's website at www.sec.gov.

All forward-looking statements contained herein are based on information available to us as of the date hereof and you should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. We undertake no obligation to update any of these forward-looking statements for any reason after the date of this press release or to conform these statements to actual results or revised expectations, except as required by law. Undue reliance should not be placed on forward-looking statements.

The Beachbody Company, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

 

 

 

March 31,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents (restricted cash of $0.1 million at March 31, 2025 and December 31, 2024, respectively)

 

$

18,126

 

 

$

20,187

 

Restricted short-term investments

 

 

4,250

 

 

 

4,250

 

Inventory

 

 

13,480

 

 

 

16,303

 

Prepaid expenses

 

 

7,167

 

 

 

9,034

 

Other current assets

 

 

18,635

 

 

 

28,911

 

Total current assets

 

 

61,658

 

 

 

78,685

 

Property and equipment, net

 

 

10,661

 

 

 

12,749

 

Content assets, net

 

 

10,138

 

 

 

12,179

 

Goodwill

 

 

65,166

 

 

 

65,166

 

Right-of-use assets, net

 

 

2,804

 

 

 

3,063

 

Other assets

 

 

2,112

 

 

 

2,714

 

Total assets

 

$

152,539

 

 

$

174,556

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

8,173

 

 

$

9,534

 

Accrued expenses

 

 

19,573

 

 

 

24,982

 

Deferred revenue

 

 

69,819

 

 

 

77,273

 

Current portion of lease liabilities

 

 

1,352

 

 

 

1,338

 

Current portion of Term Loan

 

 

16,425

 

 

 

9,500

 

Other current liabilities

 

 

3,502

 

 

 

5,011

 

Total current liabilities

 

 

118,844

 

 

 

127,638

 

Term Loan

 

 

 

 

 

9,668

 

Long-term lease liabilities, net

 

 

1,675

 

 

 

1,973

 

Deferred tax liabilities

 

 

 

 

 

1

 

Other liabilities

 

 

7,985

 

 

 

7,106

 

Total liabilities

 

 

128,504

 

 

 

146,386

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.0001 par value; 100,000,000 shares

authorized, none issued and outstanding at March 31, 2025

and December 31, 2024

 

 

 

 

 

 

Common stock, $0.0001 par value, 1,900,000,000 shares

authorized (1,600,000,000 Class A, 200,000,000 Class X and

100,000,000 Class C);

 

 

 

 

 

 

Class A: 4,259,361 and 4,218,828 shares issued and

outstanding at March 31, 2025 and December 31,

2024, respectively;

 

 

1

 

 

 

1

 

Class X: 2,729,003 shares issued and outstanding

at March 31, 2025 and December 31, 2024,

respectively;

 

 

1

 

 

 

1

 

Class C: no shares issued and outstanding at

March 31, 2025 and December 31, 2024

 

 

 

 

 

 

Additional paid-in capital

 

 

673,357

 

 

 

671,735

 

Accumulated deficit

 

 

(649,266

)

 

 

(643,518

)

Accumulated other comprehensive loss

 

 

(58

)

 

 

(49

)

Total stockholders’ equity

 

 

24,035

 

 

 

28,170

 

Total liabilities and stockholders’ equity

 

$

152,539

 

 

$

174,556

 

The Beachbody Company, Inc.

Unaudited Condensed Consolidated Statements of Operations

(in thousands, except per share data)

 

 

 

Three months ended March 31,

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

Digital

 

$

42,911

 

 

$

61,506

 

Nutrition and other

 

 

28,653

 

 

 

55,512

 

Connected fitness

 

 

799

 

 

 

3,028

 

Total revenue

 

 

72,363

 

 

 

120,046

 

Cost of revenue:

 

 

 

 

 

 

Digital

 

 

6,211

 

 

 

12,862

 

Nutrition and other

 

 

13,451

 

 

 

22,284

 

Connected fitness

 

 

1,152

 

 

 

3,618

 

Total cost of revenue

 

 

20,814

 

 

 

38,764

 

Gross profit

 

 

51,549

 

 

 

81,282

 

Operating expenses:

 

 

 

 

 

 

Selling and marketing

 

 

30,970

 

 

 

59,261

 

Enterprise technology and development

 

 

12,596

 

 

 

17,717

 

General and administrative

 

 

11,657

 

 

 

13,483

 

Restructuring

 

 

 

 

 

1,644

 

Total operating expenses

 

 

55,223

 

 

 

92,105

 

Operating loss

 

 

(3,674

)

 

 

(10,823

)

Other income (expense):

 

 

 

 

 

 

Loss on partial debt extinguishment

 

 

 

 

 

(1,209

)

Change in fair value of warrant liabilities

 

 

(689

)

 

 

(724

)

Interest expense

 

 

(1,565

)

 

 

(1,875

)

Other income, net

 

 

225

 

 

 

477

 

Loss before income taxes

 

 

(5,703

)

 

 

(14,154

)

Income tax provision

 

 

(45

)

 

 

(62

)

Net loss

 

$

(5,748

)

 

$

(14,216

)

 

 

 

 

 

 

 

Net loss per common share, basic and diluted

 

$

(0.84

)

 

$

(2.10

)

Weighted-average common shares outstanding, basic and diluted

 

 

6,883

 

 

 

6,761

 

The Beachbody Company, Inc.

Unaudited Condensed Consolidated Statements of Cash Flows

(in thousands)

 

 

Three months ended March 31,

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(5,748

)

 

$

(14,216

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization expense

 

 

2,888

 

 

 

5,378

 

Amortization of content assets

 

 

2,729

 

 

 

4,540

 

Provision for inventory

 

 

146

 

 

 

635

 

Realized (gains) losses on hedging derivative financial instruments

 

 

 

 

 

64

 

Change in fair value of warrant liabilities

 

 

689

 

 

 

724

 

Equity-based compensation

 

 

1,726

 

 

 

4,365

 

Deferred income taxes

 

 

 

 

 

(3

)

Amortization of debt issuance costs

 

 

728

 

 

 

585

 

Paid-in-kind interest expense

 

 

154

 

 

 

214

 

Loss on partial debt extinguishment

 

 

 

 

 

1,209

 

Change in lease assets

 

 

259

 

 

 

(813

)

Gain on sale of property and equipment

 

 

 

 

 

(784

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Inventory

 

 

2,677

 

 

 

3,497

 

Content assets

 

 

(688

)

 

 

(1,831

)

Prepaid expenses

 

 

1,867

 

 

 

707

 

Other assets

 

 

10,985

 

 

 

4,084

 

Accounts payable

 

 

(1,310

)

 

 

(2,212

)

Accrued expenses

 

 

(5,597

)

 

 

(1,362

)

Deferred revenue

 

 

(7,369

)

 

 

4,907

 

Other liabilities

 

 

(1,794

)

 

 

(554

)

Net cash provided by operating activities

 

 

2,342

 

 

 

9,134

 

Cash flows from investing activities:

 

 

 

 

 

 

Purchase of property and equipment

 

 

(694

)

 

 

(1,699

)

Proceeds from sale of property and equipment

 

 

 

 

 

5,600

 

Net cash (used in) provided by investing activities

 

 

(694

)

 

 

3,901

 

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from exercise of stock options

 

 

47

 

 

 

 

Debt repayments

 

 

(3,625

)

 

 

(7,013

)

Tax withholding payments for vesting of restricted stock

 

 

(151

)

 

 

(206

)

Net cash used in financing activities

 

 

(3,729

)

 

 

(7,219

)

Effect of exchange rates on cash, cash equivalents, and restricted cash

 

 

20

 

 

 

(296

)

Net (decrease) increase in cash, cash equivalents, and restricted cash

 

 

(2,061

)

 

 

5,520

 

Cash, cash equivalents and restricted cash, beginning of period

 

 

20,187

 

 

 

33,409

 

Cash, cash equivalents, and restricted cash, end of period

 

$

18,126

 

 

$

38,929

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

Cash paid during the period for interest

 

$

645

 

 

$

1,111

 

Cash paid during the period for income taxes, net

 

 

7

 

 

 

29

 

Supplemental disclosure of noncash investing activities:

 

 

 

 

 

 

Property and equipment acquired but not yet paid for

 

$

331

 

 

$

453

 

The Beachbody Company, Inc.

Adjusted EBITDA

We use Adjusted EBITDA, which is a non-GAAP performance measure, to supplement our results presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). We believe Adjusted EBITDA is useful in evaluating our operating performance, as it is similar to measures reported by our public competitors and is regularly used by security analysts, institutional investors, and other interested parties in analyzing operating performance and prospects. Adjusted EBITDA is not intended to be a substitute for any GAAP financial measure and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.

We define and calculate Adjusted EBITDA as net income (loss) adjusted for depreciation and amortization, amortization of capitalized cloud computing implementation costs, amortization of content assets, interest expense, income tax provision, equity-based compensation, restructuring costs, and other items that are not normal, recurring, operating expenses necessary to operate the Company’s business as described in the reconciliation below.

We include this non-GAAP financial measure because it is used by management to evaluate BODi’s core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments. Adjusted EBITDA excludes certain expenses that are required in accordance with GAAP because they are non-cash (for example, in the case of depreciation and amortization and equity-based compensation) or are not related to our underlying business performance (for example, in the case of restructuring costs, interest income and expense).

The table below presents our Adjusted EBITDA reconciled to our net loss, the closest GAAP measure, for the periods indicated:

 

 

Three months ended March 31,

 

(in thousands)

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Net loss

 

$

(5,748

)

 

$

(14,216

)

Adjusted for:

 

 

 

 

 

 

Loss on partial debt extinguishment (1)

 

 

 

 

 

1,209

 

Depreciation and amortization

 

 

2,888

 

 

 

5,378

 

Amortization of capitalized cloud computing implementation costs

 

 

37

 

 

 

37

 

Amortization of content assets

 

 

2,729

 

 

 

4,540

 

Interest expense

 

 

1,565

 

 

 

1,875

 

Income tax provision

 

 

45

 

 

 

62

 

Equity-based compensation (2)

 

 

1,726

 

 

 

4,365

 

Restructuring and platform consolidation costs (3)

 

 

 

 

 

1,644

 

Change in fair value of warrant liabilities

 

 

689

 

 

 

724

 

Gain on sale of property and equipment

 

 

 

 

 

(784

)

Non-operating (4)

 

 

(218

)

 

 

(280

)

Adjusted EBITDA

 

$

3,713

 

 

$

4,554

 

1 Represents the loss related to the $1.0 million and $5.5 million partial debt prepayments that the Company made on January 9, 2024 and February 29, 2024, respectively.

2 Includes benefits due to the modification of stock awards of $0.9 million and $0.5 million for the three months ended March 31, 2025 and 2024, respectively.

3 Includes restructuring expense and personnel costs associated with key initiatives of $1.6 million during the three months ended March 31, 2024.

4 Primarily includes interest income.

The Beachbody Company, Inc.

Net Cash Position and Free Cash Flow

Net Cash Position

We use net cash position, which is a non-GAAP liquidity measure, to supplement our liquidity as presented in accordance with GAAP. We believe that net cash position is useful in viewing our liquidity, as it is similar to measures reported by our public competitors and is regularly used by security analysts, institutional investors, and other interested parties in analyzing liquidity. Net cash position is not intended to be a substitute for GAAP financial measures and, as calculated may not be comparable to other similarly titled measures of liquidity for other companies in other industries or within the same industry.

The table below presents our net cash position, which is our cash and cash equivalents less the debt on our balance sheet for the periods indicated:

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

18,126

 

 

$

20,187

 

Less:

 

 

 

 

 

 

Current portion of Term Loan

 

 

16,425

 

 

 

9,500

 

Term Loan

 

 

 

 

 

9,668

 

Net cash position

 

$

1,701

 

 

$

1,019

 

 

 

 

 

 

 

 

Free Cash Flow

We use free cash flow, which is a non-GAAP liquidity measure, to supplement our cash provided by (used in) operating activities as presented in accordance with GAAP. We believe that free cash flow is useful in evaluating our liquidity, as it is similar to measures reported by our public competitors and is regularly used by security analysts, institutional investors, and other interested parties in analyzing liquidity. Free cash flow is not intended to be a substitute for GAAP financial measures and, as calculated may not be comparable to other similarly titled measures of liquidity for other companies in other industries or within the same industry.

The table below presents our free cash flow, which is our net cash provided by (used in) operating activities less cash used for the purchase of property and equipment for the periods indicated:

 

 

Three months ended March 31,

 

(in thousands)

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

$

2,342

 

 

$

9,134

 

Less:

 

 

 

 

 

 

Cash used in the purchase of property and equipment

 

 

694

 

 

 

1,699

 

Free cash flow

 

$

1,648

 

 

$

7,435

 

 

 

 

 

 

 

 

 

Contacts

Stock Quote API & Stock News API supplied by www.cloudquote.io
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms Of Service.