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Beachbody (BODi) Reports Second Quarter Financial Results

Revenues Better Than Guidance

Gross Margin of 72%-up 300bps over prior year

Net Loss Within Guidance

Adjusted EBITDA Better Than Guidance

Seventh Consecutive Quarter of Positive Adjusted EBITDA

EL SEGUNDO, Calif.--(BUSINESS WIRE)-- The Beachbody Company, Inc. (NYSE: BODi) (鈥淏ODi鈥� or the 鈥淐ompany鈥�), a leading fitness and nutrition company, today announced financial results for its second quarter ended June 30, 2025.

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

鈥淥ur better than expected results reflect that the strategic decisions that we have made during our transformation are working. We have significantly reduced our breakeven levels, generated free cash flow for the first half of 2025 and recorded our seventh consecutive quarter of positive adjusted EBITDA. We are now evolving our marketing and distribution models to reach more people with compelling solutions that will significantly broaden our market opportunities. With our dramatically improved cost structure and our strong portfolio of some of the most recognized brands in fitness and nutrition, we will continue to optimize our new agility and efficiencies while developing an exciting product pipeline that we will introduce into new distribution channels that were previously unavailable to us."

"Looking ahead, we have a line of sight to achieving positive free cash flow for the full year 2025 for the first time since 2020, marking an important milestone in our company's transformation. We are confident in our direction and encouraged by our progress, while we remain focused on the disciplined execution to position BODi for long-term success.鈥�

Second Quarter 2025 Results

• Total revenue was $63.9 million compared to $110.2 million in the prior year period.
  • Digital revenue was $39.7 million compared to $58.8 million in the prior year period and digital subscriptions totaled 0.94 million in the second quarter.
  • Nutrition and Other revenue was $24.2 million compared to $50.1 million in the prior year period and nutritional subscriptions totaled 0.07 million in the second quarter.
  • Connected Fitness revenue was $0.1 million compared to $1.3 million in the prior year period as we ceased the sale of bike inventory in the first quarter of 2025.
• Total operating expenses were $50.2 million compared to $85.9 million in the prior year period.
• Operating loss improved by $5.5 million to $4.0 million compared to an operating loss of $9.5 million in the prior year period.
• Net loss was $5.9 million, which included $2.5 million of restructuring related costs, compared to a net loss of $10.9 million in the prior year period.
• Adjusted EBITDA¹ was $4.6 million compared to $4.9 million in the prior year period.
• Cash provided by operating activities for the six months ended June 30, 2025 was $6.6 million compared to cash provided by operating activities of $8.2 million in the prior year period, and cash used in investing activities was $2.5 million compared to cash provided by investing activities of $2.7 million in the prior year period. Free cash flow¹ was $4.1 million compared to $5.3 million in the prior year period.

The prior year periods do not reflect the impact of the pivot in our business model that the Company announced on September 30, 2024 and executed in the fourth quarter of 2024, so results are not directly comparable with the prior periods.

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.

Key Operational and Business Metrics

Outlook for The Third Quarter of 2025

Conference Call and Webcast Information

BODi will host a conference call at 5:00pm ET on Tuesday, August 5, 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: 327708. The conference call will also be available to interested parties through a live webcast at .

A replay of the call will be available until August 12, 2025, by dialing (866) 813-9403 (U.S & Canada). The replay passcode is 843571.

After the conference call, a webcast replay will remain available on the investor relations section of the Company鈥檚 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. (鈥渨e,鈥� 鈥渦s,鈥� 鈥渙ur,鈥� 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", 鈥減lans鈥�, "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 and on the SEC website at .

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.
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鈥檚 business as described in the reconciliation below.

We include this non-GAAP financial measure because it is used by management to evaluate BODi鈥檚 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:

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:

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 operating activities less cash used for the purchase of property and equipment for the periods indicated:

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Investor Relations

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Source: The Beachbody Company, Inc.