Beachbody Fourth Quarter Revenue Falls 20 Percent; Company Sees Path to Positive Free Cash Flow

El Segundo, Calif., March 11, 2024 --

The Beachbody Company, now operating as BODi, reported fourth-quarter 2023 revenue of 119.0 million dollars, down 19.7 percent from 148.2 million dollars a year earlier but above the high end of guidance. Net loss widened to 65.0 million dollars, including a 43.1 million dollar impairment of goodwill and intangible assets, from a 44.9 million dollar loss a year earlier. Adjusted EBITDA was 2.8 million dollars.

Full-year revenue was 527.1 million dollars, down 23.9 percent, with a net loss of 152.6 million dollars. Digital subscriptions ended at 1.31 million and nutritional subscriptions at 0.16 million. Co-founder and Chief Executive Carl Daikeler said the turnaround simplified the digital platform and lowered the breakeven point, and that the company expected positive operating and free cash flow in the first quarter of 2024.

Chief Financial Officer Marc Suidan said projected fixed-cost and capital-expenditure savings versus 2021 had risen to about 200 million dollars annualized for 2024. On March 4, 2024 the company changed its NYSE ticker from BODY to BODi to match the rebrand.