Team Beachbody
November 12, 2024
EL SEGUNDO, Calif., November 12, 2024 --
The Beachbody Company reported third-quarter 2024 revenue of 102.2 million dollars, down 20.3 percent from 128.3 million dollars a year earlier. Net loss narrowed to 12.0 million dollars from 32.7 million dollars and included 9.2 million dollars of restructuring costs tied to the shift from multilevel marketing to a single-level affiliate model. Adjusted EBITDA was a positive 10.1 million dollars, the fourth consecutive profitable quarter on that measure.
Co-founder and Chief Executive Carl Daikeler said the affiliate network launched November 1 after the September 30 pivot announcement and that former partners were signing up in strong numbers. Total subscriptions fell 20.6 percent to 1.23 million. The company guided fourth-quarter revenue to 77 million to 87 million dollars and a larger net loss as remaining restructuring charges and accelerated depreciation flow through.
Beachbody said the pivot will cut about 170 employees, or roughly a third of the workforce, with total related costs of about 18.4 million dollars split between the third and fourth quarters.