BODi Q3 Revenue Falls 25% to $45.2 Million; Company Cutting 31% of Workforce in Nutrition Restructuring

EL SEGUNDO, Calif. - November 10, 2026

The Beachbody Company, the former Team Beachbody multi-level marketing business that now operates as BODi, reported third-quarter revenue of $45.2 million, down 24.5% from $59.9 million a year earlier, and disclosed in its quarterly filing that it is cutting about 31% of its workforce in a new restructuring.

The El Segundo, California, company said results for the quarter ended September 30 marked its cleanest year-over-year comparison since it dropped its multi-level marketing model. BODi announced in September 2024 that it would convert its network of independent coaches, which it calls Partners, to a single-level affiliate program, and executives said on the earnings call that revenue tied to the legacy MLM has now largely burned off.

Digital revenue, which comes mainly from streaming subscriptions to programs such as P90X, Insanity and 21 Day Fix, fell 23.5% to $27.8 million. Digital subscriptions dropped to about 690,000 from 900,000 a year earlier, and average monthly digital retention slipped to 95.4% from 96.9%. Nutrition and other revenue, which includes Shakeology shakes and Beachbody Performance supplements, fell 26.1% to $17.4 million, with nutrition subscriptions at about 60,000. Total subscriptions stood at 750,000, down 22.7%.

Profit held up better than sales. Operating expenses fell to $30.7 million from $39.7 million, with selling and marketing spending cut by about 40%. Operating income was $1.3 million, down from $5.0 million, and net income was $3.3 million compared with $3.6 million, helped by a $2.7 million non-cash gain on warrant liabilities. The company said it was its fifth straight quarter of net income and operating income. Adjusted EBITDA was $6.4 million, above the top of its guidance range, compared with $9.5 million a year earlier. Gross margin narrowed to 70.7% from 74.6%.

Cash is tighter. Operating activities used $10.1 million in the first nine months of the year, compared with $16.8 million generated in the same period of 2025, and cash and equivalents fell to $27.5 million from $39.0 million at the end of last year. The company owed $24.4 million on its asset-based credit line at quarter end and said it was in compliance with the line's covenants, which were amended in August to require at least $18 million in liquidity.

The quarterly report also disclosed what the company calls its Nutrition Restructuring. Executed on October 6, it will eliminate about 80 jobs, roughly 31% of the workforce, during the fourth quarter as BODi shifts its focus from digital programs toward nutrition products. The company expects about $3.0 million in costs, mostly termination benefits. A California WARN notice filed the same day listed 80 layoffs at the company's El Segundo location effective in December. It is the second major cut since the MLM exit; a June 2025 restructuring eliminated about 70 positions, or 22% of staff at the time.

For the first nine months of 2026, revenue fell 24% to $149.1 million, while net income was $7.0 million compared with a net loss of $8.1 million a year earlier.

Co-founder Carl Daikeler told analysts on the earnings call that the company's financial turnaround has gone better than planned, but its growth turnaround is taking longer than expected, largely because of the timing of its push into retail stores.