Beachbody Q1 2025 Revenue Down 39.7% to $72.4 Million
The Beachbody Company (NYSE: BODI) (“BODi”) 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; 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 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 with approximately $5 million in additional capital on the balance sheet.
Key Operational and Business Metrics
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For the Three Months Ended March 31, |
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2025 |
2024 |
Change vs. 2024 |
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Digital Subscriptions (in millions) |
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1.02 |
1.22 |
(16.6%) |
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Nutritional Subscriptions (in millions) |
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0.08 |
0.15 |
(47.7%) |
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Total Subscriptions (in millions) |
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1.10 |
1.37 |
(20.0%) |
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Average Digital Retention |
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97.0% |
95.7% |
130bps |
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Total Streams (in millions) |
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20.7 |
25.6 |
(19.0%) |
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DAU/MAU |
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32.5% |
33.2% |
-70bps |
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Connected Fitness Units Delivered (in thousands) |
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1.5 |
3.5 |
(56.9%) |
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Digital |
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$42.9 |
$61.5 |
(30.2%) |
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Nutrition & Other |
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$28.7 |
$55.5 |
(48.4%) |
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Connected Fitness |
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$0.8 |
$3.0 |
(73.6%) |
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Revenue (in millions) |
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$72.4 |
$120.0 |
(39.7%) |
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Net Loss (in millions) |
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($5.7) |
($14.2) |
59.6% |
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Adjusted EBITDA (in millions) |
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$3.7 |
$4.6 |
(19.6%) |
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To read the full Q1 2025 press release, please visit investors.thebeachbodycompany.com
Get more information, facts and figures about Beach Body (BODI), click here for the Beach Body (BODI) overview.
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