Business
Beachbody (BODi) Announces Q2 2024 Results: Revenue Surpasses Midpoint of Guidance, Net Loss and Adjusted EBITDA Better Than Guidance
Lowest Net Loss Since Going Public Third Consecutive Quarter of Positive Adjusted EBITDA Overall gross margin of 69% - best since 2021 EL SEGUNDO,
About this update from The Beachbody Company, Inc.
[{"type":"text","content":"\nLowest Net Loss Since Going Public\n\n\nThird Consecutive Quarter of Positive Adjusted EBITDA\n\n\nOverall gross margin of 69% - best since 2021\n\n\n EL SEGUNDO, Calif.--(BUSINESS WIRE)--\nThe Beachbody Company, Inc. (NYSE: BODi) (“BODi” or the “Company”), a leading fitness and nutrition company, today announced financial results for its second quarter ended June 30, 2024.\n\n\nCarl Daikeler, BODi's Co-Founder and Chief Executive Officer, commented:\n\n\n\"Our focus is on returning to growth, particularly by focusing on the $164 billion nutrition market, which presents an opportunity more than 12 times larger than the $13 billion fitness market. Nutrition was once an $800 million product line for us, more than double our fitness offerings at the time.\"\n\n\n\"We are implementing multiple new strategies to recapture a significant portion of the vast nutrition market opportunity which is characterized by consistent growth. This is a market that the Company knows extremely well. BODi has had a meaningful presence in the nutrition market dating back 20 years, and runs this business with very high gross margins.\"\n\n\n\"In parallel, we have significantly improved our operations and efficiency, reducing our revenue breakeven point1 by more than 40% from over $900 million to under $500 million. This positions us well to generate sustainable cash flows as we execute our growth initiatives, with a key focus on the nutrition business.\"\n\n\nSecond Quarter 2024 Results\n\n\n\nTotal revenue was $110.2 million compared to $134.9 million in the prior year period.\n\n\nDigital revenue was $58.8 million compared to $65.2 million in the prior year period and digital subscriptions totaled 1.15 million in the second quarter.\n\n\n\nNutrition and Other revenue was $50.1 million compared to $64.6 million in the prior year period and nutritional subscriptions totaled 0.14 million in the second quarter.\n\n\n\nConnected Fitness revenue was $1.3 million compared to $5.1 million in the prior year period and approximately 1,600 bikes were delivered in the second quarter.\n\n\n\n\n\n\nTotal operating expenses were $85.9 million compared to $106.9 million in the prior year period.\n\n\n\nOperating loss improved by $14.7 million to $9.5 million compared to an operating loss of $24.2 million in the prior year period.\n\n\n\nNet loss was $10.9 million c...