The Beachbody Company, Inc. reported that total revenue in the first quarter fell 27.1 percent to $144.9 million compared to $198.9 million in the prior-year period. The company’s net loss narrowed considerably at $29.2 million compared to a net loss of $73.5 million in the prior-year period.

  • Digital revenue fell 20.7 percent to $64.8 million from $81.7 million in Q1 last year and digital subscriptions fell 28.9 percent to 1.75 million in the first quarter.
  • Nutrition and Other revenue declined 24.2 percent to $74.1 million from $97.7 million in the prior-year quarter and nutritional subscriptions fell 30.0 percent to approximately 210,000 in the first quarter.
  • Connected Fitness revenue cratered 69.2 percent to $6.0 million in the period from $19.5 million in the prior-year period and approximately 4,700 bikes were delivered in the first quarter, down 71.7 percent from approximately 16,600 in Q1 last year.
  • Operating loss improved by $47.0 million to $27.4 million compared to an operating loss of $74.4 million in the prior-year period.

“During the quarter we successfully completed the transition to our expanded BODi platform”, said Carl Daikeler, Beachbody’s co-founder, chairman, and CEO. “While we are still in the early stages of scaling this transformation, our subscribers clearly recognize the unrivaled value BODi offers with renewals and upgrades ahead of our expectations. We are also seeing the intended increase in LTV with higher than expected nutrition retention and healthy nutrition attachment rates. The early indications we have witnessed from the launch of BODi, along with the positive customer response to our Health Esteem platform and nutrition initiatives, give us confidence in our strategy as we progress towards a return to profitable growth by the end of the year.”

Adjusted EBITDA was ($0.9) million compared to ($19.1) million in the prior-year period.

Cash used in operating activities was $7.9 million compared to $33.4 million in the prior year period, and cash used in investing activities was $3.4 million compared to $12.4 million in the prior year period. Total cash used in operating and investing activities was $11.3 million compared to $45.8 million in the prior year period.