The Beachbody Company, Inc. announced its financial results for the fourth quarter and full year 2023. Fourth quarter revenue reached $119 million, down from $148.2 million in Q4 2022 but exceeding the high end of the company’s previously stated guidance range. Digital subscriptions totaled 1.31 million and digital revenue accounted for $64 million in the fourth quarter. Nutrition and other categories generated $51.8 million in revenue, a decline from $74.7 million during the same period last year. Connected Fitness revenue was $3.2 million, with approximately 4,100 bikes delivered in the fourth quarter.
Total revenue for 2023 was $527.1 million, down from $692.2 million in 2022. Digital was the company’s strongest segment, providing $258.4 million in revenue, but it saw a significant decline from $300.7 million in 2022. Nutrition and Other categories generated $249.5 million in revenue, down from $353.3 million in 2022, while Connected Fitness brought in $19.2 million, a decline from $38.2 million last year.
“2023 was a transformational year at BODi,” said Carl Daikeler, BODi’s Co-Founder and Chief Executive Officer. “Our turnaround plan successfully simplified our digital platform, lowering our breakeven point and enhancing our liquidity position. In 2024, our objective is fostering more profitable revenue streams and sustainable free cash flows, with a renewed focus on reshaping our nutrition business. Our accomplishments in 2023 set the foundation for continued execution of our turnaround in 2024. We expect to have positive cash flow from operating activities and free cash flow in the first quarter.”
The company expects its new cost structure to generate positive free cash flow in Q1 2024, and its significantly reduced breakeven point is expected to help the company achieve approximately $200 million in fixed costs and capital expenditure savings in 2024 over 2021.
