The Beachbody Company, Inc. (BODi) reported its first quarter 2024 financial results, posting revenue of $120 million, down from $144.9 million in Q1 2023 but beating the midpoint of its revenue guidance. Digital revenue was $61.5 million with a total of 1.22 million digital subscriptions during the quarter.
Connected Fitness was $3 million compared to $6 million in the previous year’s quarter, while nutrition and other revenue categories brought in $55.5 million, down from $74.1 million in the first quarter of 2023. Operating loss during the quarter improved by $16.6 million to $10.8 million with a net loss of $14.2 million.
“We are pleased with our performance in the first quarter, beating the midpoint of our revenue and adjusted EBITDA guidance, all while delivering against our strategic initiatives,” said Carl Daikeler, BODi’s Co-Founder and Chief Executive Officer. “Most notably, we are excited to announce that we have achieved our first positive free cash flow quarter since 2020. We have had an excellent start to 2024 and for the remainder of the year, we will continue to deliver against the objectives in our turnaround plan.”
The company has made a concerted effort to improve its liquidity, increasing its cash position from $3.9 million at the end of 2023 to $14.4 million at the end of March 31, 2024, representing an approximately $10 million improvement in one quarter.
