The Beachbody Company, Inc., now known as BODi, announced its financial results for the second quarter of 2024, reporting total revenue of $110.2 million, down from $134.9 million in the second quarter of 2023. Digital revenue was $58.8 million with 1.15 million digital subscriptions, compared to $65.2 million in the same period last year.
Connected Fitness revenue declined from $5.1 million to $1.3 million year over year, with approximately 1,600 bikes delivered during the second quarter. Nutrition and Other revenue was $50.1 million, compared to $64.6 million in the second quarter of 2023, with nutritional subscriptions totaling 0.14 million during the quarter.
“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,” said Carl Daikeler, BODi’s Co-Founder and Chief Executive Officer. “Nutrition was once an $800 million product line for us, more than double our fitness offerings at the time. 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. In parallel, we have significantly improved our operations and efficiency, reducing our revenue breakeven point 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.”
Operating loss during the quarter improved by $14.7 million to $9.5 million. The company ended the quarter with a free cash flow of $5.3 million and an adjusted EBITDA of $4.9 million.
