The Beachbody Company, Inc. (BODi) announced its third quarter financial results for 2024. Total revenue for the quarter was $102.2 million, down from $128.3 million in the same period last year. Digital revenue was the leading medium for the company, reaching $53.7 million, but down from $64.3 million in the third quarter of last year. Nutrition and Other revenue was $47.4 million, down from $59 million, while Connected Fitness was $1.1 million, down from $4.9 million last year.
Adjusted EBITDA was $10.1 million, compared to a loss of $5.8 million in Q3 2023, and net loss was $12 million. This net loss included $9.2 million in costs related to the company’s restructuring from a multi-level model to a single-level affiliate model, but was significantly less than the Q3 2023 net loss of $32.7 million.
“Our third quarter results demonstrated the continued successful execution of the first phase of our turnaround plan, with significant improvements in adjusted EBITDA and positive free cash flow generation,” said Carl Daikeler, BODi Co-Founder and Chief Executive Officer. “As we enter the next phase of our transformation, we are evolving our distribution model to a modern affiliate network that will broaden our market opportunities and further optimize our cost structure. On September 30, 2024, we announced a major change in our business model from a multi-level marketing (MLM) to a single-level affiliate network. This pivot marks a strategic shift that will fundamentally transform our company and positions us well for long-term profitable growth. This change of our distribution strategy, combined with the expansion of our direct-to-consumer and partnership channels, represents a pivotal moment that will remove legacy barriers associated with the former MLM structure and allow us to fully capitalize on the significant market opportunity in health, nutrition, and wellness. We’re already seeing a strong number of signups from former partners in our network to our new single level affiliate program since our November 1st launch, and with upcoming initiatives like our Belle Vitale program and expanded sales channels, we’re well-positioned to help people realize their health and fitness objectives.”
