1. Netflix for home workout programs.

2. Peloton, but for digital workouts and nutrition products.

3. Herbalife, but with a massive library of streaming fitness classes.

• BODi (Beachbody On Demand Interactive): A subscription service providing access to live and on-demand fitness classes, workout programs, and nutrition content.
• Shakeology: A line of nutrient-dense superfood shake mixes aimed at supporting healthy weight loss, digestion, and energy.
• Nutritional Supplements: Various dietary supplements, including pre-workouts, post-workouts, and performance enhancers, to support fitness and health goals.
• Myx Fitness Bikes: Connected indoor cycling bikes that integrate with the BODi platform for interactive home fitness experiences.

Beachbody (symbol: BODI) primarily sells its fitness programs, nutritional supplements, and wellness content directly to individual consumers through its digital platform and a network of independent distributors. Therefore, it operates primarily under a business-to-consumer (B2C) model.

The major categories of customers Beachbody serves are:

• Subscribers to the BODi Platform: These are individuals who subscribe to Beachbody's digital platform (BODi) for access to a wide range of on-demand fitness programs, live interactive classes, mindfulness content, and personalized nutrition guidance. They pay recurring fees for this content.
• Customers Purchasing Nutritional Supplements and Products: This category includes individuals who purchase Beachbody's line of nutritional products, such as Shakeology meal replacement shakes, performance supplements (e.g., Energize, Recover), and portion control systems (e.g., Portion Fix). These products are often purchased alongside subscriptions but can also be bought independently.
• Independent BODi Coaches (Distributors): While these individuals act as independent sales representatives promoting and selling Beachbody products and subscriptions to others, they are also significant customers themselves. Coaches purchase products, subscriptions, and business tools for their own personal use, to deepen their product knowledge, and to effectively manage their businesses within the Beachbody ecosystem.

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Carl Daikeler, Co-Founder, Chairman, and Chief Executive Officer

Carl Daikeler co-founded The Beachbody Company in 1998 with Jon Congdon. He previously worked in direct marketing, creating products such as ":08 Minute Abs." Daikeler has been instrumental in the company's evolution, transitioning its business model from DVDs to a digital streaming platform. Under his leadership, Beachbody went public in 2021. He is also an active Broadway producer, having won Tony Awards for productions like "Hadestown" and "Once On This Island."

Brad Ramberg, Interim Chief Financial Officer

Brad Ramberg was appointed Interim Chief Financial Officer of Beachbody, effective August 15, 2024. He also serves as the Executive Vice President of Strategic Initiatives. Ramberg has a prior history with Beachbody, having served as the company's Chief Financial Officer from 2006 to 2014.

Mark Goldston, Executive Chairman

Mark Goldston serves as the Executive Chairman of The Beachbody Company. He is also the Chairman and CEO of The Goldston Group, a firm specializing in strategic advisory services, venture capital, and investments. Previously, Goldston was Chairman and CEO of United Online, a publicly traded internet conglomerate, and Chairman and CEO of NetZero, an internet service provider that he took public.

Bryan Muehlberger, Chief Information Officer & EVP of Technology

Bryan Muehlberger holds the positions of Chief Information Officer and Executive Vice President of Technology at Beachbody.

Kit Boyd, Chief Supply Chain Officer

Kit Boyd serves as the Chief Supply Chain Officer for The Beachbody Company.

The Beachbody Company (BODI) faces several significant risks to its business operations and financial stability. These key risks include:

1. Liquidity Risk and Going Concern Doubt: Beachbody faces substantial doubt about its ability to continue as a going concern. This is primarily due to anticipated violations of minimum digital subscriptions and minimum billings covenants under its asset-backed loan (ABL) facility by December 31, 2025, and in Q1 2026, respectively. Such covenant breaches could lead to an acceleration of debt maturity, introducing significant liquidity and financial solvency risks.
2. Challenges in Business Model Transition and Revenue Decline: The company is undergoing a strategic pivot from a multi-level marketing (MLM) model to a single-level affiliate model, which has resulted in a temporary reduction in revenue. This transition may disrupt operations, increase customer churn, and negatively impact relationships with existing and potential affiliates, potentially hindering revenue growth and overall business performance.
3. Intense Competition and Shifting Consumer Preferences: Beachbody operates within the highly dynamic fitness and nutrition industry, where it faces significant challenges in anticipating and satisfying rapidly evolving consumer preferences. The company's reliance on a few key products, such as its digital platform and Shakeology line, alongside intense competition and the introduction of new competitive products, could adversely affect demand for its offerings and its ability to maintain or grow market share.

• Competition from Tech Giants and Integrated Ecosystems: The emergence and rapid growth of fitness platforms from major tech companies, such as Apple Fitness+, pose a significant threat. These platforms leverage vast existing user bases, deep hardware/software integration (e.g., Apple Watch integration), strong brand recognition, and often more competitive pricing, thereby directly challenging BODi's core streaming fitness subscription model.
• Proliferation of Free and Low-Cost Fitness Content: The continued explosion of high-quality, professional fitness content available for free or at very low cost on platforms like YouTube and TikTok, as well as through individual trainer apps and social media, directly erodes the unique value proposition of BODi's paid subscription content. Consumers have an ever-increasing array of alternatives that can meet their fitness needs without the financial commitment of a BODi membership.
• Evolving Consumer Sentiment and Regulatory Scrutiny of Multi-Level Marketing (MLM) Models: Beachbody's reliance on a multi-level marketing (MLM) structure for sales and distribution faces an ongoing and potentially increasing threat from changing public perception and increased regulatory scrutiny regarding such business models. Negative sentiment towards MLMs can impact coach recruitment and retention, while potential regulatory actions could disrupt the company's fundamental sales strategy.

Beachbody (BODI) operates in several addressable markets for its main products and services, primarily digital fitness and nutritional supplements. While the company previously offered connected fitness products, it ceased selling connected fitness equipment in early 2025.

• Digital Fitness: The global digital fitness market was valued at approximately USD 11.90 billion in 2024 and is projected to reach USD 54.47 billion by 2031, growing at a Compound Annual Growth Rate (CAGR) of 24.3% during this period. In the United States, the digital fitness market was valued at USD 0.90 billion in 2024 and is expected to reach USD 2.16 billion by 2032, exhibiting a CAGR of 11.57% from 2025 to 2032. Beachbody's investor presentation from May 2024 indicates a Total Addressable Market (TAM) for Digital Fitness of $49 billion, with the virtual fitness market projected to surpass approximately USD 187.8 billion by 2032.
• Nutritional Supplements: The U.S. nutritional supplements market was valued at USD 112.6 billion in 2024 and is anticipated to grow at a CAGR of 4.9% from 2025 to 2030. The global dietary supplements market was valued at USD 163.986 billion in 2022. Beachbody's investor presentation also cites a TAM for Nutrition Supplements as $164 billion.
• Home Fitness Equipment (Connected Fitness): The global at-home fitness equipment market size was valued at USD 9.34 billion in 2024 and is anticipated to reach USD 10.11 billion by 2025, with a projection to reach around USD 20.56 billion by 2034, expanding at a CAGR of 8.21% from 2025 to 2034. In the U.S., the home fitness equipment market size reached USD 4.07 billion in 2025. Beachbody's investor materials note a $12 billion TAM for Connected Fitness.

• Transition to a Single-Level Affiliate Model: Effective November 1, 2024, Beachbody transitioned from a multi-level marketing (MLM) model to a single-level affiliate program. This strategic shift aims to broaden distribution points, simplify operations, and unlock sales potential by making the program more productive and rewarding for a larger group of sellers.
• Omnichannel Distribution Expansion: The company is actively pursuing a multichannel distribution strategy beyond its traditional model. This includes leveraging direct response marketing, growing its presence on Amazon, and forging future retail partnerships. The affiliate program is also slated to expand to TikTok shops by the second quarter of 2025.
• Launch of New Fitness Products: Beachbody plans to introduce new products under its established P90X and Insanity brand names in 2025 and 2026, respectively. These new fitness offerings will be sold through various channels, including major retailers, which is expected to contribute to revenue growth.
• Introduction and Retail Expansion of Nutritional Products: The company is introducing new products within its nutrition segment and has plans for a retail launch of Shakeology in the first quarter of 2026. This expansion of nutritional offerings and their availability through broader retail channels are anticipated to drive revenue.

Share Issuance

• Beachbody went public through a business combination with a Special Purpose Acquisition Company (SPAC), Forest Road Acquisition Corp., in June 2021, in a deal valued at $2.9 billion.
• In November 2023, the board of directors approved a reverse stock split at a ratio of one post-split share for every fifty pre-split shares, which became effective on November 21, 2023.
• Shares are regularly issued through employee stock purchase plans (ESPP) and restricted stock units (RSUs), with 24,293 shares issued via ESPP at an average price of $6.80 per share during the first six months of 2024.

Inbound Investments

• In May 2025, BODi secured a new three-year committed loan facility of $25 million from Tiger Finance, which was partly used to retire $17.3 million of existing debt and added approximately $5 million in capital to the balance sheet.
• The company's initial public offering in June 2021 included a private placement in public equity (PIPE) investment, raising an additional $225 million from institutional investors.

Outbound Investments

• In 2021, Beachbody acquired Myx Fitness Holdings for a cash consideration of $37.7 million, contributing to $47.3 million in acquisition and other investments that year.
• During 2022, the company consolidated its Openfit streaming fitness offering into its Beachbody platforms (BOD and BODi) to enhance value and simplify its market strategy.

Capital Expenditures

• Capital expenditures, including software and web development, increased by $30.9 million in 2021, which also included the purchase of its principal production studio for $5.1 million.
• The company anticipated a significant reduction in capital expenditures in the 12 months following December 31, 2021, as major projects like BODi and the BODgroups social platform were completed.
• For the six months ended June 30, 2025, cash used in investing activities was $2.5 million, while for the three months ended March 31, 2025, it was $0.7 million. The company also has a credit agreement limiting annual capital expenditures to less than $10 million.