THE ROAD TO TURNAROUND March 23, 2026 FORWARD-LOOKING STATEMENTS Forward-looking statements are based upon various estimates and assumptions, as well as information known to the Company as of the date of the release of this presentation, and are subject to risks and uncertainties. Accordingly, actual results could differ materially due to a variety of factors, including: the Company's ability to effectively compete in the fitness and nutrition industries; the ability to successfully acquire and integrate ne ...

The Beachbody Company, Inc. (BODI) closed the last trading session at $10.56, gaining 19.2% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $14.1 indicates a 33.5% upside potential.The mean estimate comprises five short-term price targets with a standard deviation of $2.3. While the lowest estimate of $10.00 indicates a 5.3% decline from the current price level, the most optimistic ...

Earnings Call InsightsBeachbody outlines nutrition retail rollout and projects Q3 2026 for first clean year-over-year revenue comparisonMar. 11, 2026 1:30 AM ETThe Beachbody Company, Inc. (BODI) Stock, BODYW StockAI-Generated Earnings Calls InsightsCommentsEarnings Call Insights: The Beachbody Company, Inc. (BODI) Q4 2025 Management View Mark Goldston, Executive Chairman, highlighted that 2025 was a “transitional year for BODi” following the shift from the multilevel marketing (MLM) business model to a five ...

Goldston said the company’s financial turnaround reached key milestones ahead of its prior schedule. He noted Beachbody achieved positive net income in Q3 2025 and again in Q4 2025, along with positive operating income in Q4 and for the full year 2025. He said this marked the first time since 2021 that the company posted both positive operating income and adjusted net income for the full year.Because 2025 results still include some “remnant” activity tied to the legacy business (which was shut down December ...

Financial Data and Key Metrics Changes - The company reported a Q4 2025 operating income of $8.2 million, a significant improvement of $41.1 million compared to a loss of $32.9 million in Q4 2024 [8][34] - Q4 2025 net income was $5.2 million, compared to a net loss of $34.6 million in the same quarter last year, marking the second consecutive quarter of positive net income [9][35] - Adjusted EBITDA for Q4 2025 was $12.9 million, a 48% increase from $8.7 million in Q4 2024, representing the ninth consecutive quarter of positive adjusted EBITDA [9][35] - The company achieved a cash balance of $39 million against an outstanding debt of $25 million, providing a cash cushion of $14 million above the required $4.6 million [7][17] Business Line Data and Key Metrics Changes - Digital revenue for Q4 2025 decreased by 5.8% sequentially to $34.3 million and declined 31.9% year-over-year, reflecting continued pressure on digital subscriptions [31] - Nutrition and other revenue decreased 9.6% from the prior quarter to $21.2 million and fell 39% year-over-year, although nutrition subscriptions increased 14.3% sequentially [32] Market Data and Key Metrics Changes - The company is transitioning from a multi-level marketing model to an omni-channel model, which has impacted revenue comparisons due to the legacy business shutting down [4][30] - The nutrition supplement market is significantly larger than the digital fitness market, valued at $164 billion compared to the digital fitness category [11] Company Strategy and Development Direction - The company is focusing on a new omni-channel model that includes direct-to-consumer sales, retail distribution, and a revamped affiliate program [4] - A major innovation pipeline is set to launch in 2026, including the 10 Minute BODi program aimed at a broader audience [10][20] - The company plans to enter the retail market with new nutritional products, leveraging established brand names like P90X and Shakeology [12][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial turnaround, achieving positive operating income and net income a year ahead of schedule [8][17] - The company anticipates that Q3 2026 will be the first quarter for clean year-over-year comparisons, as the legacy business model elements will have been phased out [18][39] - Management highlighted the importance of maintaining financial discipline while reallocating marketing spend towards new initiatives [46] Other Important Information - The company has successfully reduced its break-even point from over $900 million to $180 million, enhancing operational leverage [17] - The transition to a new Shopify e-commerce platform is expected to improve customer experience and sales conversion rates [26][68] Q&A Session Summary Question: What are management's priorities moving forward? - Management emphasized that profitability remains a primary focus, but there will be a reallocation of marketing spend towards new initiatives [44][46] Question: Any early reads on the P90X launch? - Initial customer response has been positive, with solid uptake among subscribers, but it is still early to assess long-term success [48][50] Question: How is the consumer response to the 10 Minute BODi program? - The program has shown strong initial uptake, with 8% of viewership coming from microdose fitness workouts, indicating a positive trend [57][60] Question: What is the status of the nutritional brick-and-mortar rollout? - The company is in discussions with multiple retailers, with Sprouts Farmers Market confirmed for a launch in May 2026 [66][68] Question: How relevant is the Beachbody brand to younger consumers? - The company is focusing on the BODi brand to appeal to a broader audience, while leveraging the legacy of established brands like Shakeology and P90X [79][80]

Financial Data and Key Metrics Changes - The company reported a cash balance of $39 million against an outstanding debt level of $25 million, providing a $14 million cash cushion above the required $4.6 million [6][16] - Positive net income of $5.2 million was achieved in Q4 2025, marking a $39.8 million improvement from a net loss of $34.6 million in Q4 2024 [9][34] - Adjusted EBITDA for Q4 2025 was $12.9 million, a 48% increase from $8.7 million in Q4 2024, marking the ninth consecutive quarter of positive adjusted EBITDA [9][34] Business Line Data and Key Metrics Changes - Digital revenue decreased 5.8% sequentially to $34.3 million and 31.9% year-over-year, reflecting continued pressure on digital subscriptions [30] - Nutrition and other revenue decreased 9.6% from the prior quarter to $21.2 million and fell 39% year-over-year, although nutrition subscriptions increased 14.3% sequentially [31] Market Data and Key Metrics Changes - The company is transitioning from a multi-level marketing model to an omni-channel model, which has impacted revenue comparisons [4][29] - The nutrition supplement category globally is valued at $164 billion, significantly larger than the digital fitness category [11][12] Company Strategy and Development Direction - The company is focusing on a new innovation pipeline, including the launch of the 10 Minute BODi program and the P90X Generation Next program, aimed at reaching a broader audience [10][19] - Plans to enter the retail market for the first time with new nutritional products, including a new 7-serve Shakeology product, are set for Q2 2026 [12][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial turnaround, achieving positive operating income and net income for the first time since going public in 2021 [28][34] - The company anticipates that Q3 2026 will be the first quarter for clean year-over-year comparisons, as the legacy business model elements will have been phased out [17][37] Other Important Information - The company has secured improved financial covenants with lenders, allowing for greater operational flexibility [5][35] - The transition to a new Shopify e-commerce platform is expected to enhance direct-to-consumer sales [26][68] Q&A Session Questions and Answers Question: What are management's priorities moving forward? - Management emphasized that profitability remains a primary focus while also reallocating marketing spend towards new initiatives [43][44] Question: Any early reads on the P90X launch? - Initial customer response has been positive, with solid uptake within the subscriber base, but it is still early to assess long-term success [47][48] Question: How is the consumer response to the 10 Minute BODi program? - The program has shown strong uptake, with 8% of viewership coming from microdose fitness workouts, indicating a positive trend [56][58] Question: What is the status of retail conversations for nutritional products? - The company is actively engaging with retailers, with initial placements expected in grocery channels, including a significant deal with Sprouts Farmers Market [65][66]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-39735 The Beachbody Company, Inc. (Exact name of Registrant as specified in its Charter) Delaware 85-3222090 (State or other jurisdic ...

Revenue Performance - Total revenue for Q4 2025 was $55.5 million, a decrease of 35.7% compared to $86.4 million in Q4 2024[5] - Digital revenue in Q4 2025 was $34.3 million, down 31.9% from $50.4 million in the prior year[9] - Nutrition and Other revenue for Q4 2025 was $21.2 million, a decline of 39.0% compared to $34.8 million in Q4 2024[9] - Total revenue for the year ended December 31, 2025, was $251.7 million, a decrease of 40% compared to $418.8 million in 2024[22] - Digital revenue for Q4 2025 was $34.3 million, down 32% from $50.4 million in Q4 2024[22] Profitability Metrics - Gross margin improved to 74.5% in Q4 2025, up from 70.5% in the prior year[5] - Operating income for Q4 2025 was $8.2 million, compared to an operating loss of $32.9 million in Q4 2024[5] - Net income for Q4 2025 was $5.2 million, a significant improvement from a net loss of $34.6 million in the prior year[5] - Adjusted EBITDA for Q4 2025 was $12.9 million, an increase of 48.0% from $8.7 million in Q4 2024[9] - Gross profit for the year ended December 31, 2025, was $183.8 million, representing a gross margin of approximately 73%[22] - Adjusted EBITDA for Q4 2025 was $12,878,000, compared to $8,699,000 in Q4 2024, representing a 48.5% increase year-over-year[28] - Net income for Q4 2025 was $5,219,000, a significant improvement from a net loss of $34,558,000 in Q4 2024[28] - Adjusted net income for Q4 2025 was $7,211,000, compared to an adjusted net loss of $(4,713,000) in Q4 2024[37] Cash Flow and Liquidity - The company generated positive free cash flow of $17.4 million for the full year 2025, compared to a negative free cash flow of $(2.0) million in the prior year[8] - Cash and cash equivalents increased to $39.0 million as of December 31, 2025, from $20.2 million in 2024[24] - The company reported a net cash provided by operating activities of $21.8 million for the year ended December 31, 2025, compared to $2.6 million in 2024[24] - The company reported a net cash position of $15,391,000 as of December 31, 2025, up from $1,019,000 in 2024, indicating improved liquidity[43] - Free cash flow for the year ended December 31, 2025 was $17,351,000, compared to a negative free cash flow of $(1,980,000) in 2024[45] Future Outlook - The outlook for Q1 2026 projects revenue between $49 million and $54 million, with expected net income ranging from $(2) million to $1 million[10] - The company plans to continue focusing on digital and nutrition segments to drive future growth[22] Restructuring and Costs - The company incurred $9.3 million in restructuring costs during Q4 2024 as part of the Pivot, which transitioned to a single-level affiliate model[46] - Total restructuring costs for the year ended December 31, 2024 amounted to $18.5 million, reflecting the impact of the Pivot[46] - The company recorded a loss on debt extinguishment of $2,166,000 for the year ended December 31, 2025, related to a $17.3 million debt extinguishment[34] Other Financial Metrics - Total subscriptions decreased to 0.95 million in Q4 2025, down 18.1% from 1.16 million in Q4 2024[9] - Total current liabilities decreased to $86.6 million in 2025, down from $127.6 million in 2024[22] - Depreciation and amortization expenses were $1,891,000 for Q4 2025, down from $12,683,000 in Q4 2024, indicating improved asset utilization[28]

Core Viewpoint - Several financial institutions have initiated coverage on various companies with differing ratings and price targets, reflecting a mix of optimism and caution regarding their future performance. Group 1: Netflix (NFLX) - Barclays reinstated coverage with an Equal Weight rating and a price target of $115, suggesting that the stock's valuation may benefit from potential estimates upside as the company divests from Warner Bros. assets, but concerns about the rationale behind the bidding remain [1]. Group 2: Beachbody Company (BODI) - Craig-Hallum initiated coverage with a Buy rating and a price target of $15, highlighting the company's effective cost management during its turnaround and multiple growth initiatives, including the retail launch of Shakeology, P90X, and Insanity products, as well as a new P90X program after 20 years and a fitness program targeting 180 million inactive Americans [1]. Group 3: Forgent Power Solutions (FPS) - Goldman Sachs initiated coverage with a Buy rating and a price target of $48, noting that Forgent is among the few companies capable of providing a complete powertrain to data centers, positioning it to benefit as a marginal supplier of capacity. Other firms like KeyBanc, JPMorgan, and TD Cowen also started coverage with Buy-equivalent ratings, while Morgan Stanley and Baird opted for Neutral-equivalent ratings [1]. Group 4: Bob's Discount Furniture (BOBS) - KeyBanc initiated coverage with an Overweight rating and a price target of $28, indicating a 32% upside potential. The firm views Bob's as a compelling small-cap growth story, with several other institutions also starting coverage with Buy-equivalent ratings, while Goldman Sachs and Baird provided Neutral-equivalent ratings [1]. Group 5: Genmab (GMAB) - Wells Fargo initiated coverage with an Overweight rating and a price target of $40, expressing confidence that the upcoming readouts for Epkinly and petosemtamab are largely de-risked based on Phase 2 data [1].

EL SEGUNDO, Calif.--(BUSINESS WIRE)--The Beachbody Company, Inc. (NASDAQ: BODI) ("BODi†or the "Company†), a leading fitness and nutrition company, will release its fourth quarter 2025 results on Tuesday, March 10, 2026, after the U.S. stock market closes. The Company will host a conference call at 5:00 p.m. (Eastern Time) that day to discuss the results. The toll-free dial-in for the conference call is (833) 470-1428 (U.S. & Canada), or click here for Global Dial-In Numbers. The conference. ...