The Beachbody Company reported less-than-favorable results in its latest earnings report.
The subscription-based health and fitness company generated $198.9 million in revenue in Q1 2022, a 12% decrease compared to the same period last year. Beachbody also reported a net loss of $73.5 million during the quarter, up from a loss of $30 million in Q1 2021.
- The company saw digital revenue reach $81.7 million in Q1, down 14% from Q1 2021.
- Digital subscriptions reached 2.46 million in Q1, a 10% decrease year-over-year.
- Its nutrition segment generated $98 million in revenue, down 25% compared to Q1 2021.
- Shares of the company have tanked nearly 90% over the past year.
Beachbody went public in June 2021 through a three-way merger with connected cycling provider Myx Fitness and Forest Road Acquisition — a blank-check company led by three former Disney executives that includes Shaquille O’Neal as an advisor.
The combined entity, The Beachbody Company Group, was valued at $2.9 billion following the transaction.
The merger with Myx Fitness saw The Beachbody Company’s connected fitness segment generate $19.5 million in revenue in Q1 2022, compared to none in 2021. The company delivered approximately 16,000 Myx Fitness bikes during the quarter.
Looking Ahead
Beachbody expects revenue in Q2 2022 to take another dip, ranging between $175 million and $185 million, down from the $223 million from the second quarter of 2021.
