Beachbody(BODi)季績扭虧為盈 上半年淨利367萬美元

10-Q
 
 
 
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 

 
UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 
 
FORM 10-Q 
 
 

 
 
 
 
 

 
 ☒

 QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

  
For the quarterly period ended June 30, 2026
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 jurisdiction of
incorporation or organization)

 (I.R.S. Employer
Identification No.)

 

 
 

 

 

 
 400 Continental Blvd, Floor 6
El Segundo, California

 90245

 

 
 (Address of principal executive offices)

 (Zip Code)

 

 (310) 883-9000 
Registrant’s telephone number, including area code 
 
 
 
 Securities registered pursuant to Section 12(b) of the Act: 
 

 
 
 
 
 
 

 
 Title of each class
 

 Trading
Symbol(s)
 

 Name of each exchange
on which registered
 

 

 
 Class A Common Stock, par value $0.0001 per share

 BODI

 The Nasdaq Stock Market LLC

 

 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
 

 
 
 
 
 
 
 
 

 
 Large Accelerated Filer ☐

 Accelerated Filer ☐

 Non-Accelerated Filer ☒

 Smaller Reporting Company ☒

 Emerging Growth Company ☐

 

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒ 
There were 4,555,733 shares of the registrant’s Class A Common Stock, par value $0.0001 per share, and 2,729,003 shares of the registrant’s Class X Common Stock, par value $0.0001 per share, outstanding as of August 5, 2026.
 
 

  

 
  

 Table of Contents
 

 
 
 
 
 
 

 
 Part I. 

 Financial Information

 4

 

 
 Item 1.

 Financial Statements 

 4

 

 
  

 Condensed Consolidated Balance Sheets

 4

 

 
  

 Unaudited Condensed Consolidated Statements of Operations 

 5

 

 
  

 Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) 

 6

 

 
  

 Unaudited Condensed Consolidated Statements of Stockholders’ Equity

 7

 

 
  

 Unaudited Condensed Consolidated Statements of Cash Flows

 8

 

 
  

 Notes to Unaudited Condensed Consolidated Financial Statements

 9

 

 
 Item 2.

 Management’s Discussion and Analysis of Financial Condition and Operations

 26

 

 
 Item 3.

 Quantitative and Qualitative Disclosures About Market Risk

 44

 

 
 Item 4.

 Controls and Procedures

 44

 

 
 Part II. 

 Other Information

 45

 

 
 Item 1.

 Legal Proceedings

 45

 

 
 Item 2.

 Unregistered Sales of Equity Securities and Use of Proceeds

 45

 

 
 Item 3. 

 Defaults Upon Senior Securities

 46

 

 
 Item 4.

 Mine Safety Disclosures

 46

 

 
 Item 5.

 Other Information

 46

 

 
 Item 6.

 Exhibits

 47

 

 
 Signatures

 48

 

  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  

 
  

 Glossary of Abbreviations and Acronyms
The following is a list of select abbreviations and acronyms used throughout this document. You may find it helpful to refer back to this table.
 

 
 
 
 
 
 
 

 
 Acronym

 Definition

 Acronym

 Definition

 

 
 ABL

 Asset-Based Lending

 MAU

 Monthly Active Users

 

 
 AFCO

 AFCO Acceptance Corporation

 MLM

 Multi-Level Marketing

 

 
 ASC

 Accounting Standards Codification

 PAGA

 Private Attorney General Act of 2004

 

 
 bps

 Basis Point(s); 1 bp = 0.01%

 RSU

 Restricted Stock Units

 

 
 BFCCR

 Billings Fixed Charge Coverage Ratio

 SEC

 Securities and Exchange Commission

 

 
 BODi

 Beachbody On Demand Interactive

 SOFR

 Secured Overnight Financing Rate

 

 
 CD

 Certificate of Deposit

 UK

 United Kingdom

 

 
 CEO

 Chief Executive Officer

  

  

 

 
 CODM

 Chief Operating Decision Maker

  

  

 

 
 DAU

 Daily Active Users

  

  

 

 
 ESPP

 Employee Stock Purchase Plan

  

  

 

 
 FASB

 Financial Accounting Standards Board

  

  

 

 
 FCCR

 Fixed Charge Coverage Ratio

  

  

 

 
 FIF

 First Insurance Funding

  

  

 

 
 GAAP

 Generally Accepted Accounting Principles

  

  

 

 
 

  

 
  

 PART I—FINANCIAL INFORMATION
Item 1. Financial Statements. 
The Beachbody Company, Inc. 
Condensed Consolidated Balance Sheets 
(in thousands, except share and per share data)
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 June 30,

  

  

 December 31,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
  

  

 (unaudited)

  

  

  

  

 

 
 Assets

  

  

  

  

  

  

 

 
 Current assets:

  

  

  

  

  

  

 

 
 Cash and cash equivalents (restricted cash of $0.1 million at June 30, 2026 and December 31, 2025, respectively)

  

 $

 32,389

  

  

 $

 39,017

  

 

 
 Restricted short-term investments

  

  

 4,250

  

  

  

 4,250

  

 

 
 Inventory

  

  

 12,570

  

  

  

 9,410

  

 

 
 Prepaid expenses

  

  

 4,995

  

  

  

 6,823

  

 

 
 Other current assets

  

  

 3,202

  

  

  

 4,338

  

 

 
 Total current assets

  

  

 57,406

  

  

  

 63,838

  

 

 
 Property and equipment, net

  

  

 5,815

  

  

  

 8,523

  

 

 
 Content assets, net

  

  

 5,452

  

  

  

 6,292

  

 

 
 Goodwill

  

  

 65,166

  

  

  

 65,166

  

 

 
 Right-of-use assets, net

  

  

 1,224

  

  

  

 1,625

  

 

 
 Other assets

  

  

 1,446

  

  

  

 1,591

  

 

 
 Total assets

  

 $

 136,509

  

  

 $

 147,035

  

 

 
 Liabilities and Stockholders’ Equity

  

  

  

  

  

  

 

 
 Current liabilities:

  

  

  

  

  

  

 

 
 Accounts payable

  

 $

 6,839

  

  

 $

 5,304

  

 

 
 Accrued expenses

  

  

 13,091

  

  

  

 18,408

  

 

 
 Deferred revenue

  

  

 48,785

  

  

  

 56,866

  

 

 
 Current portion of lease liabilities

  

  

 796

  

  

  

 1,036

  

 

 
 Current portion of Term Loan

  

  

 2,125

  

  

  

 1,062

  

 

 
 Other current liabilities

  

  

 1,351

  

  

  

 3,920

  

 

 
 Total current liabilities

  

  

 72,987

  

  

  

 86,596

  

 

 
 Term Loan

  

  

 21,440

  

  

  

 22,564

  

 

 
 Long-term lease liabilities, net

  

  

 511

  

  

  

 738

  

 

 
 Other liabilities

  

  

 4,381

  

  

  

 5,817

  

 

 
 Total liabilities

  

  

 99,319

  

  

  

 115,715

  

 

 
 Stockholders’ equity:

  

  

  

  

  

  

 

 
 Preferred stock, $0.0001 par value; 100,000,000 shares 
   authorized, none issued and outstanding at June 30, 2026 
   and December 31, 2025

  

  

 —

  

  

  

 —

  

 

 
 Common stock, $0.0001 par value, 1,900,000,000 shares 
   authorized (1,600,000,000 Class A, 200,000,000 Class X and 
   100,000,000 Class C);

  

  

  

  

  

  

 

 
 Class A: 4,554,406 and 4,450,721 shares issued and
    outstanding at June 30, 2026 and December 31, 
    2025, respectively;

  

  

 1

  

  

  

 1

  

 

 
 Class X: 2,729,003 shares issued and outstanding
    at June 30, 2026 and December 31, 2025,
    respectively;

  

  

 1

  

  

  

 1

  

 

 
 Class C: no shares issued and outstanding at 
   June 30, 2026 and December 31, 2025

  

  

 —

  

  

  

 —

  

 

 
 Additional paid-in capital

  

  

 679,931

  

  

  

 677,743

  

 

 
 Accumulated deficit

  

  

 (642,708

 )

  

  

 (646,378

 )

 

 
 Accumulated other comprehensive loss

  

  

 (35

 )

  

  

 (47

 )

 

 
 Total stockholders’ equity

  

  

 37,190

  

  

  

 31,320

  

 

 
 Total liabilities and stockholders’ equity

  

 $

 136,509

  

  

 $

 147,035

  

 

  
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 4

 
  

 The Beachbody Company, Inc. 
Unaudited Condensed Consolidated Statements of Operations 
(in thousands, except per share data)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three months ended June 30,

  

  

 Six months ended June 30,

  

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Revenue:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Digital

  

 $

 31,158

  

  

 $

 39,693

  

  

 $

 64,720

  

  

 $

 82,604

  

 

 
 Nutrition and other

  

  

 18,455

  

  

  

 24,172

  

  

  

 39,177

  

  

  

 52,825

  

 

 
 Connected fitness

  

  

 —

  

  

  

 76

  

  

  

 —

  

  

  

 875

  

 

 
 Total revenue

  

  

 49,613

  

  

  

 63,941

  

  

  

 103,897

  

  

  

 136,304

  

 

 
 Cost of revenue:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Digital

  

  

 4,030

  

  

  

 4,893

  

  

  

 8,260

  

  

  

 11,104

  

 

 
 Nutrition and other

  

  

 9,837

  

  

  

 11,740

  

  

  

 20,892

  

  

  

 25,191

  

 

 
 Connected fitness

  

  

 —

  

  

  

 1,070

  

  

  

 —

  

  

  

 2,222

  

 

 
 Total cost of revenue

  

  

 13,867

  

  

  

 17,703

  

  

  

 29,152

  

  

  

 38,517

  

 

 
 Gross profit

  

  

 35,746

  

  

  

 46,238

  

  

  

 74,745

  

  

  

 97,787

  

 

 
 Operating expenses:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Selling and marketing

  

  

 15,634

  

  

  

 25,528

  

  

  

 34,393

  

  

  

 56,498

  

 

 
 Enterprise technology and development

  

  

 9,884

  

  

  

 10,611

  

  

  

 19,291

  

  

  

 23,207

  

 

 
 General and administrative

  

  

 8,560

  

  

  

 11,571

  

  

  

 16,279

  

  

  

 23,228

  

 

 
 Restructuring

  

  

 —

  

  

  

 2,492

  

  

  

 —

  

  

  

 2,492

  

 

 
 Total operating expenses

  

  

 34,078

  

  

  

 50,202

  

  

  

 69,963

  

  

  

 105,425

  

 

 
 Operating income (loss)

  

  

 1,668

  

  

  

 (3,964

 )

  

  

 4,782

  

  

  

 (7,638

 )

 

 
 Other income (expense):

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Loss on debt extinguishment

  

  

 —

  

  

  

 (2,166

 )

  

  

 —

  

  

  

 (2,166

 )

 

 
 Change in fair value of warrant liabilities

  

  

 519

  

  

  

 1,558

  

  

  

 328

  

  

  

 869

  

 

 
 Interest expense

  

  

 (1,009

 )

  

  

 (1,268

 )

  

  

 (2,023

 )

  

  

 (2,833

 )

 

 
 Other income, net

  

  

 324

  

  

  

 41

  

  

  

 733

  

  

  

 266

  

 

 
 Income (loss) before income taxes

  

  

 1,502

  

  

  

 (5,799

 )

  

  

 3,820

  

  

  

 (11,502

 )

 

 
 Income tax provision

  

  

 (118

 )

  

  

 (101

 )

  

  

 (150

 )

  

  

 (146

 )

 

 
 Net income (loss)

  

 $

 1,384

  

  

 $

 (5,900

 )

  

 $

 3,670

  

  

 $

 (11,648

 )

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Net income (loss) per common share, basic (1)

  

 $

 0.19

  

  

 $

 (0.85

 )

  

 $

 0.51

  

  

 $

 (1.68

 )

 

 
 Net income (loss) per common share, diluted (1)

  

 $

 0.11

  

  

 $

 (0.85

 )

  

 $

 0.47

  

  

 $

 (1.68

 )

 

 
 Weighted-average common shares outstanding, basic

  

  

 7,182

  

  

  

 6,951

  

  

  

 7,148

  

  

  

 6,917

  

 

 
 Weighted-average common shares outstanding, diluted

  

  

 7,905

  

  

  

 6,951

  

  

  

 7,696

  

  

  

 6,917

  

 

 (1) In computing basic and diluted net income per common share, net income is reduced by the amount of undistributed net income allocated to participating securities other than common shares, as required under the two-class method. In computing the diluted net income per share, net income is adjusted for the change in fair value of warrant liabilities for warrants that are dilutive. See Note 15: Income (loss) per Share
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 5

 
  

 The Beachbody Company, Inc. 
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)
(in thousands)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three months ended June 30,

  

  

 Six months ended June 30,

  

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Net income (loss)

  

 $

 1,384

  

  

 $

 (5,900

 )

  

 $

 3,670

  

  

 $

 (11,648

 )

 

 
 Other comprehensive income (loss):

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Foreign currency translation adjustment

  

  

 27

  

  

  

 (6

 )

  

  

 12

  

  

  

 (15

 )

 

 
 Total other comprehensive income (loss)

  

  

 27

  

  

  

 (6

 )

  

  

 12

  

  

  

 (15

 )

 

 
 Total comprehensive income (loss)

  

 $

 1,411

  

  

 $

 (5,906

 )

  

 $

 3,682

  

  

 $

 (11,663

 )

 

  
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 6

 
  

 The Beachbody Company, Inc. 
Unaudited Condensed Consolidated Statements of Stockholders’ Equity 
(in thousands)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

 Accumulated

  

  

  

  

 

 
  

  

  

  

  

  

  

  

 Additional

  

  

  

  

  

 Other

  

  

 Total

  

 

 
  

  

 Common Stock

  

  

 Paid-In

  

  

 Accumulated

  

  

 Comprehensive

  

  

 Stockholders’

  

 

 
  

  

 Shares

  

  

 Amount

  

  

 Capital

  

  

 Deficit

  

  

 Loss

  

  

 Equity

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Balances at December 31, 2024

  

  

 6,948

  

  

 $

 2

  

  

 $

 671,735

  

  

 $

 (643,518

 )

  

 $

 (49

 )

  

 $

 28,170

  

 

 
 Net loss

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (5,748

 )

  

  

 —

  

  

  

 (5,748

 )

 

 
 Other comprehensive loss

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (9

 )

  

  

 (9

 )

 

 
 Equity-based compensation

  

  

 55

  

  

  

 —

  

  

  

 1,726

  

  

  

 —

  

  

  

 —

  

  

  

 1,726

  

 

 
 Options exercised, net of tax withholdings

  

  

 7

  

  

  

 —

  

  

  

 47

  

  

  

 —

  

  

  

 —

  

  

  

 47

  

 

 
 Tax withholdings on vesting of restricted stock

  

  

 (22

 )

  

  

 —

  

  

  

 (151

 )

  

  

 —

  

  

  

 —

  

  

  

 (151

 )

 

 
 Balances at March 31, 2025

  

  

 6,988

  

  

 $

 2

  

  

 $

 673,357

  

  

 $

 (649,266

 )

  

 $

 (58

 )

  

 $

 24,035

  

 

 
 Net loss

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (5,900

 )

  

  

 —

  

  

  

 (5,900

 )

 

 
 Other comprehensive loss

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (6

 )

  

  

 (6

 )

 

 
 Equity-based compensation

  

  

 69

  

  

  

 —

  

  

  

 2,015

  

  

  

 —

  

  

  

 —

  

  

  

 2,015

  

 

 
 Issuance of shares due to Employee Stock Purchase Plan

  

  

 20

  

  

  

 —

  

  

  

 78

  

  

  

 —

  

  

  

 —

  

  

  

 78

  

 

 
 Tax withholdings on vesting of restricted stock

  

  

 (11

 )

  

  

 —

  

  

  

 (64

 )

  

  

 —

  

  

  

 —

  

  

  

 (64

 )

 

 
 Balances at June 30, 2025

  

  

 7,066

  

  

 $

 2

  

  

 $

 675,386

  

  

 $

 (655,166

 )

  

 $

 (64

 )

  

 $

 20,158

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

 Accumulated

  

  

  

  

 

 
  

  

  

  

  

  

  

  

 Additional

  

  

  

  

  

 Other

  

  

 Total

  

 

 
  

  

 Common Stock

  

  

 Paid-In

  

  

 Accumulated

  

  

 Comprehensive

  

  

 Stockholders’

  

 

 
  

  

 Shares

  

  

 Amount

  

  

 Capital

  

  

 Deficit

  

  

 Loss

  

  

 Equity

  

 

 
 Balances at December 31, 2025

  

  

 7,180

  

  

 $

 2

  

  

 $

 677,743

  

  

 $

 (646,378

 )

  

 $

 (47

 )

  

 $

 31,320

  

 

 
 Net income

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 2,286

  

  

  

 —

  

  

  

 2,286

  

 

 
 Other comprehensive loss

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (15

 )

  

  

 (15

 )

 

 
 Equity-based compensation

  

  

 89

  

  

  

 —

  

  

  

 1,118

  

  

  

 —

  

  

  

 —

  

  

  

 1,118

  

 

 
 Options exercised, net of tax withholdings

  

  

 2

  

  

  

 —

  

  

  

 14

  

  

  

 —

  

  

  

 —

  

  

  

 14

  

 

 
 Tax withholdings on vesting of restricted stock

  

  

 (36

 )

  

  

 —

  

  

  

 (372

 )

  

  

 —

  

  

  

 —

  

  

  

 (372

 )

 

 
 Balances at March 31, 2026

  

  

 7,235

  

  

 $

 2

  

  

 $

 678,503

  

  

 $

 (644,092

 )

  

 $

 (62

 )

  

 $

 34,351

  

 

 
 Net income

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 1,384

  

  

  

 —

  

  

  

 1,384

  

 

 
 Other comprehensive income

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 27

  

  

  

 27

  

 

 
 Equity-based compensation

  

  

 23

  

  

  

 —

  

  

  

 1,285

  

  

  

 —

  

  

  

 —

  

  

  

 1,285

  

 

 
 Options exercised, net of tax withholdings

  

  

 13

  

  

  

 —

  

  

  

 84

  

  

  

 —

  

  

  

 —

  

  

  

 84

  

 

 
 Issuance of shares due to Employee Stock Purchase Plan

  

  

 15

  

  

  

 —

  

  

  

 95

  

  

  

 —

  

  

  

 —

  

  

  

 95

  

 

 
 Tax withholdings on vesting of restricted stock

  

  

 (3

 )

  

  

 —

  

  

  

 (36

 )

  

  

 —

  

  

  

 —

  

  

  

 (36

 )

 

 
 Balances at June 30, 2026

  

  

 7,283

  

  

 $

 2

  

  

 $

 679,931

  

  

 $

 (642,708

 )

  

 $

 (35

 )

  

 $

 37,190

  

 

  
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 7

 
  

 The Beachbody Company, Inc. 
Unaudited Condensed Consolidated Statements of Cash Flows 
(in thousands)
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Six months ended June 30,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
  

  

  

  

  

  

  

 

 
 Cash flows from operating activities:

  

  

  

  

  

  

 

 
 Net income (loss)

  

 $

 3,670

  

  

 $

 (11,648

 )

 

 
 Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:

  

  

  

  

  

  

 

 
 Depreciation and amortization expense

  

  

 4,174

  

  

  

 4,910

  

 

 
 Amortization of content assets

  

  

 2,669

  

  

  

 5,018

  

 

 
 Provision for inventory

  

  

 829

  

  

  

 559

  

 

 
 Change in fair value of warrant liabilities

  

  

 (328

 )

  

  

 (869

 )

 

 
 Equity-based compensation

  

  

 2,403

  

  

  

 3,741

  

 

 
 Amortization of debt issuance costs

  

  

 364

  

  

  

 1,119

  

 

 
 Paid-in-kind interest expense

  

  

 —

  

  

  

 218

  

 

 
 Loss on debt extinguishment

  

  

 —

  

  

  

 2,166

  

 

 
 Change in lease assets

  

  

 400

  

  

  

 523

  

 

 
 Changes in operating assets and liabilities:

  

  

  

  

  

  

 

 
 Inventory

  

  

 (3,990

 )

  

  

 4,340

  

 

 
 Content assets

  

  

 (1,829

 )

  

  

 (1,290

 )

 

 
 Prepaid expenses

  

  

 1,828

  

  

  

 4,348

  

 

 
 Other assets

  

  

 1,361

  

  

  

 18,497

  

 

 
 Accounts payable

  

  

 1,531

  

  

  

 (4,647

 )

 

 
 Accrued expenses

  

  

 (5,309

 )

  

  

 (4,906

 )

 

 
 Deferred revenue

  

  

 (8,946

 )

  

  

 (12,360

 )

 

 
 Other liabilities

  

  

 (3,109

 )

  

  

 (3,139

 )

 

 
 Net cash (used in) provided by operating activities

  

  

 (4,282

 )

  

  

 6,580

  

 

 
 Cash flows from investing activities:

  

  

  

  

  

  

 

 
 Purchase of property and equipment

  

  

 (1,444

 )

  

  

 (2,511

 )

 

 
 Net cash used in investing activities

  

  

 (1,444

 )

  

  

 (2,511

 )

 

 
 Cash flows from financing activities:

  

  

  

  

  

  

 

 
 Proceeds from exercise of stock options

  

  

 98

  

  

  

 47

  

 

 
 Debt borrowings

  

  

 —

  

  

  

 25,000

  

 

 
 Debt repayments

  

  

 —

  

  

  

 (22,582

 )

 

 
 Proceeds from issuance of common shares in the Employee Stock Purchase Plan

  

  

 95

  

  

  

 78

  

 

 
 Tax withholding payments for vesting of restricted stock

  

  

 (408

 )

  

  

 (215

 )

 

 
 Payment of debt issuance costs

  

  

 (425

 )

  

  

 (1,543

 )

 

 
 Net cash (used in) provided by financing activities

  

  

 (640

 )

  

  

 785

  

 

 
 Effect of exchange rates on cash, cash equivalents, and restricted cash

  

  

 (262

 )

  

  

 520

  

 

 
 Net (decrease) increase in cash, cash equivalents, and restricted cash

  

  

 (6,628

 )

  

  

 5,374

  

 

 
 Cash, cash equivalents and restricted cash, beginning of period

  

  

 39,017

  

  

  

 20,187

  

 

 
 Cash, cash equivalents, and restricted cash, end of period

  

 $

 32,389

  

  

 $

 25,561

  

 

 
 Supplemental disclosure of cash flow information:

  

  

  

  

  

  

 

 
 Cash paid during the period for interest

  

 $

 1,656

  

  

 $

 900

  

 

 
 Cash received during the year for US Federal income taxes

  

 $

 —

  

  

 $

 (324

 )

 

 
 Cash paid during the year for Texas GMT income taxes

  

  

 69

  

  

  

 73

  

 

 
 Cash (received) paid during the year for UK income taxes

  

  

 (4

 )

  

  

 16

  

 

 
 Cash paid during the year for Canada income taxes

  

  

 11

  

  

  

 19

  

 

 
 Cash paid during the year for income taxes from other jurisdictions

  

  

 14

  

  

  

 21

  

 

 
 Supplemental disclosure of noncash investing activities:

  

  

  

  

  

  

 

 
 Property and equipment acquired but not yet paid for

  

 $

 302

  

  

 $

 481

  

 

 
 Supplemental disclosure of noncash financing activities:

  

  

  

  

  

  

 

 
 Debt issuance costs, accrued but not paid

  

  

 —

  

  

  

 238

  

 

  
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 8

 
  

 The Beachbody Company, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
Note 1. Description of Business and Summary of Significant Accounting Policies
Business 
The Beachbody Company, Inc. (“BODi” or the “Company”) is the proactive wellness company delivering nutrition, supplements, and proven fitness programs that help people take control of their health inside and out. The Company is the creator of some of the world’s most popular fitness programs. The Company’s fitness programs are available for streaming through subscription and/or digital program purchases on the Beachbody On Demand Interactive ("BODi") digital platform, accessible through a web browser, iOS devices, Android Devices, and Roku. BODi offers nutritional products such as Shakeology nutrition shakes and Beachbody Performance supplements, which have been designed and clinically tested to help customers achieve their goals. The Company’s revenue has historically been generated primarily through a network of micro-influencers (“Partners”), social media marketing channels, and direct response advertising. On September 30, 2024, the Company announced strategic initiatives to transition its network business from a Multi-Level Marketing ("MLM") model with its Partners to a single level affiliate model (the "Pivot"). 
Basis of Presentation and Principles of Consolidation 
The Company prepares its unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), and pursuant to the regulations of the U.S. Securities and Exchange Commission (“SEC”).
The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that may affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Significant estimates in our condensed consolidated financial statements include, but are not limited to, the useful life and recoverability of long-lived assets, the valuation of warrant liabilities, the recognition and measurement of income tax assets and liabilities, the impairment of goodwill, and the net realizable value of inventory. The Company bases these estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities. Actual results could differ from those estimates. We periodically review estimates and assumptions and we reflect the effects of changes, if any, in the unaudited condensed consolidated financial statements in the period that they are determined.
The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements and, in the opinion of management, include all normal recurring adjustments necessary for the fair statement of the Company’s financial position, results of operations, and cash flows. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated in consolidation. The financial data and other financial information disclosed in the notes to these unaudited condensed consolidated financial statements are also unaudited. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Interim results are not necessarily indicative of the results that may be expected for the full fiscal year or any other period.

Summary of Changes in Significant Accounting Estimates
Recently Adopted Accounting Pronouncements 
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, to improve disclosures about a company's income taxes paid and the effective rate reconciliation table. The Company adopted this new accounting guidance on a retrospective basis on January 1, 2025, and the adoption did not have a material effect on its unaudited condensed consolidated financial statements.
In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which amends ASC 326-20 to provide a practical expedient and an accounting policy election (for all entities other than public business entities that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The Company adopted this new accounting guidance on January 1, 2026, and the adoption did not have a material effect on its unaudited condensed consolidated financial statements.
 
Accounting Pronouncements Not Yet Adopted 
 
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, to provide additional disclosure about the nature of a company's expenses included in the income statement. The guidance in this update will be effective for public 

 9

 
  

 companies for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The Company is evaluating the potential impact of adopting this guidance on its unaudited condensed consolidated financial statements.
In September 2025, the FASB issued ASU 2025-06, Targeted Improvement to the Accounting for Internal-Use Software, which amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40. The amendments also supersede the guidance on web site development costs in ASC 350-50. The guidance in this update will be effective for all entities for annual periods beginning after December 15, 2027 and interim reporting periods within those reporting periods. The Company is evaluating the potential impact of adopting this guidance on its unaudited condensed consolidated financial statements.
 
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which is intended to improve the navigability of the guidance in ASC 270 and clarify when it applies. The guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the potential impact, if any, of adopting this guidance on its unaudited condens