Beachbody (NASDAQ:BODI), now operating under the BODi brand, outlined its turnaround strategy, new product pipeline and retail expansion plans during a Noble Capital Markets-hosted presentation featuring Executive Chairman Mark Goldston and Chief Financial Officer Brad Ramberg.
Goldston said the company has shifted away from its former multi-level marketing model and repositioned itself as a multi-channel wellness business spanning direct-to-consumer sales, Amazon, marketplaces and retail. He described the transition as “taking an airplane in mid-flight and completely changing its business model.”
Turnaround Focused on Lower Breakeven and Profitability
Goldston said Beachbody has substantially reduced its cost structure since he joined the company three years ago. According to Goldston, the company’s adjusted EBITDA breakeven revenue level has been lowered from $900 million to $180 million, a reduction of $720 million.
He also said sales and marketing expenses have fallen to roughly 35% of revenue from 53%, while the company has refinanced debt and reduced interest expense by 44%. Goldston said Beachbody reduced its debt from $50 million when he joined to $25 million, and that its cash position was $36.6 million.
Goldston said the company has posted 10 consecutive quarters of positive adjusted EBITDA, totaling $69.8 million over that period. He also said Beachbody reported positive free cash flow of $17.4 million in 2025, compared with nearly negative $300 million in 2021, and has posted positive net income for three consecutive quarters.
“We completed the financial turnaround in the middle of 2025,” Goldston said, adding that the company was about a year and a half ahead of its original schedule.
Retail Expansion Begins With Shakeology and Supplements
Goldston said the company has begun moving key nutrition products into retail for the first time. Shakeology recently launched in roughly 100 Sprouts stores, and Beachbody plans to launch a seven-serving Shakeology bag in all 640 Vitamin Shoppe stores in late August or early September at a $34.99 price point.
The company has also launched a P90X nutritional supplement line, including an energy stick, hydration product, pre-workout creatine and whey protein. Goldston said those products are priced between $15 and $34.99.
Beachbody has hired Advantage Solutions to help sell products into retail channels. Goldston also said the company has entered KeHE, a food wholesale distributor that services Sprouts and has access to 30,000 grocer accounts.
Goldston cautioned that retail growth will take time because planogram cycles often reset only once or twice a year. He said the company is focused first on distribution, consumer trial, sell-through and replenishment, rather than maximizing early shipment volume.
“2026 is about trying to get people teed up to either put us in the stores physically or give us commitments that we’re going to be in the stores,” Goldston said. “2027 is when you start to reap the benefits of that.”
New Fitness and Nutrition Products Target Wellness Market
Goldston said Beachbody is positioning itself under the broader concept of “BODi Wellness,” combining fitness, nutrition supplements and meal plans.
The company recently launched 10 Minute Body, a program with more than 400 individual fitness videos designed for consumers who may not want longer workouts. Goldston said the product is priced at $10 per month and is intended to appeal to people who need shorter exercise sessions, including those using GLP-1 drugs, where he said lean muscle mass loss can be a risk.
Beachbody also launched a new P90X program in February called Generation Next, the first new P90X program in more than a decade. The program features trainer Waz Ashayer.
In addition, Goldston said the company plans to test an INSANITY-branded energy drink called Insanity Liquid Shock in Southern California later this summer. Beachbody is also preparing a P90X-branded energy drink with what Goldston described as scientifically backed ingredients. If the test performs well, he said the company could consider a national rollout in 2027.
Company Says Investors Should View BODi as Wellness Platform
Asked by Noble Capital Markets analyst Michael Kupinski when investors should begin viewing the company as a nutrition and wellness platform rather than a digital fitness subscription business, Goldston said nutrition was historically the larger part of the company.
At Beachbody’s peak, Goldston said the company generated $1.2 billion in revenue, including more than $800 million from nutrition and $400 million from digital fitness. He said the current strategy represents a return to the company’s roots, supported by new product innovation and distribution channels.
Goldston said the company expects year-over-year comparisons to become cleaner beginning in the third quarter of 2026, after the remaining effects of the former MLM model have burned off.
About Beachbody (NASDAQ:BODI)
Beachbody is a consumer-oriented health and fitness company based in Santa Monica, California. Founded in 1998 by Carl Daikeler and Jon Congdon, the company originally gained prominence through at-home workout programs distributed on DVD. Over time, Beachbody has transitioned much of its content delivery to a subscription-based digital platform, offering on-demand streaming of exercise routines, meal plans and wellness coaching.
The company’s portfolio includes a range of branded fitness programs—such as P90X, Insanity, 21 Day Fix and Body Beast—alongside nutrition and supplement products marketed under the Beachbody Nutrition brand.
