Overview

• US wellness platform's Q1 revenue fell 25% yr/yr but beat analyst expectations

• Adjusted EBITDA for Q1 beat analyst expectations

• Company posted third straight quarter of net and operating income despite lower sales

Outlook

• Company expects Q2 2026 revenue between $46 mln and $51 mln

• Beachbody projects Q2 net income (loss) between $(3) mln and $0 mln

• Company sees Q2 adjusted EBITDA between $3 mln and $6 mln

Result Drivers

• OPERATING EXPENSE CUTS - Lower selling, marketing, technology, and administrative costs drove improved operating income and net income despite revenue decline

• CONNECTED FITNESS EXIT - Revenue from connected fitness fell to zero after the company ceased bike inventory sales in Q1 2025

• LOWER SUBSCRIPTIONS - Declines in both digital and nutrition subscriptions contributed to lower overall revenue

Company press release: ID:nBw61T0Ga

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$54.30 mln	$51.63 mln (4 Analysts)
Q1 EPS		$0.30
Q1 Net Income		$2.30 mln
Q1 Adjusted EBITDA	Beat	$8 mln	$5.36 mln (4 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the online services peer group is "buy"

• Wall Street's median 12-month price target for Beachbody Company Inc is $15.00, about 19.2% above its May 11 closing price of $12.58

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