Beachbody Co., Inc. Class A (BODI)

The Beachbody Co., Inc. (BODI) stock has experienced fluctuations in the past six months. The company transitioned from a multi-level marketing (MLM) model to a single-level affiliate model, accompanied by layoffs. The company reported Q3 2024 revenues of $102 million and an adjusted EBITDA of $10.1 million, marking its fourth consecutive quarter of positive adjusted EBITDA. Q1 2025 revenue was $72.4 million, exceeding guidance, while Q2 2025 revenue was $63.9 million with an adjusted EBITDA of $4.6 million. In the past year, the company also implemented a 1-to-50 stock split and faced the prospect of delisting from the NYSE.

Demand for BODi's products and services is subject to seasonality, with the fourth quarter traditionally being softer. Fitness stocks are sensitive to consumer spending, seasonality, and competition. The company's digital fitness subscriptions and nutrition products benefit from rising health awareness and recurring revenue trends. The COVID-19 pandemic initially increased demand for in-home fitness, but this trend reversed as people returned to gyms.

BODi, formerly The Beachbody Co., Inc., is a publicly traded American fitness and health company operating in the Consumer Discretionary sector. It specializes in fitness, nutrition, and personal development solutions, offering digital fitness subscriptions, nutritional supplements, and a direct-to-consumer sales network. Key products include programs like P90X and Insanity, available through Beachbody On Demand, and supplements like Shakeology. In 2021, the company acquired MYXfitness.

The company serves customers across the United States, Canada, the United Kingdom, and France, aiming to reach a broad customer base across North America and internationally.

BODi has actively worked to reshape its brand reputation, rebranding from Beachbody in 2023 and launching a "health esteem" campaign. The company transitioned away from its multi-level marketing (MLM) model to a single-level affiliate model because the MLM model was "outdated and unsustainable" and carried a "negative stigma" that hindered customer and seller acquisition. Earlier in 2024, the company also made significant overhauls to its compensation plan, reducing bonuses and commission rates for its representatives.

The Beachbody Co., Inc. (BODI) is owned by a mix of institutional shareholders, insiders, and retail investors. Institutional shareholders hold 21.74% of the stock, while insiders hold 1,523.38%, and retail investors hold 0.00%. Major institutional owners include Raine Capital LLC, Whetstone Capital Advisors, LLC, Vanguard Group Inc, MSA Advisors, LLC, BlackRock, Inc., Renaissance Technologies Llc, Geode Capital Management, Llc, and Perritt Capital Management Inc. Rpiii Rainsanity LP is noted as the largest individual shareholder, owning 67.11 million shares. Other significant individual/insider owners include Jonathan Congdon and Michael Heller.