BODI Overview

Price Target Update: The average one-year price target for Beachbody (NasdaqCM:BODI) has been revised to $10.37 per share, reflecting a 31.18% increase from the previous estimate of $7.90, although it represents a 7.08% decrease from the latest closing price of $11.16.

Fund Sentiment: There are currently 52 funds reporting positions in Beachbody, a slight decrease of 1 fund (1.89%) from the last quarter, with the average portfolio weight dedicated to BODI increasing by 175.33%.

Shareholder Activity: Raine Capital maintains a 15.39% ownership with 671K shares, while Whetstone Capital Advisors increased its holdings by 11.29% to 400K shares, representing 9.17% ownership. Other shareholders like MSA Advisors and Vanguard Total Stock Market Index Fund have not changed their positions.

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Management Achievements: Beachbody reported its first net income since going public, achieving eight consecutive quarters of positive adjusted EBITDA and generating $13.1 million in free cash flow in the first nine months of 2025. The company significantly reduced its revenue breakeven point from $900 million in 2022 to $180 million today.

Product and Subscription Launches: The company plans to launch a comprehensive retail initiative in 2026, including the introduction of Shakeology to retail channels and new P90X and Insanity-branded supplements. Additionally, new subscription models were introduced, including a $19 per month offer and a $9.99 Super Trainer subscription.

Financial Performance: In Q3 2025, total revenues were $59.9 million, a decline of 6.3% sequentially and 41.4% year-over-year, attributed to the transition from an MLM platform to an omni-channel model. However, gross margins improved to 74.6%, and operating expenses decreased by 21%.

Future Outlook and Risks: Management expressed optimism about future growth, focusing on innovation and retail expansion, while acknowledging potential near-term revenue pressures from the ongoing transition. There are concerns about slight declines in nutrition margins due to lower price points and the timing of retail rollouts.