Beachbody transitions from MLM to affiliate program, cuts workforce by 33%, lowers revenue break-even to <$225M

Beachbody Company, Inc.

Workforce reduction of ~33%; expects $6-8M cash severance charges in Q3 2024, $11M non-cash charges in Q4 2024.
Overhead savings of $54M on annualized run-rate; revenue break-even point lowered from <$430M to <$225M.
President Michael Neimand's position eliminated in connection with pivot; he declined alternative role.
Reaffirms Q3 guidance: rev $97-107M, net loss $9-13M (excl. restructuring charges), Adj EBITDA $2-6M.
New affiliate program launches Nov 1, 2024; MLM network to wind down by Jan 1, 2025.

item 2.05 item 5.02 item 7.01 item 8.01 item 9.01

Executive movements

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Departed

Michael Neimand

President

BODI · Beachbody Company, Inc.

Effective: 2024-09-30
Filed: September 30, 2024, 7:59 PM ET

On September 30, 2024, Michael Neimand, President, Beachbody, was provided notice that his position was being eliminated in connection with the Pivot and decided not to take an alternative position as offered by the Company.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Michael Neimand departed as President at Beachbody Company, Inc..

Action: position eliminated
Role: President

Exact text from the filing

On September 30, 2024, Michael Neimand, President, Beachbody, was provided notice that his position was being eliminated in connection with the Pivot and decided not to take an alternative position as offered by the Company.

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Beachbody Company, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-229116

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