The Beachbody Company, Inc. (NASDAQ: BODI) is back in the headlines one day after reporting its first GAAP net profit since going public in 2021. Shares were among the morning’s biggest pre‑market movers and an analyst at Canaccord Genuity boosted the stock’s price target to $9, citing improving profitability trends. [1]
Key takeaways
- First GAAP profit since IPO: Q3 2025 net income of $3.6M (or $0.51/share) versus a $12.0M loss a year ago; gross margin expanded to 74.6% (+730 bps YoY). [2]
- Top line still contracting: Q3 revenue $59.9M, down 41% YoY as the company continues to shrink low‑margin categories and exits connected fitness hardware. [3]
- Guidance implies stability: Q4 outlook calls for $50–$57M revenue, net income (loss) of –$1M to +$3M, and adjusted EBITDA $5–$9M. [4]
- Balance sheet improving: Cash and equivalents of $33.9M versus ~$23.5M of term‑loan debt at quarter‑end; net cash position roughly $10.5M. [5]
- Market reaction: BODI rose ~29% pre‑market to $6.52; intraday quote recently around $5.02. [6]
- Analyst action: Canaccord Genuity raised its target to $9 (Buy); 3rd‑party trackers show broader targets clustered $7–$13 (avg. ≈ $10). [7]
By the numbers: Q3 2025 (quarter ended Sept. 30)
- Revenue:$59.9M (Digital $36.4M; Nutrition & Other $23.5M; Connected Fitness $0.0M, reflecting the exit of bike sales in Q1). [8]
- Gross margin:74.6% vs. 67.3% last year. [9]
- Operating income:$5.0M (first since IPO) vs. –$13.0M YoY. [10]
- Net income:$3.6M vs. –$12.0M YoY. [11]
- Adjusted EBITDA:$9.5M (8th straight positive quarter). [12]
Management framed Q3 as a proof point that the company’s multi‑year transformation is working, with a leaner cost structure and higher margin mix leading to profitability ahead of plan. [13]
Q4 2025 outlook
BODI guided revenue to $50–$57M, net income (loss) between –$1M and +$3M, and adjusted EBITDA of $5–$9M. Management also reiterated “clear visibility to positive free cash flow for the full year.” [14]
Strategy check: from hardware/MLM roots to a focused, higher‑margin platform
- Portfolio reset: Connected fitness hardware revenue fell to zero after the company ceased bike inventory sales—part of a deliberate shift to software/content and nutrition. [15]
- Go‑to‑market remodel: Over the past year, BODI moved away from its legacy multi‑level marketing structure toward a simpler omnichannel/affiliate model to expand reach and lower breakeven. [16]
- Listing move: The company transferred its stock listing to Nasdaq on Sept. 3, 2025, maintaining the ticker BODI. [17]
Product & retail pipeline to watch in 2026
- P90X returns: BODI announced “P90X Generation Next,” led by Super Trainer Waz Ashayer, slated to debut Feb. 3, 2026. [18]
- Retail expansion: Management commentary and coverage indicate a broader retail rollout in 2026, including Shakeology’s first retail launch alongside new supplements. [19]
Street reaction
- Canaccord Genuity raised its price target to $9 and maintained a Buy rating after the print. [20]
- Consensus snapshots from third‑party trackers show an average target near $10 (range ~$7–$13), suggesting potential upside if execution continues. [21]
- Several outlets highlighted the EPS beat versus expectations (reported $0.51 vs. street estimate around –$0.54, a ~194% surprise by conventional calculation). [22]
Market action today (Nov. 11)
BODI was named a pre‑market gainer early Tuesday, rising roughly 29% before the open; by early afternoon (UTC) shares were recently around $5.02. Volatility may remain elevated as investors recalibrate models for margins, cash flow, and 2026 launches. [23]
Why it matters
BODI’s top line is smaller than a year ago, but mix shift and cost discipline are translating into meaningful margin expansion and cash generation—a recipe analysts often reward when sustained. With positive GAAP earnings, improving net cash, and a clear near‑term pipeline (P90X relaunch and retail), the company has more levers than it did during its hardware and legacy‑sales years. Risks remain—continued subscriber churn, retail execution, and macro demand—but Tuesday’s reaction shows the market is paying attention. [24]
What’s next
- Execution on Q4 guidance and free‑cash‑flow goals. [25]
- Details and retail partners for Shakeology’s entry into brick‑and‑mortar channels. [26]
- P90X Generation Next launch milestones and early engagement metrics. [27]
Sources & methodology
This story synthesizes BODI’s official Q3 2025 press release and Form 10‑Q with corroborating coverage from major financial outlets and analyst notes published on Nov. 10–11, 2025. Key primary documents include Business Wire (earnings release), the company’s investor relations site (10‑Q), and real‑time market/analyst updates. [28]
Disclosure: This article is for informational purposes only and does not constitute investment advice. Always do your own research and consider consulting a licensed financial professional.
References
1. www.businesswire.com, 2. www.businesswire.com, 3. www.businesswire.com, 4. www.businesswire.com, 5. d18rn0p25nwr6d.cloudfront.net, 6. www.rttnews.com, 7. www.investing.com, 8. www.businesswire.com, 9. www.businesswire.com, 10. www.businesswire.com, 11. www.businesswire.com, 12. www.businesswire.com, 13. www.businesswire.com, 14. www.businesswire.com, 15. www.businesswire.com, 16. insider.fitt.co, 17. www.businesswire.com, 18. www.businesswire.com, 19. finance.yahoo.com, 20. www.investing.com, 21. www.marketbeat.com, 22. public.com, 23. www.rttnews.com, 24. www.businesswire.com, 25. www.businesswire.com, 26. finance.yahoo.com, 27. www.businesswire.com, 28. www.businesswire.com
