The Beachbody Company (NYSE

BODI) Announces Amendments to its Term Loan

The Beachbody Company, Inc. (NYSE: BODi) (“BODi” or the “Company”), a leading health and fitness company, today announced that it has amended certain financial covenants (and other terms) of its original $50 million term loan with Blue Torch Capital. The loan balance as of this date has been reduced to $25.5 million.

“To more effectively synchronize our loan agreement with our profitability and free cash flow targets, we concluded that it was more strategically aligned with our priorities to adjust the conditions of our revenue covenant with Blue Torch Capital. The modified terms decrease the quarterly revenue floor to $100 million per quarter until December 31, 2024, and then to $110 million per quarter for the subsequent periods. These revisions are possible because of our ability to generate positive free cash flow at a much lower revenue threshold," said Carl Daikeler, BODi's Co-Founder and CEO.

As part of the amendment, BODi is paying down $4 million in debt, reducing the outstanding balance to $25.5 million. The minimum liquidity covenant will be reduced by the same amount, from $22 million to $18 million.

“The cornerstone of our turnaround initiative is our updated business strategy, which focuses on expanding sales channels of our rich fitness content and nutritional supplements to optimize profitability and cash generation from our asset base. We have successfully reduced our revenue breakeven from over $900 million in 2022 to less than $500 million in 2024 through a comprehensive rearchitecting of the business. The Blue Torch team has been exceptional in acknowledging the progress we have made in executing our turnaround plan, demonstrating their support of our overall strategy by collaborating with us to modify the terms of our agreement," said Mark Goldston, BODi’s Executive Chairman.

About BODi and The Beachbody Company, Inc.

Originally known as Beachbody, BODi has been innovating structured step-by-step home fitness and nutrition programs for 25 years such as P90X, Insanity, and 21-Day Fix, plus the first premium superfood nutrition supplement, Shakeology. Since its inception in 1999 BODi has helped over 30 million customers pursue extraordinary life-changing results. The BODi community represents millions of people helping each other stay accountable to goals of healthy weight loss, improved strength and energy, and resilient mental and physical well-being. For more information, please visit TheBeachbodyCompany.com.