By James Blacker, Benzinga Subscription health and fitness firm The Beachbody Company, Inc (NYSE: BODI) saw a significant turnaround in its financial results for the first quarter ending March 3 , reporting higher revenue and adjusted EBITDA compared to the previous quarter as well as the first positive free cash flow quarter since 2020. The company, which now goes by BOD , reported a total revenue of $120 million for the first quarter, exceeding the midpoint of guidance. While revenue was down around 17% from $144.
9 million in the same period of 2023, the figure grew from $119 million in the previous quarter – representing the first quarter-on-quarter revenue growth since 2021. BODi's increase in revenue compared to the previous quarter was driven by a more than 7% increase in revenue from its Nutrition & Other segment, while the Digital and Connected Fitness segments saw slight dips in revenue over the same period. A key highlight for the quarter was the company's first positive free cash flow since 2020, which was $7.
4 million, compared to negative $11.3 million in the first quarter of 2023. BODi said it generated $9.
1 million from operating activities in Q1 2024, in stark contrast to a cash outflow of $7.9 million from operating activities in the same period of 2023. The company also saw an inflow of $3.
9 million from investing activities, compared to an outflow of $3.4 million last year. "Our net cash position increased from $3.
9 million at December 31, 2023 to $14.4 m.