BODi Announces Amendment to Credit Agreement

Key Terms

credit agreement financial

A credit agreement is a written loan contract between a borrower and a bank or other lender that lays out how much money can be borrowed, the interest rate, repayment schedule, fees, and the rules the borrower must follow. For investors, it matters because those terms affect a company’s cash costs, borrowing flexibility and risk of default — similar to how a mortgage’s rules determine a homeowner’s monthly budget and freedom to make changes.

covenant financial

A covenant is a promise written into a loan or bond agreement that requires a borrower to do certain things or refrain from others—like keeping a steady level of cash, limiting extra borrowing, or providing regular reports. Think of it as house rules set by lenders to reduce the chance of surprise problems; for investors, covenants matter because they affect a borrower’s freedom to act, can signal credit risk, and may trigger repayment or renegotiation if broken.

liquidity covenant financial

A liquidity covenant is a promise in a loan or bond agreement that the borrower will keep a minimum amount of easily available cash or short‑term assets, or meet a simple cash ratio, so it can pay bills and interest when due. Investors care because it reduces the chance of missed payments or default—think of it as a required safety reserve or fuel gauge that limits risky spending and protects lenders and shareholders by forcing more conservative cash management.

collateral agent financial

A collateral agent is a neutral third party that holds and manages the assets pledged to secure a loan on behalf of a group of lenders, acting like the keyholder to a shared safe. If the borrower falls behind, the collateral agent enforces the lenders’ rights and coordinates who gets what, which affects how quickly and how much lenders can recover. Investors care because the agent’s role shapes recovery prospects, enforcement speed and the clarity of lenders’ claims.

adjusted EBITDA financial

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

EL SEGUNDO, Calif.--(BUSINESS WIRE)-- The Beachbody Company, Inc. (NASDAQ: BODI) ("BODi" or the "Company"), a leading fitness and nutrition company, today announced it has entered into an amendment to its credit agreement with Tiger Finance, LLC, as administrative agent and collateral agent. This modification significantly enhances the Company's financial flexibility through amended covenant terms.

The amendment streamlines the financial covenant structure and adjusts certain financial covenants, including the number of digital subscriptions and total billings. The amended covenants, except for the amended liquidity covenant, will not be required to be tested if the Company’s cash balance is above a certain threshold.

The amendment continues to provide for potential interest rate reductions, with the first opportunity for rates to decrease now beginning with the period ended December 31, 2026.

Mark Goldston, Executive Chairman of BODi, commented: "These less restrictive covenants reflect our rapidly improving liquidity position and validate the strategic turnaround we've executed over the past two years. Our amended covenants provide us with additional flexibility to execute on our growth strategies as we transition from financial restructuring to capitalizing on new revenue opportunities in 2026."

Carl Daikeler, Co-Founder and Chief Executive Officer added: "This amendment positions us well to pursue our comprehensive retail initiative and innovation pipeline while maintaining the financial discipline that has delivered eight consecutive quarters of positive adjusted EBITDA."

The Company's cash position of $34 million on September 30, 2025, exceeded its $25 million debt level by $9 million. This strong financial position demonstrates the success of its financial transformation and positions BODi for its planned growth initiatives in 2026.

About BODi and The Beachbody Company, Inc.

BODi, formerly known as Beachbody, has been a pioneer in structured, step-by-step home fitness and nutrition programs for nearly three decades, with iconic programs like P90X, INSANITY, 21 Day Fix and the original premium superfood supplement, Shakeology. Since its inception, BODi has helped more than 30 million people reach life-changing results. Today, BODi continues to evolve with a simple mission: help people achieve their goals and lead healthy, fulfilling lives, especially busy, time-strapped people who want to fit healthy habits into everyday life with proven solutions. The BODi community empowers millions to stay motivated and accountable, supporting healthy weight management, improved metabolic function, increased mental and physical well-being, better sleep, as well as evidence-based habits that enhance healthspan and longevity.

For company and investor information, please visit TheBeachbodyCompany.com.

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Investor Relations

IR@BODi.com

Source: The Beachbody Company, Inc.