Beachbody Company, Inc. Earnings Per Share Disclosure
Note 19. Earnings (Loss) per Share
The computation of loss per share of Class A and Class X common stock is as follows (in thousands, except share and per share information):
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Year Ended December 31, |
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2025 |
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2024 |
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Numerator: |
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Net loss |
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$ |
(2,860 |
) |
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$ |
(71,642 |
) |
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Denominator: |
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Weighted-average common shares outstanding, basic and diluted |
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6,971,428 |
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6,818,052 |
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Net loss per common share, basic and diluted |
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$ |
(0.41 |
) |
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$ |
(10.51 |
) |
Basic net loss per common share is the same as dilutive net loss per common share for the years ended December 31, 2025 and 2024 as the inclusion of all potential common shares would have been antidilutive.
The following table presents the common shares that are excluded from the computation of diluted net loss per common share as of the periods presented because including them would have been antidilutive:
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Year Ended December 31, |
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2025 |
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2024 |
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Time-Vesting Options |
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714,618 |
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1,008,017 |
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RSUs |
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517,580 |
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326,226 |
|
Compensation warrants |
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79,612 |
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|
79,612 |
|
Public and Private Placement Warrants |
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306,667 |
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|
306,667 |
|
Term Loan warrants |
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97,482 |
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97,482 |
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Common Stock Warrants |
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543,590 |
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543,590 |
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Forest Road Earn-out Shares |
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75,000 |
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75,000 |
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2,334,549 |
|
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2,436,594 |
|
The Forest Road Earn-out Shares are unvested and are subject to forfeiture if certain earnout conditions are not satisfied. Subject to certain other terms and conditions, the Forest Road Earn-out Shares will vest, in equal tranches of 10% each, commencing on December 22, 2021, upon the occurrence of the Company's last sale price on The Nasdaq Stock Market LLC exceeding each of the following price per share thresholds for any 20 trading days within any consecutive 30-day trading period: $600.00, $650.00, $700.00, $750.00 and $800.00. Any Forest Road Earn-out
Shares that do not vest within ten years will be forfeited. The Forest Road Earn-out Shares are accounted for as equity-classified equity instruments and recorded in additional paid in capital. As of December 31, 2025, all Forest Road Earn-out Shares are unvested. The Forest Road Earn-out Shares are considered participating securities as they would share in any dividends declared by the Company. However, as there is no specific requirement to allocate any losses of the Company to the holders of the Forest Road Earn-out Shares and there is no legal requirement to have them fund such losses, the two-class method for earnings per share is not applicable for loss periods.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 10, 2026 | Showing above |
| 2024 | Mar 28, 2025 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.