Beachbody revenue drops 22%, Purple DTC rises 3.4%

For e-commerce and retail operators, the Beachbody and Purple Q2 calls show how legacy distribution models are being rewired in real time. Beachbody's digital subscriptions dropped 19.1% to 760,000, but selling and marketing expense improved 840 basis points; Purple's company-owned showrooms delivered 18% comparable sales growth even as wholesale fell 19.1%.

Although the cluster title references Life360, the supplied transcripts cover five distinct Q2 2026 earnings calls released August 10-11, 2026: Beachbody, Purple Innovation, Hims & Hers Health, Plug Power, and Alcon. Together they illuminate a cross-industry theme: companies are trading near-term revenue growth for structural repositioning, margin repair, or platform investment, with sharply different levels of financial risk.

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Service revenue grew 82% to $29.8 million with a 27% margin, while fuel revenue rose 15% but fuel gross margin remained negative at -48.8%, improved from -91%.

Beachbody reported total revenue of $49.6 million, down 22.4% year over year, as it transitions from a multilevel-marketing platform to an omnichannel model. Net income was $1.4 million, the fourth consecutive positive quarter, and adjusted EBITDA of $6.7 million exceeded guidance and marked an 11th straight quarter of positive EBITDA. The margin story is notable: adjusted EBITDA margin was 13.4%, and selling and marketing expense fell to 31.5% of revenue, an 840-basis-point improvement. But the transition is not painless. Digital subscriptions fell 19.1% to 760,000, and digital revenue declined 21.5% amid legacy subscriber churn. Nutrition and other revenue fell 23.7%. Still, digital gross margin held at 87.1%, and consolidated gross margin of 72% hit the high end of guidance.

Purple Innovation's second quarter was a tale of channel divergence. Net revenue fell 6.5% to $98.3 million, dragged down by a 19.1% wholesale decline. Direct-to-consumer revenue rose 3.4% to $60.9 million, and company-owned showroom revenue jumped 16.6% to $18.4 million with 18% comparable store sales growth, the fourth consecutive positive quarter. E-commerce revenue declined 1.4%, an improvement from prior trends. Gross margin expanded roughly 470 basis points to 45.2%, helped by a $5.3 million IEEPA tariff refund and sourcing efficiencies, though a 500-basis-point reclassification of merchant fees also affected comparisons. GAAP net loss narrowed by $14.1 million to $3.2 million, and adjusted EBITDA turned positive at $2.1 million, a $4.4 million improvement.

Hims & Hers Health delivered the strongest top-line growth of the group: revenue of $753.2 million, up 38% year over year, with 2,891,000 subscribers, up 19%. But the quarter also revealed rising costs: gross margin fell to 64% from 76% a year earlier because of the branded weight-loss product mix and international ramp. Net loss was $86.3 million, including $81 million in nonrecurring acquisition, restructuring, and legal charges. Adjusted EBITDA was $60.3 million, an 8% margin. International revenue surged 17-fold to $131.4 million, and the recently acquired Eucalyptus contributed $40 million. Operating cash flow was negative $35.9 million and free cash flow negative $68.2 million, prompting a $400 million receivables facility and a $400 million convertible debt offering. Management still guided full-year revenue to $3.1-$3.3 billion and said Hers Specialty is on track to exceed $1 billion in 2026.

Plug Power showed the most dramatic operating improvement in relative terms. Revenue rose 9% sequentially to $178.3 million, and first-half revenue grew 11%. Gross margin improved to -0.9% from -30.7% a year ago, benefiting from the Quantum Leap restructuring and higher plant utilization. Operating expenses fell 50% to $62.4 million, and net cash usage dropped 58% from the first quarter to $61 million. GenDrive deployments reached 1,666 units, up 125% from 739 a year ago. Service revenue grew 82% to $29.8 million with a 27% margin, while fuel revenue rose 15% but fuel gross margin remained negative at -48.8%, improved from -91%. Management raised full-year revenue growth guidance to 15%-16% from 13%-15% and is targeting $100 million in inventory reductions.