Cost StructurePTON has reworked its cost structure taking $600M in costs out and ending FY24 with $1.7B in operating costs, and we are estimating FY25 to end with $1.25B in operating costs.
Leadership PositionPeloton is the clear leader in the connected fitness industry, which they invested in early on and built a 6M loyal member base that has a high-margin recurring revenue stream.
New PartnershipsPeloton's new Costco partnership drove more Bike+ sales than any other third-party retail partner, highlighting the benefit of distribution and newer demand partners.