Nautilus Changes Corporate Name to BowFlex in Turnaround Bid
The struggling fitness equipment maker is rallying behind its most popular brand as part of CEO Jim Barr’s come-back plan
Following news of a total company rebrand and the $13 million sale of its non-core assets, including the Nautilus brand trademark, Washington-based Nautilus has announced it will change its corporate name to BowFlex Inc. in honor of its strongest brand.
The name change will take effect on November 1, which includes an NYSE ticker change from NLS to BFX.
“Our new corporate identity better represents our unique position in connected at-home fitness equipment and reinforces our focus to help people build inner and outer strength,” said Nautilus CEO Jim Barr.
Barr had teased that the fitness maker would change its name during a recent earnings call, where he stated the company is on track to return to profitability but acknowledged there’s “still a long way to go in fiscal ’24.”
The fitness maker confirms that its current management team will remain in place despite the name change.
Nautilus’ adoption of the BowFlex name may indicate what’s ahead for the look and feel of the fitness maker’s brand.
The company recently gave its BowFlex line a makeover with updated visuals and an inclusivity vibe to appeal to younger fitness consumers and stand out in what Barr called a “sea of sameness” of the fitness industry.
New Fitness Products on the Horizon
Over the summer, the fitness maker had promised consumers could expect enhanced fitness offerings under Bowflex for the holiday season, along with a wave of new BowFlex products and features from digital fitness platform JRNY in 2024 across strength and cardio.
Barr says Nautilus is gearing up for an “exciting fitness season,” with plans to introduce a pipeline of new products for the holidays. He noted that the fitness maker will continue to “capitalize on the enduring shift to home fitness.”
Last month, the equipment maker unveiled the Schwinn 490 Elliptical, a connected fitness machine that syncs to its JRNY app, offering routes, trainer-led classes and personalized workouts. Based on its findings, the new elliptical represents the company’s long-term confidence in at-home and connected fitness.
“Our research shows most people who exercise do so at home, and home workouts are here to stay,” Barr said of the Schwinn 490 Elliptical. “Now that they are comfortable and confident in their home workouts, they’re ready to expand their healthy routines.”
The ‘North Star’ Strategy
Like many at-home fitness companies, Nautilus has faced post-pandemic challenges as consumer behavior normalized and either adopted a hybrid fitness approach or fully returned to in-person fitness. To overcome its difficulties, the fitness maker launched a “North Star” Strategy in 2021.
In addition to selling $13 million in non-core assets to strengthen its balance sheet after a steep decline in net sales, Nautilus laid off 15% of its employees earlier this year to cut costs.
This summer, the company announced plans to raise $5 million for general corporate purposes to boost its cash balance, entering a definitive securities purchase agreement with an institutional investor to sell over four million shares of its common stock or equivalents.
More recently, the fitness maker was hit with a non-compliance notice from the New York Stock Exchange for failing to meet its required price criteria, as the average closing price of its common stock has been less than $1.00 per share over a consecutive 30-trading day period.
