Beachbody (BODI) said late Monday that it would reduce its workforce by 33% as it transitions from its current multi-level marketing network channel to a single-level affiliate program.

The restructuring is expected to save the company $54 million annually and reduce its revenue break-even point from under $430 million to below $225 million.

BODi's new affiliate program, which would launch on Nov.1, would be focused on productivity and broader rewards for sellers, the company said.

It added its multi-level marketing network is set to wind down entirely by Jan. 1.

The company has reaffirmed its financial guidance for Q3, projecting revenues between $97 million and $107 million, a net loss of $9 million to $13 million, excluding restructuring costs.