Interactive Strength, Inc.

Listed Company

TRNRCIK 0001785056NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthElectronic & Other Electrical Equipment (No Computer Equip)DelawareFY ends Dec 31

Period

FY 2025

Revenue

$11.53M

Net Income

—

Total Assets

$46.84M

Equity

$6.39M

Shares Out

2.06M

Op. Cash Flow

$-10.41M

Business

Interactive Strength, Inc. is an innovative specialty fitness equipment company that leverages technology and content to deliver connected cardio and strength training experiences. It offers CLMBR vertical climbing machines and FORME connected fitness hardware (Studio and Studio Lift) alongside video-on-demand, custom training, and live 1:1 coaching services. The company reports a single segment: the development and sale of fitness equipment and its digital services platform encompassing hardware, software, and trainer-led offerings. Products are sold direct-to-consumer via e-commerce and mobile apps and through third-party distributors into commercial channels such as health clubs, multifamily, hospitality, corporate, rehab, and residential markets.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Fitness Product Revenue	10	4	574,000	530,000
Membership revenue	731,000	783,000	142,000	74,000
Training revenue	461,000	624,000	246,000	77,000
Total revenue	12	5	962,000	681,000
Cost of fitness product revenue	−8	−4	−2	−2
Cost of membership	−2	−3	−4	−6
Cost of training	−1	−1	−396,000	−1
Total cost of revenue	−11	−8	−6	−10
Gross profit (loss)	913,000	−3	−6	−9
Research and development	3	7	10	20
Sales and marketing	2	1	2	6
General and administrative	16	18	37	19
Total operating expenses	21	26	49	45
Loss from operations	−20	−29	−54	−54
Other expense, net	−1	−956,000	1,000	−4
Interest expense	−12	−8	−2	−952,000
Interest income	2	0	—	—
Loss on issuance of warrants	0	−6	—	—
Gain (loss) upon extinguishment of debt and accounts payable	3	−2	—	—
Change in fair value of convertible notes	29	−128,000	−306,000	—
Change in fair value of earnout	241,000	1	0	—
Change in fair value of derivatives	482,000	−460,000	0	—
Change in fair value of digital assets	−28	0	—	—
Change in fair value of warrants	3	9	2	478,000
Total other income (expense), net	−4	−6	3	−4
Loss before provision for income taxes	−24	−35	−51	−58
Income tax expense	0	0	0	0
Net loss attributable to common stockholders	−24	−35	−51	−58
Net loss per share - basic	−171.77	−16,329	−16,615	−119.49
Net loss per share - diluted	−171.77	−16,329	−16,615	−119.49
Weighted average common stock outstanding - basic	139,536	2,139	3,092	487,276
Weighted average common stock outstanding - diluted	139,536	2,139	3,092	487,276

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-06-30	FY 2024 2024-12-31	FY 2024 2024-01-31	FY 2023 2023-12-31
Cash and cash equivalents	512,000	—	138,000	—	0
Accounts receivable, net	3	—	1	—	1,000
Inventories, net	4	—	4	—	3
Vendor deposits	377,000	—	2	—	2
Loan receivable	7	1	0	—	—
Prepaid expenses and other current assets	860,000	—	810,000	—	933,000
Total current assets	15	—	8	—	5
Property and equipment, net	379,000	—	116,000	—	444,000
Right-of-use-assets	317,000	—	415,000	400,000	283,000
Intangible assets, net	8	—	6	6	2
Long-term inventories, net	4	—	3	—	3
Vendor deposits long term	2	—	310,000	—	309,000
Goodwill	16	—	13	13	0
Other assets	3	—	3	—	5
Total assets	47	—	34	—	17
Accounts payable	9	—	11	—	11
Accrued expenses and other current liabilities	5	—	4	—	906,000
Operating lease liability, current portion	159,000	—	261,000	—	54,000
Deferred revenue	1	—	77,000	—	77,000
Loan payable	9	—	9	—	6
Income tax payable	7,000	—	7,000	—	—
Derivatives	243,000	—	73,000	—	122,000
Convertible notes payable	7	—	3	—	904,000
Total current liabilities	31	—	27	—	22
Operating lease liability, net of current portion	171,000	—	170,000	—	229,000
Other long term liabilities	2	—	0	—	—
Warrant liabilities	408,000	—	4,000	—	591,000
Loans payable non current	2	—	0	—	—
Convertible notes payable non current	3	—	0	—	—
Total liabilities	38	—	27	—	22
Commitments and contingencies (Note 15)	—	—	—	—	—
Common stock, par value $0.0001; 900,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 307,516 and 14,021 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively.	0	—	8,000	—	7,000
Additional paid-in capital	234	—	210	—	161
Accumulated other comprehensive income	113,000	—	183,000	—	100,000
Accumulated deficit	−228	—	−203	—	−167
Total stockholders' equity	6	—	7	—	−6
Total liabilities, preferred stock and stockholders' equity	47	—	34	—	17

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Foreign currency	−75,000	−86,000	265,000	422,000
Depreciation	169,000	467,000	882,000	1
Amortization	3	6	6	5
Non-cash lease expense	288,000	280,000	79,000	590,000
Inventory step up amortization	229,000	354,000	825,000	904,000
Stock-based compensation	3	10	30	6
Provision for bad debt	9,000	0	—	—
Inventory write-off	165,000	0	—	—
Loss on disposal of assets	27,000	0	—	—
(Gain) loss on extinguishment of debt and accounts payable	−6	2	—	—
Loss on extinguishment of FET Convertible note	3	0	—	—
Loss on settlement of accounts payable	551,000	0	—	—
Fair value of common stock issued with Best Efforts Offering	0	296,000	—	—
Non-cash interest income	−2	0	—	—
Interest paid in kind and non-cash interest expense	6	1	—	—
Amortization of debt discount	6	5	1	0
Common stock issued to lender in connection with entering Equity Line of Credit Agreement	0	368,000	—	—
Loss on issuance of warrants	0	6	—	—
Change in fair value of digital assets	28	0	—	—
Loss on exchange of warrants for equity	0	358,000	0	—
Change in fair value of derivatives	−482,000	460,000	−52,000	0
Accounts receivable	571,000	−2	−1,000	0
Inventories	2	2	−2	−2
Prepaid expenses and other current assets	225,000	186,000	493,000	−261,000
Vendor deposits	84,000	−101,000	1	341,000
Other assets	0	30,000	−9,000	3,000
Accounts payable	846,000	−973,000	2	4
Accrued expenses and other current liabilities	−352,000	211,000	−2	1
Deferred revenue	179,000	−101,000	48,000	14,000
Operating lease liabilities	−294,000	−294,000	−83,000	−585,000
Net cash used in operating activities	−10	−15	−15	−36
Loan to Sportstech	−5	0	—	—
Purchase of property and equipment	−94,000	0	0	−577,000
Acquisition of internal use software	−158,000	0	−272,000	−3
Acquisition of digital assets	−47	0	—	—
Acquisition of business, cash paid, net of cash acquired	−452,000	−1	0	—
Acquisition of software and content	−743,000	−212,000	−1	—
Net cash used in investing activities	−54	−2	−1	−8
Payments of loans	−1	−3	0	—
Proceeds from loans	2	1	0	—
Proceeds from issuance of related party loans	0	650,000	465,000	425,000
Payment on loss restoration agreement	−649,000	0	—	—
Payments of related party loans	0	−678,000	−942,000	−1
Proceeds from issuance of common stock and prefunded warrants upon offering, net of offering costs	0	4	11	0
Proceeds from issuance of common stock in registered direct offering, net of offering costs	0	809,000	0	—
Redemption and payment on convertible notes	0	−212,000	0	—
Proceeds from issuance of convertible notes, net of issuance costs	63	5	2	10
Proceeds from issuance of common stock from At the Market Offering, net of issuance costs	2	8	0	—
Payment of extension fee with convertible note holder	0	−160,000	0	—
Proceeds from the exercise of warrants	100,000	92,000	—	—
Payment of issuance costs	−301,000	0	—	—
Proceeds from the issuance of common stock from equity line of credit	0	389,000	0	—
Net cash provided by financing activities	65	16	17	42
Effect of exchange rate on cash	−99,000	286,000	−483,000	−91,000
Net Change In Cash and Cash Equivalents and Restricted Cash	374,000	138,000	−226,000	−1

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