T
Interactive Strength, Inc.
TRNRCIK 0001785056NasdaqEmerging 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
2.33M
Op. Cash Flow
$-10.41M
Business
Interactive Strength, Inc. is a public acquirer and operator of premium connected fitness equipment brands serving both commercial and residential markets. The company owns and operates three brands: Wattbike (high-performance indoor cycling with elite athlete focus), CLMBR (vertical climbing machines), and FORME (smart fitness mirrors and cable-resistance systems with live coaching). Interactive Strength distributes through direct sales, commercial fitness channels, and strategic partnerships including exclusive distribution agreements, with geographic presence in the United States, United Kingdom, and international markets.
Summary from 10-K filed 2026-03-31
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | 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 | Trend | 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 | Trend | 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 |
Filings
Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro
Material Events
Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro
Insiders
Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro
Institutional Holders
Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro
Frequently asked questions
What is Interactive Strength, Inc.'s CIK number?
Interactive Strength, Inc.'s SEC CIK number is 0001785056 (1785056). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Interactive Strength, Inc.'s SEC filings?
All of Interactive Strength, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Interactive Strength, Inc. last report earnings?
Interactive Strength, Inc. (TRNR) most recently filed an earnings 8-K with the SEC on Nov 14, 2025, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-25-283165). This is Interactive Strength, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Interactive Strength, Inc.'s most recent earnings 8-K?
Interactive Strength, Inc.'s latest earnings 8-K (Item 2.02) was filed Nov 14, 2025 under accession 0001193125-25-283165. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Interactive Strength, Inc.'s latest earnings 8-K →
Look up any company's CIK number →