Interactive Strength, Inc. Segments Disclosure
3. Segment Reporting
The Company is organized into one operating and one reportable segment that engages in the development and sales of specialty fitness equipment and virtual training and is managed on a consolidated basis. The CODM regularly reviews financial information at the operating segment level to allocate resources and to assess performance. The CODM evaluates segment profit (loss) based on net loss, which is reported in the condensed consolidated statements of operations and comprehensive loss. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets. The CODM uses net loss to allocate resources, including property and equipment and financial or capital resources, and to assess performance by monitoring budget-to-actual and year-over-year variances.
The following tables present revenue and significant segment expenses that are included within net loss:
|
|
Year Ended December 31, |
|
|
|||||
(in thousands) |
|
2025 |
|
|
2024 |
|
|
||
Total Revenues |
|
$ |
11,530 |
|
|
$ |
5,380 |
|
|
Less: |
|
|
|
|
|
|
|
||
Cost of fitness product revenue (excluding depreciation and amortization) |
|
|
7,299 |
|
|
|
3,231 |
|
|
Cost of membership (excluding depreciation and amortization) |
|
|
— |
|
|
|
7 |
|
|
Cost of training |
|
|
1,202 |
|
|
|
1,042 |
|
|
Research and development (excluding stock based compensation) |
|
|
2,024 |
|
|
|
3,183 |
|
|
General and administrative (excluding stock based compensation, depreciation and amortization) |
|
|
9,017 |
|
|
|
7,932 |
|
|
Interest expense |
|
|
11,781 |
|
|
|
7,727 |
|
|
Interest income |
|
|
(1,552 |
) |
|
|
— |
|
|
Change in fair value of earnout |
|
|
(241 |
) |
|
|
(1,300 |
) |
|
(Gain) loss upon extinguishment of debt and accounts payable |
|
|
(2,702 |
) |
|
|
1,527 |
|
|
Loss on issuance of warrants |
|
|
— |
|
|
|
5,551 |
|
|
Change in fair value of convertible notes |
|
|
(28,628 |
) |
|
|
128 |
|
|
Change in fair value of derivatives |
|
|
(482 |
) |
|
|
460 |
|
|
Change in fair value of warrants |
|
|
(2,813 |
) |
|
|
(9,300 |
) |
|
Change in fair value of digital assets |
|
|
27,743 |
|
|
|
— |
|
|
Depreciation and amortization expense |
|
|
3,417 |
|
|
|
6,480 |
|
|
Stock-based compensation expense |
|
|
3,079 |
|
|
|
10,252 |
|
|
Transaction related expenses (1) |
|
|
3,312 |
|
|
|
1,864 |
|
|
Vendor Settlements |
|
|
426 |
|
|
|
— |
|
|
Other segment items (2) |
|
|
2,616 |
|
|
|
1,530 |
|
|
Net loss |
|
$ |
(23,968 |
) |
|
$ |
(34,934 |
) |
|
|
|
|
|
|
|
|
|
||
Reconciliation of net loss |
|
|
|
|
|
|
|
||
Adjustments and reconciling items |
|
|
— |
|
|
|
— |
|
|
Consolidated net loss |
|
$ |
(23,968 |
) |
|
$ |
(34,934 |
) |
|
(1) Transaction costs related to acquisition of Wattbike, CLMBR, Inc and Best Efforts Offering.
(2) Other segment items included in consolidated net loss includes sales and marketing (excluding stock based compensation, depreciation and amortization), other expense and initial recognition of fair value of convertible notes.
The following tables present a summary of revenues by geographic area.
|
|
Year Ended December 31, 2025 |
|
|
|||||||||||||
(in thousands) |
|
CLMBR |
|
|
FORME |
|
|
WATTBIKE |
|
|
Total |
|
|
||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
United States |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fitness Product Revenue |
|
$ |
1,849 |
|
|
$ |
420 |
|
|
$ |
788 |
|
|
$ |
3,057 |
|
|
Membership Revenue |
|
|
492 |
|
|
|
145 |
|
|
|
— |
|
|
|
637 |
|
|
Training Revenue |
|
|
305 |
|
|
|
156 |
|
|
|
— |
|
|
|
461 |
|
|
Total |
|
|
2,646 |
|
|
|
721 |
|
|
|
788 |
|
|
|
4,155 |
|
|
Europe |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fitness Product Revenue |
|
|
- |
|
|
|
- |
|
|
|
6,197 |
|
|
|
6,197 |
|
|
Membership Revenue |
|
|
|
|
|
|
|
|
94 |
|
|
|
94 |
|
|
||
Total |
|
|
- |
|
|
|
- |
|
|
|
6,291 |
|
|
|
6,291 |
|
|
Asia |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fitness Product Revenue |
|
|
- |
|
|
|
- |
|
|
|
711 |
|
|
|
711 |
|
|
Total |
|
|
- |
|
|
|
- |
|
|
|
711 |
|
|
|
711 |
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fitness Product Revenue |
|
|
- |
|
|
|
- |
|
|
|
373 |
|
|
|
373 |
|
|
Total |
|
|
— |
|
|
|
— |
|
|
|
373 |
|
|
|
373 |
|
|
Total Revenue |
|
$ |
2,646 |
|
|
$ |
721 |
|
|
$ |
8,163 |
|
|
$ |
11,530 |
|
|
|
|
Year Ended December 31, 2024 |
|
|
|||||||||||||
(in thousands) |
|
CLMBR |
|
|
FORME |
|
|
WATTBIKE |
|
|
Total |
|
|
||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
United States |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fitness Product Revenue |
|
$ |
3,222 |
|
|
$ |
342 |
|
|
$ |
— |
|
|
$ |
3,564 |
|
|
Membership Revenue |
|
|
610 |
|
|
|
173 |
|
|
|
— |
|
|
|
783 |
|
|
Training Revenue |
|
|
329 |
|
|
|
295 |
|
|
|
— |
|
|
|
624 |
|
|
Total |
|
|
4,161 |
|
|
|
810 |
|
|
|
— |
|
|
|
4,971 |
|
|
Europe |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fitness Product Revenue |
|
|
224 |
|
|
|
- |
|
|
|
- |
|
|
|
224 |
|
|
Total |
|
|
224 |
|
|
|
- |
|
|
|
- |
|
|
|
224 |
|
|
Asia |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fitness Product Revenue |
|
|
185 |
|
|
|
- |
|
|
|
- |
|
|
|
185 |
|
|
Total |
|
|
185 |
|
|
|
— |
|
|
|
— |
|
|
|
185 |
|
|
Total Revenue |
|
$ |
4,570 |
|
|
$ |
810 |
|
|
$ |
— |
|
|
$ |
5,380 |
|
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 31, 2026 | Showing above |
| 2024 | Mar 31, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.