TRNR | CEO Letter to Shareholders
April 17, 2025

Fellow Shareholders,

Wishing you a Good Friday and Happy Easter!

We’ve said before that 2025 would be a defining year for TRNR — and as of this month, we’re living that thesis.

In March, we announced our agreement to acquire Sportstech, a profitable, scaled DTC fitness business based in Germany. Last week, we followed with Wattbike — the most respected indoor performance bike platform in elite sports, with a fast-growing DTC business and unmatched trust in pro and military training environments. 

These are deals we’ve pursued thoughtfully and strategically, and they reflect the very best of what we believe TRNR should be: ambitious, disciplined and global.

Combined, these acquisitions are expected to increase TRNR’s 2025 pro forma revenue by nearly 10x over 2024 reported revenues, and shift our business from a U.S.-centric growth story into a diversified, international portfolio company with operations in the top three fitness markets worldwide.

We’ve also updated our investor presentation and guidance, now expecting more than $65M in 2025 pro forma revenue. And importantly, these transactions are all-stock, performance-based, and shareholder-aligned — meaning no cash consideration, long-term lockups, and earn-outs tied to measurable future results.

Now comes the next chapter. Over the coming months, we expect to:

• Close both the Sportstech and Wattbike transactions

• Launch integration sprints focused on supply chain, distribution, and revenue synergies

• Report Q1 2025 earnings in late May (note: those results will not yet reflect any post-close benefit)

There’s more to do — and we’ll keep communicating directly as we hit these milestones.

If you haven’t had a chance yet, I encourage you to review the updated investor deck and FAQ for more details. And as always, thank you for your continued belief in what we’re building at TRNR.

Stay tuned — and stay bullish.