Fellow Shareholders,

 

Today I want to provide a brief update on our Sportstech enforcement proceedings, and to let you know that we have published an updated investor presentation on our website.

 

Sportstech: Enforcement Progress

We continue to pursue all of our legal options with respect to Sportstech. Since our last update, we have made meaningful progress on:

 

• Litigation: We have completed the preparation of multiple lawsuits and are progressing in filing in the relevant jurisdictions, as previously shared. Our litigation counsel is advancing these filings to pursue loan recovery and enforcement of the personal guarantees initially, but the scope of claims could increase further.

 

• Public Auction: We expect to hold a public auction of the pledged Sportstech shares (100% of the company) in order to repay our loan from the sale of the collateral, or even acquire the shares for the value of our loan. We are preparing for the auction to occur as soon as possible, which we expect is in Q1 2026, and which is in compliance with the relevant protocols to ensure auction integrity.

 

As we have stated from the outset: either Sportstech pays what they owe, or we enforce our security to recover funds. Both outcomes deliver significant shareholder value. 

 

The $6.6 million owed to TRNR represents approximately twice our current market cap, and we have every intention to collect and invest that capital into TRNR growth. We will continue to update shareholders as these enforcement proceedings advance.

 

Updated Investor Presentation

While we work through the Sportstech situation, it is important for shareholders to focus on the road ahead – and to recognize that we approach 2026 from a position of increased scale. With that in mind, we have updated our investor presentation and published it on our website. I strongly encourage shareholders to review it.

 

The updated deck shows a very different company than a year ago – even without Sportstech.

 

In 2024, TRNR generated $5.4 million in revenue. In 2025, we more than doubled that, with approximately $12 million in expected reported revenue – and we expect to nearly double again in 2026, with guidance of more than $20 million in 2026 revenue. 

 

This trajectory is real, and it’s powered by the successful Wattbike acquisition and a commercial playbook that is demonstrably working.

 

In addition to three distinct paths on Sportstech to deliver value to our shareholders, the presentation details our M&A strategy, our growth roadmap for the TRNR brand portfolio. We also detail the initial proof points of the Wattbike acquisition, further supported by Wattbike’s commercial traction (700+ of the new Air-Pro bikes sold, ~$2.5 million in H2 2025 UK commercial revenue).

 

You can access the updated investor presentation at: https://interactivestrength.com/investor-presentation-january-2026

Analyst Coverage

I also want to highlight that Maxim Group has reiterated its BUY rating on TRNR, with a $2.25 price target. Their report, titled “Despite Setback, We Remain Confident in Acquisition Strategy,” underscores what we believe: the underlying TRNR business is demonstrating real commercial traction, and our M&A strategy builds long-term value. Wattbike’s performance demonstrates the model works. At current share price, that price target implies ~300% to ~400% upside.

 

The change in price target was largely due to Maxim’s removal from its model of the Sportstech acquisition, but it did not include the value that we still believe we can deliver from the working capital loan. We believe the resolution of the situation could result in an improved valuation. 

 

Looking Ahead

TRNR enters 2026 as a larger, stronger company with proven commercial execution. We will resolve the Sportstech situation – one way or another – while continuing to build our core business and pursue additional acquisitions.

 

Thank you for your continued support.

 

Register for updates at interactivestrength.com/updates or contact us at ir@interactivestrength.com.

 

Sincerely,

 

Trent Ward

Chief Executive Officer, Interactive Strength Inc.

 

Forward-Looking Statements

 This letter includes certain statements that are “forward-looking statements” for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements do not relate strictly to historical or current facts and reflect management’s assumptions, views, plans, objectives and projections about the future. Forward-looking statements generally are accompanied by words such as “believe”, “project”, “expect”, “anticipate”, “estimate”, “intend”, “strategy”, “future”, “opportunity”, “plan”, “may”, “should”, “will”, “would”, “will be”, “will continue”, “will likely result” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the collectability of the working capital loan, the enforcement of credit remedies such as the personal guarantee of the Sportstech CEO or the security on his shares, the timing and completion of any public auction, litigation outcomes, expected revenue growth, and 2026 business development plans. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of the Company. A further list and descriptions of these risks, uncertainties and other factors can be found in filings with the Securities and Exchange Commission. To the extent permitted under applicable law, the Company assumes no obligation to update any forward-looking statements.