APRIL 30, 2025 | Fellow Shareholders:

We’ve just wrapped the first four months of 2025 — a key time period that lays the foundation for what we believe will be a breakout year for TRNR.

From announcing binding agreements for  transformative deals to delivering on major customer orders, January to April has been about action, execution, and acceleration in the operating business. 

We are well on our way to becoming a $65M+ pro forma revenue business in 2025. Here’s a picture of how much progress we’ve made in just 4 months:

Connecting all the dots, it’s clear we’re creating value. Specifically:

• We’re acquiring two highly strategic businesses.
  Sportstech (a profitable, $40M+ revenue European fitness equipment company) and Wattbike (a $15M+ omnichannel performance bike brand) are now operating as part of the TRNR portfolio, even while we are completing the transactional elements. Acquisitions are the cornerstone of our growth thesis and we expect that they will position us with a broader base, stronger customer relationships, and more global revenue.

• Both deals are on track – while we noted in the Sportstech release on Feb 11 that the transaction could close “as early as April 1,” that wording was deliberate as we knew we could not provide a certain deadline. Cross-border deals take time, and we currently are working through normal, standard tax, regulatory and integration planning processes on both transactions. We also hope to have a positive update on Sporstech Q1 performance soon.

We also acknowledge a mistake in the FAQ stating the Sportstech deal would close “in April” and are correcting that as it was always “as early as April” similar to how we discussed Wattbike and CLMBR  (apologies for the inconsistency!) 

• We’ve seen strong traction in orders.
  We booked over $1M in orders from just three major customer wins — including the largest Wattbike order ever from our U.S. distributor, WOODWAY.

• We raised our 2025 pro forma revenue guidance by 30%.
  Following Q1 activity and deal impact, we’re now targeting more than $65M in pro forma 2025 revenue, as you can see below and in our latest investor deck.

  

• We’re scaling our presence and partnerships.
  We’ve launched new installations at high-visibility venues like Mandalay Bay Resort and secured a wellness partnership with Virgin Atlantic’s new Clubhouse at LAX.

• We brought in $6.5M in institutional capital.
  This additional funding strengthens our balance sheet and speaks to institutional confidence in our model and trajectory.

• And we’re gaining momentum with investors.
  The number of inbound investor calls, emails, and meeting requests is materially increasing — an encouraging signal that the market is starting to understand the scale of what we’re building. We are aware the share price has not followed and we are working hard on correcting this.

With deals signed, guidance raised, capital secured, and customer momentum in hand, we’re heads down on execution: closing the acquisitions, integrating teams and systems, and driving revenue growth across the board. 

Q1 earnings are around the corner — and while those numbers won’t yet reflect the Wattbike or Sportstech impact, we believe the setup for the rest of 2025 is incredibly strong.

Thanks for your continued support.