January 2026

In a recent shareholder letter, we detailed how Wattbike’s Air-Pro product line is validating our M&A thesis – 700+ bikes sold in the UK, approximately $2.5 million in revenue, and scaled deployments with operators like David Lloyd, Third Space, and Everlast. That traction demonstrates the playbook: take elite credibility, add accessible technology, and deploy at commercial scale.

Today, we’re providing a similar look at FORME – and what’s emerging is a parallel story of commercial evolution and expanding market appeal, with powerful cross-brand synergies that position TRNR for differentiated growth.

Several weeks ago, TRNR’s US FORME and Wattbike teams presented at the PGA Show alongside a golf & fitness professional, while also managing a prominent booth presence – underscoring the acceleration of FORME’s business both in the golf vertical and more broadly.

 

 

Two Distinct Growth Verticals

FORME’s commercial strategy has crystallized around two primary verticals: the fitness center and light commercial market (residential/multi-family buildings, hotels, offices), and the sports performance market, with golf as the current flagship application.

Both verticals share a common thread: FORME isn’t just selling equipment – it’s delivering a platform that solves real operational problems for its customers while creating recurring revenue opportunities beyond the initial sale.

 

A Unique Capability: Branded Experiences for Global Operators

One of the most significant developments in recent months is the emergence of FORME’s white-label and customization capability – something no competitor in the market currently offers at this level.

For global brands operating multiple properties, consistency of experience is paramount. FORME can now customize the entire product experience to reflect a customer’s brand: opening visuals featuring the specific property, customized color palettes, curated content featuring the brand’s own personalities and instructors. The result is a fitness platform that functions as an extension of the customer’s brand rather than third-party equipment. This capability is resonating:

• Discovery Land Company – one of the world’s premier luxury residential community developers with over 30 properties – has deployed FORME units customized to their brand experience.
• Virgin Atlantic has installed a fully branded FORME unit in their airport lounge.
• These sit alongside existing relationships with Four Seasons, Bulgari, Fairmont and other luxury hospitality names.
• Conversations are active with luxury cruise lines, global hotel brands, and travel organizations seeking curated experience for their customers.

The commercial insight here is important: for a brand like Discovery Land Company, a fitness platform that delivers their brand consistently across dozens of global properties – and that can leverage their best instructors and local experts across the entire portfolio – moves from a “nice to have” amenity to an essential brand extension. That changes the conversation from budget discussions to marketing and brand strategy.

 

Sports Performance: Golf and the PGA Show

 

The sports performance vertical – particularly golf – represents an equally compelling growth path, and one that increasingly intersects with the branded hospitality opportunity.

Golf performance training has traditionally required significant investment: dedicated facilities, specialized staff, and expensive equipment. Most clubs, even premium ones, lack the resources to staff an on-site golf performance team. FORME solves this problem by installing the platform and delivering on-demand golf performance programming and live, virtual coaching through the product itself. Clubs can offer golf performance training to members without hiring a specialist – FORME provides the equipment, the assessment capabilities, and the coaching as a variable expense rather than fixed overhead.

At the PGA Show, FORME’s Josh Cox – a golf performance coach who joined FORME after using the product as a performance coach at an elite northeastern country club – presented on the main stage alongside a Discovery Land Company golf professional. The presentation demonstrated both the philosophy and the practical application: how clubs can introduce performance training with minimal upfront investment and maximum flexibility.

The model scales across the market. For top-tier programs with existing training staff – like University of Virginia’s golf program, which is currently the number one ranked men’s collegiate golf program in the country – FORME serves as an efficient data tracking and programming platform for their coaches and players. For programs without dedicated resources, FORME provides the complete performance offering: assessments, programming, and live virtual coaching. The same platform serves both ends of the market, which is a significant commercial advantage.

 

Collegiate Expansion

Beyond individual programs, FORME is establishing presence at collegiate events and golf tournaments as an on-site performance, warm-up, and recovery station. The upcoming Paradise Invitational, hosted by FAU, will feature 18 women’s golf teams, with three to five additional events planned throughout the year. The objective is to establish FORME as a recognized solution for golf-specific programming at the collegiate level – building the same kind of institutional credibility that Wattbike has developed over 15 years in elite sport.

 

The FORME-Wattbike Synergy: Creating a Compelling Assessment and Performance Improvement Solution

 

Perhaps the most strategically significant development is the emerging synergy between FORME and Wattbike in performance environments, where we are able to bundle the products to create a unique solution for talent identification, athlete assessment and performance improvement.

Both products are excellent sources of granular, clinical-quality data. FORME assesses how an athlete moves (through movement screens), their strength, and their power. Wattbike assesses cardiorespiratory fitness and power output through VO₂ max and threshold power testing – including right-to-left balance measurements that can reveal compensation patterns relevant to golf swing mechanics and return-to-play evaluation after injury.

Together, the products create a comprehensive athlete assessment capability that would traditionally require expensive dedicated facilities and specialized staff. Athletic programs at all levels are increasingly interested in – and spending money on – solutions that enable them to individually assess athletes at key moments in the recruiting/training/performance cycle.

These types of data-driven diagnostics that flow from and integrate with high-quality, modern equipment help TRNR customers deliver more personalized and impactful programming and protocols – not just fitness.  FORME and Wattbike together deliver that same assessment capability, whether for recruiting evaluations, baseline measurements, or return-to-play protocols.

 

More Than Data: The Transmission Mechanism

 

Here’s where FORME’s unique position becomes clear. Wearables and assessment tools generate tremendous amounts of data. The challenge has always been translating that data into actionable programming – and then actually delivering that programming to the athlete in a frictionless way.

FORME is not just a data source; it’s a transmission mechanism. A coach can take assessment results, build personalized workouts, and program them directly into the machine – complete with instructional videos and automatic weight settings. The athlete shows up, and the customized workout is ready. No interpretation required, no friction, no need for the coach to be physically present.

This creates a closed-loop system: assess on FORME and Wattbike, analyze the data, develop programming, deliver the programming through FORME – and use the FORME modality to also guide the athlete on how best to use Wattbike beyond the core diagnostics. For facilities and programs, this means access to personalized, data-driven training without requiring constant on-site specialist presence. For FORME, it means revenue streams beyond equipment sales – assessment services, programming, and virtual coaching sessions.

 

Looking Ahead

What we’re seeing at FORME mirrors what’s proven successful at Wattbike: elite credibility (UVA golf, Discovery Land Company, Acushnet) combined with accessible technology that solves real operational problems for customers. The branded capability opens doors that equipment sales alone cannot. The sports performance vertical creates high-value relationships and recurring revenue. And the cross-brand synergy with Wattbike positions both products for opportunities neither could pursue alone.

We’ll continue to serialize updates on FORME’s commercial progress over the coming months. For shareholders interested in understanding how TRNR’s brand portfolio creates value, this is a story worth following.

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

Forward-Looking Statements

This communication 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 commercial partnerships, product capabilities, market expansion, and cross-brand synergies. The reader is cautioned not to rely on these forward-looking statements. 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.