FAQ
Latest Questions (Updated April, 2026)
Q4 & FULL YEAR 2025 RESULTS
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What were TRNR's full year 2025 financial results?
TRNR reported full year 2025 revenue of $11.5 million, a 114% increase from $5.4 million in 2024. The results reflect six months of Wattbike, which was acquired on July 1, 2025. On a full-year basis, had Wattbike been consolidated from January 1, 2025, revenue would have been approximately $20.7 million. The Company reported positive gross profit on a GAAP basis for the first time. Net loss improved by approximately $10.9 million to $24.0 million from $34.9 million in 2024. Adjusted EBITDA loss was approximately $9.6 million, compared to approximately $10.6 million in 2024.
What was Q4 2025 revenue?
Q4 2025 revenue was $4.1 million, representing 74% growth versus the same period in 2024. Q4 Adjusted EBITDA loss was approximately $2.6 million.
What drove the 114% revenue growth in 2025?
The primary driver was the addition of Wattbike, which was consolidated beginning July 1, 2025. The gross margin improvement of nearly 60 percentage points relative to 2024 also reflects Wattbike's stronger margin contribution.
Note: TRNR reported positive gross profit on a GAAP basis for the first time.
Does the 2025 revenue include Ergatta?
No. Ergatta closed on March 11, 2026 and is not included in any 2025 reported results. Its contribution begins in 2026.
What is Adjusted EBITDA and why does TRNR use it?
Adjusted EBITDA is net loss adjusted to exclude non-cash and one-time items including: other expense or income, net; income tax expense; depreciation and amortization; stock-based compensation; gains or losses on debt extinguishment; vendor settlements; and transaction-related expenses.
TRNR uses it because these items - particularly fair-value marks on financing instruments and digital assets - can be large and volatile, making underlying operating performance harder to evaluate. A full reconciliation to GAAP net loss is included in the shareholder letter and in the annual filing.
How does FY2025 compare to what TRNR expected when it acquired Wattbike?
Wattbike so far has performed above expectations. The shareholder letter describes the business as repositioned through cost management and efficiencies, with the expectation of continued improvement - validating our acquisition approach.
2026 OUTLOOK AND PROFITABILITY
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What is TRNR's 2026 revenue guidance?
2026 pro forma revenue guidance is more than $30 million. That reflects TRNR's standalone operations - including a full year of Wattbike - plus Ergatta's expected contribution of more than $10 million.
When does TRNR expect to reach profitability?
TRNR expects to achieve run-rate profitability at the group level within the next twelve months. That expectation is based on a combination of Ergatta's approximately 30% EBITDA margins contributing immediately and the expected improvement in Wattbike's earnings from the initiatives underway since the July 2025 acquisition.
Is the $30M+ guidance guaranteed?
No. It is a forward-looking statement based on the existing portfolio as of the date of the shareholder letter. The Company has cautioned that if underlying assumptions prove inaccurate or risks materialize, actual results could vary materially. See the forward-looking statements section of the shareholder letter and TRNR's SEC filings for a description of the relevant risks.
What are the three key catalysts TRNR outlined in its February 2026 investor presentation?
The three catalysts were: (1) closing the Ergatta acquisition, (2) recovering capital from Sportstech, and (3) demonstrating improved performance from Wattbike. Two have been delivered: Ergatta closed on March 11, 2026, and $6.4 million was received from Sportstech. Wattbike's improvement is expected to show up in reported financials throughout 2026.
STOCK REPURCHASE PROGRAM
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What is the TRNR stock repurchase program?
The TRNR Board of Directors authorized a stock repurchase program of up to $500,000. Shares are to be repurchased in the open market through HC Wainwright & Co., subject to market conditions, applicable securities laws, and insider transaction policies including customary blackout periods. The program does not obligate the Company to repurchase any specific number of shares and may be suspended or discontinued at any time.
Why is TRNR buying back stock now?
The Sportstech recovery provided non-dilutive capital that generated more than $500,000 in return beyond principal and expenses. The Board determined that TRNR shares represent compelling value at current prices and authorized the buyback as a direct result of that improved liquidity position. TRNR has described the buyback as one of several tools it expects to use going forward to maintain or increase share value.
How significant is the buyback relative to shares outstanding?
As of March 31, 2026, TRNR had approximately 2.1 million shares of common stock outstanding. At a closing price of $1.37 per share, the $500,000 program would represent approximately 18% of shares outstanding.
Is TRNR currently executing the buyback?
The program is subject to customary blackout periods that preclude purchasing during certain windows, including the period preceding earnings announcements. The Company intends to purchase shares when the price is determined to be significantly below intrinsic value, consistent with applicable rules.
CURRENT PORTFOLIO AND BRANDS
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What brands does TRNR now operate?
TRNR operates four brands: Wattbike, Ergatta, FORME, and CLMBR. Wattbike (acquired July 2025) is a high-performance indoor cycling brand used by elite athletes, national sports teams, and commercial gym operators worldwide. Ergatta (acquired March 11, 2026) is the leader in game-based connected fitness, centered on premium rowing machines with embedded gaming content and a 98%+ monthly net retention rate. FORME offers wall-mounted strength and mobility training systems with live and guided coaching. CLMBR makes vertical climbing equipment with an immersive digital training platform.
What was TRNR's presence at HFA 2026?
TRNR attended the Health and Fitness Association Show in San Diego from March 16-18, 2026 with all four brands and its largest-ever senior leadership team at the event. Wattbike CEO Stephen Loftus and Ergatta CEO Tom Aulet were among the executives present. TRNR CEO Trent Ward noted that the company had two brands at HFA the prior year. The event draws more than 10,000 attendees from over 80 countries.
How many shares of TRNR are outstanding?
As of March 31, 2026, TRNR had approximately 2.1 million shares of common stock outstanding. This reflects the 1-for-10 reverse split that was effective February 24, 2026.
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March, 13 2026
KEY SHAREHOLDER TAKEAWAYS
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What did TRNR announce on March 11 about Ergatta and guidance?
TRNR announced that it has completed its acquisition of Ergatta, Inc., the pioneer in game-based connected fitness. The signing of the acquisition was announced in February and the closing of this transaction significantly strengthens TRNR's portfolio of brands and accelerates both its top- and bottom-line growth. The company also confirmed its increased 2026 pro forma revenue guidance of more than $30 million.
What are the key points from the announcement?
Our release focuses on five key points for shareholders:
(1) TRNR completed the Ergatta acquisition on schedule.
(2) TRNR confirmed 2026 pro forma revenue guidance of $30 million or more.
(3) Ergatta's 2026 revenue is expected to exceed $10 million with approximately 30% EBITDA margin.
(4) TRNR received $6.4 million from Sportstech on March 4th and paid $1.8 million to Ergatta shareholders to close the acquisition.
(5) Ergatta is expected to generate cashflow for TRNR in 2026 in excess of the closing cash consideration paid.
What does it mean that Ergatta will generate more cash than TRNR paid?
TRNR paid $1.8 million in cash to Ergatta shareholders to close the deal, and that TRNR expects to receive more than $1.8 million in cashflow from the operations of Ergatta in 2026, such that the acquisition is accretive to group cashflow this year. It reduces any need for dilutive capital and strengthens TRNR's path to profitability.
WHO IS ERGATTA
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What does Ergatta do?
Ergatta makes premium rowing machines with embedded game-based fitness content. Its platform delivers personalized, highly interactive workout experiences designed to build lasting fitness habits through games rather than instructor-led classes. The company is described as the pioneer in game-based connected fitness. Importantly it is an asset-light, subscription-based business (see Q’s below), which means that it can grow very cost-efficiently.
How big is Ergatta's business, and how stable is it?
Ergatta is expected to generate revenue of more than $10 million in 2026. Approximately 70% of that revenue comes from recurring subscriptions, which provides high revenue visibility. The company has a monthly net retention rate of more than 98% - the highest in the connected fitness industry, according to its own reporting.
Why is Ergatta's business model unusually profitable for the fitness industry?
Ergatta operates an asset-light model. It effectively buys finished hardware made in the US and installs its software rather than manufacturing, so it does not carry inventory risk or capital-intensive production costs. Combined with approximately 70% recurring subscription revenue, the result is approximately 30% EBITDA margins - which is exceptional for a connected fitness business.
Has Ergatta's game-based platform been validated beyond its own hardware?
Yes. iFIT - one of the largest fitness equipment brands in the world - has licensed Ergatta's game-based platform and uses it on its own hardware. That is an important data point: a major incumbent in the fitness industry chose to license Ergatta's content rather than develop its own, which speaks to the quality and differentiation of the platform.
WHAT THIS MEANS FOR TRNR IN 2026
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What is TRNR's updated 2026 revenue guidance, and what drives it?
TRNR confirms 2026 pro forma revenue guidance of more than $30 million. That is more than 2.5x expected 2025 revenue. The guidance is driven by two main contributors: continued Wattbike performance, and Ergatta's expected contribution of more than $10 million in revenue. The guidance does not include any revenue from the recovery of the Sportstech loan as this is not revenue.
The release mentions catalysts from the TRNR February 2026 investor presentation - what were they?
In its February 2026 investor presentation, TRNR identified three key catalysts for the year, which were closing the Ergatta acquisition, recovering capital from Sportstech and Wattbike performance. Two of the three have now been delivered: the completion of the Ergatta acquisition, and the receipt of $6.4 million from Sportstech. Wattbike continues to perform and that expected improvement will begin to show up in the published financials throughout 2026.
How does TRNR view Ergatta's role in its path to profitability?
The acquisition is a major step towards TRNR's near-term objective of profitability through increased scale as well as operating leverage. Beyond the top-line contribution, Ergatta's approximately 30% EBITDA margin profile means it is expected to contribute meaningful operating cash flow - not just revenue. TRNR expects to receive more cashflow from Ergatta in 2026 than the $1.8 million cash consideration paid at closing, and the top end of the Ergatta earn-out is approximately $4.0 million in EBITDA.
How is TRNR funding its 2026 operations?
TRNR's existing operations will be supported significantly by Ergatta's expected cashflow and with the $6.4 million received from Sportstech last week. The closing cash consideration for Ergatta was funded through TRNR's cash on hand prior to the transaction - no new equity was raised to complete the deal and TRNR has no need to raise financing in the near-term as there is cash runway.
WHAT LEADERSHIP SAID
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What did TRNR CEO say about the close?
Ward said: “The beginning of March has been exciting for TRNR, as we delivered on two of the three key catalysts that we outlined in our February investor presentation. We received $6.4 million from Sportstech, closing that chapter with a positive return that allows us to invest into our growing businesses without additional dilution, and we completed the acquisition of Ergatta as we said we would.” He added that Ergatta is a very strong brand and business, and that TRNR expects it to be immediately accretive to TRNR's financials and product experience.
What did Ergatta CEO say?
Aulet said: “Our team is very proud that we've built the most engaging fitness content platform in the world, and we've done it profitably.” He described joining TRNR as the right next step for the business and highlighted the opportunity to grow the Ergatta gaming experience across other hardware brands.
What was shared about the plans for Ergatta's gaming platform across TRNR brands?
There is strategic rationale beyond financial accretion: Ergatta's gaming experience has already been licensed by iFIT, and TRNR plans to add that experience to Wattbike and CLMBR. He also noted that the Ergatta team has strong customer acquisition capabilities and is expected to help drive US revenue growth for TRNR's brands. TRNR CEO summarized the acquisition philosophy: “As with all of our acquisitions, we are focused on minimizing near-term dilution and protecting downside with transaction valuation tied to future performance, while generating incremental upside from group synergies.”
TRANSACTION STRUCTURE
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What did TRNR acquire, and at what price?
TRNR acquired 100% of Ergatta, Inc. The base transaction value is $8.8 million, comprising three components: $1.8 million in cash consideration paid at close, $1.8 million in assumed debt, and $5.3 million in equity that is locked up until May 2027.
Assuming full achievement of both years' earn-outs, the maximum enterprise value would be $19.5 million, primarily through an increase in equity granted in May 2027 and May 2028. The upper 2026 EBITDA earn-out threshold is approximately $4.0 million. If fully achieved across 2026 and 2027, TRNR expects the purchase multiple to be less than 5.0x EBITDA before any group synergies. The structure means TRNR only pays maximum value if Ergatta delivers maximum results.
How was the $1.8 million cash payment funded?
The initial cash consideration was funded through TRNR's cash on hand prior to the transaction. No new equity was raised to complete the deal.
When is the equity component of the deal unlocked?
The equity component is locked up until May 2027 and there is another small piece related to Ergatta management in May 2028.
Who is leading Ergatta after the acquisition?
Ergatta's founders and key management team members have agreed to employment arrangements and are expected to continue leading the business post-acquisition. Tom Aulet, Co-Founder and CEO of Ergatta, and Alessandra Gotbaum, C0-Founder and COO, both signed new employment agreements and confirmed their commitment to executing as part of TRNR.
THE SPORTSTECH RECOVERY
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Has the Sportstech matter now been resolved?
Yes. TRNR recovered $6.4 million from Sportstech - comprising $5.0 million in principal and $1.4 million in interest and expenses - closing the enforcement proceedings. The recovery was received as non-dilutive capital and will support TRNR operations throughout 2026, which greatly reduces any additional equity issuance.
Was the Sportstech recovery included in TRNR's 2026 revenue guidance?
No. TRNR's 2026 pro forma revenue guidance of more than $30 million does not include any Sportstech recovery as its not revenue. TRNR CEO described the recovery as allowing TRNR to invest into its growing businesses without additional dilution.
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March, 5 2026
SPORTSTECH Loan Recovery
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TRNR previously said the balance owed was approximately $6.8 million. The settlement was $6.4 million. Did TRNR accept less than it was owed?
The $6.8 million figure represented the full outstanding balance including default interest and fees continuing to accrue through the enforcement process. The $6.4 million settlement represents the full recovery of the $5.0 million principal advanced, plus interest and legal fees for enforcement. TRNR management determined that the cost/benefit analysis of accepting $6.4 million as a negotiated resolution today was a better option for TRNR shareholders given there would have been incremental legal costs and more time to achieve a potentially higher settlement, and there are higher return opportunities to invest in TRNR’s businesses now. While TRNR is not a lender, the settlement amount could be evaluated as a double digit return on capital after all expenses, which is a successful outcome for shareholders.
Why didn't TRNR proceed with the auction and try to acquire Sportstech or sell it for more than the settlement?
These outcomes were theoretically attractive and TRNR was fully prepared to acquire Sportstech or have another bidder acquire the business and receive the proceeds, but TRNR management determined that the settlement was the best path for shareholders. There were some risks and unknowns with the auction path and we determined that there were much more certain results by receiving immediate, non-dilutive cash in hand as it allows us to invest in the businesses we own and are acquiring without raising any additional capital in the near-term. Simply, we chose the lower risk, but still very attractive outcome, as compared to the highly levered, but riskier, path.
This is the same approach we use when acquiring businesses or analyzing opportunities - managed downside and uncapped upside. We are not gamblers and are looking for asymmetric payoffs in our favor. And, importantly, this resolution removes a significant distraction and allows management to focus where it should be: closing and integrating Ergatta, accelerating Wattbike's commercial momentum, and demonstrating the operating leverage that drives the 2026 growth plan.
Why did Sportstech suddenly come up with $6.4 million now, after months of disputing that it owed anything?
Sportstech did not deny that they owed us at least the capital we lent them, but they were trying to get out of the deal they signed with respect to the interest and fees. We structured the loan to have a high return, knowing that if we were being repaid, it would mean that we were not closing the acquisition and likely could have significant broken deal costs. In the end, this is what occurred and our structure protected our shareholders by allowing us to recover our capital and more than cover our transaction costs.
As to the timing of the settlement, our view is that there was a greater ability to pay than a willingness to pay, and ultimately the legal proceedings forced their hand. We know Sportstech had some capital in December, but its cash conversion cycle is such that their highest amount of cash is in February and March. This business reality coincided with the Berlin court denying all attempts by Sportstech to stop the share auction on March 11 and they reached out to settle almost immediately.
That outcome validated what TRNR said from the beginning: the agreements were legally sound, the money was owed, and enforcement would succeed. It also further validates that Sportstech's series of public statements disputing the loan's legitimacy were misleading - a pattern that has been consistent since December 2025 - and unfortunately, we believe our shareholders have been impacted by.
Does this settlement fully resolve TRNR's relationship with Sportstech? Are there any remaining claims or obligations?
Yes, the settlement is complete and total. The settlement resolves all claims arising from the Loan Agreements and the Share Pledge Agreement. The public auction of Sportstech shares scheduled for March 11, 2026 has been cancelled. All lawsuits are being withdrawn. TRNR retains no ownership interest in or involvement with Sportstech. The TRNR micro site on Sportstech will be minimized.
How will the $6.4 million be used?
The settlement proceeds are expected to be invested to grow the equity value of TRNR. We expect to use some of the proceeds to close the acquisition of Ergatta, we will invest in Wattbike’s growth and we expect to have real operating runway as we approach profitability such that we do not expect to raise capital in the near-term. This settlement proceeds are not dilutive, i.e. TRNR received these funds without issuing new shares or taking on new debt, and we are focused on minimizing dilution while we grow equity.
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February 23, 2026
THE ERGATTA ACQUISITION
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How does Ergatta fit with the other brands?
Ergatta’s game-based content platform is licensable and can be deployed across TRNR’s other brands, especially Wattbike and CLMBR, creating cross-brand content and engagement opportunities. The Ergatta team brings software and content capabilities that complement our hardware and performance expertise. And the Ergatta team brings a very strong capability in digital customer acquisition that should help drive growth in that channel for Wattbike, CLMBR and FORME.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
February 23, 2026
GUIDANCE & FINANCIAL PERFORMANCE
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How is Wattbike performing?
Profitability is above expectations. The Air-Pro product launch drove 700-plus bikes sold in the UK commercial market and approximately $2.5 million in revenue in the six months since acquisition. Major operator wins include David Lloyd, Third Space, Virgin Active, and new customers like GymBox and Everlast Gyms. Utilization rates are 25-35% higher than legacy models. After eight months of ownership, Wattbike is validating our M&A playbook and we look forward to sharing how excited we are about the business soon.
When will TRNR be profitable?
Our focus is on demonstrating operating leverage in 2026 - growing revenue while reducing operating losses as a percentage of revenue. Ergatta’s approximately 30% EBITDA margins and cash-flow-positive profile are a meaningful step in that direction. While we have not provided a specific profitability target, the combination of Wattbike’s scale, Ergatta’s margins, and continued top-line growth gives us a clear path to near-term profitability.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
February 23, 2026
THE REVERSE STOCK SPLIT
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Why did TRNR do another reverse split?
We were approaching the 30th day with a closing price below Nasdaq’s $1.00 minimum bid requirement. Maintaining compliance with Nasdaq listing requirements is essential to our M&A-driven growth strategy - it is the foundation for how we structure acquisitions, raise capital, and attract institutional interest. We tried to avoid the split and pushed incredibly hard to be able to announce the Ergatta acquisition before the deadline. This occurred two days prior and we hoped the expected value accretion would have been reflected in the share price such that we would have been able to avoid the split. The volume and volatility were significant, but the price did not recover above $1.00 and so our hand was forced. At this point, the negative news is behind us and we expected to close Ergatta soon and have material positive newsflow in front of us.
What are the mechanics of the split?
As outlined in the press release on February 20, it is a 1-for-10 reverse split, effective February 24. Every ten pre-split shares consolidate to one post-split share. The number of outstanding shares goes from approximately 14.3 million to approximately 1.4 million. There is no change to authorized shares or par value. Fractional shares below one will be settled in cash. The split was approved by stockholders at the September 2025 annual meeting, and the final ratio was approved by the board on February 6, 2026 as there is about a two week timeline to be prepared to split, though the final decision was made after the close on February 19 when the price was below $1.00.
Does the reverse split change the value of my investment?
No. Your ownership percentage does not change. You will hold fewer shares at a proportionally higher price, but the value is the same. TRNR’s market capitalization is the same before and immediately after the split.
Didn’t TRNR already do a reverse split last year?
Yes. A 1-for-10 reverse split was effective June 27, 2025. We are candid that a second reverse split within eight months is not where we wanted to be, but as the CEO’s February 20 letter states, the decline in our stock price from a reasonable level to below $1.00 was triggered by misleading, value-destructive statements from Sportstech at the end of December and and early January. The enforcement process to recover shareholder value on that front is active, but we believe the decline in the price over the past couple months was due to outside factors that we expect to reverse and be positive in the future.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
February 23, 2026
SHORT SELLING
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Are you aware of short selling activity in TRNR stock?
Yes. We are aware of shareholder concerns about short selling activity and the pressure it places on the stock. We are in regular communication with our regulators and our banking partners on this topic. We receive frequent comments from concerned shareholders, but there is a limit to what an issuer can do as we are not regulated by FINRA. We cannot file a Suspicious Activity Report and sharing reports of trading volume that is multiples of our shares outstanding has not been compelling to any regulators.
Why hasn’t TRNR put out a press release addressing short sellers?
Because we believe it would hurt shareholders, not help them. We have studied the track record of public companies issuing press releases about short selling, and it shows a nearly unbroken correlation with stock price declines. These releases tend to amplify attention to the short thesis, invite additional short interest, and signal vulnerability rather than strength. We do not think that serves our shareholders. Our approach is to focus on executing the business - closing and integrating Ergatta, advancing Sportstech enforcement, growing Wattbike, and delivering on guidance. Results are the most effective response to short pressure.
TRNR raised significant capital in 2025. Is this expected to continue?
In addition to capital raised to fund operations during 2025, we raised nearly $8.0 million to invest in Sportstech and Wattbike during 2025. During 2026, these investments are not expected to repeat and we expect that Wattbike will start to generate cash and we also expect to recover capital from Sportstech. So, from these two examples, we expect to have a reversal of approximately $15.0 million given we raised nearly $8.0 million in 2025 and we expect to receive $7.0 million or more in the near-term.
To add to this positive dynamic, we are expecting to generate more than $30 million in 2026 pro forma revenue as compared to generating approximately $12 million in 2025 revenue and this increased revenue base is expected to greatly reduce our adjusted EBITDA loss, and therefore our cash needs in 2026. We also expect to achieve profitability in the near-term and therefore capital raising could be limited to accretive acquisitions potentially in the future.
How many shares are outstanding?
As shared in the recent press release announcing the split, there were approximately 14.3 million shares as of February 19, which will consolidate to approximately 1.4 million shares post-split effective February 24, 2026. Outstanding warrants and convertible instruments are adjusted proportionally, so we do not expect to experience adverse impacts from the mechanics of the split.
What is the ATM program?
In January 2026, TRNR filed an at-the-market offering program with capacity of approximately $2.6 million through H.C. Wainwright. An ATM allows the company to sell shares into the open market over time at market prices, rather than in a single discounted offering, so there is often less dilution. It provides flexible access to working capital as needed, and is at management’s discretion.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
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(Updated July 9, 2025)
What does it mean that Maxim initiated coverage of TRNR, and why is that important?
When a sell-side equity research firm begins covering a company, it assigns an analyst who regularly publishes ratings (e.g., Buy/Hold/Sell), share price targets and potentially financial models. These reports are read by portfolio managers, hedge-fund traders, and wealth-management advisers - people who decide where large blocks of capital go - so coverage can potentially:
- Increase institutional awareness and credibility. Professional investors often won’t look at a micro-cap until at least one independent analyst is on the name.
- Improve trading liquidity over time. More eyes on the story typically mean more daily volume, tighter bid/ask spreads, and easier execution for both small and large shareholders.
Who is Maxim Group?
Maxim Group LLC is a full-service investment bank and wealth-management firm headquartered in New York that focuses on emerging-growth companies linkedin.com. Its research team covers roughly 200 small- and mid-cap stocks across technology, consumer, healthcare, and industrial sectors.
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(Updated May 21, 2025)
What is TRNR doing about the continued short selling pressure on its stock?
We remain aware of what appears to be persistent short selling pressure and the concerns it raises among our shareholders. While short interest is a feature of public markets, we take any indications of potential market manipulation seriously. We are actively monitoring trading activity, staying in close communication with regulators, and evaluating all available options to protect our investors and ensure a fair and orderly market. We are also encouraged by recent signs that ongoing positive business updates — including strong performance from our acquired businesses — are being reflected in improved support for the stock.
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Wattbike Acquisition
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What’s next for TRNR? More deals, or building out what you have?
Both. TRNR’s vision is building a portfolio of businesses that can capture value across different segments and geographies in health & wellness and drive significant multiple expansion for shareholders. Wattbike is large enough that our combined organic opportunity set is attractive, but also provides enough scale that we can acquire future businesses with larger synergies.
Going forward, we’ll continue to execute by both operating what we buy, well - and by strategically acquiring additional growth businesses on a low-cost, low-risk basis.
How will all the tariffs impact this deal and the combined business - especially with all TRNR’s and Wattbike’s stated plans to expand across borders, e.g., sell more in the US?
TRNR and Wattbike management teams - like most businesses worldwide - are monitoring and adapting to all the shifts in international trade. There’s plenty of change and uncertainty. That said, what’s also true is that more than 75% of the combined company’s 2024 revenues are outside the US - insulating the business from US-specific protectionism to a degree and for a fair amount of time. And we also have US-based inventory for FORME/CLMBR that will fulfill 2025 revenue projections. Finally, the other reality is that a lot of business across both TRNR and Wattbike is B2B sales, which are more resilient in terms of tariff-driven price sensitivity than individual consumer purchases. Taken together, all these factors at minimum mean that we don’t expect our operations to be severely impacted by trade considerations in the near future.businesses in terms of accelerating what they already each were doing.
For TRNR, Wattbike adds a truly marquee brand and set of products to its performance-focused portfolio. Wattbike’s indoor cycling training platform is arguably the best in the world - leading gyms, healthcare facilities, universities, and even special forces military operations - along with every NHL team and many teams in the NFL, NBA, MLB and the Premier League - all use Wattbikes.
For Wattbike, the deal gives its latest product launches and renewed growth a larger platform for marketing and distribution that will dramatically and cost-effectively speed up expansion across key international markets, while staying true to Wattbike’s commitment to deliver world-class training solutions for athletes and fitness enthusiasts alike.
Forward Looking Statements:
These FAQs include 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 possibility of acquiring future businesses or completing the referenced pending transactions in a timely manner or at all, the financial performance of those acquisitions and the resulting guidance of having more than $80m of pro forma revenue in 2025, achieving profitability by Q4, and the financial performance of the acquisition targets which have not been audited or reviewed by a PCAOB auditor and could vary materially (a) once that audit or review work is completed and such financials are included in the Company’s reported financials and (b) due to the effect of the exchange rates of foreign currencies which can be volatile. 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. Risks and uncertainties include but are not limited to: demand for our products; competition, including technological advances made by and new products released by our competitors; our ability to accurately forecast consumer demand for our products and adequately maintain our inventory; and our reliance on a limited number of suppliers and distributors for our products. 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.
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What is TRNR's 2026 revenue guidance?
2026 pro forma revenue guidance is more than $30 million. That reflects TRNR's standalone operations - including a full year of Wattbike - plus Ergatta's expected contribution of more than $10 million. When does TRNR expect to reach profitability?
TRNR expects to achieve run-rate profitability at the group level within the next twelve months. That expectation is based on a combination of Ergatta's approximately 30% EBITDA margins contributing immediately and the expected improvement in Wattbike's earnings from the initiatives underway since the July 2025 acquisition.Is the $30M+ guidance guaranteed?
No. It is a forward-looking statement based on the existing portfolio as of the date of the shareholder letter. The Company has cautioned that if underlying assumptions prove inaccurate or risks materialize, actual results could vary materially. See the forward-looking statements section of the shareholder letter and TRNR's SEC filings for a description of the relevant risks.What are the three key catalysts TRNR outlined in its February 2026 investor presentation?
The three catalysts were: (1) closing the Ergatta acquisition, (2) recovering capital from Sportstech, and (3) demonstrating improved performance from Wattbike. Two have been delivered: Ergatta closed on March 11, 2026, and $6.4 million was received from Sportstech. Wattbike's improvement is expected to show up in reported financials throughout 2026.STOCK REPURCHASE PROGRAM
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What is the TRNR stock repurchase program?
The TRNR Board of Directors authorized a stock repurchase program of up to $500,000. Shares are to be repurchased in the open market through HC Wainwright & Co., subject to market conditions, applicable securities laws, and insider transaction policies including customary blackout periods. The program does not obligate the Company to repurchase any specific number of shares and may be suspended or discontinued at any time.
Why is TRNR buying back stock now?
The Sportstech recovery provided non-dilutive capital that generated more than $500,000 in return beyond principal and expenses. The Board determined that TRNR shares represent compelling value at current prices and authorized the buyback as a direct result of that improved liquidity position. TRNR has described the buyback as one of several tools it expects to use going forward to maintain or increase share value.
How significant is the buyback relative to shares outstanding?
As of March 31, 2026, TRNR had approximately 2.1 million shares of common stock outstanding. At a closing price of $1.37 per share, the $500,000 program would represent approximately 18% of shares outstanding.
Is TRNR currently executing the buyback?
The program is subject to customary blackout periods that preclude purchasing during certain windows, including the period preceding earnings announcements. The Company intends to purchase shares when the price is determined to be significantly below intrinsic value, consistent with applicable rules.
CURRENT PORTFOLIO AND BRANDS
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What brands does TRNR now operate?
TRNR operates four brands: Wattbike, Ergatta, FORME, and CLMBR. Wattbike (acquired July 2025) is a high-performance indoor cycling brand used by elite athletes, national sports teams, and commercial gym operators worldwide. Ergatta (acquired March 11, 2026) is the leader in game-based connected fitness, centered on premium rowing machines with embedded gaming content and a 98%+ monthly net retention rate. FORME offers wall-mounted strength and mobility training systems with live and guided coaching. CLMBR makes vertical climbing equipment with an immersive digital training platform.
What was TRNR's presence at HFA 2026?
TRNR attended the Health and Fitness Association Show in San Diego from March 16-18, 2026 with all four brands and its largest-ever senior leadership team at the event. Wattbike CEO Stephen Loftus and Ergatta CEO Tom Aulet were among the executives present. TRNR CEO Trent Ward noted that the company had two brands at HFA the prior year. The event draws more than 10,000 attendees from over 80 countries.
How many shares of TRNR are outstanding?
As of March 31, 2026, TRNR had approximately 2.1 million shares of common stock outstanding. This reflects the 1-for-10 reverse split that was effective February 24, 2026.
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March, 13 2026
KEY SHAREHOLDER TAKEAWAYS
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What did TRNR announce on March 11 about Ergatta and guidance?
TRNR announced that it has completed its acquisition of Ergatta, Inc., the pioneer in game-based connected fitness. The signing of the acquisition was announced in February and the closing of this transaction significantly strengthens TRNR's portfolio of brands and accelerates both its top- and bottom-line growth. The company also confirmed its increased 2026 pro forma revenue guidance of more than $30 million.
What are the key points from the announcement?
Our release focuses on five key points for shareholders:
(1) TRNR completed the Ergatta acquisition on schedule.
(2) TRNR confirmed 2026 pro forma revenue guidance of $30 million or more.
(3) Ergatta's 2026 revenue is expected to exceed $10 million with approximately 30% EBITDA margin.
(4) TRNR received $6.4 million from Sportstech on March 4th and paid $1.8 million to Ergatta shareholders to close the acquisition.
(5) Ergatta is expected to generate cashflow for TRNR in 2026 in excess of the closing cash consideration paid.
What does it mean that Ergatta will generate more cash than TRNR paid?
TRNR paid $1.8 million in cash to Ergatta shareholders to close the deal, and that TRNR expects to receive more than $1.8 million in cashflow from the operations of Ergatta in 2026, such that the acquisition is accretive to group cashflow this year. It reduces any need for dilutive capital and strengthens TRNR's path to profitability.
WHO IS ERGATTA
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What does Ergatta do?
Ergatta makes premium rowing machines with embedded game-based fitness content. Its platform delivers personalized, highly interactive workout experiences designed to build lasting fitness habits through games rather than instructor-led classes. The company is described as the pioneer in game-based connected fitness. Importantly it is an asset-light, subscription-based business (see Q’s below), which means that it can grow very cost-efficiently.
How big is Ergatta's business, and how stable is it?
Ergatta is expected to generate revenue of more than $10 million in 2026. Approximately 70% of that revenue comes from recurring subscriptions, which provides high revenue visibility. The company has a monthly net retention rate of more than 98% - the highest in the connected fitness industry, according to its own reporting.
Why is Ergatta's business model unusually profitable for the fitness industry?
Ergatta operates an asset-light model. It effectively buys finished hardware made in the US and installs its software rather than manufacturing, so it does not carry inventory risk or capital-intensive production costs. Combined with approximately 70% recurring subscription revenue, the result is approximately 30% EBITDA margins - which is exceptional for a connected fitness business.
Has Ergatta's game-based platform been validated beyond its own hardware?
Yes. iFIT - one of the largest fitness equipment brands in the world - has licensed Ergatta's game-based platform and uses it on its own hardware. That is an important data point: a major incumbent in the fitness industry chose to license Ergatta's content rather than develop its own, which speaks to the quality and differentiation of the platform.
WHAT THIS MEANS FOR TRNR IN 2026
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What is TRNR's updated 2026 revenue guidance, and what drives it?
TRNR confirms 2026 pro forma revenue guidance of more than $30 million. That is more than 2.5x expected 2025 revenue. The guidance is driven by two main contributors: continued Wattbike performance, and Ergatta's expected contribution of more than $10 million in revenue. The guidance does not include any revenue from the recovery of the Sportstech loan as this is not revenue.
The release mentions catalysts from the TRNR February 2026 investor presentation - what were they?
In its February 2026 investor presentation, TRNR identified three key catalysts for the year, which were closing the Ergatta acquisition, recovering capital from Sportstech and Wattbike performance. Two of the three have now been delivered: the completion of the Ergatta acquisition, and the receipt of $6.4 million from Sportstech. Wattbike continues to perform and that expected improvement will begin to show up in the published financials throughout 2026.
How does TRNR view Ergatta's role in its path to profitability?
The acquisition is a major step towards TRNR's near-term objective of profitability through increased scale as well as operating leverage. Beyond the top-line contribution, Ergatta's approximately 30% EBITDA margin profile means it is expected to contribute meaningful operating cash flow - not just revenue. TRNR expects to receive more cashflow from Ergatta in 2026 than the $1.8 million cash consideration paid at closing, and the top end of the Ergatta earn-out is approximately $4.0 million in EBITDA.
How is TRNR funding its 2026 operations?
TRNR's existing operations will be supported significantly by Ergatta's expected cashflow and with the $6.4 million received from Sportstech last week. The closing cash consideration for Ergatta was funded through TRNR's cash on hand prior to the transaction - no new equity was raised to complete the deal and TRNR has no need to raise financing in the near-term as there is cash runway.
WHAT LEADERSHIP SAID
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What did TRNR CEO say about the close?
Ward said: “The beginning of March has been exciting for TRNR, as we delivered on two of the three key catalysts that we outlined in our February investor presentation. We received $6.4 million from Sportstech, closing that chapter with a positive return that allows us to invest into our growing businesses without additional dilution, and we completed the acquisition of Ergatta as we said we would.” He added that Ergatta is a very strong brand and business, and that TRNR expects it to be immediately accretive to TRNR's financials and product experience.
What did Ergatta CEO say?
Aulet said: “Our team is very proud that we've built the most engaging fitness content platform in the world, and we've done it profitably.” He described joining TRNR as the right next step for the business and highlighted the opportunity to grow the Ergatta gaming experience across other hardware brands.
What was shared about the plans for Ergatta's gaming platform across TRNR brands?
There is strategic rationale beyond financial accretion: Ergatta's gaming experience has already been licensed by iFIT, and TRNR plans to add that experience to Wattbike and CLMBR. He also noted that the Ergatta team has strong customer acquisition capabilities and is expected to help drive US revenue growth for TRNR's brands. TRNR CEO summarized the acquisition philosophy: “As with all of our acquisitions, we are focused on minimizing near-term dilution and protecting downside with transaction valuation tied to future performance, while generating incremental upside from group synergies.”
TRANSACTION STRUCTURE
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What did TRNR acquire, and at what price?
TRNR acquired 100% of Ergatta, Inc. The base transaction value is $8.8 million, comprising three components: $1.8 million in cash consideration paid at close, $1.8 million in assumed debt, and $5.3 million in equity that is locked up until May 2027.
Assuming full achievement of both years' earn-outs, the maximum enterprise value would be $19.5 million, primarily through an increase in equity granted in May 2027 and May 2028. The upper 2026 EBITDA earn-out threshold is approximately $4.0 million. If fully achieved across 2026 and 2027, TRNR expects the purchase multiple to be less than 5.0x EBITDA before any group synergies. The structure means TRNR only pays maximum value if Ergatta delivers maximum results.
How was the $1.8 million cash payment funded?
The initial cash consideration was funded through TRNR's cash on hand prior to the transaction. No new equity was raised to complete the deal.
When is the equity component of the deal unlocked?
The equity component is locked up until May 2027 and there is another small piece related to Ergatta management in May 2028.
Who is leading Ergatta after the acquisition?
Ergatta's founders and key management team members have agreed to employment arrangements and are expected to continue leading the business post-acquisition. Tom Aulet, Co-Founder and CEO of Ergatta, and Alessandra Gotbaum, C0-Founder and COO, both signed new employment agreements and confirmed their commitment to executing as part of TRNR.
THE SPORTSTECH RECOVERY
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Has the Sportstech matter now been resolved?
Yes. TRNR recovered $6.4 million from Sportstech - comprising $5.0 million in principal and $1.4 million in interest and expenses - closing the enforcement proceedings. The recovery was received as non-dilutive capital and will support TRNR operations throughout 2026, which greatly reduces any additional equity issuance.
Was the Sportstech recovery included in TRNR's 2026 revenue guidance?
No. TRNR's 2026 pro forma revenue guidance of more than $30 million does not include any Sportstech recovery as its not revenue. TRNR CEO described the recovery as allowing TRNR to invest into its growing businesses without additional dilution.
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March, 5 2026
SPORTSTECH Loan Recovery
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TRNR previously said the balance owed was approximately $6.8 million. The settlement was $6.4 million. Did TRNR accept less than it was owed?
The $6.8 million figure represented the full outstanding balance including default interest and fees continuing to accrue through the enforcement process. The $6.4 million settlement represents the full recovery of the $5.0 million principal advanced, plus interest and legal fees for enforcement. TRNR management determined that the cost/benefit analysis of accepting $6.4 million as a negotiated resolution today was a better option for TRNR shareholders given there would have been incremental legal costs and more time to achieve a potentially higher settlement, and there are higher return opportunities to invest in TRNR’s businesses now. While TRNR is not a lender, the settlement amount could be evaluated as a double digit return on capital after all expenses, which is a successful outcome for shareholders.
Why didn't TRNR proceed with the auction and try to acquire Sportstech or sell it for more than the settlement?
These outcomes were theoretically attractive and TRNR was fully prepared to acquire Sportstech or have another bidder acquire the business and receive the proceeds, but TRNR management determined that the settlement was the best path for shareholders. There were some risks and unknowns with the auction path and we determined that there were much more certain results by receiving immediate, non-dilutive cash in hand as it allows us to invest in the businesses we own and are acquiring without raising any additional capital in the near-term. Simply, we chose the lower risk, but still very attractive outcome, as compared to the highly levered, but riskier, path.
This is the same approach we use when acquiring businesses or analyzing opportunities - managed downside and uncapped upside. We are not gamblers and are looking for asymmetric payoffs in our favor. And, importantly, this resolution removes a significant distraction and allows management to focus where it should be: closing and integrating Ergatta, accelerating Wattbike's commercial momentum, and demonstrating the operating leverage that drives the 2026 growth plan.
Why did Sportstech suddenly come up with $6.4 million now, after months of disputing that it owed anything?
Sportstech did not deny that they owed us at least the capital we lent them, but they were trying to get out of the deal they signed with respect to the interest and fees. We structured the loan to have a high return, knowing that if we were being repaid, it would mean that we were not closing the acquisition and likely could have significant broken deal costs. In the end, this is what occurred and our structure protected our shareholders by allowing us to recover our capital and more than cover our transaction costs.
As to the timing of the settlement, our view is that there was a greater ability to pay than a willingness to pay, and ultimately the legal proceedings forced their hand. We know Sportstech had some capital in December, but its cash conversion cycle is such that their highest amount of cash is in February and March. This business reality coincided with the Berlin court denying all attempts by Sportstech to stop the share auction on March 11 and they reached out to settle almost immediately.
That outcome validated what TRNR said from the beginning: the agreements were legally sound, the money was owed, and enforcement would succeed. It also further validates that Sportstech's series of public statements disputing the loan's legitimacy were misleading - a pattern that has been consistent since December 2025 - and unfortunately, we believe our shareholders have been impacted by.
Does this settlement fully resolve TRNR's relationship with Sportstech? Are there any remaining claims or obligations?
Yes, the settlement is complete and total. The settlement resolves all claims arising from the Loan Agreements and the Share Pledge Agreement. The public auction of Sportstech shares scheduled for March 11, 2026 has been cancelled. All lawsuits are being withdrawn. TRNR retains no ownership interest in or involvement with Sportstech. The TRNR micro site on Sportstech will be minimized.
How will the $6.4 million be used?
The settlement proceeds are expected to be invested to grow the equity value of TRNR. We expect to use some of the proceeds to close the acquisition of Ergatta, we will invest in Wattbike’s growth and we expect to have real operating runway as we approach profitability such that we do not expect to raise capital in the near-term. This settlement proceeds are not dilutive, i.e. TRNR received these funds without issuing new shares or taking on new debt, and we are focused on minimizing dilution while we grow equity.
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February 23, 2026
THE ERGATTA ACQUISITION
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How does Ergatta fit with the other brands?
Ergatta’s game-based content platform is licensable and can be deployed across TRNR’s other brands, especially Wattbike and CLMBR, creating cross-brand content and engagement opportunities. The Ergatta team brings software and content capabilities that complement our hardware and performance expertise. And the Ergatta team brings a very strong capability in digital customer acquisition that should help drive growth in that channel for Wattbike, CLMBR and FORME.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
February 23, 2026
GUIDANCE & FINANCIAL PERFORMANCE
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How is Wattbike performing?
Profitability is above expectations. The Air-Pro product launch drove 700-plus bikes sold in the UK commercial market and approximately $2.5 million in revenue in the six months since acquisition. Major operator wins include David Lloyd, Third Space, Virgin Active, and new customers like GymBox and Everlast Gyms. Utilization rates are 25-35% higher than legacy models. After eight months of ownership, Wattbike is validating our M&A playbook and we look forward to sharing how excited we are about the business soon.
When will TRNR be profitable?
Our focus is on demonstrating operating leverage in 2026 - growing revenue while reducing operating losses as a percentage of revenue. Ergatta’s approximately 30% EBITDA margins and cash-flow-positive profile are a meaningful step in that direction. While we have not provided a specific profitability target, the combination of Wattbike’s scale, Ergatta’s margins, and continued top-line growth gives us a clear path to near-term profitability.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
February 23, 2026
THE REVERSE STOCK SPLIT
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Why did TRNR do another reverse split?
We were approaching the 30th day with a closing price below Nasdaq’s $1.00 minimum bid requirement. Maintaining compliance with Nasdaq listing requirements is essential to our M&A-driven growth strategy - it is the foundation for how we structure acquisitions, raise capital, and attract institutional interest. We tried to avoid the split and pushed incredibly hard to be able to announce the Ergatta acquisition before the deadline. This occurred two days prior and we hoped the expected value accretion would have been reflected in the share price such that we would have been able to avoid the split. The volume and volatility were significant, but the price did not recover above $1.00 and so our hand was forced. At this point, the negative news is behind us and we expected to close Ergatta soon and have material positive newsflow in front of us.
What are the mechanics of the split?
As outlined in the press release on February 20, it is a 1-for-10 reverse split, effective February 24. Every ten pre-split shares consolidate to one post-split share. The number of outstanding shares goes from approximately 14.3 million to approximately 1.4 million. There is no change to authorized shares or par value. Fractional shares below one will be settled in cash. The split was approved by stockholders at the September 2025 annual meeting, and the final ratio was approved by the board on February 6, 2026 as there is about a two week timeline to be prepared to split, though the final decision was made after the close on February 19 when the price was below $1.00.
Does the reverse split change the value of my investment?
No. Your ownership percentage does not change. You will hold fewer shares at a proportionally higher price, but the value is the same. TRNR’s market capitalization is the same before and immediately after the split.
Didn’t TRNR already do a reverse split last year?
Yes. A 1-for-10 reverse split was effective June 27, 2025. We are candid that a second reverse split within eight months is not where we wanted to be, but as the CEO’s February 20 letter states, the decline in our stock price from a reasonable level to below $1.00 was triggered by misleading, value-destructive statements from Sportstech at the end of December and and early January. The enforcement process to recover shareholder value on that front is active, but we believe the decline in the price over the past couple months was due to outside factors that we expect to reverse and be positive in the future.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
February 23, 2026
SHORT SELLING
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Are you aware of short selling activity in TRNR stock?
Yes. We are aware of shareholder concerns about short selling activity and the pressure it places on the stock. We are in regular communication with our regulators and our banking partners on this topic. We receive frequent comments from concerned shareholders, but there is a limit to what an issuer can do as we are not regulated by FINRA. We cannot file a Suspicious Activity Report and sharing reports of trading volume that is multiples of our shares outstanding has not been compelling to any regulators.
Why hasn’t TRNR put out a press release addressing short sellers?
Because we believe it would hurt shareholders, not help them. We have studied the track record of public companies issuing press releases about short selling, and it shows a nearly unbroken correlation with stock price declines. These releases tend to amplify attention to the short thesis, invite additional short interest, and signal vulnerability rather than strength. We do not think that serves our shareholders. Our approach is to focus on executing the business - closing and integrating Ergatta, advancing Sportstech enforcement, growing Wattbike, and delivering on guidance. Results are the most effective response to short pressure.
TRNR raised significant capital in 2025. Is this expected to continue?
In addition to capital raised to fund operations during 2025, we raised nearly $8.0 million to invest in Sportstech and Wattbike during 2025. During 2026, these investments are not expected to repeat and we expect that Wattbike will start to generate cash and we also expect to recover capital from Sportstech. So, from these two examples, we expect to have a reversal of approximately $15.0 million given we raised nearly $8.0 million in 2025 and we expect to receive $7.0 million or more in the near-term.
To add to this positive dynamic, we are expecting to generate more than $30 million in 2026 pro forma revenue as compared to generating approximately $12 million in 2025 revenue and this increased revenue base is expected to greatly reduce our adjusted EBITDA loss, and therefore our cash needs in 2026. We also expect to achieve profitability in the near-term and therefore capital raising could be limited to accretive acquisitions potentially in the future.
How many shares are outstanding?
As shared in the recent press release announcing the split, there were approximately 14.3 million shares as of February 19, which will consolidate to approximately 1.4 million shares post-split effective February 24, 2026. Outstanding warrants and convertible instruments are adjusted proportionally, so we do not expect to experience adverse impacts from the mechanics of the split.
What is the ATM program?
In January 2026, TRNR filed an at-the-market offering program with capacity of approximately $2.6 million through H.C. Wainwright. An ATM allows the company to sell shares into the open market over time at market prices, rather than in a single discounted offering, so there is often less dilution. It provides flexible access to working capital as needed, and is at management’s discretion.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
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(Updated July 9, 2025)
What does it mean that Maxim initiated coverage of TRNR, and why is that important?
When a sell-side equity research firm begins covering a company, it assigns an analyst who regularly publishes ratings (e.g., Buy/Hold/Sell), share price targets and potentially financial models. These reports are read by portfolio managers, hedge-fund traders, and wealth-management advisers - people who decide where large blocks of capital go - so coverage can potentially:
- Increase institutional awareness and credibility. Professional investors often won’t look at a micro-cap until at least one independent analyst is on the name.
- Improve trading liquidity over time. More eyes on the story typically mean more daily volume, tighter bid/ask spreads, and easier execution for both small and large shareholders.
Who is Maxim Group?
Maxim Group LLC is a full-service investment bank and wealth-management firm headquartered in New York that focuses on emerging-growth companies linkedin.com. Its research team covers roughly 200 small- and mid-cap stocks across technology, consumer, healthcare, and industrial sectors.
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(Updated May 21, 2025)
What is TRNR doing about the continued short selling pressure on its stock?
We remain aware of what appears to be persistent short selling pressure and the concerns it raises among our shareholders. While short interest is a feature of public markets, we take any indications of potential market manipulation seriously. We are actively monitoring trading activity, staying in close communication with regulators, and evaluating all available options to protect our investors and ensure a fair and orderly market. We are also encouraged by recent signs that ongoing positive business updates — including strong performance from our acquired businesses — are being reflected in improved support for the stock.
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Wattbike Acquisition
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What’s next for TRNR? More deals, or building out what you have?
Both. TRNR’s vision is building a portfolio of businesses that can capture value across different segments and geographies in health & wellness and drive significant multiple expansion for shareholders. Wattbike is large enough that our combined organic opportunity set is attractive, but also provides enough scale that we can acquire future businesses with larger synergies.
Going forward, we’ll continue to execute by both operating what we buy, well - and by strategically acquiring additional growth businesses on a low-cost, low-risk basis.
How will all the tariffs impact this deal and the combined business - especially with all TRNR’s and Wattbike’s stated plans to expand across borders, e.g., sell more in the US?
TRNR and Wattbike management teams - like most businesses worldwide - are monitoring and adapting to all the shifts in international trade. There’s plenty of change and uncertainty. That said, what’s also true is that more than 75% of the combined company’s 2024 revenues are outside the US - insulating the business from US-specific protectionism to a degree and for a fair amount of time. And we also have US-based inventory for FORME/CLMBR that will fulfill 2025 revenue projections. Finally, the other reality is that a lot of business across both TRNR and Wattbike is B2B sales, which are more resilient in terms of tariff-driven price sensitivity than individual consumer purchases. Taken together, all these factors at minimum mean that we don’t expect our operations to be severely impacted by trade considerations in the near future.businesses in terms of accelerating what they already each were doing.
For TRNR, Wattbike adds a truly marquee brand and set of products to its performance-focused portfolio. Wattbike’s indoor cycling training platform is arguably the best in the world - leading gyms, healthcare facilities, universities, and even special forces military operations - along with every NHL team and many teams in the NFL, NBA, MLB and the Premier League - all use Wattbikes.
For Wattbike, the deal gives its latest product launches and renewed growth a larger platform for marketing and distribution that will dramatically and cost-effectively speed up expansion across key international markets, while staying true to Wattbike’s commitment to deliver world-class training solutions for athletes and fitness enthusiasts alike.
Forward Looking Statements:
These FAQs include 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 possibility of acquiring future businesses or completing the referenced pending transactions in a timely manner or at all, the financial performance of those acquisitions and the resulting guidance of having more than $80m of pro forma revenue in 2025, achieving profitability by Q4, and the financial performance of the acquisition targets which have not been audited or reviewed by a PCAOB auditor and could vary materially (a) once that audit or review work is completed and such financials are included in the Company’s reported financials and (b) due to the effect of the exchange rates of foreign currencies which can be volatile. 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. Risks and uncertainties include but are not limited to: demand for our products; competition, including technological advances made by and new products released by our competitors; our ability to accurately forecast consumer demand for our products and adequately maintain our inventory; and our reliance on a limited number of suppliers and distributors for our products. 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.
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What brands does TRNR now operate?
TRNR operates four brands: Wattbike, Ergatta, FORME, and CLMBR. Wattbike (acquired July 2025) is a high-performance indoor cycling brand used by elite athletes, national sports teams, and commercial gym operators worldwide. Ergatta (acquired March 11, 2026) is the leader in game-based connected fitness, centered on premium rowing machines with embedded gaming content and a 98%+ monthly net retention rate. FORME offers wall-mounted strength and mobility training systems with live and guided coaching. CLMBR makes vertical climbing equipment with an immersive digital training platform.What was TRNR's presence at HFA 2026?
TRNR attended the Health and Fitness Association Show in San Diego from March 16-18, 2026 with all four brands and its largest-ever senior leadership team at the event. Wattbike CEO Stephen Loftus and Ergatta CEO Tom Aulet were among the executives present. TRNR CEO Trent Ward noted that the company had two brands at HFA the prior year. The event draws more than 10,000 attendees from over 80 countries.How many shares of TRNR are outstanding?
As of March 31, 2026, TRNR had approximately 2.1 million shares of common stock outstanding. This reflects the 1-for-10 reverse split that was effective February 24, 2026.–
March, 13 2026
KEY SHAREHOLDER TAKEAWAYS
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What did TRNR announce on March 11 about Ergatta and guidance?
TRNR announced that it has completed its acquisition of Ergatta, Inc., the pioneer in game-based connected fitness. The signing of the acquisition was announced in February and the closing of this transaction significantly strengthens TRNR's portfolio of brands and accelerates both its top- and bottom-line growth. The company also confirmed its increased 2026 pro forma revenue guidance of more than $30 million.
What are the key points from the announcement?
Our release focuses on five key points for shareholders:
(1) TRNR completed the Ergatta acquisition on schedule.
(2) TRNR confirmed 2026 pro forma revenue guidance of $30 million or more.
(3) Ergatta's 2026 revenue is expected to exceed $10 million with approximately 30% EBITDA margin.
(4) TRNR received $6.4 million from Sportstech on March 4th and paid $1.8 million to Ergatta shareholders to close the acquisition.
(5) Ergatta is expected to generate cashflow for TRNR in 2026 in excess of the closing cash consideration paid.
What does it mean that Ergatta will generate more cash than TRNR paid?
TRNR paid $1.8 million in cash to Ergatta shareholders to close the deal, and that TRNR expects to receive more than $1.8 million in cashflow from the operations of Ergatta in 2026, such that the acquisition is accretive to group cashflow this year. It reduces any need for dilutive capital and strengthens TRNR's path to profitability.
WHO IS ERGATTA
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What does Ergatta do?
Ergatta makes premium rowing machines with embedded game-based fitness content. Its platform delivers personalized, highly interactive workout experiences designed to build lasting fitness habits through games rather than instructor-led classes. The company is described as the pioneer in game-based connected fitness. Importantly it is an asset-light, subscription-based business (see Q’s below), which means that it can grow very cost-efficiently.
How big is Ergatta's business, and how stable is it?
Ergatta is expected to generate revenue of more than $10 million in 2026. Approximately 70% of that revenue comes from recurring subscriptions, which provides high revenue visibility. The company has a monthly net retention rate of more than 98% - the highest in the connected fitness industry, according to its own reporting.
Why is Ergatta's business model unusually profitable for the fitness industry?
Ergatta operates an asset-light model. It effectively buys finished hardware made in the US and installs its software rather than manufacturing, so it does not carry inventory risk or capital-intensive production costs. Combined with approximately 70% recurring subscription revenue, the result is approximately 30% EBITDA margins - which is exceptional for a connected fitness business.
Has Ergatta's game-based platform been validated beyond its own hardware?
Yes. iFIT - one of the largest fitness equipment brands in the world - has licensed Ergatta's game-based platform and uses it on its own hardware. That is an important data point: a major incumbent in the fitness industry chose to license Ergatta's content rather than develop its own, which speaks to the quality and differentiation of the platform.
WHAT THIS MEANS FOR TRNR IN 2026
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What is TRNR's updated 2026 revenue guidance, and what drives it?
TRNR confirms 2026 pro forma revenue guidance of more than $30 million. That is more than 2.5x expected 2025 revenue. The guidance is driven by two main contributors: continued Wattbike performance, and Ergatta's expected contribution of more than $10 million in revenue. The guidance does not include any revenue from the recovery of the Sportstech loan as this is not revenue.
The release mentions catalysts from the TRNR February 2026 investor presentation - what were they?
In its February 2026 investor presentation, TRNR identified three key catalysts for the year, which were closing the Ergatta acquisition, recovering capital from Sportstech and Wattbike performance. Two of the three have now been delivered: the completion of the Ergatta acquisition, and the receipt of $6.4 million from Sportstech. Wattbike continues to perform and that expected improvement will begin to show up in the published financials throughout 2026.
How does TRNR view Ergatta's role in its path to profitability?
The acquisition is a major step towards TRNR's near-term objective of profitability through increased scale as well as operating leverage. Beyond the top-line contribution, Ergatta's approximately 30% EBITDA margin profile means it is expected to contribute meaningful operating cash flow - not just revenue. TRNR expects to receive more cashflow from Ergatta in 2026 than the $1.8 million cash consideration paid at closing, and the top end of the Ergatta earn-out is approximately $4.0 million in EBITDA.
How is TRNR funding its 2026 operations?
TRNR's existing operations will be supported significantly by Ergatta's expected cashflow and with the $6.4 million received from Sportstech last week. The closing cash consideration for Ergatta was funded through TRNR's cash on hand prior to the transaction - no new equity was raised to complete the deal and TRNR has no need to raise financing in the near-term as there is cash runway.
WHAT LEADERSHIP SAID
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What did TRNR CEO say about the close?
Ward said: “The beginning of March has been exciting for TRNR, as we delivered on two of the three key catalysts that we outlined in our February investor presentation. We received $6.4 million from Sportstech, closing that chapter with a positive return that allows us to invest into our growing businesses without additional dilution, and we completed the acquisition of Ergatta as we said we would.” He added that Ergatta is a very strong brand and business, and that TRNR expects it to be immediately accretive to TRNR's financials and product experience.
What did Ergatta CEO say?
Aulet said: “Our team is very proud that we've built the most engaging fitness content platform in the world, and we've done it profitably.” He described joining TRNR as the right next step for the business and highlighted the opportunity to grow the Ergatta gaming experience across other hardware brands.
What was shared about the plans for Ergatta's gaming platform across TRNR brands?
There is strategic rationale beyond financial accretion: Ergatta's gaming experience has already been licensed by iFIT, and TRNR plans to add that experience to Wattbike and CLMBR. He also noted that the Ergatta team has strong customer acquisition capabilities and is expected to help drive US revenue growth for TRNR's brands. TRNR CEO summarized the acquisition philosophy: “As with all of our acquisitions, we are focused on minimizing near-term dilution and protecting downside with transaction valuation tied to future performance, while generating incremental upside from group synergies.”
TRANSACTION STRUCTURE
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What did TRNR acquire, and at what price?
TRNR acquired 100% of Ergatta, Inc. The base transaction value is $8.8 million, comprising three components: $1.8 million in cash consideration paid at close, $1.8 million in assumed debt, and $5.3 million in equity that is locked up until May 2027.
Assuming full achievement of both years' earn-outs, the maximum enterprise value would be $19.5 million, primarily through an increase in equity granted in May 2027 and May 2028. The upper 2026 EBITDA earn-out threshold is approximately $4.0 million. If fully achieved across 2026 and 2027, TRNR expects the purchase multiple to be less than 5.0x EBITDA before any group synergies. The structure means TRNR only pays maximum value if Ergatta delivers maximum results.
How was the $1.8 million cash payment funded?
The initial cash consideration was funded through TRNR's cash on hand prior to the transaction. No new equity was raised to complete the deal.
When is the equity component of the deal unlocked?
The equity component is locked up until May 2027 and there is another small piece related to Ergatta management in May 2028.
Who is leading Ergatta after the acquisition?
Ergatta's founders and key management team members have agreed to employment arrangements and are expected to continue leading the business post-acquisition. Tom Aulet, Co-Founder and CEO of Ergatta, and Alessandra Gotbaum, C0-Founder and COO, both signed new employment agreements and confirmed their commitment to executing as part of TRNR.
THE SPORTSTECH RECOVERY
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Has the Sportstech matter now been resolved?
Yes. TRNR recovered $6.4 million from Sportstech - comprising $5.0 million in principal and $1.4 million in interest and expenses - closing the enforcement proceedings. The recovery was received as non-dilutive capital and will support TRNR operations throughout 2026, which greatly reduces any additional equity issuance.
Was the Sportstech recovery included in TRNR's 2026 revenue guidance?
No. TRNR's 2026 pro forma revenue guidance of more than $30 million does not include any Sportstech recovery as its not revenue. TRNR CEO described the recovery as allowing TRNR to invest into its growing businesses without additional dilution.
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March, 5 2026
SPORTSTECH Loan Recovery
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TRNR previously said the balance owed was approximately $6.8 million. The settlement was $6.4 million. Did TRNR accept less than it was owed?
The $6.8 million figure represented the full outstanding balance including default interest and fees continuing to accrue through the enforcement process. The $6.4 million settlement represents the full recovery of the $5.0 million principal advanced, plus interest and legal fees for enforcement. TRNR management determined that the cost/benefit analysis of accepting $6.4 million as a negotiated resolution today was a better option for TRNR shareholders given there would have been incremental legal costs and more time to achieve a potentially higher settlement, and there are higher return opportunities to invest in TRNR’s businesses now. While TRNR is not a lender, the settlement amount could be evaluated as a double digit return on capital after all expenses, which is a successful outcome for shareholders.
Why didn't TRNR proceed with the auction and try to acquire Sportstech or sell it for more than the settlement?
These outcomes were theoretically attractive and TRNR was fully prepared to acquire Sportstech or have another bidder acquire the business and receive the proceeds, but TRNR management determined that the settlement was the best path for shareholders. There were some risks and unknowns with the auction path and we determined that there were much more certain results by receiving immediate, non-dilutive cash in hand as it allows us to invest in the businesses we own and are acquiring without raising any additional capital in the near-term. Simply, we chose the lower risk, but still very attractive outcome, as compared to the highly levered, but riskier, path.
This is the same approach we use when acquiring businesses or analyzing opportunities - managed downside and uncapped upside. We are not gamblers and are looking for asymmetric payoffs in our favor. And, importantly, this resolution removes a significant distraction and allows management to focus where it should be: closing and integrating Ergatta, accelerating Wattbike's commercial momentum, and demonstrating the operating leverage that drives the 2026 growth plan.
Why did Sportstech suddenly come up with $6.4 million now, after months of disputing that it owed anything?
Sportstech did not deny that they owed us at least the capital we lent them, but they were trying to get out of the deal they signed with respect to the interest and fees. We structured the loan to have a high return, knowing that if we were being repaid, it would mean that we were not closing the acquisition and likely could have significant broken deal costs. In the end, this is what occurred and our structure protected our shareholders by allowing us to recover our capital and more than cover our transaction costs.
As to the timing of the settlement, our view is that there was a greater ability to pay than a willingness to pay, and ultimately the legal proceedings forced their hand. We know Sportstech had some capital in December, but its cash conversion cycle is such that their highest amount of cash is in February and March. This business reality coincided with the Berlin court denying all attempts by Sportstech to stop the share auction on March 11 and they reached out to settle almost immediately.
That outcome validated what TRNR said from the beginning: the agreements were legally sound, the money was owed, and enforcement would succeed. It also further validates that Sportstech's series of public statements disputing the loan's legitimacy were misleading - a pattern that has been consistent since December 2025 - and unfortunately, we believe our shareholders have been impacted by.
Does this settlement fully resolve TRNR's relationship with Sportstech? Are there any remaining claims or obligations?
Yes, the settlement is complete and total. The settlement resolves all claims arising from the Loan Agreements and the Share Pledge Agreement. The public auction of Sportstech shares scheduled for March 11, 2026 has been cancelled. All lawsuits are being withdrawn. TRNR retains no ownership interest in or involvement with Sportstech. The TRNR micro site on Sportstech will be minimized.
How will the $6.4 million be used?
The settlement proceeds are expected to be invested to grow the equity value of TRNR. We expect to use some of the proceeds to close the acquisition of Ergatta, we will invest in Wattbike’s growth and we expect to have real operating runway as we approach profitability such that we do not expect to raise capital in the near-term. This settlement proceeds are not dilutive, i.e. TRNR received these funds without issuing new shares or taking on new debt, and we are focused on minimizing dilution while we grow equity.
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February 23, 2026
THE ERGATTA ACQUISITION
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How does Ergatta fit with the other brands?
Ergatta’s game-based content platform is licensable and can be deployed across TRNR’s other brands, especially Wattbike and CLMBR, creating cross-brand content and engagement opportunities. The Ergatta team brings software and content capabilities that complement our hardware and performance expertise. And the Ergatta team brings a very strong capability in digital customer acquisition that should help drive growth in that channel for Wattbike, CLMBR and FORME.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
February 23, 2026
GUIDANCE & FINANCIAL PERFORMANCE
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How is Wattbike performing?
Profitability is above expectations. The Air-Pro product launch drove 700-plus bikes sold in the UK commercial market and approximately $2.5 million in revenue in the six months since acquisition. Major operator wins include David Lloyd, Third Space, Virgin Active, and new customers like GymBox and Everlast Gyms. Utilization rates are 25-35% higher than legacy models. After eight months of ownership, Wattbike is validating our M&A playbook and we look forward to sharing how excited we are about the business soon.
When will TRNR be profitable?
Our focus is on demonstrating operating leverage in 2026 - growing revenue while reducing operating losses as a percentage of revenue. Ergatta’s approximately 30% EBITDA margins and cash-flow-positive profile are a meaningful step in that direction. While we have not provided a specific profitability target, the combination of Wattbike’s scale, Ergatta’s margins, and continued top-line growth gives us a clear path to near-term profitability.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
February 23, 2026
THE REVERSE STOCK SPLIT
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Why did TRNR do another reverse split?
We were approaching the 30th day with a closing price below Nasdaq’s $1.00 minimum bid requirement. Maintaining compliance with Nasdaq listing requirements is essential to our M&A-driven growth strategy - it is the foundation for how we structure acquisitions, raise capital, and attract institutional interest. We tried to avoid the split and pushed incredibly hard to be able to announce the Ergatta acquisition before the deadline. This occurred two days prior and we hoped the expected value accretion would have been reflected in the share price such that we would have been able to avoid the split. The volume and volatility were significant, but the price did not recover above $1.00 and so our hand was forced. At this point, the negative news is behind us and we expected to close Ergatta soon and have material positive newsflow in front of us.
What are the mechanics of the split?
As outlined in the press release on February 20, it is a 1-for-10 reverse split, effective February 24. Every ten pre-split shares consolidate to one post-split share. The number of outstanding shares goes from approximately 14.3 million to approximately 1.4 million. There is no change to authorized shares or par value. Fractional shares below one will be settled in cash. The split was approved by stockholders at the September 2025 annual meeting, and the final ratio was approved by the board on February 6, 2026 as there is about a two week timeline to be prepared to split, though the final decision was made after the close on February 19 when the price was below $1.00.
Does the reverse split change the value of my investment?
No. Your ownership percentage does not change. You will hold fewer shares at a proportionally higher price, but the value is the same. TRNR’s market capitalization is the same before and immediately after the split.
Didn’t TRNR already do a reverse split last year?
Yes. A 1-for-10 reverse split was effective June 27, 2025. We are candid that a second reverse split within eight months is not where we wanted to be, but as the CEO’s February 20 letter states, the decline in our stock price from a reasonable level to below $1.00 was triggered by misleading, value-destructive statements from Sportstech at the end of December and and early January. The enforcement process to recover shareholder value on that front is active, but we believe the decline in the price over the past couple months was due to outside factors that we expect to reverse and be positive in the future.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
February 23, 2026
SHORT SELLING
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Are you aware of short selling activity in TRNR stock?
Yes. We are aware of shareholder concerns about short selling activity and the pressure it places on the stock. We are in regular communication with our regulators and our banking partners on this topic. We receive frequent comments from concerned shareholders, but there is a limit to what an issuer can do as we are not regulated by FINRA. We cannot file a Suspicious Activity Report and sharing reports of trading volume that is multiples of our shares outstanding has not been compelling to any regulators.
Why hasn’t TRNR put out a press release addressing short sellers?
Because we believe it would hurt shareholders, not help them. We have studied the track record of public companies issuing press releases about short selling, and it shows a nearly unbroken correlation with stock price declines. These releases tend to amplify attention to the short thesis, invite additional short interest, and signal vulnerability rather than strength. We do not think that serves our shareholders. Our approach is to focus on executing the business - closing and integrating Ergatta, advancing Sportstech enforcement, growing Wattbike, and delivering on guidance. Results are the most effective response to short pressure.
TRNR raised significant capital in 2025. Is this expected to continue?
In addition to capital raised to fund operations during 2025, we raised nearly $8.0 million to invest in Sportstech and Wattbike during 2025. During 2026, these investments are not expected to repeat and we expect that Wattbike will start to generate cash and we also expect to recover capital from Sportstech. So, from these two examples, we expect to have a reversal of approximately $15.0 million given we raised nearly $8.0 million in 2025 and we expect to receive $7.0 million or more in the near-term.
To add to this positive dynamic, we are expecting to generate more than $30 million in 2026 pro forma revenue as compared to generating approximately $12 million in 2025 revenue and this increased revenue base is expected to greatly reduce our adjusted EBITDA loss, and therefore our cash needs in 2026. We also expect to achieve profitability in the near-term and therefore capital raising could be limited to accretive acquisitions potentially in the future.
How many shares are outstanding?
As shared in the recent press release announcing the split, there were approximately 14.3 million shares as of February 19, which will consolidate to approximately 1.4 million shares post-split effective February 24, 2026. Outstanding warrants and convertible instruments are adjusted proportionally, so we do not expect to experience adverse impacts from the mechanics of the split.
What is the ATM program?
In January 2026, TRNR filed an at-the-market offering program with capacity of approximately $2.6 million through H.C. Wainwright. An ATM allows the company to sell shares into the open market over time at market prices, rather than in a single discounted offering, so there is often less dilution. It provides flexible access to working capital as needed, and is at management’s discretion.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
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(Updated July 9, 2025)
What does it mean that Maxim initiated coverage of TRNR, and why is that important?
When a sell-side equity research firm begins covering a company, it assigns an analyst who regularly publishes ratings (e.g., Buy/Hold/Sell), share price targets and potentially financial models. These reports are read by portfolio managers, hedge-fund traders, and wealth-management advisers - people who decide where large blocks of capital go - so coverage can potentially:
- Increase institutional awareness and credibility. Professional investors often won’t look at a micro-cap until at least one independent analyst is on the name.
- Improve trading liquidity over time. More eyes on the story typically mean more daily volume, tighter bid/ask spreads, and easier execution for both small and large shareholders.
Who is Maxim Group?
Maxim Group LLC is a full-service investment bank and wealth-management firm headquartered in New York that focuses on emerging-growth companies linkedin.com. Its research team covers roughly 200 small- and mid-cap stocks across technology, consumer, healthcare, and industrial sectors.
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(Updated May 21, 2025)
What is TRNR doing about the continued short selling pressure on its stock?
We remain aware of what appears to be persistent short selling pressure and the concerns it raises among our shareholders. While short interest is a feature of public markets, we take any indications of potential market manipulation seriously. We are actively monitoring trading activity, staying in close communication with regulators, and evaluating all available options to protect our investors and ensure a fair and orderly market. We are also encouraged by recent signs that ongoing positive business updates — including strong performance from our acquired businesses — are being reflected in improved support for the stock.
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Wattbike Acquisition
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What’s next for TRNR? More deals, or building out what you have?
Both. TRNR’s vision is building a portfolio of businesses that can capture value across different segments and geographies in health & wellness and drive significant multiple expansion for shareholders. Wattbike is large enough that our combined organic opportunity set is attractive, but also provides enough scale that we can acquire future businesses with larger synergies.
Going forward, we’ll continue to execute by both operating what we buy, well - and by strategically acquiring additional growth businesses on a low-cost, low-risk basis.
How will all the tariffs impact this deal and the combined business - especially with all TRNR’s and Wattbike’s stated plans to expand across borders, e.g., sell more in the US?
TRNR and Wattbike management teams - like most businesses worldwide - are monitoring and adapting to all the shifts in international trade. There’s plenty of change and uncertainty. That said, what’s also true is that more than 75% of the combined company’s 2024 revenues are outside the US - insulating the business from US-specific protectionism to a degree and for a fair amount of time. And we also have US-based inventory for FORME/CLMBR that will fulfill 2025 revenue projections. Finally, the other reality is that a lot of business across both TRNR and Wattbike is B2B sales, which are more resilient in terms of tariff-driven price sensitivity than individual consumer purchases. Taken together, all these factors at minimum mean that we don’t expect our operations to be severely impacted by trade considerations in the near future.businesses in terms of accelerating what they already each were doing.
For TRNR, Wattbike adds a truly marquee brand and set of products to its performance-focused portfolio. Wattbike’s indoor cycling training platform is arguably the best in the world - leading gyms, healthcare facilities, universities, and even special forces military operations - along with every NHL team and many teams in the NFL, NBA, MLB and the Premier League - all use Wattbikes.
For Wattbike, the deal gives its latest product launches and renewed growth a larger platform for marketing and distribution that will dramatically and cost-effectively speed up expansion across key international markets, while staying true to Wattbike’s commitment to deliver world-class training solutions for athletes and fitness enthusiasts alike.
Forward Looking Statements:
These FAQs include 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 possibility of acquiring future businesses or completing the referenced pending transactions in a timely manner or at all, the financial performance of those acquisitions and the resulting guidance of having more than $80m of pro forma revenue in 2025, achieving profitability by Q4, and the financial performance of the acquisition targets which have not been audited or reviewed by a PCAOB auditor and could vary materially (a) once that audit or review work is completed and such financials are included in the Company’s reported financials and (b) due to the effect of the exchange rates of foreign currencies which can be volatile. 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. Risks and uncertainties include but are not limited to: demand for our products; competition, including technological advances made by and new products released by our competitors; our ability to accurately forecast consumer demand for our products and adequately maintain our inventory; and our reliance on a limited number of suppliers and distributors for our products. 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.
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What does Ergatta do?
Ergatta makes premium rowing machines with embedded game-based fitness content. Its platform delivers personalized, highly interactive workout experiences designed to build lasting fitness habits through games rather than instructor-led classes. The company is described as the pioneer in game-based connected fitness. Importantly it is an asset-light, subscription-based business (see Q’s below), which means that it can grow very cost-efficiently.How big is Ergatta's business, and how stable is it?
Ergatta is expected to generate revenue of more than $10 million in 2026. Approximately 70% of that revenue comes from recurring subscriptions, which provides high revenue visibility. The company has a monthly net retention rate of more than 98% - the highest in the connected fitness industry, according to its own reporting.Why is Ergatta's business model unusually profitable for the fitness industry?
Ergatta operates an asset-light model. It effectively buys finished hardware made in the US and installs its software rather than manufacturing, so it does not carry inventory risk or capital-intensive production costs. Combined with approximately 70% recurring subscription revenue, the result is approximately 30% EBITDA margins - which is exceptional for a connected fitness business.Has Ergatta's game-based platform been validated beyond its own hardware?
Yes. iFIT - one of the largest fitness equipment brands in the world - has licensed Ergatta's game-based platform and uses it on its own hardware. That is an important data point: a major incumbent in the fitness industry chose to license Ergatta's content rather than develop its own, which speaks to the quality and differentiation of the platform.WHAT THIS MEANS FOR TRNR IN 2026
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What is TRNR's updated 2026 revenue guidance, and what drives it?
TRNR confirms 2026 pro forma revenue guidance of more than $30 million. That is more than 2.5x expected 2025 revenue. The guidance is driven by two main contributors: continued Wattbike performance, and Ergatta's expected contribution of more than $10 million in revenue. The guidance does not include any revenue from the recovery of the Sportstech loan as this is not revenue.
The release mentions catalysts from the TRNR February 2026 investor presentation - what were they?
In its February 2026 investor presentation, TRNR identified three key catalysts for the year, which were closing the Ergatta acquisition, recovering capital from Sportstech and Wattbike performance. Two of the three have now been delivered: the completion of the Ergatta acquisition, and the receipt of $6.4 million from Sportstech. Wattbike continues to perform and that expected improvement will begin to show up in the published financials throughout 2026.
How does TRNR view Ergatta's role in its path to profitability?
The acquisition is a major step towards TRNR's near-term objective of profitability through increased scale as well as operating leverage. Beyond the top-line contribution, Ergatta's approximately 30% EBITDA margin profile means it is expected to contribute meaningful operating cash flow - not just revenue. TRNR expects to receive more cashflow from Ergatta in 2026 than the $1.8 million cash consideration paid at closing, and the top end of the Ergatta earn-out is approximately $4.0 million in EBITDA.
How is TRNR funding its 2026 operations?
TRNR's existing operations will be supported significantly by Ergatta's expected cashflow and with the $6.4 million received from Sportstech last week. The closing cash consideration for Ergatta was funded through TRNR's cash on hand prior to the transaction - no new equity was raised to complete the deal and TRNR has no need to raise financing in the near-term as there is cash runway.
WHAT LEADERSHIP SAID
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What did TRNR CEO say about the close?
Ward said: “The beginning of March has been exciting for TRNR, as we delivered on two of the three key catalysts that we outlined in our February investor presentation. We received $6.4 million from Sportstech, closing that chapter with a positive return that allows us to invest into our growing businesses without additional dilution, and we completed the acquisition of Ergatta as we said we would.” He added that Ergatta is a very strong brand and business, and that TRNR expects it to be immediately accretive to TRNR's financials and product experience.
What did Ergatta CEO say?
Aulet said: “Our team is very proud that we've built the most engaging fitness content platform in the world, and we've done it profitably.” He described joining TRNR as the right next step for the business and highlighted the opportunity to grow the Ergatta gaming experience across other hardware brands.
What was shared about the plans for Ergatta's gaming platform across TRNR brands?
There is strategic rationale beyond financial accretion: Ergatta's gaming experience has already been licensed by iFIT, and TRNR plans to add that experience to Wattbike and CLMBR. He also noted that the Ergatta team has strong customer acquisition capabilities and is expected to help drive US revenue growth for TRNR's brands. TRNR CEO summarized the acquisition philosophy: “As with all of our acquisitions, we are focused on minimizing near-term dilution and protecting downside with transaction valuation tied to future performance, while generating incremental upside from group synergies.”
TRANSACTION STRUCTURE
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What did TRNR acquire, and at what price?
TRNR acquired 100% of Ergatta, Inc. The base transaction value is $8.8 million, comprising three components: $1.8 million in cash consideration paid at close, $1.8 million in assumed debt, and $5.3 million in equity that is locked up until May 2027.
Assuming full achievement of both years' earn-outs, the maximum enterprise value would be $19.5 million, primarily through an increase in equity granted in May 2027 and May 2028. The upper 2026 EBITDA earn-out threshold is approximately $4.0 million. If fully achieved across 2026 and 2027, TRNR expects the purchase multiple to be less than 5.0x EBITDA before any group synergies. The structure means TRNR only pays maximum value if Ergatta delivers maximum results.
How was the $1.8 million cash payment funded?
The initial cash consideration was funded through TRNR's cash on hand prior to the transaction. No new equity was raised to complete the deal.
When is the equity component of the deal unlocked?
The equity component is locked up until May 2027 and there is another small piece related to Ergatta management in May 2028.
Who is leading Ergatta after the acquisition?
Ergatta's founders and key management team members have agreed to employment arrangements and are expected to continue leading the business post-acquisition. Tom Aulet, Co-Founder and CEO of Ergatta, and Alessandra Gotbaum, C0-Founder and COO, both signed new employment agreements and confirmed their commitment to executing as part of TRNR.
THE SPORTSTECH RECOVERY
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Has the Sportstech matter now been resolved?
Yes. TRNR recovered $6.4 million from Sportstech - comprising $5.0 million in principal and $1.4 million in interest and expenses - closing the enforcement proceedings. The recovery was received as non-dilutive capital and will support TRNR operations throughout 2026, which greatly reduces any additional equity issuance.
Was the Sportstech recovery included in TRNR's 2026 revenue guidance?
No. TRNR's 2026 pro forma revenue guidance of more than $30 million does not include any Sportstech recovery as its not revenue. TRNR CEO described the recovery as allowing TRNR to invest into its growing businesses without additional dilution.
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March, 5 2026
SPORTSTECH Loan Recovery
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TRNR previously said the balance owed was approximately $6.8 million. The settlement was $6.4 million. Did TRNR accept less than it was owed?
The $6.8 million figure represented the full outstanding balance including default interest and fees continuing to accrue through the enforcement process. The $6.4 million settlement represents the full recovery of the $5.0 million principal advanced, plus interest and legal fees for enforcement. TRNR management determined that the cost/benefit analysis of accepting $6.4 million as a negotiated resolution today was a better option for TRNR shareholders given there would have been incremental legal costs and more time to achieve a potentially higher settlement, and there are higher return opportunities to invest in TRNR’s businesses now. While TRNR is not a lender, the settlement amount could be evaluated as a double digit return on capital after all expenses, which is a successful outcome for shareholders.
Why didn't TRNR proceed with the auction and try to acquire Sportstech or sell it for more than the settlement?
These outcomes were theoretically attractive and TRNR was fully prepared to acquire Sportstech or have another bidder acquire the business and receive the proceeds, but TRNR management determined that the settlement was the best path for shareholders. There were some risks and unknowns with the auction path and we determined that there were much more certain results by receiving immediate, non-dilutive cash in hand as it allows us to invest in the businesses we own and are acquiring without raising any additional capital in the near-term. Simply, we chose the lower risk, but still very attractive outcome, as compared to the highly levered, but riskier, path.
This is the same approach we use when acquiring businesses or analyzing opportunities - managed downside and uncapped upside. We are not gamblers and are looking for asymmetric payoffs in our favor. And, importantly, this resolution removes a significant distraction and allows management to focus where it should be: closing and integrating Ergatta, accelerating Wattbike's commercial momentum, and demonstrating the operating leverage that drives the 2026 growth plan.
Why did Sportstech suddenly come up with $6.4 million now, after months of disputing that it owed anything?
Sportstech did not deny that they owed us at least the capital we lent them, but they were trying to get out of the deal they signed with respect to the interest and fees. We structured the loan to have a high return, knowing that if we were being repaid, it would mean that we were not closing the acquisition and likely could have significant broken deal costs. In the end, this is what occurred and our structure protected our shareholders by allowing us to recover our capital and more than cover our transaction costs.
As to the timing of the settlement, our view is that there was a greater ability to pay than a willingness to pay, and ultimately the legal proceedings forced their hand. We know Sportstech had some capital in December, but its cash conversion cycle is such that their highest amount of cash is in February and March. This business reality coincided with the Berlin court denying all attempts by Sportstech to stop the share auction on March 11 and they reached out to settle almost immediately.
That outcome validated what TRNR said from the beginning: the agreements were legally sound, the money was owed, and enforcement would succeed. It also further validates that Sportstech's series of public statements disputing the loan's legitimacy were misleading - a pattern that has been consistent since December 2025 - and unfortunately, we believe our shareholders have been impacted by.
Does this settlement fully resolve TRNR's relationship with Sportstech? Are there any remaining claims or obligations?
Yes, the settlement is complete and total. The settlement resolves all claims arising from the Loan Agreements and the Share Pledge Agreement. The public auction of Sportstech shares scheduled for March 11, 2026 has been cancelled. All lawsuits are being withdrawn. TRNR retains no ownership interest in or involvement with Sportstech. The TRNR micro site on Sportstech will be minimized.
How will the $6.4 million be used?
The settlement proceeds are expected to be invested to grow the equity value of TRNR. We expect to use some of the proceeds to close the acquisition of Ergatta, we will invest in Wattbike’s growth and we expect to have real operating runway as we approach profitability such that we do not expect to raise capital in the near-term. This settlement proceeds are not dilutive, i.e. TRNR received these funds without issuing new shares or taking on new debt, and we are focused on minimizing dilution while we grow equity.
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February 23, 2026
THE ERGATTA ACQUISITION
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How does Ergatta fit with the other brands?
Ergatta’s game-based content platform is licensable and can be deployed across TRNR’s other brands, especially Wattbike and CLMBR, creating cross-brand content and engagement opportunities. The Ergatta team brings software and content capabilities that complement our hardware and performance expertise. And the Ergatta team brings a very strong capability in digital customer acquisition that should help drive growth in that channel for Wattbike, CLMBR and FORME.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
February 23, 2026
GUIDANCE & FINANCIAL PERFORMANCE
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How is Wattbike performing?
Profitability is above expectations. The Air-Pro product launch drove 700-plus bikes sold in the UK commercial market and approximately $2.5 million in revenue in the six months since acquisition. Major operator wins include David Lloyd, Third Space, Virgin Active, and new customers like GymBox and Everlast Gyms. Utilization rates are 25-35% higher than legacy models. After eight months of ownership, Wattbike is validating our M&A playbook and we look forward to sharing how excited we are about the business soon.
When will TRNR be profitable?
Our focus is on demonstrating operating leverage in 2026 - growing revenue while reducing operating losses as a percentage of revenue. Ergatta’s approximately 30% EBITDA margins and cash-flow-positive profile are a meaningful step in that direction. While we have not provided a specific profitability target, the combination of Wattbike’s scale, Ergatta’s margins, and continued top-line growth gives us a clear path to near-term profitability.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
February 23, 2026
THE REVERSE STOCK SPLIT
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Why did TRNR do another reverse split?
We were approaching the 30th day with a closing price below Nasdaq’s $1.00 minimum bid requirement. Maintaining compliance with Nasdaq listing requirements is essential to our M&A-driven growth strategy - it is the foundation for how we structure acquisitions, raise capital, and attract institutional interest. We tried to avoid the split and pushed incredibly hard to be able to announce the Ergatta acquisition before the deadline. This occurred two days prior and we hoped the expected value accretion would have been reflected in the share price such that we would have been able to avoid the split. The volume and volatility were significant, but the price did not recover above $1.00 and so our hand was forced. At this point, the negative news is behind us and we expected to close Ergatta soon and have material positive newsflow in front of us.
What are the mechanics of the split?
As outlined in the press release on February 20, it is a 1-for-10 reverse split, effective February 24. Every ten pre-split shares consolidate to one post-split share. The number of outstanding shares goes from approximately 14.3 million to approximately 1.4 million. There is no change to authorized shares or par value. Fractional shares below one will be settled in cash. The split was approved by stockholders at the September 2025 annual meeting, and the final ratio was approved by the board on February 6, 2026 as there is about a two week timeline to be prepared to split, though the final decision was made after the close on February 19 when the price was below $1.00.
Does the reverse split change the value of my investment?
No. Your ownership percentage does not change. You will hold fewer shares at a proportionally higher price, but the value is the same. TRNR’s market capitalization is the same before and immediately after the split.
Didn’t TRNR already do a reverse split last year?
Yes. A 1-for-10 reverse split was effective June 27, 2025. We are candid that a second reverse split within eight months is not where we wanted to be, but as the CEO’s February 20 letter states, the decline in our stock price from a reasonable level to below $1.00 was triggered by misleading, value-destructive statements from Sportstech at the end of December and and early January. The enforcement process to recover shareholder value on that front is active, but we believe the decline in the price over the past couple months was due to outside factors that we expect to reverse and be positive in the future.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
February 23, 2026
SHORT SELLING
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Are you aware of short selling activity in TRNR stock?
Yes. We are aware of shareholder concerns about short selling activity and the pressure it places on the stock. We are in regular communication with our regulators and our banking partners on this topic. We receive frequent comments from concerned shareholders, but there is a limit to what an issuer can do as we are not regulated by FINRA. We cannot file a Suspicious Activity Report and sharing reports of trading volume that is multiples of our shares outstanding has not been compelling to any regulators.
Why hasn’t TRNR put out a press release addressing short sellers?
Because we believe it would hurt shareholders, not help them. We have studied the track record of public companies issuing press releases about short selling, and it shows a nearly unbroken correlation with stock price declines. These releases tend to amplify attention to the short thesis, invite additional short interest, and signal vulnerability rather than strength. We do not think that serves our shareholders. Our approach is to focus on executing the business - closing and integrating Ergatta, advancing Sportstech enforcement, growing Wattbike, and delivering on guidance. Results are the most effective response to short pressure.
TRNR raised significant capital in 2025. Is this expected to continue?
In addition to capital raised to fund operations during 2025, we raised nearly $8.0 million to invest in Sportstech and Wattbike during 2025. During 2026, these investments are not expected to repeat and we expect that Wattbike will start to generate cash and we also expect to recover capital from Sportstech. So, from these two examples, we expect to have a reversal of approximately $15.0 million given we raised nearly $8.0 million in 2025 and we expect to receive $7.0 million or more in the near-term.
To add to this positive dynamic, we are expecting to generate more than $30 million in 2026 pro forma revenue as compared to generating approximately $12 million in 2025 revenue and this increased revenue base is expected to greatly reduce our adjusted EBITDA loss, and therefore our cash needs in 2026. We also expect to achieve profitability in the near-term and therefore capital raising could be limited to accretive acquisitions potentially in the future.
How many shares are outstanding?
As shared in the recent press release announcing the split, there were approximately 14.3 million shares as of February 19, which will consolidate to approximately 1.4 million shares post-split effective February 24, 2026. Outstanding warrants and convertible instruments are adjusted proportionally, so we do not expect to experience adverse impacts from the mechanics of the split.
What is the ATM program?
In January 2026, TRNR filed an at-the-market offering program with capacity of approximately $2.6 million through H.C. Wainwright. An ATM allows the company to sell shares into the open market over time at market prices, rather than in a single discounted offering, so there is often less dilution. It provides flexible access to working capital as needed, and is at management’s discretion.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
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(Updated July 9, 2025)
What does it mean that Maxim initiated coverage of TRNR, and why is that important?
When a sell-side equity research firm begins covering a company, it assigns an analyst who regularly publishes ratings (e.g., Buy/Hold/Sell), share price targets and potentially financial models. These reports are read by portfolio managers, hedge-fund traders, and wealth-management advisers - people who decide where large blocks of capital go - so coverage can potentially:
- Increase institutional awareness and credibility. Professional investors often won’t look at a micro-cap until at least one independent analyst is on the name.
- Improve trading liquidity over time. More eyes on the story typically mean more daily volume, tighter bid/ask spreads, and easier execution for both small and large shareholders.
Who is Maxim Group?
Maxim Group LLC is a full-service investment bank and wealth-management firm headquartered in New York that focuses on emerging-growth companies linkedin.com. Its research team covers roughly 200 small- and mid-cap stocks across technology, consumer, healthcare, and industrial sectors.
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(Updated May 21, 2025)
What is TRNR doing about the continued short selling pressure on its stock?
We remain aware of what appears to be persistent short selling pressure and the concerns it raises among our shareholders. While short interest is a feature of public markets, we take any indications of potential market manipulation seriously. We are actively monitoring trading activity, staying in close communication with regulators, and evaluating all available options to protect our investors and ensure a fair and orderly market. We are also encouraged by recent signs that ongoing positive business updates — including strong performance from our acquired businesses — are being reflected in improved support for the stock.
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Wattbike Acquisition
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What’s next for TRNR? More deals, or building out what you have?
Both. TRNR’s vision is building a portfolio of businesses that can capture value across different segments and geographies in health & wellness and drive significant multiple expansion for shareholders. Wattbike is large enough that our combined organic opportunity set is attractive, but also provides enough scale that we can acquire future businesses with larger synergies.
Going forward, we’ll continue to execute by both operating what we buy, well - and by strategically acquiring additional growth businesses on a low-cost, low-risk basis.
How will all the tariffs impact this deal and the combined business - especially with all TRNR’s and Wattbike’s stated plans to expand across borders, e.g., sell more in the US?
TRNR and Wattbike management teams - like most businesses worldwide - are monitoring and adapting to all the shifts in international trade. There’s plenty of change and uncertainty. That said, what’s also true is that more than 75% of the combined company’s 2024 revenues are outside the US - insulating the business from US-specific protectionism to a degree and for a fair amount of time. And we also have US-based inventory for FORME/CLMBR that will fulfill 2025 revenue projections. Finally, the other reality is that a lot of business across both TRNR and Wattbike is B2B sales, which are more resilient in terms of tariff-driven price sensitivity than individual consumer purchases. Taken together, all these factors at minimum mean that we don’t expect our operations to be severely impacted by trade considerations in the near future.businesses in terms of accelerating what they already each were doing.
For TRNR, Wattbike adds a truly marquee brand and set of products to its performance-focused portfolio. Wattbike’s indoor cycling training platform is arguably the best in the world - leading gyms, healthcare facilities, universities, and even special forces military operations - along with every NHL team and many teams in the NFL, NBA, MLB and the Premier League - all use Wattbikes.
For Wattbike, the deal gives its latest product launches and renewed growth a larger platform for marketing and distribution that will dramatically and cost-effectively speed up expansion across key international markets, while staying true to Wattbike’s commitment to deliver world-class training solutions for athletes and fitness enthusiasts alike.
Forward Looking Statements:
These FAQs include 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 possibility of acquiring future businesses or completing the referenced pending transactions in a timely manner or at all, the financial performance of those acquisitions and the resulting guidance of having more than $80m of pro forma revenue in 2025, achieving profitability by Q4, and the financial performance of the acquisition targets which have not been audited or reviewed by a PCAOB auditor and could vary materially (a) once that audit or review work is completed and such financials are included in the Company’s reported financials and (b) due to the effect of the exchange rates of foreign currencies which can be volatile. 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. Risks and uncertainties include but are not limited to: demand for our products; competition, including technological advances made by and new products released by our competitors; our ability to accurately forecast consumer demand for our products and adequately maintain our inventory; and our reliance on a limited number of suppliers and distributors for our products. 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.
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What did TRNR CEO say about the close?
Ward said: “The beginning of March has been exciting for TRNR, as we delivered on two of the three key catalysts that we outlined in our February investor presentation. We received $6.4 million from Sportstech, closing that chapter with a positive return that allows us to invest into our growing businesses without additional dilution, and we completed the acquisition of Ergatta as we said we would.” He added that Ergatta is a very strong brand and business, and that TRNR expects it to be immediately accretive to TRNR's financials and product experience.What did Ergatta CEO say?
Aulet said: “Our team is very proud that we've built the most engaging fitness content platform in the world, and we've done it profitably.” He described joining TRNR as the right next step for the business and highlighted the opportunity to grow the Ergatta gaming experience across other hardware brands.What was shared about the plans for Ergatta's gaming platform across TRNR brands?
There is strategic rationale beyond financial accretion: Ergatta's gaming experience has already been licensed by iFIT, and TRNR plans to add that experience to Wattbike and CLMBR. He also noted that the Ergatta team has strong customer acquisition capabilities and is expected to help drive US revenue growth for TRNR's brands. TRNR CEO summarized the acquisition philosophy: “As with all of our acquisitions, we are focused on minimizing near-term dilution and protecting downside with transaction valuation tied to future performance, while generating incremental upside from group synergies.”TRANSACTION STRUCTURE
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What did TRNR acquire, and at what price?
TRNR acquired 100% of Ergatta, Inc. The base transaction value is $8.8 million, comprising three components: $1.8 million in cash consideration paid at close, $1.8 million in assumed debt, and $5.3 million in equity that is locked up until May 2027.
Assuming full achievement of both years' earn-outs, the maximum enterprise value would be $19.5 million, primarily through an increase in equity granted in May 2027 and May 2028. The upper 2026 EBITDA earn-out threshold is approximately $4.0 million. If fully achieved across 2026 and 2027, TRNR expects the purchase multiple to be less than 5.0x EBITDA before any group synergies. The structure means TRNR only pays maximum value if Ergatta delivers maximum results.
How was the $1.8 million cash payment funded?
The initial cash consideration was funded through TRNR's cash on hand prior to the transaction. No new equity was raised to complete the deal.
When is the equity component of the deal unlocked?
The equity component is locked up until May 2027 and there is another small piece related to Ergatta management in May 2028.
Who is leading Ergatta after the acquisition?
Ergatta's founders and key management team members have agreed to employment arrangements and are expected to continue leading the business post-acquisition. Tom Aulet, Co-Founder and CEO of Ergatta, and Alessandra Gotbaum, C0-Founder and COO, both signed new employment agreements and confirmed their commitment to executing as part of TRNR.
THE SPORTSTECH RECOVERY
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Has the Sportstech matter now been resolved?
Yes. TRNR recovered $6.4 million from Sportstech - comprising $5.0 million in principal and $1.4 million in interest and expenses - closing the enforcement proceedings. The recovery was received as non-dilutive capital and will support TRNR operations throughout 2026, which greatly reduces any additional equity issuance.
Was the Sportstech recovery included in TRNR's 2026 revenue guidance?
No. TRNR's 2026 pro forma revenue guidance of more than $30 million does not include any Sportstech recovery as its not revenue. TRNR CEO described the recovery as allowing TRNR to invest into its growing businesses without additional dilution.
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March, 5 2026
SPORTSTECH Loan Recovery
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TRNR previously said the balance owed was approximately $6.8 million. The settlement was $6.4 million. Did TRNR accept less than it was owed?
The $6.8 million figure represented the full outstanding balance including default interest and fees continuing to accrue through the enforcement process. The $6.4 million settlement represents the full recovery of the $5.0 million principal advanced, plus interest and legal fees for enforcement. TRNR management determined that the cost/benefit analysis of accepting $6.4 million as a negotiated resolution today was a better option for TRNR shareholders given there would have been incremental legal costs and more time to achieve a potentially higher settlement, and there are higher return opportunities to invest in TRNR’s businesses now. While TRNR is not a lender, the settlement amount could be evaluated as a double digit return on capital after all expenses, which is a successful outcome for shareholders.
Why didn't TRNR proceed with the auction and try to acquire Sportstech or sell it for more than the settlement?
These outcomes were theoretically attractive and TRNR was fully prepared to acquire Sportstech or have another bidder acquire the business and receive the proceeds, but TRNR management determined that the settlement was the best path for shareholders. There were some risks and unknowns with the auction path and we determined that there were much more certain results by receiving immediate, non-dilutive cash in hand as it allows us to invest in the businesses we own and are acquiring without raising any additional capital in the near-term. Simply, we chose the lower risk, but still very attractive outcome, as compared to the highly levered, but riskier, path.
This is the same approach we use when acquiring businesses or analyzing opportunities - managed downside and uncapped upside. We are not gamblers and are looking for asymmetric payoffs in our favor. And, importantly, this resolution removes a significant distraction and allows management to focus where it should be: closing and integrating Ergatta, accelerating Wattbike's commercial momentum, and demonstrating the operating leverage that drives the 2026 growth plan.
Why did Sportstech suddenly come up with $6.4 million now, after months of disputing that it owed anything?
Sportstech did not deny that they owed us at least the capital we lent them, but they were trying to get out of the deal they signed with respect to the interest and fees. We structured the loan to have a high return, knowing that if we were being repaid, it would mean that we were not closing the acquisition and likely could have significant broken deal costs. In the end, this is what occurred and our structure protected our shareholders by allowing us to recover our capital and more than cover our transaction costs.
As to the timing of the settlement, our view is that there was a greater ability to pay than a willingness to pay, and ultimately the legal proceedings forced their hand. We know Sportstech had some capital in December, but its cash conversion cycle is such that their highest amount of cash is in February and March. This business reality coincided with the Berlin court denying all attempts by Sportstech to stop the share auction on March 11 and they reached out to settle almost immediately.
That outcome validated what TRNR said from the beginning: the agreements were legally sound, the money was owed, and enforcement would succeed. It also further validates that Sportstech's series of public statements disputing the loan's legitimacy were misleading - a pattern that has been consistent since December 2025 - and unfortunately, we believe our shareholders have been impacted by.
Does this settlement fully resolve TRNR's relationship with Sportstech? Are there any remaining claims or obligations?
Yes, the settlement is complete and total. The settlement resolves all claims arising from the Loan Agreements and the Share Pledge Agreement. The public auction of Sportstech shares scheduled for March 11, 2026 has been cancelled. All lawsuits are being withdrawn. TRNR retains no ownership interest in or involvement with Sportstech. The TRNR micro site on Sportstech will be minimized.
How will the $6.4 million be used?
The settlement proceeds are expected to be invested to grow the equity value of TRNR. We expect to use some of the proceeds to close the acquisition of Ergatta, we will invest in Wattbike’s growth and we expect to have real operating runway as we approach profitability such that we do not expect to raise capital in the near-term. This settlement proceeds are not dilutive, i.e. TRNR received these funds without issuing new shares or taking on new debt, and we are focused on minimizing dilution while we grow equity.
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February 23, 2026
THE ERGATTA ACQUISITION
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How does Ergatta fit with the other brands?
Ergatta’s game-based content platform is licensable and can be deployed across TRNR’s other brands, especially Wattbike and CLMBR, creating cross-brand content and engagement opportunities. The Ergatta team brings software and content capabilities that complement our hardware and performance expertise. And the Ergatta team brings a very strong capability in digital customer acquisition that should help drive growth in that channel for Wattbike, CLMBR and FORME.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
February 23, 2026
GUIDANCE & FINANCIAL PERFORMANCE
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How is Wattbike performing?
Profitability is above expectations. The Air-Pro product launch drove 700-plus bikes sold in the UK commercial market and approximately $2.5 million in revenue in the six months since acquisition. Major operator wins include David Lloyd, Third Space, Virgin Active, and new customers like GymBox and Everlast Gyms. Utilization rates are 25-35% higher than legacy models. After eight months of ownership, Wattbike is validating our M&A playbook and we look forward to sharing how excited we are about the business soon.
When will TRNR be profitable?
Our focus is on demonstrating operating leverage in 2026 - growing revenue while reducing operating losses as a percentage of revenue. Ergatta’s approximately 30% EBITDA margins and cash-flow-positive profile are a meaningful step in that direction. While we have not provided a specific profitability target, the combination of Wattbike’s scale, Ergatta’s margins, and continued top-line growth gives us a clear path to near-term profitability.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
February 23, 2026
THE REVERSE STOCK SPLIT
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Why did TRNR do another reverse split?
We were approaching the 30th day with a closing price below Nasdaq’s $1.00 minimum bid requirement. Maintaining compliance with Nasdaq listing requirements is essential to our M&A-driven growth strategy - it is the foundation for how we structure acquisitions, raise capital, and attract institutional interest. We tried to avoid the split and pushed incredibly hard to be able to announce the Ergatta acquisition before the deadline. This occurred two days prior and we hoped the expected value accretion would have been reflected in the share price such that we would have been able to avoid the split. The volume and volatility were significant, but the price did not recover above $1.00 and so our hand was forced. At this point, the negative news is behind us and we expected to close Ergatta soon and have material positive newsflow in front of us.
What are the mechanics of the split?
As outlined in the press release on February 20, it is a 1-for-10 reverse split, effective February 24. Every ten pre-split shares consolidate to one post-split share. The number of outstanding shares goes from approximately 14.3 million to approximately 1.4 million. There is no change to authorized shares or par value. Fractional shares below one will be settled in cash. The split was approved by stockholders at the September 2025 annual meeting, and the final ratio was approved by the board on February 6, 2026 as there is about a two week timeline to be prepared to split, though the final decision was made after the close on February 19 when the price was below $1.00.
Does the reverse split change the value of my investment?
No. Your ownership percentage does not change. You will hold fewer shares at a proportionally higher price, but the value is the same. TRNR’s market capitalization is the same before and immediately after the split.
Didn’t TRNR already do a reverse split last year?
Yes. A 1-for-10 reverse split was effective June 27, 2025. We are candid that a second reverse split within eight months is not where we wanted to be, but as the CEO’s February 20 letter states, the decline in our stock price from a reasonable level to below $1.00 was triggered by misleading, value-destructive statements from Sportstech at the end of December and and early January. The enforcement process to recover shareholder value on that front is active, but we believe the decline in the price over the past couple months was due to outside factors that we expect to reverse and be positive in the future.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
February 23, 2026
SHORT SELLING
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Are you aware of short selling activity in TRNR stock?
Yes. We are aware of shareholder concerns about short selling activity and the pressure it places on the stock. We are in regular communication with our regulators and our banking partners on this topic. We receive frequent comments from concerned shareholders, but there is a limit to what an issuer can do as we are not regulated by FINRA. We cannot file a Suspicious Activity Report and sharing reports of trading volume that is multiples of our shares outstanding has not been compelling to any regulators.
Why hasn’t TRNR put out a press release addressing short sellers?
Because we believe it would hurt shareholders, not help them. We have studied the track record of public companies issuing press releases about short selling, and it shows a nearly unbroken correlation with stock price declines. These releases tend to amplify attention to the short thesis, invite additional short interest, and signal vulnerability rather than strength. We do not think that serves our shareholders. Our approach is to focus on executing the business - closing and integrating Ergatta, advancing Sportstech enforcement, growing Wattbike, and delivering on guidance. Results are the most effective response to short pressure.
TRNR raised significant capital in 2025. Is this expected to continue?
In addition to capital raised to fund operations during 2025, we raised nearly $8.0 million to invest in Sportstech and Wattbike during 2025. During 2026, these investments are not expected to repeat and we expect that Wattbike will start to generate cash and we also expect to recover capital from Sportstech. So, from these two examples, we expect to have a reversal of approximately $15.0 million given we raised nearly $8.0 million in 2025 and we expect to receive $7.0 million or more in the near-term.
To add to this positive dynamic, we are expecting to generate more than $30 million in 2026 pro forma revenue as compared to generating approximately $12 million in 2025 revenue and this increased revenue base is expected to greatly reduce our adjusted EBITDA loss, and therefore our cash needs in 2026. We also expect to achieve profitability in the near-term and therefore capital raising could be limited to accretive acquisitions potentially in the future.
How many shares are outstanding?
As shared in the recent press release announcing the split, there were approximately 14.3 million shares as of February 19, which will consolidate to approximately 1.4 million shares post-split effective February 24, 2026. Outstanding warrants and convertible instruments are adjusted proportionally, so we do not expect to experience adverse impacts from the mechanics of the split.
What is the ATM program?
In January 2026, TRNR filed an at-the-market offering program with capacity of approximately $2.6 million through H.C. Wainwright. An ATM allows the company to sell shares into the open market over time at market prices, rather than in a single discounted offering, so there is often less dilution. It provides flexible access to working capital as needed, and is at management’s discretion.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
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(Updated July 9, 2025)
What does it mean that Maxim initiated coverage of TRNR, and why is that important?
When a sell-side equity research firm begins covering a company, it assigns an analyst who regularly publishes ratings (e.g., Buy/Hold/Sell), share price targets and potentially financial models. These reports are read by portfolio managers, hedge-fund traders, and wealth-management advisers - people who decide where large blocks of capital go - so coverage can potentially:
- Increase institutional awareness and credibility. Professional investors often won’t look at a micro-cap until at least one independent analyst is on the name.
- Improve trading liquidity over time. More eyes on the story typically mean more daily volume, tighter bid/ask spreads, and easier execution for both small and large shareholders.
Who is Maxim Group?
Maxim Group LLC is a full-service investment bank and wealth-management firm headquartered in New York that focuses on emerging-growth companies linkedin.com. Its research team covers roughly 200 small- and mid-cap stocks across technology, consumer, healthcare, and industrial sectors.
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(Updated May 21, 2025)
What is TRNR doing about the continued short selling pressure on its stock?
We remain aware of what appears to be persistent short selling pressure and the concerns it raises among our shareholders. While short interest is a feature of public markets, we take any indications of potential market manipulation seriously. We are actively monitoring trading activity, staying in close communication with regulators, and evaluating all available options to protect our investors and ensure a fair and orderly market. We are also encouraged by recent signs that ongoing positive business updates — including strong performance from our acquired businesses — are being reflected in improved support for the stock.
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Wattbike Acquisition
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What’s next for TRNR? More deals, or building out what you have?
Both. TRNR’s vision is building a portfolio of businesses that can capture value across different segments and geographies in health & wellness and drive significant multiple expansion for shareholders. Wattbike is large enough that our combined organic opportunity set is attractive, but also provides enough scale that we can acquire future businesses with larger synergies.
Going forward, we’ll continue to execute by both operating what we buy, well - and by strategically acquiring additional growth businesses on a low-cost, low-risk basis.
How will all the tariffs impact this deal and the combined business - especially with all TRNR’s and Wattbike’s stated plans to expand across borders, e.g., sell more in the US?
TRNR and Wattbike management teams - like most businesses worldwide - are monitoring and adapting to all the shifts in international trade. There’s plenty of change and uncertainty. That said, what’s also true is that more than 75% of the combined company’s 2024 revenues are outside the US - insulating the business from US-specific protectionism to a degree and for a fair amount of time. And we also have US-based inventory for FORME/CLMBR that will fulfill 2025 revenue projections. Finally, the other reality is that a lot of business across both TRNR and Wattbike is B2B sales, which are more resilient in terms of tariff-driven price sensitivity than individual consumer purchases. Taken together, all these factors at minimum mean that we don’t expect our operations to be severely impacted by trade considerations in the near future.businesses in terms of accelerating what they already each were doing.
For TRNR, Wattbike adds a truly marquee brand and set of products to its performance-focused portfolio. Wattbike’s indoor cycling training platform is arguably the best in the world - leading gyms, healthcare facilities, universities, and even special forces military operations - along with every NHL team and many teams in the NFL, NBA, MLB and the Premier League - all use Wattbikes.
For Wattbike, the deal gives its latest product launches and renewed growth a larger platform for marketing and distribution that will dramatically and cost-effectively speed up expansion across key international markets, while staying true to Wattbike’s commitment to deliver world-class training solutions for athletes and fitness enthusiasts alike.
Forward Looking Statements:
These FAQs include 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 possibility of acquiring future businesses or completing the referenced pending transactions in a timely manner or at all, the financial performance of those acquisitions and the resulting guidance of having more than $80m of pro forma revenue in 2025, achieving profitability by Q4, and the financial performance of the acquisition targets which have not been audited or reviewed by a PCAOB auditor and could vary materially (a) once that audit or review work is completed and such financials are included in the Company’s reported financials and (b) due to the effect of the exchange rates of foreign currencies which can be volatile. 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. Risks and uncertainties include but are not limited to: demand for our products; competition, including technological advances made by and new products released by our competitors; our ability to accurately forecast consumer demand for our products and adequately maintain our inventory; and our reliance on a limited number of suppliers and distributors for our products. 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.
-
Has the Sportstech matter now been resolved?
Yes. TRNR recovered $6.4 million from Sportstech - comprising $5.0 million in principal and $1.4 million in interest and expenses - closing the enforcement proceedings. The recovery was received as non-dilutive capital and will support TRNR operations throughout 2026, which greatly reduces any additional equity issuance.Was the Sportstech recovery included in TRNR's 2026 revenue guidance?
No. TRNR's 2026 pro forma revenue guidance of more than $30 million does not include any Sportstech recovery as its not revenue. TRNR CEO described the recovery as allowing TRNR to invest into its growing businesses without additional dilution.--
March, 5 2026
SPORTSTECH Loan Recovery
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TRNR previously said the balance owed was approximately $6.8 million. The settlement was $6.4 million. Did TRNR accept less than it was owed?
The $6.8 million figure represented the full outstanding balance including default interest and fees continuing to accrue through the enforcement process. The $6.4 million settlement represents the full recovery of the $5.0 million principal advanced, plus interest and legal fees for enforcement. TRNR management determined that the cost/benefit analysis of accepting $6.4 million as a negotiated resolution today was a better option for TRNR shareholders given there would have been incremental legal costs and more time to achieve a potentially higher settlement, and there are higher return opportunities to invest in TRNR’s businesses now. While TRNR is not a lender, the settlement amount could be evaluated as a double digit return on capital after all expenses, which is a successful outcome for shareholders.
Why didn't TRNR proceed with the auction and try to acquire Sportstech or sell it for more than the settlement?
These outcomes were theoretically attractive and TRNR was fully prepared to acquire Sportstech or have another bidder acquire the business and receive the proceeds, but TRNR management determined that the settlement was the best path for shareholders. There were some risks and unknowns with the auction path and we determined that there were much more certain results by receiving immediate, non-dilutive cash in hand as it allows us to invest in the businesses we own and are acquiring without raising any additional capital in the near-term. Simply, we chose the lower risk, but still very attractive outcome, as compared to the highly levered, but riskier, path.
This is the same approach we use when acquiring businesses or analyzing opportunities - managed downside and uncapped upside. We are not gamblers and are looking for asymmetric payoffs in our favor. And, importantly, this resolution removes a significant distraction and allows management to focus where it should be: closing and integrating Ergatta, accelerating Wattbike's commercial momentum, and demonstrating the operating leverage that drives the 2026 growth plan.
Why did Sportstech suddenly come up with $6.4 million now, after months of disputing that it owed anything?
Sportstech did not deny that they owed us at least the capital we lent them, but they were trying to get out of the deal they signed with respect to the interest and fees. We structured the loan to have a high return, knowing that if we were being repaid, it would mean that we were not closing the acquisition and likely could have significant broken deal costs. In the end, this is what occurred and our structure protected our shareholders by allowing us to recover our capital and more than cover our transaction costs.
As to the timing of the settlement, our view is that there was a greater ability to pay than a willingness to pay, and ultimately the legal proceedings forced their hand. We know Sportstech had some capital in December, but its cash conversion cycle is such that their highest amount of cash is in February and March. This business reality coincided with the Berlin court denying all attempts by Sportstech to stop the share auction on March 11 and they reached out to settle almost immediately.
That outcome validated what TRNR said from the beginning: the agreements were legally sound, the money was owed, and enforcement would succeed. It also further validates that Sportstech's series of public statements disputing the loan's legitimacy were misleading - a pattern that has been consistent since December 2025 - and unfortunately, we believe our shareholders have been impacted by.
Does this settlement fully resolve TRNR's relationship with Sportstech? Are there any remaining claims or obligations?
Yes, the settlement is complete and total. The settlement resolves all claims arising from the Loan Agreements and the Share Pledge Agreement. The public auction of Sportstech shares scheduled for March 11, 2026 has been cancelled. All lawsuits are being withdrawn. TRNR retains no ownership interest in or involvement with Sportstech. The TRNR micro site on Sportstech will be minimized.
How will the $6.4 million be used?
The settlement proceeds are expected to be invested to grow the equity value of TRNR. We expect to use some of the proceeds to close the acquisition of Ergatta, we will invest in Wattbike’s growth and we expect to have real operating runway as we approach profitability such that we do not expect to raise capital in the near-term. This settlement proceeds are not dilutive, i.e. TRNR received these funds without issuing new shares or taking on new debt, and we are focused on minimizing dilution while we grow equity.
--
February 23, 2026
THE ERGATTA ACQUISITION
-
How does Ergatta fit with the other brands?
Ergatta’s game-based content platform is licensable and can be deployed across TRNR’s other brands, especially Wattbike and CLMBR, creating cross-brand content and engagement opportunities. The Ergatta team brings software and content capabilities that complement our hardware and performance expertise. And the Ergatta team brings a very strong capability in digital customer acquisition that should help drive growth in that channel for Wattbike, CLMBR and FORME.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
February 23, 2026
GUIDANCE & FINANCIAL PERFORMANCE
-
How is Wattbike performing?
Profitability is above expectations. The Air-Pro product launch drove 700-plus bikes sold in the UK commercial market and approximately $2.5 million in revenue in the six months since acquisition. Major operator wins include David Lloyd, Third Space, Virgin Active, and new customers like GymBox and Everlast Gyms. Utilization rates are 25-35% higher than legacy models. After eight months of ownership, Wattbike is validating our M&A playbook and we look forward to sharing how excited we are about the business soon.
When will TRNR be profitable?
Our focus is on demonstrating operating leverage in 2026 - growing revenue while reducing operating losses as a percentage of revenue. Ergatta’s approximately 30% EBITDA margins and cash-flow-positive profile are a meaningful step in that direction. While we have not provided a specific profitability target, the combination of Wattbike’s scale, Ergatta’s margins, and continued top-line growth gives us a clear path to near-term profitability.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
February 23, 2026
THE REVERSE STOCK SPLIT
-
Why did TRNR do another reverse split?
We were approaching the 30th day with a closing price below Nasdaq’s $1.00 minimum bid requirement. Maintaining compliance with Nasdaq listing requirements is essential to our M&A-driven growth strategy - it is the foundation for how we structure acquisitions, raise capital, and attract institutional interest. We tried to avoid the split and pushed incredibly hard to be able to announce the Ergatta acquisition before the deadline. This occurred two days prior and we hoped the expected value accretion would have been reflected in the share price such that we would have been able to avoid the split. The volume and volatility were significant, but the price did not recover above $1.00 and so our hand was forced. At this point, the negative news is behind us and we expected to close Ergatta soon and have material positive newsflow in front of us.
What are the mechanics of the split?
As outlined in the press release on February 20, it is a 1-for-10 reverse split, effective February 24. Every ten pre-split shares consolidate to one post-split share. The number of outstanding shares goes from approximately 14.3 million to approximately 1.4 million. There is no change to authorized shares or par value. Fractional shares below one will be settled in cash. The split was approved by stockholders at the September 2025 annual meeting, and the final ratio was approved by the board on February 6, 2026 as there is about a two week timeline to be prepared to split, though the final decision was made after the close on February 19 when the price was below $1.00.
Does the reverse split change the value of my investment?
No. Your ownership percentage does not change. You will hold fewer shares at a proportionally higher price, but the value is the same. TRNR’s market capitalization is the same before and immediately after the split.
Didn’t TRNR already do a reverse split last year?
Yes. A 1-for-10 reverse split was effective June 27, 2025. We are candid that a second reverse split within eight months is not where we wanted to be, but as the CEO’s February 20 letter states, the decline in our stock price from a reasonable level to below $1.00 was triggered by misleading, value-destructive statements from Sportstech at the end of December and and early January. The enforcement process to recover shareholder value on that front is active, but we believe the decline in the price over the past couple months was due to outside factors that we expect to reverse and be positive in the future.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
February 23, 2026
SHORT SELLING
-
Are you aware of short selling activity in TRNR stock?
Yes. We are aware of shareholder concerns about short selling activity and the pressure it places on the stock. We are in regular communication with our regulators and our banking partners on this topic. We receive frequent comments from concerned shareholders, but there is a limit to what an issuer can do as we are not regulated by FINRA. We cannot file a Suspicious Activity Report and sharing reports of trading volume that is multiples of our shares outstanding has not been compelling to any regulators.
Why hasn’t TRNR put out a press release addressing short sellers?
Because we believe it would hurt shareholders, not help them. We have studied the track record of public companies issuing press releases about short selling, and it shows a nearly unbroken correlation with stock price declines. These releases tend to amplify attention to the short thesis, invite additional short interest, and signal vulnerability rather than strength. We do not think that serves our shareholders. Our approach is to focus on executing the business - closing and integrating Ergatta, advancing Sportstech enforcement, growing Wattbike, and delivering on guidance. Results are the most effective response to short pressure.
TRNR raised significant capital in 2025. Is this expected to continue?
In addition to capital raised to fund operations during 2025, we raised nearly $8.0 million to invest in Sportstech and Wattbike during 2025. During 2026, these investments are not expected to repeat and we expect that Wattbike will start to generate cash and we also expect to recover capital from Sportstech. So, from these two examples, we expect to have a reversal of approximately $15.0 million given we raised nearly $8.0 million in 2025 and we expect to receive $7.0 million or more in the near-term.
To add to this positive dynamic, we are expecting to generate more than $30 million in 2026 pro forma revenue as compared to generating approximately $12 million in 2025 revenue and this increased revenue base is expected to greatly reduce our adjusted EBITDA loss, and therefore our cash needs in 2026. We also expect to achieve profitability in the near-term and therefore capital raising could be limited to accretive acquisitions potentially in the future.
How many shares are outstanding?
As shared in the recent press release announcing the split, there were approximately 14.3 million shares as of February 19, which will consolidate to approximately 1.4 million shares post-split effective February 24, 2026. Outstanding warrants and convertible instruments are adjusted proportionally, so we do not expect to experience adverse impacts from the mechanics of the split.
What is the ATM program?
In January 2026, TRNR filed an at-the-market offering program with capacity of approximately $2.6 million through H.C. Wainwright. An ATM allows the company to sell shares into the open market over time at market prices, rather than in a single discounted offering, so there is often less dilution. It provides flexible access to working capital as needed, and is at management’s discretion.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
--
(Updated July 9, 2025)
What does it mean that Maxim initiated coverage of TRNR, and why is that important?
When a sell-side equity research firm begins covering a company, it assigns an analyst who regularly publishes ratings (e.g., Buy/Hold/Sell), share price targets and potentially financial models. These reports are read by portfolio managers, hedge-fund traders, and wealth-management advisers - people who decide where large blocks of capital go - so coverage can potentially:
- Increase institutional awareness and credibility. Professional investors often won’t look at a micro-cap until at least one independent analyst is on the name.
- Improve trading liquidity over time. More eyes on the story typically mean more daily volume, tighter bid/ask spreads, and easier execution for both small and large shareholders.
Who is Maxim Group?
Maxim Group LLC is a full-service investment bank and wealth-management firm headquartered in New York that focuses on emerging-growth companies linkedin.com. Its research team covers roughly 200 small- and mid-cap stocks across technology, consumer, healthcare, and industrial sectors.
--
(Updated May 21, 2025)
What is TRNR doing about the continued short selling pressure on its stock?
We remain aware of what appears to be persistent short selling pressure and the concerns it raises among our shareholders. While short interest is a feature of public markets, we take any indications of potential market manipulation seriously. We are actively monitoring trading activity, staying in close communication with regulators, and evaluating all available options to protect our investors and ensure a fair and orderly market. We are also encouraged by recent signs that ongoing positive business updates — including strong performance from our acquired businesses — are being reflected in improved support for the stock.
--
Wattbike Acquisition
-
What’s next for TRNR? More deals, or building out what you have?
Both. TRNR’s vision is building a portfolio of businesses that can capture value across different segments and geographies in health & wellness and drive significant multiple expansion for shareholders. Wattbike is large enough that our combined organic opportunity set is attractive, but also provides enough scale that we can acquire future businesses with larger synergies.
Going forward, we’ll continue to execute by both operating what we buy, well - and by strategically acquiring additional growth businesses on a low-cost, low-risk basis.
How will all the tariffs impact this deal and the combined business - especially with all TRNR’s and Wattbike’s stated plans to expand across borders, e.g., sell more in the US?
TRNR and Wattbike management teams - like most businesses worldwide - are monitoring and adapting to all the shifts in international trade. There’s plenty of change and uncertainty. That said, what’s also true is that more than 75% of the combined company’s 2024 revenues are outside the US - insulating the business from US-specific protectionism to a degree and for a fair amount of time. And we also have US-based inventory for FORME/CLMBR that will fulfill 2025 revenue projections. Finally, the other reality is that a lot of business across both TRNR and Wattbike is B2B sales, which are more resilient in terms of tariff-driven price sensitivity than individual consumer purchases. Taken together, all these factors at minimum mean that we don’t expect our operations to be severely impacted by trade considerations in the near future.businesses in terms of accelerating what they already each were doing.
For TRNR, Wattbike adds a truly marquee brand and set of products to its performance-focused portfolio. Wattbike’s indoor cycling training platform is arguably the best in the world - leading gyms, healthcare facilities, universities, and even special forces military operations - along with every NHL team and many teams in the NFL, NBA, MLB and the Premier League - all use Wattbikes.
For Wattbike, the deal gives its latest product launches and renewed growth a larger platform for marketing and distribution that will dramatically and cost-effectively speed up expansion across key international markets, while staying true to Wattbike’s commitment to deliver world-class training solutions for athletes and fitness enthusiasts alike.
Forward Looking Statements:
These FAQs include 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 possibility of acquiring future businesses or completing the referenced pending transactions in a timely manner or at all, the financial performance of those acquisitions and the resulting guidance of having more than $80m of pro forma revenue in 2025, achieving profitability by Q4, and the financial performance of the acquisition targets which have not been audited or reviewed by a PCAOB auditor and could vary materially (a) once that audit or review work is completed and such financials are included in the Company’s reported financials and (b) due to the effect of the exchange rates of foreign currencies which can be volatile. 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. Risks and uncertainties include but are not limited to: demand for our products; competition, including technological advances made by and new products released by our competitors; our ability to accurately forecast consumer demand for our products and adequately maintain our inventory; and our reliance on a limited number of suppliers and distributors for our products. 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.
-
How does Ergatta fit with the other brands?
Ergatta’s game-based content platform is licensable and can be deployed across TRNR’s other brands, especially Wattbike and CLMBR, creating cross-brand content and engagement opportunities. The Ergatta team brings software and content capabilities that complement our hardware and performance expertise. And the Ergatta team brings a very strong capability in digital customer acquisition that should help drive growth in that channel for Wattbike, CLMBR and FORME.Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
February 23, 2026
GUIDANCE & FINANCIAL PERFORMANCE
-
How is Wattbike performing?
Profitability is above expectations. The Air-Pro product launch drove 700-plus bikes sold in the UK commercial market and approximately $2.5 million in revenue in the six months since acquisition. Major operator wins include David Lloyd, Third Space, Virgin Active, and new customers like GymBox and Everlast Gyms. Utilization rates are 25-35% higher than legacy models. After eight months of ownership, Wattbike is validating our M&A playbook and we look forward to sharing how excited we are about the business soon.
When will TRNR be profitable?
Our focus is on demonstrating operating leverage in 2026 - growing revenue while reducing operating losses as a percentage of revenue. Ergatta’s approximately 30% EBITDA margins and cash-flow-positive profile are a meaningful step in that direction. While we have not provided a specific profitability target, the combination of Wattbike’s scale, Ergatta’s margins, and continued top-line growth gives us a clear path to near-term profitability.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
February 23, 2026
THE REVERSE STOCK SPLIT
-
Why did TRNR do another reverse split?
We were approaching the 30th day with a closing price below Nasdaq’s $1.00 minimum bid requirement. Maintaining compliance with Nasdaq listing requirements is essential to our M&A-driven growth strategy - it is the foundation for how we structure acquisitions, raise capital, and attract institutional interest. We tried to avoid the split and pushed incredibly hard to be able to announce the Ergatta acquisition before the deadline. This occurred two days prior and we hoped the expected value accretion would have been reflected in the share price such that we would have been able to avoid the split. The volume and volatility were significant, but the price did not recover above $1.00 and so our hand was forced. At this point, the negative news is behind us and we expected to close Ergatta soon and have material positive newsflow in front of us.
What are the mechanics of the split?
As outlined in the press release on February 20, it is a 1-for-10 reverse split, effective February 24. Every ten pre-split shares consolidate to one post-split share. The number of outstanding shares goes from approximately 14.3 million to approximately 1.4 million. There is no change to authorized shares or par value. Fractional shares below one will be settled in cash. The split was approved by stockholders at the September 2025 annual meeting, and the final ratio was approved by the board on February 6, 2026 as there is about a two week timeline to be prepared to split, though the final decision was made after the close on February 19 when the price was below $1.00.
Does the reverse split change the value of my investment?
No. Your ownership percentage does not change. You will hold fewer shares at a proportionally higher price, but the value is the same. TRNR’s market capitalization is the same before and immediately after the split.
Didn’t TRNR already do a reverse split last year?
Yes. A 1-for-10 reverse split was effective June 27, 2025. We are candid that a second reverse split within eight months is not where we wanted to be, but as the CEO’s February 20 letter states, the decline in our stock price from a reasonable level to below $1.00 was triggered by misleading, value-destructive statements from Sportstech at the end of December and and early January. The enforcement process to recover shareholder value on that front is active, but we believe the decline in the price over the past couple months was due to outside factors that we expect to reverse and be positive in the future.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
February 23, 2026
SHORT SELLING
-
Are you aware of short selling activity in TRNR stock?
Yes. We are aware of shareholder concerns about short selling activity and the pressure it places on the stock. We are in regular communication with our regulators and our banking partners on this topic. We receive frequent comments from concerned shareholders, but there is a limit to what an issuer can do as we are not regulated by FINRA. We cannot file a Suspicious Activity Report and sharing reports of trading volume that is multiples of our shares outstanding has not been compelling to any regulators.
Why hasn’t TRNR put out a press release addressing short sellers?
Because we believe it would hurt shareholders, not help them. We have studied the track record of public companies issuing press releases about short selling, and it shows a nearly unbroken correlation with stock price declines. These releases tend to amplify attention to the short thesis, invite additional short interest, and signal vulnerability rather than strength. We do not think that serves our shareholders. Our approach is to focus on executing the business - closing and integrating Ergatta, advancing Sportstech enforcement, growing Wattbike, and delivering on guidance. Results are the most effective response to short pressure.
TRNR raised significant capital in 2025. Is this expected to continue?
In addition to capital raised to fund operations during 2025, we raised nearly $8.0 million to invest in Sportstech and Wattbike during 2025. During 2026, these investments are not expected to repeat and we expect that Wattbike will start to generate cash and we also expect to recover capital from Sportstech. So, from these two examples, we expect to have a reversal of approximately $15.0 million given we raised nearly $8.0 million in 2025 and we expect to receive $7.0 million or more in the near-term.
To add to this positive dynamic, we are expecting to generate more than $30 million in 2026 pro forma revenue as compared to generating approximately $12 million in 2025 revenue and this increased revenue base is expected to greatly reduce our adjusted EBITDA loss, and therefore our cash needs in 2026. We also expect to achieve profitability in the near-term and therefore capital raising could be limited to accretive acquisitions potentially in the future.
How many shares are outstanding?
As shared in the recent press release announcing the split, there were approximately 14.3 million shares as of February 19, which will consolidate to approximately 1.4 million shares post-split effective February 24, 2026. Outstanding warrants and convertible instruments are adjusted proportionally, so we do not expect to experience adverse impacts from the mechanics of the split.
What is the ATM program?
In January 2026, TRNR filed an at-the-market offering program with capacity of approximately $2.6 million through H.C. Wainwright. An ATM allows the company to sell shares into the open market over time at market prices, rather than in a single discounted offering, so there is often less dilution. It provides flexible access to working capital as needed, and is at management’s discretion.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
--
(Updated July 9, 2025)
What does it mean that Maxim initiated coverage of TRNR, and why is that important?
When a sell-side equity research firm begins covering a company, it assigns an analyst who regularly publishes ratings (e.g., Buy/Hold/Sell), share price targets and potentially financial models. These reports are read by portfolio managers, hedge-fund traders, and wealth-management advisers - people who decide where large blocks of capital go - so coverage can potentially:
- Increase institutional awareness and credibility. Professional investors often won’t look at a micro-cap until at least one independent analyst is on the name.
- Improve trading liquidity over time. More eyes on the story typically mean more daily volume, tighter bid/ask spreads, and easier execution for both small and large shareholders.
Who is Maxim Group?
Maxim Group LLC is a full-service investment bank and wealth-management firm headquartered in New York that focuses on emerging-growth companies linkedin.com. Its research team covers roughly 200 small- and mid-cap stocks across technology, consumer, healthcare, and industrial sectors.
--
(Updated May 21, 2025)
What is TRNR doing about the continued short selling pressure on its stock?
We remain aware of what appears to be persistent short selling pressure and the concerns it raises among our shareholders. While short interest is a feature of public markets, we take any indications of potential market manipulation seriously. We are actively monitoring trading activity, staying in close communication with regulators, and evaluating all available options to protect our investors and ensure a fair and orderly market. We are also encouraged by recent signs that ongoing positive business updates — including strong performance from our acquired businesses — are being reflected in improved support for the stock.
--
Wattbike Acquisition
-
What’s next for TRNR? More deals, or building out what you have?
Both. TRNR’s vision is building a portfolio of businesses that can capture value across different segments and geographies in health & wellness and drive significant multiple expansion for shareholders. Wattbike is large enough that our combined organic opportunity set is attractive, but also provides enough scale that we can acquire future businesses with larger synergies.
Going forward, we’ll continue to execute by both operating what we buy, well - and by strategically acquiring additional growth businesses on a low-cost, low-risk basis.
How will all the tariffs impact this deal and the combined business - especially with all TRNR’s and Wattbike’s stated plans to expand across borders, e.g., sell more in the US?
TRNR and Wattbike management teams - like most businesses worldwide - are monitoring and adapting to all the shifts in international trade. There’s plenty of change and uncertainty. That said, what’s also true is that more than 75% of the combined company’s 2024 revenues are outside the US - insulating the business from US-specific protectionism to a degree and for a fair amount of time. And we also have US-based inventory for FORME/CLMBR that will fulfill 2025 revenue projections. Finally, the other reality is that a lot of business across both TRNR and Wattbike is B2B sales, which are more resilient in terms of tariff-driven price sensitivity than individual consumer purchases. Taken together, all these factors at minimum mean that we don’t expect our operations to be severely impacted by trade considerations in the near future.businesses in terms of accelerating what they already each were doing.
For TRNR, Wattbike adds a truly marquee brand and set of products to its performance-focused portfolio. Wattbike’s indoor cycling training platform is arguably the best in the world - leading gyms, healthcare facilities, universities, and even special forces military operations - along with every NHL team and many teams in the NFL, NBA, MLB and the Premier League - all use Wattbikes.
For Wattbike, the deal gives its latest product launches and renewed growth a larger platform for marketing and distribution that will dramatically and cost-effectively speed up expansion across key international markets, while staying true to Wattbike’s commitment to deliver world-class training solutions for athletes and fitness enthusiasts alike.
Forward Looking Statements:
These FAQs include 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 possibility of acquiring future businesses or completing the referenced pending transactions in a timely manner or at all, the financial performance of those acquisitions and the resulting guidance of having more than $80m of pro forma revenue in 2025, achieving profitability by Q4, and the financial performance of the acquisition targets which have not been audited or reviewed by a PCAOB auditor and could vary materially (a) once that audit or review work is completed and such financials are included in the Company’s reported financials and (b) due to the effect of the exchange rates of foreign currencies which can be volatile. 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. Risks and uncertainties include but are not limited to: demand for our products; competition, including technological advances made by and new products released by our competitors; our ability to accurately forecast consumer demand for our products and adequately maintain our inventory; and our reliance on a limited number of suppliers and distributors for our products. 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.
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Why did TRNR do another reverse split?
We were approaching the 30th day with a closing price below Nasdaq’s $1.00 minimum bid requirement. Maintaining compliance with Nasdaq listing requirements is essential to our M&A-driven growth strategy - it is the foundation for how we structure acquisitions, raise capital, and attract institutional interest. We tried to avoid the split and pushed incredibly hard to be able to announce the Ergatta acquisition before the deadline. This occurred two days prior and we hoped the expected value accretion would have been reflected in the share price such that we would have been able to avoid the split. The volume and volatility were significant, but the price did not recover above $1.00 and so our hand was forced. At this point, the negative news is behind us and we expected to close Ergatta soon and have material positive newsflow in front of us.What are the mechanics of the split?
As outlined in the press release on February 20, it is a 1-for-10 reverse split, effective February 24. Every ten pre-split shares consolidate to one post-split share. The number of outstanding shares goes from approximately 14.3 million to approximately 1.4 million. There is no change to authorized shares or par value. Fractional shares below one will be settled in cash. The split was approved by stockholders at the September 2025 annual meeting, and the final ratio was approved by the board on February 6, 2026 as there is about a two week timeline to be prepared to split, though the final decision was made after the close on February 19 when the price was below $1.00.Does the reverse split change the value of my investment?
No. Your ownership percentage does not change. You will hold fewer shares at a proportionally higher price, but the value is the same. TRNR’s market capitalization is the same before and immediately after the split.Didn’t TRNR already do a reverse split last year?
Yes. A 1-for-10 reverse split was effective June 27, 2025. We are candid that a second reverse split within eight months is not where we wanted to be, but as the CEO’s February 20 letter states, the decline in our stock price from a reasonable level to below $1.00 was triggered by misleading, value-destructive statements from Sportstech at the end of December and and early January. The enforcement process to recover shareholder value on that front is active, but we believe the decline in the price over the past couple months was due to outside factors that we expect to reverse and be positive in the future.Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
February 23, 2026
SHORT SELLING
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Are you aware of short selling activity in TRNR stock?
Yes. We are aware of shareholder concerns about short selling activity and the pressure it places on the stock. We are in regular communication with our regulators and our banking partners on this topic. We receive frequent comments from concerned shareholders, but there is a limit to what an issuer can do as we are not regulated by FINRA. We cannot file a Suspicious Activity Report and sharing reports of trading volume that is multiples of our shares outstanding has not been compelling to any regulators.
Why hasn’t TRNR put out a press release addressing short sellers?
Because we believe it would hurt shareholders, not help them. We have studied the track record of public companies issuing press releases about short selling, and it shows a nearly unbroken correlation with stock price declines. These releases tend to amplify attention to the short thesis, invite additional short interest, and signal vulnerability rather than strength. We do not think that serves our shareholders. Our approach is to focus on executing the business - closing and integrating Ergatta, advancing Sportstech enforcement, growing Wattbike, and delivering on guidance. Results are the most effective response to short pressure.
TRNR raised significant capital in 2025. Is this expected to continue?
In addition to capital raised to fund operations during 2025, we raised nearly $8.0 million to invest in Sportstech and Wattbike during 2025. During 2026, these investments are not expected to repeat and we expect that Wattbike will start to generate cash and we also expect to recover capital from Sportstech. So, from these two examples, we expect to have a reversal of approximately $15.0 million given we raised nearly $8.0 million in 2025 and we expect to receive $7.0 million or more in the near-term.
To add to this positive dynamic, we are expecting to generate more than $30 million in 2026 pro forma revenue as compared to generating approximately $12 million in 2025 revenue and this increased revenue base is expected to greatly reduce our adjusted EBITDA loss, and therefore our cash needs in 2026. We also expect to achieve profitability in the near-term and therefore capital raising could be limited to accretive acquisitions potentially in the future.
How many shares are outstanding?
As shared in the recent press release announcing the split, there were approximately 14.3 million shares as of February 19, which will consolidate to approximately 1.4 million shares post-split effective February 24, 2026. Outstanding warrants and convertible instruments are adjusted proportionally, so we do not expect to experience adverse impacts from the mechanics of the split.
What is the ATM program?
In January 2026, TRNR filed an at-the-market offering program with capacity of approximately $2.6 million through H.C. Wainwright. An ATM allows the company to sell shares into the open market over time at market prices, rather than in a single discounted offering, so there is often less dilution. It provides flexible access to working capital as needed, and is at management’s discretion.
Contact: ir@interactivestrength.com
This FAQ is for informational purposes and may contain forward-looking statements subject to risks and uncertainties. See TRNR’s SEC filings for additional risk factors.
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(Updated July 9, 2025)
What does it mean that Maxim initiated coverage of TRNR, and why is that important?
When a sell-side equity research firm begins covering a company, it assigns an analyst who regularly publishes ratings (e.g., Buy/Hold/Sell), share price targets and potentially financial models. These reports are read by portfolio managers, hedge-fund traders, and wealth-management advisers - people who decide where large blocks of capital go - so coverage can potentially:
- Increase institutional awareness and credibility. Professional investors often won’t look at a micro-cap until at least one independent analyst is on the name.
- Improve trading liquidity over time. More eyes on the story typically mean more daily volume, tighter bid/ask spreads, and easier execution for both small and large shareholders.
Who is Maxim Group?
Maxim Group LLC is a full-service investment bank and wealth-management firm headquartered in New York that focuses on emerging-growth companies linkedin.com. Its research team covers roughly 200 small- and mid-cap stocks across technology, consumer, healthcare, and industrial sectors.
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(Updated May 21, 2025)
What is TRNR doing about the continued short selling pressure on its stock?
We remain aware of what appears to be persistent short selling pressure and the concerns it raises among our shareholders. While short interest is a feature of public markets, we take any indications of potential market manipulation seriously. We are actively monitoring trading activity, staying in close communication with regulators, and evaluating all available options to protect our investors and ensure a fair and orderly market. We are also encouraged by recent signs that ongoing positive business updates — including strong performance from our acquired businesses — are being reflected in improved support for the stock.
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Wattbike Acquisition
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What’s next for TRNR? More deals, or building out what you have?
Both. TRNR’s vision is building a portfolio of businesses that can capture value across different segments and geographies in health & wellness and drive significant multiple expansion for shareholders. Wattbike is large enough that our combined organic opportunity set is attractive, but also provides enough scale that we can acquire future businesses with larger synergies.
Going forward, we’ll continue to execute by both operating what we buy, well - and by strategically acquiring additional growth businesses on a low-cost, low-risk basis.
How will all the tariffs impact this deal and the combined business - especially with all TRNR’s and Wattbike’s stated plans to expand across borders, e.g., sell more in the US?
TRNR and Wattbike management teams - like most businesses worldwide - are monitoring and adapting to all the shifts in international trade. There’s plenty of change and uncertainty. That said, what’s also true is that more than 75% of the combined company’s 2024 revenues are outside the US - insulating the business from US-specific protectionism to a degree and for a fair amount of time. And we also have US-based inventory for FORME/CLMBR that will fulfill 2025 revenue projections. Finally, the other reality is that a lot of business across both TRNR and Wattbike is B2B sales, which are more resilient in terms of tariff-driven price sensitivity than individual consumer purchases. Taken together, all these factors at minimum mean that we don’t expect our operations to be severely impacted by trade considerations in the near future.businesses in terms of accelerating what they already each were doing.
For TRNR, Wattbike adds a truly marquee brand and set of products to its performance-focused portfolio. Wattbike’s indoor cycling training platform is arguably the best in the world - leading gyms, healthcare facilities, universities, and even special forces military operations - along with every NHL team and many teams in the NFL, NBA, MLB and the Premier League - all use Wattbikes.
For Wattbike, the deal gives its latest product launches and renewed growth a larger platform for marketing and distribution that will dramatically and cost-effectively speed up expansion across key international markets, while staying true to Wattbike’s commitment to deliver world-class training solutions for athletes and fitness enthusiasts alike.
Forward Looking Statements:
These FAQs include 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 possibility of acquiring future businesses or completing the referenced pending transactions in a timely manner or at all, the financial performance of those acquisitions and the resulting guidance of having more than $80m of pro forma revenue in 2025, achieving profitability by Q4, and the financial performance of the acquisition targets which have not been audited or reviewed by a PCAOB auditor and could vary materially (a) once that audit or review work is completed and such financials are included in the Company’s reported financials and (b) due to the effect of the exchange rates of foreign currencies which can be volatile. 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. Risks and uncertainties include but are not limited to: demand for our products; competition, including technological advances made by and new products released by our competitors; our ability to accurately forecast consumer demand for our products and adequately maintain our inventory; and our reliance on a limited number of suppliers and distributors for our products. 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.
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What’s next for TRNR? More deals, or building out what you have?
Both. TRNR’s vision is building a portfolio of businesses that can capture value across different segments and geographies in health & wellness and drive significant multiple expansion for shareholders. Wattbike is large enough that our combined organic opportunity set is attractive, but also provides enough scale that we can acquire future businesses with larger synergies.Going forward, we’ll continue to execute by both operating what we buy, well - and by strategically acquiring additional growth businesses on a low-cost, low-risk basis.
How will all the tariffs impact this deal and the combined business - especially with all TRNR’s and Wattbike’s stated plans to expand across borders, e.g., sell more in the US?
TRNR and Wattbike management teams - like most businesses worldwide - are monitoring and adapting to all the shifts in international trade. There’s plenty of change and uncertainty. That said, what’s also true is that more than 75% of the combined company’s 2024 revenues are outside the US - insulating the business from US-specific protectionism to a degree and for a fair amount of time. And we also have US-based inventory for FORME/CLMBR that will fulfill 2025 revenue projections. Finally, the other reality is that a lot of business across both TRNR and Wattbike is B2B sales, which are more resilient in terms of tariff-driven price sensitivity than individual consumer purchases. Taken together, all these factors at minimum mean that we don’t expect our operations to be severely impacted by trade considerations in the near future.businesses in terms of accelerating what they already each were doing.For TRNR, Wattbike adds a truly marquee brand and set of products to its performance-focused portfolio. Wattbike’s indoor cycling training platform is arguably the best in the world - leading gyms, healthcare facilities, universities, and even special forces military operations - along with every NHL team and many teams in the NFL, NBA, MLB and the Premier League - all use Wattbikes.
For Wattbike, the deal gives its latest product launches and renewed growth a larger platform for marketing and distribution that will dramatically and cost-effectively speed up expansion across key international markets, while staying true to Wattbike’s commitment to deliver world-class training solutions for athletes and fitness enthusiasts alike.
Forward Looking Statements:
These FAQs include 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 possibility of acquiring future businesses or completing the referenced pending transactions in a timely manner or at all, the financial performance of those acquisitions and the resulting guidance of having more than $80m of pro forma revenue in 2025, achieving profitability by Q4, and the financial performance of the acquisition targets which have not been audited or reviewed by a PCAOB auditor and could vary materially (a) once that audit or review work is completed and such financials are included in the Company’s reported financials and (b) due to the effect of the exchange rates of foreign currencies which can be volatile. 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. Risks and uncertainties include but are not limited to: demand for our products; competition, including technological advances made by and new products released by our competitors; our ability to accurately forecast consumer demand for our products and adequately maintain our inventory; and our reliance on a limited number of suppliers and distributors for our products. 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.
Stock/financials
I’ve heard TRNR’s CEO, Trent Ward, has a $20 million salary. The company can’t pay that from operations, so are shareholders being diluted by capital raising to fund this?
There seems to be some confusion and misreading about the TRNR CEO compensation of $20M from the 10-K. We’d like to clear it up, because it is fantastically wrong. TRNR’s CEO did not - and does not - get paid $20M. The CEO salary has been flat for the past 2 years, averaging just under $300K in 2023 and 2024. So, what’s the $20M? It’s a non-cash number that frankly has very little to do with reality and is an accounting treatment tied to the issuance of stock options more than two years ago and pre-IPO. It has to be calculated, assigned a dollar value, and disclosed as a non-cash expense on the balance sheet according to GAAP. Each option was valued at $18/shr - even when the IPO valued shares at $8 - given the required Black-Scholes option-valuation methodology. Actual compensation related to those options is zero, and the options now have a strike price that’s over $2,000.00 per share, making them effectively worthless. So, again, the CEO is paid only in cash in the low six figures - and the $20M figure is a historical one off item associated with required accounting for old stock options that have no real value.Why does buying other companies make sense for the business?
In a nutshell, TRNR offers exposure to a huge, growing market that we define in terms of consolidating overlooked value opportunities – fitness platforms and equipment that we can acquire and scale more efficiently than smaller owner-operators by themselves, due to our listing and capital structure.This acquisition strategy in turn gives us and our shareholders more exposure to a greater set of opportunities across the fitness, health and wellness markets.
When will we see meaningful growth in revenues? Profits?
Once the Sportstech acquisition closes - likely in April - we’ll be able to start reporting their results as part of TRNR operations in subsequent quarters. As noted in our most recent guidance, the most significant impact on the top line will be clear at the end of 2025, when we expect to report over $50M in revenues on a pro forma basis.How are your brands doing in the marketplace? When will we see more customer announcements?
We’re pleased with our ability to grow both brands on a capital-efficient basis. It remains early days yet, but we expanded FORME into the golf vertical - and we were able to sign multiple distribution as well as customer agreements for CLMBR across the US, EU, EMEA and Asia within a few months of closing the deal for those assets.Forward Looking Statements:
These FAQs include 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 possibility of acquiring future businesses or completing the referenced pending transactions in a timely manner or at all, the financial performance of those acquisitions and the resulting guidance of having more than $80m of pro forma revenue in 2025, achieving profitability by Q4, and the financial performance of the acquisition targets which have not been audited or reviewed by a PCAOB auditor and could vary materially (a) once that audit or review work is completed and such financials are included in the Company’s reported financials and (b) due to the effect of the exchange rates of foreign currencies which can be volatile. 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. Risks and uncertainties include but are not limited to: demand for our products; competition, including technological advances made by and new products released by our competitors; our ability to accurately forecast consumer demand for our products and adequately maintain our inventory; and our reliance on a limited number of suppliers and distributors for our products. 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.