TRNR expects more than $30 million in 2026 pro forma revenue. For the second quarter of 2026, it expects approximately $8 million in revenue and an adjusted EBITDA loss of less than $1 million.

The group is not yet profitable, but it is moving toward profitability. The businesses that TRNR has recently acquired (Ergatta and Wattbike) are profitable, but those earnings do not fully cover the central costs of running a public company. TRNR expects to reach run-rate profitability at the group level by the end of 2026 through continued improvement at the subsidiaries and group cost-saving initiatives. Any earnings from future acquisitions are expected to accelerate earnings growth.

Yes. Inorganic growth (acquisitions) is a key driver of TRNR’s growth and is especially potent when combined with synergies and organic growth. TRNR submitted two preliminary letters of intent in May 2026 and has said its pipeline of potential targets is increasing. TRNR targets profitable, cash-generative businesses at attractive multiples and pays primarily in equity that is locked up and tied to performance.

A standing reverse split authority was approved at the June 8, 2026 annual meeting, but it does not by itself put a split into effect. The Board would still need to approve a reverse split and determine the ratio to use, with the primary objective of increasing the share price above $1.00 in order to maintain TRNR’s Nasdaq listing. A press release would need to be issued prior to any reverse split.

TRNR has not sold stock through its at-the-market (ATM) program since February 2026, and it has been repurchasing its own shares since May 5, 2026.

Holders of previously issued convertible securities are often able to convert them into common stock, which reduces indebtedness, but also increases the share count. Those decisions are made by the convertible holders, not the Company. TRNR has not issued senior convertible notes since February 2026 and does not expect to do so in the future.

TRNR operates four different brands. Wattbike makes high-performance indoor bikes used by elite athletes, national teams, and commercial gyms. Ergatta is a leader in game-based connected rowing. FORME offers wall-mounted strength, mobility, and coaching systems. CLMBR makes vertical climbing equipment with a digital training platform.

TRNR expects to generate more than $30 million in 2026 pro forma revenue. First quarter 2026 revenue was $5.1 million, up 279% from the first quarter of 2025, and TRNR expects to generate revenue of approximately $8 million in the second quarter of 2026.

Approximately $8 million in revenue and an adjusted EBITDA loss of less than $1 million. The second quarter is the first full quarter with Ergatta included in the results.

The adjusted EBITDA loss has narrowed from $2.5 million in the first quarter of 2025 to $1.8 million in the first quarter of 2026, and the guidance for the second quarter of 2026 is for a loss under $1 million.

No,it’s not guaranteed but it’s the current expectation. Guidance is a forward-looking statement based on the current portfolio, but actual results could differ if assumptions prove inaccurate or risks materialize. See TRNR’s SEC filings for the relevant risk factors.

Yes. TRNR submitted two preliminary letters of intent in May 2026 and has said its pipeline of potential targets is increasing. A letter of intent is non-binding and may not lead to a completed transaction.

The objective is to do accretive transactions, which means that more value is acquired than the dilution from paying for the value. This is the idea of owning a smaller piece of a bigger pie and the expectation is that TRNR is focused on deals that deliver more value than is paid for. Additionally, TRNR structures acquisitions to limit near-term dilution by weighting consideration towards equity that is locked up and only pays out if the acquired business hits performance targets, rather than cash or stock paid up front.

iFIT, the parent of NordicTrack and ProForm, licenses Ergatta’s game-based content for use on its own equipment. In June 2026, the two companies extended and expanded the agreement through the middle of 2028 and added Ergatta’s Endeavor game across iFIT treadmills, bikes, and rowers this fall. A major fitness incumbent choosing to license Ergatta’s content is independent validation of the platform, and the multi-year term adds visibility to Ergatta’s high-margin revenue.

The base transaction value is $8.8 million. The maximum value, if both earn-out years are fully achieved, is $19.5 million, paid mostly in equity that is locked up until 2027 and 2028. If the earn-outs are fully met, TRNR expects the effective purchase multiple to be less than five times EBITDA before any group synergies. Ergatta closed on March 11, 2026.

TRNR’s board authorized a repurchase program of up to $500,000, carried out in the open market through H.C. Wainwright & Co., subject to market conditions, securities laws, and customary blackout periods. It does not obligate TRNR to buy any particular number of shares and can be paused or stopped at any time. The Company shared during its first quarter earnings on May 20, that approximately 105,000 shares had been repurchased at an average of $0.92 per share since May 5, 2026.

Most of the share increase in 2026 has come from holders of previously issued convertible securities converting into common stock, which also decreases indebtedness. Those conversions are decisions made by the holders, they are not new stock sales by TRNR.

They authorized, for Nasdaq purposes, the potential issuance of 20% or more of outstanding common stock when the preferred stock issued in those acquisitions converts and when related earn-out shares are issued. Approving them keeps TRNR compliant with Nasdaq rules, but more importantly, it allows TRNR to pay for the acquisitions in shares at the prevailing market price, as opposed to cash, which would have needed to be raised from the market at a discount.

The reverse split authority passed with 532,129 shares voted for, 294,645 against, and 86,118 abstaining. TRNR recognizes that this proposal drew more opposition than the others, but without authorization to effect a reverse split, there would be real risk of a de-listing, which would be expected to result in a substantial loss to shareholders.

Yes, it is possible as Nasdaq requires a minimum $1.00 closing bid price to maintain a public listing, and the Board could be expected to use the standing authority to effect a reverse split in order to stay in compliance. TRNR is focused on the operating performance that supports the share price, but it will also protect shareholder value by maintaining the Nasdaq listing, especially since it allows potentially accretive acquisitions.

The Nasdaq listing is the foundation of TRNR’s growth model. It lets TRNR use its stock as currency to acquire profitable businesses at attractive prices and access capital efficiently. Protecting the listing protects the acquisition engine that is driving revenue growth and the path to profitability. A reverse split is a necessary tool to keep that engine running during periods of the share price being undervalued.

No. A reverse split reduces the number of shares and raises the price per share proportionally. Your ownership percentage and the value of your holding at the moment of the split are unchanged.