January 23, 2026

Today, Maxim Group published updated equity research coverage on Interactive Strength Inc. (NASDAQ: TRNR), maintaining their Buy rating with a revised $2.25 price target – representing more than 3x upside from current levels. We believe this independent validation of our strategy and execution – despite the turn of events with Sportstech – warrants shareholder attention.

What the Report Says

Analyst Tom Forte, CFA, titled his report “Despite Setback, We Remain Confident in Acquisition Strategy.” The key findings reflect the core narrative we have been communicating to shareholders: the Sportstech situation is a near-term challenge, but a) the underlying business is demonstrating real commercial traction; and b) the basic M&A strategy builds long-term value.

Maxim highlights that Q4 2025 revenue is expected to exceed $4.5 million, representing at least 89% year-over-year growth. They note Wattbike’s strong performance, with approximately $2.5 million in revenue from its new Air-Pro product launch alone since the July 2025 acquisition – a figure that validates our ability to identify, acquire, and integrate specialty fitness brands.

Why This Matters

Independent analyst coverage serves an important function for small-cap companies like TRNR. When an external firm with no economic interest in our success examines our financials, strategy, and execution – and concludes with a Buy rating – it provides validation that our communications are grounded in reality.

Maxim’s report acknowledges what shareholders already know: we adjusted our 2025 pro forma revenue guidance from $80 million to $20 million following the Sportstech situation. That is a significant revision. However, the analyst’s conclusion is instructive: they remain confident in our acquisition strategy because Wattbike’s performance demonstrates the model works.

Context on the Price Target

Maxim reduced their 12-month price target from $9.00 to $2.25, reflecting the removal of Sportstech’s anticipated contribution from their model. The new target is derived from a 10-year DCF analysis using a 15% discount rate and 13% adjusted EBITDA margin assumption. At current trading levels around $0.71, that target implies more than 200% upside.

It is worth emphasizing: the price target decline reflects what Sportstech would have contributed. It does not reflect deterioration in our existing business. On the contrary – the report highlights that TRNR’s core operations are performing at or above expectations.

Our Perspective

We appreciate Maxim’s continued coverage and their analytical rigor. The report accurately captures our situation: we are pursuing our contractual rights against Sportstech (including repayment of the $6.6 million owed, litigation, and potential auction of pledged shares), while simultaneously executing on our commercial strategy with the brands we own.

TRNR today is nearly 4x larger than one year ago. That growth came from identifying the right acquisition target in Wattbike, executing the transaction on favorable terms, and integrating the business to generate immediate commercial results. That playbook has not changed – and we remain focused on replicating it as opportunities emerge.

Shareholders can access the full Maxim report through standard financial research channels. As always, we welcome questions at ir@interactivestrength.com.

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Forward-Looking Statements

Note: The following disclaimer should be appended to the blog post.

This communication includes certain statements that are “forward-looking statements” for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” or similar expressions. The reader is cautioned not to rely on these forward-looking statements. A further list and descriptions of 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.