MARCH 19,  2025 | Fellow Shareholders:

 

As we look at our last ten weeks – and consider what’s just ahead – keep TRNR’s fundamentals front of mind.

 

Yes, the stock’s been volatile recently. But real progress in terms of strategy and operations has been steady, definitive and meaningful.

 

Last week, we spent quality time with the new LOI team at HFA – finalizing due diligence and working on integration planning. Our senior leadership team is traveling to the target next week to complete our diligence and meet the rest of their team. 

 

The Sportstech team is particularly excited about their own performance in January and February this year, which is beating plan – and that growth is going to help TRNR across its existing brands as well as the new LOI team.

 

And let’s remember what led up to this financial and deal planning.  

 

1. We raised pro forma 2025 revenue guidance to $50M-plus, after signing a binding agreement for Sportstech
2. We announced an additional deal with a $15M-revenue connected-fitness acquisition
3. We’ve locked in an exclusive distribution agreement and initial CLMBR order in the UK – the 2nd largest international fitness market
4. We’ve received a six-figure repeat order from Germany, the largest international fitness market and HQ of our acquisition Sportstech
5. A new institutional shareholder has made two investments totalling $6.5M in new working capital  into TRNR, based on confidence in our strategy and material progress growing the business
6. We’ve presented, appeared and/or put in place pilot equipment installations at two of the biggest industry conferences, HFA and Connected Health & Fitness

 

Within just a month or so, we expect to close on both acquisitions. We’ll also be reporting Q4 2024 earnings next week. 

 

By the time we get half-way through 2025, we expect TRNR will be a radically-transformed operation from how we started the year. This will be a decisive step-change for us as a business.

 

• We expect to have acquired scale that will boost 2025 pro forma revenues close to 10x relative to 2024
• We expect to have expanded not just revenue but also operations internationally – so that we have direct footprints in the top three fitness markets worldwide
• We expect to have significantly grown our diversified fitness equipment portfolio
• We expect to be prepared to bring new connected-fitness offerings to the US, from the US to foreign countries, and between international locations as well
• We expect to have retained experienced, executive talent
• We expect to have further strengthened important distribution relationships, like that with Woodway

 

We believe and we will continue to communicate our view:  The market – particularly the shorts – still doesn’t appreciate what we are doing at TRNR. 

 

We’re planning to be in this business for the long haul, and continue to see a terrific opportunity for creating value over time. 

 

We expect to have more updates soon on our deals as well as the business and our markets.

 

So stay tuned and stay bullish!

Forward-Looking Statements:
This post includes certain statements that are “forward-looking statements” for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements do not relate strictly to historical or current facts and reflect management’s assumptions, views, plans, objectives and projections about the future. Forward-looking statements generally are accompanied by words such as “believe”, “project”, “expect”, “anticipate”, “estimate”, “intend”, “strategy”, “future”, “opportunity”, “plan”, “may”, “should”, “will”, “would”, “will be”, “will continue”, “will likely result” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the possibility of acquiring future businesses or completing the referenced transactions, the financial performance of those acquisitions and the resulting guidance of being accretive to earnings and more than $50m of pro forma revenue, or with respect to comments about future investment from this investor. 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.