MARCH 28 UPDATE

MARCH 28,  2025 | Fellow Shareholders

 

We have two quick updates in this week’s wrap-up post:

 

  1. If you haven’t already, check out the FORME news about our exclusive partnership with Virgin Atlantic in their new LAX lounge.

 

Why this matters:  

The inclusion of FORME and its curated content – including a custom welcome for lounge guests from Sir Richard Branson – shows the opportunities for TRNR’s equipment and content beyond the gym, including for the high-end hospitality vertical. We’re already in properties ranging from the Four Seasons to Bulgari. Being featured in Virgin’s new space showcases FORME to thousands of luxury travelers, and validates our ability to partner with major, high-visibility, international brands like Virgin Atlantic. 

 

You can see some of the headlines further below.

 

  1. We’re slightly shifting the timing of our quarterly results to Monday 3/31, from today. Beyond that, our guidance around results hasn’t changed since our update last week. 

 

  • While we continue to finalize both announced transactions (and in fact were visiting with our most recent LOI target’s management team this week), please recall that our 2024 performance does not reflect deals that will complete in 2025.
  • To refresh your memory, our previously-issued guidance from when we reported Q3 2024 in November is that we were expecting $2.4M in revenue for the fourth quarter.
  • This performance reflected the steady increase in organic distribution and sales of FORME, FORME Golf and especially CLMBR.
  • We also strengthened our balance sheet over the course of the year, setting ourselves up well for all the activity that we’ve subsequently announced.
  • We expect to begin to see the impact of our 2025 potential transactions to some extent in Q2 and definitely in Q3 2025 results.

 

All in, as we noted in our Year End update, the story of 2024 is very much about the CLMBR asset acquisition – closing on it, and establishing a better commercial path for that brand and equipment over the course of the back half of last year. And of course, setting ourselves up for success in 2025 with our acquisitions, which remain on track to close quickly, and for which we are developing integration plans right now.  

Stay tuned and stay bullish!

Select Virgin announcement headlines (click the image to read the full article):