MARCH 28, 2025 | Fellow Shareholders
We have two quick updates in this week’s wrap-up post:
- 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.
- 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):
Cautionary Statement Regarding Forward-Looking Statements
This post contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target,” “trajectory” or the negative of these terms or other comparable terms. However, the absence of these words does not mean that the statements are not forward-looking. Forward-looking statements include, but are not limited to, statements regarding: future acquisitions and the Company’s ability to complete them. These forward-looking statements are subject to risks and uncertainties which may cause actual results to differ materially from those expressed or implied in such forward-looking statements. These risk and uncertainties include, but are not limited to, the following: our ability to achieve or maintain profitability; our future capital needs and ability to obtain additional financing to fund our operations; our ability to continue as a “going concern”; the growth rate, if any, of our business and revenue and our ability to manage any such growth; risks related to our subscription or any future revenue model; our limited operating history; our ability to compete successfully; fluctuations in our operating results and factors affecting the same; our reliance on sales of our Forme Studio equipment and CLMBR equipment; our ability to sustain competitive pricing levels; the growth rate, if any, of our target markets and our industry; the ability of our customers to obtain financing to purchase our products; our ability to forecast demand for our products and services, anticipate consumer preferences, and manage our inventory; our ability to attract and retain members, personal trainers, health coaches, and fitness instructors; our ability to expand our commercial and corporate wellness business; unforeseen costs and potential liability in connection with our products and services; our dependence on third-party systems and services; and risks related to potential acquisitions, intellectual property, litigation, dependence on key personnel, privacy, cybersecurity, and other regulatory, tax, and accounting matters, and international operations (including the impact of any geopolitical risks such as regional unrest or outbreak of hostilities or war), as well as the risks and uncertainties discussed in our most recently filed periodic reports on Form 10-Q and subsequent filings and as detailed from time to time in our SEC filings. Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. All forward-looking statements set forth in this release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequence to or effects on the Company or its business or operations. These forward-looking statements reflect our management’s beliefs and views with respect to future events and are based on estimates and assumptions as of the date of this press release. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur. Accordingly, you should not rely upon forward-looking statements as predictions of future events. Forward-looking statements set forth in this release speak only as of the date hereof, and we do not undertake any obligation to update forward-looking statements to reflect subsequent events or circumstances, changes in expectations or the occurrence of unanticipated events, except to the extent required by law.