JULY 9, 2025 | Fellow Shareholders,

 

Our “build-and-prove” 2025 roadmap just received further validation.

 

Today, Maxim Group – the New York investment bank known for spotting under-followed growth stories – initiated research coverage on TRNR with a “Buy” rating and a $15 price target.

 

Why this matters:

 

• First professional coverage. Until now, TRNR was off the sell-side grid. Formal analyst eyes often surface fresh perspectives, critical data points and deeper models for new investors – ultimately increasing visibility for a broader, more institutional investor audience.

 

• Institutional validation. Maxim’s TMT team spent months watching our execution on Wattbike, Sportstech and the $FET treasury. Their verdict: the roll-up is real, the math adds up, and the upside is compelling.

 

• Liquidity flywheel. Research coverage → more institutional screens → tighter bid-ask spreads → fairer price discovery. It’s a continual process that will require continued execution on TRNR’s part, but today’s step is how that flywheel starts turning.

 

• Price target anchors expectations. The $15 target comes straight from an external source – not company materials – and reflects both operating growth (more than 800% in reported revenue growth for 2025 expected) and AI-focused Digital Asset Treasury upside optionality.

 

NOTE:  Maxim’s opinions and analysis are independently generated. So the report’s projections, estimates and recommendations – all its assumptions – are not guidance from or confirmation of TRNR’s management views. 

 

SHAREHOLDES SHOULD REVIEW OUR SITE FAQ to understand how to reconcile some of what’s in the report with our own projections. To receive the report, please reach out to your Maxim representative if you have one or email ir@interactivestrength.com. 

 

To the long-term believers: thank you for sticking with us. 

 

To the skeptics: another independent data point just arrived – and we’re only halfway through the year.

 

Let’s keep building.

— Team TRNR

 

(For full details, read today’s press release HERE and our FAQ.)

Forward Looking Statements:

This press release 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 comments made by the Maxim analyst, including, achieving a $15 share price, more than 800% growth in 2025 revenue, having potential crypto-treasury upside, completing the pending acquisition of Sportstech, achieving much larger scale for sales and adjusted-EBITDA earnings, achieving revenue of $105 million in 2026, as well as having increased investor interest, greater liquidity and more appropriate valuation in the future or the relative strength of the Company’s business model, margin expansion and growing addressable market. 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.