October 31, 2025 | Fellow Shareholders:
Introduction
With the pending acquisition of Berlin-based Sportstech and TRNR’s European operations already representing the majority of expected 2025 revenue, the company recently announced that Caleb Morgret will assume the role of Chief Financial Officer on November 15, 2025.
We sat down with Caleb – an American executive who has spent most of his career in Europe – to discuss his background, why he joined TRNR, and what shareholders can expect as he takes on this critical role.
Q: Tell us about your experience, Caleb.
I’ve spent more than two decades in finance, primarily in Europe. My background includes roles in debt capital markets and corporate finance, as well as – most recently – CFO of a Swiss-based biotech company with European and US portfolio companies. That experience gave me a deep appreciation for the complexities of cross-border audits and regulatory requirements under PCAOB standards.
That’s particularly relevant here – I’ve been working with TRNR since September specifically on the audit and financial workflows needed to complete the acquisition of Sportstech. Being on the ground in Germany has been invaluable in helping bridge the cultural and technical gap between a private European company and a US public company preparing for integration.
Q: Why did you want to come to TRNR?
I was drawn to TRNR because it’s at an inflection point of what looks to be a very exciting trajectory. The group has moved beyond the early, home-fitness era and is now positioned as an integrated performance equipment and connected-fitness technology platform. The acquisition of Wattbike and the pending acquisition of Sportstech will combine to create a diversified, global business with scale and growth potential that few in the sector can match.
It’s also exciting to join a management team that has already demonstrated the vision and ability to execute a fairly challenging turnaround, while keeping a listed, cross-border business running with a lean team. TRNR’s journey is unusual – but so are its opportunities.
Q: You’ve lived and worked extensively in Europe. How is that experience shaping your perspective on the Sportstech acquisition?
Culturally, things simply move at a different rhythm here. European private companies tend to be more deliberative, consensus-driven, and less accustomed to what you could call a “US sense of urgency” around public-company deadlines.
To be clear: Sportstech is an exciting business: EBITDA-positive, growing and entrepreneurial, with consistent demand across multiple markets. But this is its first exposure to full US-style financial documentation. It’s not a question of performance or reporting quality; the challenges we have are a matter of process. Helping them navigate these processes is my focus right now. When the closing documentation and other final requirements are completed and the transaction closes, I believe shareholders will see the value this business adds very quickly.
Q: What’s your perspective on the pending acquisition itself?
From a financial standpoint, Sportstech complements both TRNR and Wattbike very well. Together, they comprise a group that is expected to generate more than $80 million in 2025 pro forma revenue in the US, DACH countries and the UK, with the majority of it from Europe.
From an operational standpoint, both Wattbike and Sportstech have strong brands, loyal customers, and a clear roadmap for growth. The combination of the two is expected to generate attractive opportunities for cost-efficient expansion into large new markets.
My goal as CFO will be to ensure we have the right working-capital structure and financial discipline in place to support that growth while continuing to simplify and strengthen the overall group balance sheet.
Q: What do you want shareholders to know as you step into the CFO role?
First, I recognize the level of engagement – and at times frustration – among TRNR’s retail shareholders with respect to acquisition timelines. I’ve been involved in enough transactions to appreciate that they can develop on vastly different timelines, but I appreciate the challenge when you are not in the day to day flow.
Even with TRNR this year, you can see how quickly Wattbike was completed as compared to Sportstech as an example. Wattbike is based in an English speaking country and had been owned by private equity, so it was much simpler and easier for the team to move quickly.
Transparency and steady communication are critical in that kind of environment, and I plan to continue the conversational approach the company has built on its investor platform. I have to say, it was very encouraging as I did diligence on the role to see how communicative the team has been despite challenging events.
Second, we’re acutely aware of the impact that the uncertainty about closing Sportstech has on the stock. That’s why I’m dedicating nearly all my time to helping Sportstech’s CEO, Ali, the team, auditors and financing parties bring that process to completion. The sooner we are able to report Sportstech’s financial results in our 10-Q’s and 10-K’s, as opposed to pro forma projections, the better investors will understand this company’s growth story is both real and sustainable.
Closing Note
Caleb will officially assume the CFO role following TRNR’s Q3 2025 earnings release on November 14. He is based in Europe and will work closely with CEO Trent Ward and the broader team to complete the Sportstech acquisition and continue scaling TRNR’s global performance brands.
Thank you for your continued support!
TRNR
Forward Looking Statements:
This transcript 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 pending transactions in a timely manner or at all, the performance or revenue growth of those businesses, and the suitability of the new CFO hire. 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.