Q&A with Trent Ward and Stephen Loftus

May 23, 2025 | Fellow Shareholders:

As we near the expected formal close of our acquisitions of Wattbike and Sportstech, we wanted to give shareholders an inside look at how our teams are already collaborating—and what that means for the future of TRNR.

On the back of our strong actual and pro forma Q1 earnings performance, the investor relations team connected with TRNR Founder & CEO Trent Ward and Stephen Loftus, CEO of Wattbike, for an insightful talk about where Wattbike fits into the TRNR and Sportstech picture – as a complement to the prior conversation with Sportstech Founder Ali Ahmad.

The message was clear: the three companies are already acting like one group, and they’re finding real opportunities to unlock value through shared platforms, complementary strengths, and cross-market reach. Before diving into the Q&A with Trent and Stephen, here are a few key takeaways:

Integration Is Happening Now

The Wattbike, Sportstech, and TRNR teams are already collaborating—on sourcing, on product innovation, and on go-to-market strategies in both the UK and US.

Complementary Strengths Are Clear

Wattbike’s deep commercial sales network in the UK is expected to open doors for CLMBR, FORME and Sportstech equipment to reach new customers. Sportstech’s Bangalore-based AI and software teams are expected to give Wattbike powerful new ways to personalize training and unlock the value of its elite data set. TRNR’s platform and capital are expected to help both companies accelerate their roadmaps.

The Deals Aren’t Just About Fitness Equipment; the Cross-Company Advantaged Tech Stack Is Real

The TRNR portfolio strategy and ability to create long-term shareholder value isn’t just about hardware. It’s about data, software, and sales. Together, we’re aiming to build a tech-enabled fitness ecosystem, across multiple sales channels, that reaches from elite gyms to everyday athletes.

Lightly edited for clarity and length from a longer internal discussion

Trent, how would you describe what this phase of the acquisition process feels like right now?

Trent Ward: The deals aren’t officially closed yet, but operationally we’re moving as if they are as we view their completion as very high probability given we have binding agreements. The teams are already in alignment, sharing playbooks, already identifying joint growth opportunities. It’s the right kind of manic—scrappy, creative, fast. Everyone is motivated, and that’s translating into real execution before the deal is completed.

Stephen, what are some of the themes that came out of your recent meetings with Ali and the Sportstech team?

Stephen Loftus: We dug into everything from customer segments to sales channels to regional opportunities. Wattbike has deep roots in elite performance, and Sportstech brings this powerful breadth across mainstream equipment and e-commerce. Their insights around digital engagement and broader consumer motivation really complement our technical depth. And their AI development team in Bangalore is a huge asset—way more advanced than people might expect.

What do the synergies look like on the tech side?

Stephen: Wattbike has enormous volumes of performance data—millions of workouts, a huge dataset of fitness benchmarks. Historically, that was locked into very specific user experiences. Sportstech is expected to help us mine that data and use it more dynamically. Whether it’s for recovery training, injury-specific plans, or tailoring for different ages, we believe we will be able to start building personalized programs that adapt to users in real-time. That should be a major unlock for us.

And what about physical distribution?

Trent: That’s an area where Wattbike really shines. They’ve got an embedded footprint in UK gyms and a service and logistics infrastructure that would take time and capital to replicate. For Sportstech, that means we expect that we can enter the UK entry from a running start. Stephen’s team knows how to deliver commercial-quality support at scale. It’s a great match with Sportstech’s product innovation and strong e-commerce ability.

Can you share an example of a new initiative already underway?

Stephen: One we’re excited about is expanding our CRF Test (Cardio Respiratory Fitness) —our science-based fitness benchmark. With Sportstech’s interface and gamification layers, we’re planning to make our test easier to access and thereby motivate gym-goers, not just elite athletes. We’re already exploring ways to integrate this into gym retention strategies, giving gym owners a tool to track progress, drive engagement, and boost PT usage. The same tool helps consumers and commercial customers alike.

Stephen, you also mentioned servicing and predictive maintenance—how does that come into play?

Stephen: Our bikes are one of the most used pieces of equipment in gyms and generate usage data every single day. We’re developing systems that use that data to predict when maintenance will be needed—so service happens before something breaks. That’s not just a better experience for the gym owner—it should be a revenue driver for them because equipment uptime goes up and member satisfaction increases. Sportstech’s team is expected to help us build out that kind of proactive intelligence.

How does Amazon fit into the mix?

Trent: Ali built his brand on a very successful Amazon strategy. Wattbike hasn’t touched that channel yet. There’s a huge opportunity to apply Sportstech’s Amazon expertise to countries other than Germany for Sportstech, and to the other brands (Wattbike, CLMBR and FORME). It’s not just about sales—it’s discoverability, funnel-building, brand visibility.

Stephen: Exactly. In today’s world, not being on Amazon is like not being on Google. Ali has A decade of experience navigating that ecosystem, and he’s bringing that knowledge to the rest of us.

What’s the big picture here for investors?

Trent: We’re assembling an ecosystem. We’ve got smart hardware, connected software, elite data, AI capability, and powerful distribution. We’re not just integrating companies—we’re working on creating a full-stack platform that can serve consumers, gyms, and even sectors like insurance and corporate wellness. This is about building something that we expect can scale intelligently across categories and geographies. And it’s already underway.

Any last thoughts on where this is all headed?

Stephen: The next six months are about showing what’s possible when these teams work together. The potential to move faster and smarter is what excites me most. Ali’s pushing us on AI, Trent’s pushing for US growth, and we’re all focused on delivering real results.

Trent: I’ve said it before—the share price doesn’t reflect where we are or where we’re going. But the fundamentals will shine through. Quarter after quarter, we’ll prove it.

Thank you for your continued support!

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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 completing the Sportstech or Wattbike transactions in a timely manner or at all, the synergies from these transactions as well as the financial performance of those acquisitions, , as well as improving Wattbike’s bottom line through better execution and sourcing not materializing, Sportstech’s envisioned product features and usage of technology may not become commercial or contribute to the business, crypto and other technological applications of blockchain technology may not be implemented or be relevant to the business, implementing technology such as intelligent coaching, gamification, or reward systems may not occur and it may not grow the addressable market as expected, results in Q4 may not be received as very attractive by investors, the stock market valuation may not match the fundamental value and investors might not change their perspective and the company may not deliver positive quarterly performance. 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.