Dear Shareholders,

As promised, I have an update on the status of our enforcement proceedings related to Sportstech’s loan obligations to TRNR. However, it’s time for investors to look ahead to 2026 as well.

Sportstech cast a long shadow over our operations and progress in 2025 given its potential to step-change our business. While we work to resolve that situation satisfactorily, it’s important to recognize that regardless of Sporstech, TRNR meaningfully increased the size and strength of its business last year. 

So in today’s letter, you’ll see not only information on Sportstech – we’re also providing an update on Wattbike’s commercial performance, and a Q4/full-year TRNR earnings preview.

We’re starting 2026 as a very different company. TRNR finished last year with nearly 4x the revenue we had in 2024, by closing an acquisition that’s performing strongly and implementing a commercial playbook that’s demonstrably working. 

We’re expecting to build on that foundation in 2026 – both by continuing to improve our existing, larger operations, and by completing additional acquisitions. 

In other words, despite starting this letter and the year with Sportstech news, we are looking past it and expect to move far beyond it.

Sportstech: Enforcement Update

Regarding Sportstech, we continue to drive the processes to assert our contractual rights, focusing on repayment of the outstanding loan, but with many potential options for compensation. 

As we noted last week in passing, Sportstech has acknowledged – several times now – that they owe us the $5 million in principal and intend to pay. They are disputing other elements of the agreement they negotiated and signed, which commits them to a current balance of $6.6 million. In addition to wanting to cover our transaction expenses through the interest we earned on the loan, we fundamentally believe that it’s not fair that Sportstech could advance their business through our shareholder’s capital and not pay the negotiated and agreed amounts.

With respect to paying the difference between the principal and the full amount, Sportstech has not provided any satisfactory suggestions, so we have proceeded with the enforcement mechanisms contained in the loan agreement, the share pledge and the personal guarantee. Specifically, here’s where we are:

• Litigation: TRNR has prepared the relevant lawsuits and is preparing to file them. We intend to pursue all avenues, including loan recovery and enforcement of the Sportstech CEO’s personal guarantees.
• Public auction: We are initiating a public auction for the pledged Sportstech shares (100% of the company). We expect our notary and counsel to serve notice of an auction in the coming weeks. Subject to notice timing, the auction could take place some time in February. There are a variety of moving parts here, so that’s not a hard timing window – but it is one we are pursuing with decisiveness.

The resolution path remains what we outlined on January 7: either they pay what they owe, or we enforce our security. Both outcomes deliver shareholder value. 

We’ll update shareholders as enforcement proceeds.

Wattbike: Proof the TRNR M&A Playbook Works

Now let me turn to what’s been happening at Wattbike. Shareholders should understand that this business is a clear, scaled example of our operating strategy and what we’re building for the long term – and it’s working.

We acquired Wattbike because we believed it had home-run potential. Six months in, the Air-Pro product line performance is validating that thesis – and we’re still early in that product launch.

As a reminder:  Wattbike’s heritage is elite performance: Premier League training rooms, Formula 1 paddocks, NFL, NBA and NHL teams, the best military in the world including the Navy Seals and elite-sport academic institutions worldwide. 

From Japan, to the UK and Europe, to the US, Wattbike genuinely is trusted by the best. That credibility took 15 years to build and it’s irreplaceable. But elite sports is not TRNR’s and Wattbike’s largest growth opportunity. 

That larger growth path lies in leveraging the credibility, product design and data and commercializing much more broadly – via gyms, health clubs, hotels, and homes worldwide. 

This is a much larger and richer market segment than elite sport. It’s also one where there is increasing demand for the type of performance measurement and health management at which Wattbike excells. 

This is why the AirPro product line was created – to blend our elite-level training and measurement with a more accessible, easier-to-use cycle. 

The Product

Air-Pro has two features that matter. First, a new touchscreen interface that makes the bike accessible to everyday gym members, not just elite athletes. 

Second – and this is the differentiator – Wattbike’s Healthspan Check, a built-in VO₂ max testing capability that turns every bike into a fitness assessment platform.

Gym operators care about member retention. Healthspan gives trainers a reason to engage members and gives members a reason to come back. That’s why operators are buying.

The Traction

UK commercial sales, July through December 2025:

700+ bikes sold | ~$2.5 million in revenue | generally 25-35% higher utilization vs. legacy models

The Customers

Air-Pro is doing two things at once: deepening wallet share with existing accounts and opening doors to new ones.

Existing accounts expanding:

David Lloyd Clubs (one of Europe’s largest premium operators): Air-Pro embedded in every new installation, driving faster-refresh purchases across the franchise.

Third Space (ultra-premium London, 14 clubs): Wattbike now deployed across the entire estate, including their flagship VO₂ max testing facility at Mayfair.

Virgin Active: (Global premium health club operator with over 200 gyms worldwide): Continued expansion.

New accounts won:

GymBox (10-club premium London chain): First-time Wattbike customer.

Everlast Gyms (Frasers Group, 60+ UK locations): Selected for new HYROX Performance Centres. Healthspan testing embedded in member onboarding. Their Head of Fitness has said: “Our mission is to bring world-class testing and data-led insights to everyone, not just elite athletes. Wattbike enables us to do exactly that.”

Why It Matters

This is the playbook: take elite credibility, add accessible technology, and deploy it at commercial scale. Air-Pro proves it works. 

David Lloyd, Third Space, Everlast – these aren’t pilot programs. These are scaled deployments from operators who have options. There’s significant runway ahead as we expand this playbook globally and begin cross-selling across CLMBR and FORME.

2025 Earnings Preview: The Standalone Business

Ahead of our formal 2025 earnings release (expected by March 30), here’s a preliminary view of the revenue we generated. These figures are unaudited and subject to change.

Q4 2025 Revenue: $4.5+ million (~100% YoY growth vs. Q4 2024)

Full-Year 2025 Pro Forma Revenue: $20+ million (if Wattbike was owned full year)

In 2024, we were a $5 million revenue company with a promising but unproven acquisition strategy. Today, we are approximately 4x that, with 2025 pro forma revenue of $20+ million – with a new brand that’s performing strongly and a commercial playbook that’s demonstrably working.

Yes, we expected even more, predicated on closing Sportstech – a deal that was fully negotiated and anchored in a critical working capital loan. That obviously hasn’t come to pass. 

But the revenue we did generate – and the trajectory it represents – is real. 

Sportstech would have accelerated the growth curve. Its absence doesn’t change the direction and we expect to achieve our scale ambitions.

2026: Building on the Foundation

So what does 2026 look like?

On Sportstech, we’ll resolve this one way or another. Either they pay what they owe – which would represent approximately twice our current market cap in recovered capital – or we foreclose on the shares and pursue other remedies. Litigation filings and foreclosure proceedings will advance in the coming weeks. We’ll keep you informed as that unfolds.

On operations, we’re continuing to execute on Wattbike – replicating the Air-Pro playbook in markets beyond the UK, exploring cross-sell opportunities across CLMBR and FORME, and driving the brand deeper into commercial fitness. The engine that drove $20+ million in 2025 revenue doesn’t stop.

And on M&A, we’re not done. The Sportstech situation has been a distraction, but it hasn’t changed our strategy. We remain focused on building a scaled portfolio of specialty fitness brands, and there will be more to share on that front soon.

This company is bigger, stronger, and better positioned than it was a year ago. We intend to keep building.

Register for updates at interactivestrength.com/updates or contact us at ir@interactivestrength.com.

Sincerely,

Trent Ward

Chief Executive Officer, Interactive Strength Inc.

Forward-Looking Statements

This letter 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 collectability of the working capital loan, the enforcement of credit remedies such as the personal guarantee of the Sportstech CEO or the security on his shares, preliminary and unaudited financial results, expected revenue growth, future M&A activity, and 2026 business development plans. The reader is cautioned not to rely on these forward-looking statements, and 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 acquisitions, sales, financing, litigation or other corporate actions and behaviors. 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.