Fellow Shareholders,

 

We have been speaking directly with dozens of our highest-conviction investors this week and we have discussed their feedback and our view of TRNR’s exciting future. We would like to share with the full shareholder community the perspectives we conveyed in those conversations.

 

In just over six months, Interactive Strength has advanced from a sub-scale, largely U.S.–focused fitness start-up to a diversified, global operator on track to generate more than $75 million in pro-forma 2025 revenue, compared with $5 million for full-year 2024, and achieve profitability in the fourth quarter of 2025. Key milestones over this period include:

 

• Strategic acquisitions. Definitive agreements to acquire Sportstech and Wattbike expand our footprint to Germany and the United Kingdom, as well as growing in the  United States – the world’s three largest fitness markets. These transactions are expected to close this summer and there are only administrative milestones remaining. 
• Enhanced financial outlook. On the strength of Sportstech’s above-plan results to start the year, we have materially increased revenue guidance and are confident that we will achieve profitability in the fourth quarter of 2025.
• Record commercial traction. Wattbike secured the largest equipment order in TRNR’s history.
• Balance-sheet innovation. We raised $55 million from institutional investors and launched an up-to-$500 million Digital Asset Treasury focused on AI-focused FET, designed to bolster liquidity while enabling AI-driven personalization across our product ecosystem. This should be an accretive transaction that enhances our M&A strategy. 

These actions are expected to create significant value, but they do need to be financed at the beginning and we have raised capital through the issuance of equity and convertible securities this year – actions taken to fund growth, and TRNR is now a fast-growing operating company with meaningful scale in both operations and our Treasury strategy. Working capital deployed today accelerates our path to sustainable cash generation.

 

We expected that the market would have appreciated these compelling achievements, but the unfortunate part of the Nasdaq listing requirements is that we were required to perform a reverse share split today given the share price was below $1.00 for almost 30 days despite our market cap growing over the course of the year. There is no reason that we would have done this other than to protect your investment by maintaining compliance with Nasdaq so that we will be able to harvest the expected future return on our current investments. 

 

As many investors remarked, “there’s been absolutely no change to the upside and yet the price is almost 40% low – this is an opportunity.” 

 

Looking ahead, we anticipate a consistent cadence of catalysts – acquisition closings, new product launches, and treasury-asset milestones – that will make our operational progress increasingly evident for those investors who are able to see the vision. 

 

We remain confident that, as these milestones are achieved, more and more investors will want to take advantage of the gap we see between our low share price and our high underlying value. Thank you for your continued support and we all look forward to the realization of our strategy.

 

Trent Ward
Co-Founder & Chief Executive Officer
Interactive Strength Inc. (NASDAQ: TRNR)