APRIL 10, 2025 | Fellow Shareholders:

We’re excited to share some big news: earlier this week we announced that TRNR has signed a binding agreement to acquire Wattbike, one of the world’s most respected names in indoor performance training.

Wattbike is a UK-based company founded in 2008 with more than $15M in 2024 revenue and deep roots in elite athletic training. Its bikes and training platform are trusted by every NHL team, many NBA,  NFL and MLB teams and over 20 Premier League football clubs, as well as by Olympic athletes, top-tier gyms, notable academic institutions, big-sports schools and even military special forces. 

But this isn’t just a deal about elite athletes. Wattbike is already making serious headway in mainstream fitness and consumer markets, and with TRNR’s platform behind it, that growth is only going to accelerate.

Why this matters for TRNR — and for you:

• Bigger Business/Scale: when this deal closes, we expect to achieve more than $65M in 2025 revenue on a pro forma basis – YOU CAN SEE OUR REVISED EXPECTATIONS HERE AND OUR UPDATED SHAREHOLDER PRESENTATION HERE
• More Markets: This deal gives TRNR a powerful footprint across the world’s top three fitness markets: the US, Germany, and the UK.
• More Differentiation: Wattbike isn’t just another indoor bike brand. Their product and digital platform are used for training, rehab, testing, and performance across elite sport, military, and healthcare. Their tech and credibility are second to none.
• More Opportunity: With TRNR’s Nasdaq listing, distribution network, and marketing engine, Wattbike is poised to expand fast — especially in the US, where commercial gyms and individual fitness buyers are hungry for quality, connected, performance-based training tools.

This acquisition builds on the same strategy we’ve shared with you before: creating a differentiated, scaled, global fitness business by bringing together best-in-class equipment, content, and connected experiences under one roof. 

Wattbike joins CLMBR, FORME, and soon Sportstech as part of a portfolio we believe no other fitness company can match.

We expect that this will be our  third acquisition in just a year and a half, and we’re staying laser-focused on quality deals that drive long-term value while protecting shareholder interests — including this all-stock transaction, which includes performance-based terms and no cash paid to selling shareholders.

As always, thank you for being part of the TRNR journey. We’ll have more updates for you soon — and we’re only just getting started.

Stay tuned, and stay bullish.

Forward Looking Statements:
This post 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 financial performance of those acquisitions and the resulting guidance of having more than $65m of pro forma revenue in 2025. 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.