JULY 1, 2025 | Fellow Shareholders:
The third quarter is starting with a bang!
We said we’d do it, and today we did. Wattbike is officially part of TRNR.
Regulatory approvals are behind us, paperwork is signed, and the Wattbike team is already meeting with ours to execute the integration plans.
Why this matters:
- Customer and market scale: our operations now spans the US and the UK – two of the biggest fitness markets on earth.
- Numbers that add up: With Wattbike in the fold (and Sportstech next), we remain on track for the $75 million pro forma 2025 revenue and Q4 profitability.
- An elite-proven brand with huge runway to go mainstream: Wattbike is recognized worldwide both outside and in the US by pro sports teams and athletes. It’s also known in literally thousands of top gyms in the UK. Next stop: expanding faster in the EU and US.
- Proof, not promises: For months a vocal minority insisted these acquisitions “weren’t real.” Closing Wattbike is the clearest proof point yet that TRNR executes, and you will see more soon.
- What’s next:
- Finish the Sportstech acquisition this summer.
- Launch an AI-powered training experiences by using all of our data and assets across CLMBR, FORME, Wattbike and Sportstech.
- Convert momentum into share-price recognition.
We’ll keep reporting our progress exactly as we always have – directly, transparently, and with the same conviction that got us here. For those of you who stayed the course – thank you, and there’s more to come. For those of you that doubted or left – there’s a lot of opportunity to capture still, so come back!
Let’s keep building.
— Team TRNR
(For full details, read today’s press release here and our June 27 CEO letter here.)
Forward Looking Statements:
This press release 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 transactions in the third quarter or at all, the financial performance of those acquisitions and the resulting guidance of being accretive to earnings immediately or in the future, generating more than $75m of pro forma 2025 revenue, achieving profitability in the fourth quarter or there being significant upside in the Company’s share, or how underappreciated it might be. 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.