APRIL 11, 2025 | Fellow Shareholders:

In case you’ve been distracted by macro-economic news, or under a rock, we’ve been in London and Germany this week, signing our binding agreement to acquire Wattbike and meeting with major distributors like our, and Wattbike’s, partner Woodway.

• This agreement marks another concrete milestone for TRNR and our growing portfolio of differentiated, connected fitness brands.
• With three acquisitions announced within a year-and-a-half, we hope shareholders and our other stakeholders can see our clear progress and momentum transforming the company. 
• On closing of our two latest deals, we expect to be a bigger, stronger, more diversified business with a stronger balance sheet and a radically different P&L. 
• Reflecting our growth and M&A activity, we’ve raised our expectations for pro forma 2025 revenue 30%, to more than $65M.

As our new investor deck and updated FAQ make clear, while we don’t have a crystal ball for the future, we do have a disciplined formula for our deals that protects shareholders from downsides, while allowing us all to benefit from upside. 

Equally, while of course we’re watching macro issues like tariffs, it’s important to recall that we expect no US or reciprocal tariffs expected on more than 75% of 2024 pro forma revenue since the revenue is earned in the EU/UK from Asian manufacturing.

Our work is just getting started. We have to close both deals, accelerate integration planning and execution, and continue to grow sales, to name a few priorities. Our next earnings report is coming up – and recall, that Q1 report will not reflect the benefit of the deals – and we have more distribution, customer and product progress to make. We’ll keep everyone posted.

Stay tuned, and stay bullish.

(Pictured: TRNR and Wattbike at FIBO 2025)