APRIL 23, 2025 | Fellow Shareholders:

 

We’re proud to already share a powerful proof point of our Wattbike strategy even before we’ve formally completed the acquisition: Woodway, a U.S. distributor for performance training fitness equipment, has placed a 480-unit order that is expected to generate more than $1 million in revenue for Wattbike.

 

• For context: while Wattbike is already a staple in over 3,000 gyms in the UK, as slide 10 in our investor presentation highlights, its U.S. footprint is still nascent — representing a massive growth opportunity, and one that we were focused on in the acquisition strategy. 

 

• This order signals confidence from a best-in-class distribution partner and accelerates our efforts to bring Wattbike’s elite performance training tools to more commercial customers in the U.S.

 

• The order comes on the heels of the launch of the Air Pro, the next generation of the best-selling elite performance training bike used globally by professional sports teams, which we expect to drive a global upgrade cycle across the many tens of thousands of earlier Air/Trainer bikes

 

Wattbike is more than just a connected indoor bike. It’s the preferred cycling platform for elite teams, performance centers, and military units around the world — from the NFL, NBA, MLB, NHL, and Premier League, to healthcare facilities, universities, and even special forces operations. 

 

Its training platform is used for testing, benchmarking, injury prevention, rehab, and low-impact conditioning, with an award-winning and free-to-use app that supports both athletes and trainers.

 

This makes the Wattbike portfolio perfect for many audiences – and especially suitable for TRNR’s many US gyms and gym-chain customers. Those buyers are always looking for the best equipment, with proven performance outcomes – and there’s nothing in the world better than Wattbike for measuring and improving fitness performance. 

 

We’ll have even more details on this in a future post.

 

For now, the important takeaway is that this 480-unit commitment from Woodway builds on our recently announced binding agreement to acquire Wattbike. It reinforces our belief that this brand has the pedigree, product, and momentum to be a breakout player in TRNR’s portfolio. 

 

As we continue to expand our reach and diversify our product lineup, our strategy remains focused: disciplined acquisitions, durable product-market fit, and global opportunity. 

 

With this new Wattbike order in hand, we’re executing against that plan — and moving quickly.

 

Stay tuned, and stay bullish!