Logo

TRNR

Interactive Strength Inc.

TRNR

Interactive Strength Inc. • NASDAQ
$2.20 ▼ -3.51% (-0.08)
Market Cap $3.41 M
52w High $39.60
52w Low $2.09
Dividend Yield 0%
P/E 0
Volume 73.63K
Outstanding Shares 1.55M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.815M ▲ $6.858M ▲ $-5.231M ▼ -108.64% ▲ $-3.11 ▼ $1.919M ▼
Q2-2025 $1.219M ▼ $5.63M ▼ $-2.18M ▲ -178.835% ▲ $-2.13 ▼ $3.12M ▲
Q1-2025 $1.356M ▼ $6.008M ▲ $-6.603M ▼ -486.947% ▼ $-1.74 ▲ $-3.927M ▼
Q4-2024 $2.383M ▲ $3.699M ▼ $-5.762M ▲ -241.796% ▲ $-7.26 ▲ $-3.764M ▲
Q3-2024 $2.014M $7.466M $-7.141M -354.568% $-11.73 $-3.921M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $845K ▲ $85.438M ▼ $67.981M ▼ $17.457M ▲
Q2-2025 $582K ▼ $86.24M ▲ $69.966M ▲ $16.274M ▲
Q1-2025 $2.207M ▲ $37.816M ▲ $24.06M ▼ $13.756M ▲
Q4-2024 $138K ▼ $34.17M ▼ $27.055M ▼ $7.115M ▲
Q3-2024 $2.269M $37.753M $31.961M $5.792M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-5.231M ▼ $-2.418M ▼ $-2.523M ▲ $2.944M ▼ $-1.987M ▼ $-2.418M ▲
Q2-2025 $-2.179M ▲ $-2.198M ▲ $-48.776M ▼ $51.533M ▲ $625K ▼ $-47.474M ▼
Q1-2025 $-6.603M ▼ $-3.545M ▲ $-2.191M ▼ $7.771M ▲ $2.069M ▲ $-3.711M ▲
Q4-2024 $-5.762M ▲ $-5.813M ▼ $-268K ▼ $3.302M ▼ $-2.131M ▼ $-5.813M ▼
Q3-2024 $-7.141M $-3.749M $0 $6.274M $2.113M $-3.749M

Five-Year Company Overview

Income Statement

Income Statement Revenue is still extremely small and only recently started to show up, while losses have been steady for several years. The business is clearly still in the build‑out phase, with spending on operations, marketing, and product development far outweighing sales. Margins are weak and profits are not in sight yet, so the income statement tells a story of a company focused on growth and integration rather than near‑term earnings or efficiency.

Balance Sheet

Balance Sheet The balance sheet is very light, with only a small base of assets and no meaningful cash reported in this snapshot. Debt exists and is material relative to the size of the company, while shareholder equity has hovered around breakeven or slightly negative at times, reflecting accumulated losses. This creates a thin financial cushion and suggests that the company’s ability to grow depends heavily on continued access to outside funding and successful execution of its acquisition strategy. The reverse stock split also signals prior pressure on the company’s market value.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, meaning the core business is consuming rather than generating cash. Free cash flow is also negative, with modest investment needs but an ongoing cash burn tied mainly to operating expenses and growth efforts. This pattern is typical for an early‑stage, roll‑up style company in a capital‑intensive sector, but it also underscores reliance on equity raises, debt, or strategic partners to fund the business until it can scale to a sustainable level.

Competitive Edge

Competitive Edge Interactive Strength is trying to carve out a position in connected fitness by owning multiple brands—Wattbike, CLMBR, and FORME—across different workout types and customer segments. This multi‑brand strategy, plus planned acquisitions like Sportstech, could broaden its reach across home users, athletes, and commercial customers and expand internationally. It benefits from differentiated hardware designs, performance‑oriented features, and content subscriptions. However, the market is crowded, consumer interest has cooled from pandemic highs, and larger, better‑funded competitors still dominate. Execution on integration, brand positioning, and distribution will be critical to turning this diversified portfolio into a real competitive edge rather than a complexity burden.

Innovation and R&D

Innovation and R&D The company is clearly leaning into innovation: smart fitness mirrors with integrated resistance, vertical climbing machines, high‑precision cycling trainers, and a planned AI‑driven training platform through its partnership with Fetch.ai. Patents on hardware designs and interactive mirror systems offer some protection and differentiation. Recurring subscription content, live coaching, and data‑driven training are all aimed at building a sticky ecosystem rather than just selling equipment. The upside is the potential for a modern, tech‑heavy fitness platform, but it requires ongoing investment in software, content, AI capabilities, and user experience—all of which add cost and execution risk in a fast‑moving category.

Summary

Interactive Strength looks like an early‑stage, high‑risk connected fitness platform trying to grow through innovation and acquisitions rather than through a mature, profitable core business. Financially, it is very small, unprofitable, and cash‑consuming, with a thin balance sheet that depends on external capital. Strategically, it has an ambitious vision: a portfolio of premium fitness brands, international expansion, subscription content, and AI‑powered training. The long‑term story hinges on whether the company can successfully integrate acquisitions, scale its subscriber base, and turn its technology and patents into a durable advantage before financial constraints limit its options. Uncertainty is high, but so is the dependence on flawless execution in a challenging and competitive industry.

NEWS

November 21, 2025 · 1:50 PM UTC

TRNR Updates Investor FAQs; Highlights Newly Published Q3 Shareholder Letter

Read more

November 14, 2025 · 7:55 AM UTC

TRNR Reports Record Third Quarter 2025 Results with 139% YoY Growth; Reiterates 2025 Pro Forma Revenue Guidance of $80M+ To Be Driven by Completion of Sportstech Acquisition

Read more

November 5, 2025 · 9:00 AM UTC

Interactive Strength Inc. (Nasdaq:TRNR) Investment Drives Sportstech's 24% YoY Revenue Growth for the Third Quarter of 2025

Read more

October 31, 2025 · 9:45 AM UTC

Interactive Strength Inc. (Nasdaq: TRNR) Updates FAQ's In Response to Shareholder Questions About CFO Hire and the Sportstech Acquisition Closing

Read more

October 29, 2025 · 9:25 AM UTC

Interactive Strength Inc. (NASDAQ:TRNR) Appoints Caleb Morgret as CFO To Drive the Transformation to Beyond $80m In Expected 2025 Pro Forma Revenue

Read more