November 21, 2025

Is Wattbike performing as expected now that it is consolidated?

Yes. Wattbike’s first full quarter of inclusion contributed meaningfully to TRNR’s 139% YoY revenue growth. The brand is performing in line with expectations across both elite performance and commercial channels, and the performance is improved as a result of the immediate changes we made to the cost structure after closing. We expect to be able to drive more synergies from the business during 2026 so that the financial contribution of the brand will be materially better than the business that we acquired.



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(Updated July 9, 2025)

What does it mean that Maxim initiated coverage of TRNR, and why is that important?

When a sell-side equity research firm begins covering a company, it assigns an analyst who regularly publishes ratings (e.g., Buy/Hold/Sell), share price targets and potentially financial models. These reports are read by portfolio managers, hedge-fund traders, and wealth-management advisers - people who decide where large blocks of capital go - so coverage can potentially:

- Increase institutional awareness and credibility. Professional investors often won’t look at a micro-cap until at least one independent analyst is on the name.

- Improve trading liquidity over time. More eyes on the story typically mean more daily volume, tighter bid/ask spreads, and easier execution for both small and large shareholders.

Who is Maxim Group?

Maxim Group LLC is a full-service investment bank and wealth-management firm headquartered in New York that focuses on emerging-growth companies linkedin.com. Its research team covers roughly 200 small- and mid-cap stocks across technology, consumer, healthcare, and industrial sectors.

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(Updated June 27, 2025)

Why did TRNR carry out a reverse share split?

There is a Nasdaq continuing listing requirement that prohibits a listed company from having a closing bid price below $1.00 for 30 straight trading days. Despite our market cap growing this year -powered by two strategic acquisitions, 2025 revenue guidance of ~$75 million, adding $50 million to the balance sheet and an outlook for profitability in Q4 2025 - the share price stayed under that $1.00 threshold. The reverse split simply combined existing shares into fewer, higher-priced shares so we remain in compliance and keep our Nasdaq listing. For example, you could have had 10 shares at $0.50 and now you would have 1 share of $5.00. It does not change your percentage ownership, the value of your holdings or the company’s fundamentals; it protects your investment so we can “harvest the expected future return on our current investments,” as our CEO wrote to shareholders earlier today. Bottom line, our listing is the mechanism for our acquisition-related growth and expansion - and this was solely an administrative exercise.


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(Updated May 21, 2025)

What is TRNR doing about the continued short selling pressure on its stock?

We remain aware of what appears to be persistent short selling pressure and the concerns it raises among our shareholders. While short interest is a feature of public markets, we take any indications of potential market manipulation seriously. We are actively monitoring trading activity, staying in close communication with regulators, and evaluating all available options to protect our investors and ensure a fair and orderly market. We are also encouraged by recent signs that ongoing positive business updates — including strong performance from our acquired businesses — are being reflected in improved support for the stock.

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Wattbike Acquisition

What’s next for TRNR? More deals, or building out what you have?

Both. TRNR’s vision is building a portfolio of businesses that can capture value across different segments and geographies in health & wellness and drive significant multiple expansion for shareholders. Wattbike is large enough that our combined organic opportunity set is attractive, but also provides enough scale that we can acquire future businesses with larger synergies.

Going forward, we’ll continue to execute by both operating what we buy, well - and by strategically acquiring additional growth businesses on a low-cost, low-risk basis.

How will all the tariffs impact this deal and the combined business - especially with all TRNR’s and Wattbike’s stated plans to expand across borders, e.g., sell more in the US?

TRNR and Wattbike management teams - like most businesses worldwide - are monitoring and adapting to all the shifts in international trade. There’s plenty of change and uncertainty. That said, what’s also true is that more than 75% of the combined company’s 2024 revenues are outside the US - insulating the business from US-specific protectionism to a degree and for a fair amount of time. And we also have US-based inventory for FORME/CLMBR that will fulfill 2025 revenue projections. Finally, the other reality is that a lot of business across both TRNR and Wattbike is B2B sales, which are more resilient in terms of tariff-driven price sensitivity than individual consumer purchases. Taken together, all these factors at minimum mean that we don’t expect our operations to be severely impacted by trade considerations in the near future.businesses in terms of accelerating what they already each were doing.

For TRNR, Wattbike adds a truly marquee brand and set of products to its performance-focused portfolio. Wattbike’s indoor cycling training platform is arguably the best in the world - leading gyms, healthcare facilities, universities, and even special forces military operations - along with every NHL team and many teams in the NFL, NBA, MLB and the Premier League - all use Wattbikes.

For Wattbike, the deal gives its latest product launches and renewed growth a larger platform for marketing and distribution that will dramatically and cost-effectively speed up expansion across key international markets, while staying true to Wattbike’s commitment to deliver world-class training solutions for athletes and fitness enthusiasts alike.

Forward Looking Statements:
These FAQs include 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 $80m of pro forma revenue in 2025, achieving profitability by Q4, and the financial performance of the acquisition targets which have not been audited or reviewed by a PCAOB auditor and could vary materially (a) once that audit or review work is completed and such financials are included in the Company’s reported financials and (b) due to the effect of the exchange rates of foreign currencies which can be volatile. 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.

What are you doing to counter market manipulation like naked short selling? The trading volumes in TRNR stock can’t be real as it’s many multiples of the free-trading float.

Today is the third day during February when more than 50 million shares have traded in a day. This just highlights the many other times in the recent past when every share outstanding appears to have been traded more than 10 times in a single day. We have heard from many of our shareholders that they believe that this trading dynamic reflects an illegal “naked short.” If correct, this would harm all of us and our interests, as defending the share price is critical to our long-term plans. We have not been able to explain this volume and we are investigating the possible reasons for it, which include speaking with the Nasdaq Market Intelligence desk and possibly the Securities and Exchange Commission (SEC).

That being said, we are aware that TRNR has a low number of shares outstanding. A rush of buying, such as in response to the very positive Sportstech news, could move the share price up dramatically and attract traders with short time horizons. Beyond our investigating naked shorts, we are growing revenue through acquisitions and we are also spending a lot of time communicating the long-term value we expect to create so that we can attract more owners of TRNR to combat any short-sellers.

What is Interactive Strength’s business and how did it get started?

Interactive Strength Inc. (NASDAQ: TRNR) is the parent company of three leading brands serving the commercial and at-home markets with specialty fitness equipment and virtual training: CLMBR, FORME and FORME GOLF.

Most recently, TRNR has announced a binding agreement to acquire Sportstech, Germany’s largest connected fitness and equipment business.

CLMBR manufactures vertical climbing equipment and provides a unique digital and on-demand training platform. FORME is a hardware manufacturer and digital fitness service that combines award-winning smart home gyms with 1:1 personal training (from real humans) to deliver an immersive experience and better outcomes for both consumers and trainers. FORME GOLF combines the FORME Lift hardware with golf specific training delivered by Titleist Performance Institute certified trainers.

Who are its major customers? What about competitors?

Customers include gyms such as Crunch Fitness, Gold’s Gym, Chuze Fitness and Equinox, and hotels like the Four Seasons and Marriott and international distributors from countries like Germany, France, UAE, Indonesia and others. Our planned acquisition target, Sportstech, has sold products to more than 3 million consumers since it was founded in 2012.

We compete in a large, global fitness and equipment market that’s growing but also very fragmented - and which includes many, many companies and brands ranging from Technogym and Precor to Peloton, Nautilus and Stairmaster.

How long has TRNR been public?

TRNR listed on the NASDAQ in 2023 with only the FORME business.

Where are your offices located?

We are based in Austin, Texas and have an office in Taiwan.

Do you make your own equipment?

We rely on joint-development or contract manufacturers to produce the equipment and we use distribution partners to sell, providing us with an asset-light approach to making and selling our equipment.

Who’s on the management team? What is their experience?

We have an experienced management team anchored by Founder and CEO Trent Ward, Chief Technology Officer Deepak Mulchandani and CFO Caleb Morgret. You can read more about their credentials and expertise on our website.

Forward Looking Statements:
These FAQs include 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 $80m of pro forma revenue in 2025, achieving profitability by Q4, and the financial performance of the acquisition targets which have not been audited or reviewed by a PCAOB auditor and could vary materially (a) once that audit or review work is completed and such financials are included in the Company’s reported financials and (b) due to the effect of the exchange rates of foreign currencies which can be volatile. 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.

I’ve heard TRNR’s CEO, Trent Ward, has a $20 million salary. The company can’t pay that from operations, so are shareholders being diluted by capital raising to fund this?

There seems to be some confusion and misreading about the TRNR CEO compensation of $20M from the 10-K. We’d like to clear it up, because it is fantastically wrong. TRNR’s CEO did not - and does not - get paid $20M. The CEO salary has been flat for the past 2 years, averaging just under $300K in 2023 and 2024. So, what’s the $20M? It’s a non-cash number that frankly has very little to do with reality and is an accounting treatment tied to the issuance of stock options more than two years ago and pre-IPO. It has to be calculated, assigned a dollar value, and disclosed as a non-cash expense on the balance sheet according to GAAP. Each option was valued at $18/shr - even when the IPO valued shares at $8 - given the required Black-Scholes option-valuation methodology. Actual compensation related to those options is zero, and the options now have a strike price that’s over $2,000.00 per share, making them effectively worthless. So, again, the CEO is paid only in cash in the low six figures - and the $20M figure is a historical one off item associated with required accounting for old stock options that have no real value.

Why has the share price declined even as you report better financials?

We believe that the market has not fully understood how to value a roll-up strategy, which means that we believe the share is very undervalued. Especially given our $50M 2025 pro forma revenue guidance, as well as earnout assumptions built into our binding agreement to acquire Sportstech, which produced over $40M in profitable revenue in 2024.

There are a lot of factors that go into stock prices and like any company we can’t predict or unpack how our shares trade. We can say that we are extremely bullish about our market - which is growing, and ripe for consolidation - and our brands and business. We can also say that we are confident in our formula for growth and success: accelerate via acquisition; structure deals with equity and earnouts; and so align deal strategy, acquisitions and shareholder upside while risk-managing any downside.

What are you doing to improve the share price?

We’re growing a valuable fitness and equipment portfolio, rapidly, in a capital efficient way. On a TTM basis, we expect to increase annual revenues nearly 10X from 2024 to the end of 2025. More specifically, over the past year, we have locked in:

A worldwide distribution agreement with Woodway, an established and high quality partner for selling fitness equipment globally
Gold’s, Crunch, Chuze and Armah gym-chain initial installations, giving TRNR gateways into over 1,000 gyms in the US and worldwide
Additional distribution agreements and certifications enabling sales in the EU overall, and Germany, France, the Gulf region and Indonesia, heavily populated regions with thousands more gyms
Initial orders and installations for over 1,000 CLMBR units – achieving a level of scaled order traction within months that CLMBR had never reached on its own
Five major tradeshow exhibition opportunities
An expansion of our FORME brand into new verticals like golf, physical therapy, the military and college use-cases;
Significant steps to strengthen our listing and balance sheet; and
Our binding agreement to acquire Sportstech, Germany’s largest connected fitness and equipment business.

We’re also not stopping here - we’ll continue to build our customer and geographic presence, and also remain focused on finding additional acquisition opportunities.

Why should I buy/hold onto my shares?

We believe the market significantly undervalues TRNR on both a top and bottom line basis. As our investor deck and shareholder letters outline, we are building a risk-managed portfolio of fitness-related brands, content and equipment that has major upside.

We’re acquiring and scaling businesses in a growing market with a lot of demand from both consumers and companies like gym chains, multi-family residential and hotels. We’ve announced two acquisitions, and by the end of 2025, we expect to scale revenues nearly 10X as compared to 2024. In short, we’re pleased with our progress in just the last twelve months and bullish on our prospects going forward.

What is TRNR’s status with Nasdaq? What’s the likelihood you are delisted?

We are in full compliance with Nasdaq continuing listing standards. You can read more details about this on our website or in our filings. Given our progress building the business and our revenues, we believe we will continue to be in compliance with Stockholder’s Equity. We cannot control the share price, but we are focused on maintaining compliance, so we are asking for shareholder approval for a reverse split in the chance that it is required by Nasdaq.

TRNR did two reverse splits in 2024; will this occur again in the future?

Given the revenue base after the Sportstech acquisition, the profit potential and the equity we’re building, we are hopeful that we will not require another reverse split. We have no plans for an equity offering, which it seems is what caused a sudden decrease in share price in July 2024 and therefore we fell out of compliance with the Nasdaq listing standard and had to perform a reverse split. We’d expect that as we start to report significantly higher revenues and integrate our acquisitions, shareholders will start to better appreciate the quality of the business and therefore we will not be required to perform a reverse split, but we do want to be prepared in case there is a sudden deterioration in markets, which is why we are asking for shareholder approval for one.

How is the company performing - what are the major achievements in the past year?

We are on track in terms of making significant progress over the past twelve months, laying the groundwork for a much larger business that matches our large opportunity. We have a value-based operating strategy, driven by disciplined acquisitions and an increasingly improving and efficient capital structure, applied to a large category that’s rich with targets. We’ve done a lot to set the company and shareholders up for success, including locking in:

- A worldwide distribution agreement with Woodway, an very established, and high quality partner for selling fitness equipment globally
- Gold’s, Crunch, Chuze and Armah gym-chain pilots/installations, giving TRNR gateways into over 1,000 gyms in the US and worldwide
- Additional distribution agreements and certifications enabling sales in the EU overall, and Germany, France, the Gulf region and Indonesia, heavily populated regions with thousands more gyms
- Initial orders and installations for over 1,000 CLMBR units – achieving a level of scaled order traction within months that CLMBR had never reached on its own
- Five major tradeshow exhibition opportunities
- An expansion of our FORME brand into new verticals like golf, physical therapy, the military and college use-cases;
- Took significant steps to strengthen our listing and balance sheet; and
- Our binding agreement to acquire Sportstech, Germany’s largest connected fitness and equipment business.


So, when you own TRNR stock, you get positive exposure to catalysts like:

- Our market tailwind – for people worldwide, health & wellness is increasingly an “essential” spend.
- Our portfolio strategy – TRNR is building a collection of opportunities for its investors to benefit from macro trends, the diversity of which helps lower the risk of any one opportunity.
- Our M&A expertise – TRNR’s goal is to source and purchase high-potential businesses before their multiples expand, within our highly-fragmented sector.
- Our growth – the more we grow and the more valuable our shares become, the more capital efficient our acquisitions and portfolio strategy.
- Our assortment of equipment, services and brands – as the range of what we offer both consumers and businesses expands, so do the ways we can create shareholder value.

Why does buying other companies make sense for the business?

In a nutshell, TRNR offers exposure to a huge, growing market that we define in terms of consolidating overlooked value opportunities – fitness platforms and equipment that we can acquire and scale more efficiently than smaller owner-operators by themselves, due to our listing and capital structure.

This acquisition strategy in turn gives us and our shareholders more exposure to a greater set of opportunities across the fitness, health and wellness markets.

When will we see meaningful growth in revenues? Profits?

Once the Sportstech acquisition closes - likely in April - we’ll be able to start reporting their results as part of TRNR operations in subsequent quarters. As noted in our most recent guidance, the most significant impact on the top line will be clear at the end of 2025, when we expect to report over $50M in revenues on a pro forma basis.

How are your brands doing in the marketplace? When will we see more customer announcements?

We’re pleased with our ability to grow both brands on a capital-efficient basis. It remains early days yet, but we expanded FORME into the golf vertical - and we were able to sign multiple distribution as well as customer agreements for CLMBR across the US, EU, EMEA and Asia within a few months of closing the deal for those assets.

What’s next for TRNR? More deals, or building out what you have?

Both. TRNR’s vision is building a portfolio of businesses that can capture value across different segments and geographies in health & wellness and drive significant multiple expansion for shareholders. Sportstech is large enough that our combined organic opportunity set is attractive, but also provides enough scale that we can acquire future businesses with larger synergies.

Going forward, we’ll continue to execute by both operating what we buy, well - and by strategically acquiring additional growth businesses on a low-cost, low-risk basis.

Should I buy more TRNR stock? Why?

You have to make your own decisions about what stocks are right for your portfolio. We can say that the Sportstech deal illustrates the increasingly low-risk, high-growth potential that TRNR management is working to provide to shareholders.

A roll-up strategy can provide consistent growth in all markets when executed well. We are focused on a portfolio strategy in a specific, high-growth sector ripe for consolidation and this can give stockholders terrific exposure to value creation. TRNR, especially with Sportstech, offers a lot of that kind of opportunity.

Forward Looking Statements:
These FAQs include 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 $80m of pro forma revenue in 2025, achieving profitability by Q4, and the financial performance of the acquisition targets which have not been audited or reviewed by a PCAOB auditor and could vary materially (a) once that audit or review work is completed and such financials are included in the Company’s reported financials and (b) due to the effect of the exchange rates of foreign currencies which can be volatile. 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.