Interactive Strength Inc. Financials
This page shows Interactive Strength Inc. (TRNR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Interactive Strength Inc. has an operating margin of -172.2%, meaning the company retains $-172 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -542.5% the prior year.
Interactive Strength Inc.'s revenue surged 114.3% year-over-year to $11.5M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Interactive Strength Inc. carries a low D/E ratio of 0.33, meaning only $0.33 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.
Interactive Strength Inc.'s current ratio of 0.47 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 4/100, which could limit financial flexibility.
While Interactive Strength Inc. generated -$10.4M in operating cash flow, capex of $94K consumed most of it, leaving -$10.5M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Interactive Strength Inc. generates a -546.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -491.0% the prior year.
Interactive Strength Inc. passes 6 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Interactive Strength Inc. generates $0.30 in operating cash flow (-$10.4M OCF vs -$34.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Interactive Strength Inc. earns $-2.2 in operating income for every $1 of interest expense (-$19.9M vs $9.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Interactive Strength Inc. generated $11.5M in revenue in fiscal year 2025. This represents an increase of 114.3% from the prior year.
Interactive Strength Inc.'s EBITDA was -$16.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 28.7% from the prior year.
Interactive Strength Inc. reported -$34.9M in net income in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Interactive Strength Inc. earned $-171.77 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 5.2% from the prior year.
Cash & Balance Sheet
Interactive Strength Inc. generated -$10.5M in free cash flow in fiscal year 2025, representing cash available after capex.
Interactive Strength Inc. held $512K in cash against $2.1M in long-term debt as of fiscal year 2025.
Interactive Strength Inc. had 2M shares outstanding in fiscal year 2025. This represents an increase of 1367.1% from the prior year.
Margins & Returns
Interactive Strength Inc.'s gross margin was 7.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 59.6 percentage points from the prior year.
Interactive Strength Inc.'s operating margin was -172.2% in fiscal year 2025, reflecting core business profitability. This is up 370.2 percentage points from the prior year.
Interactive Strength Inc.'s net profit margin was -303.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 346.3 percentage points from the prior year.
Interactive Strength Inc.'s ROE was -546.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 55.7 percentage points from the prior year.
Capital Allocation
Interactive Strength Inc. invested $2.9M in research and development in fiscal year 2025. This represents a decrease of 58.2% from the prior year.
Interactive Strength Inc. invested $94K in capex in fiscal year 2025, funding long-term assets and infrastructure.
TRNR Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.8M+295.0% | $1.2M-10.1% | $1.4M-43.1% | $2.4M+18.3% | $2.0M+224.3% | $621K+71.1% | $363K+98.4% | $183K |
| Cost of Revenue | $4.0M+182.4% | $1.4M-14.9% | $1.7M-40.5% | $2.8M+21.3% | $2.3M+53.4% | $1.5M-4.0% | $1.6M-13.1% | $1.8M |
| Gross Profit | $825K+525.3% | -$194K+36.2% | -$304K+25.9% | -$410K-42.4% | -$288K+67.3% | -$880K+26.7% | -$1.2M+25.7% | -$1.6M |
| R&D Expenses | $404K-48.1% | $779K-38.7% | $1.3M+355.6% | $279K-87.4% | $2.2M-10.6% | $2.5M+22.3% | $2.0M-10.0% | $2.2M |
| SG&A Expenses | $6.0M+29.2% | $4.6M+3.4% | $4.5M+54.7% | $2.9M-42.7% | $5.1M+14.6% | $4.4M-25.9% | $6.0M-17.6% | $7.2M |
| Operating Income | -$6.0M-3.6% | -$5.8M+7.7% | -$6.3M-53.7% | -$4.1M+47.0% | -$7.8M+1.6% | -$7.9M+16.5% | -$9.4M+16.1% | -$11.3M |
| Interest Expense | N/A | N/A | $158K | N/A | N/A | N/A | $0 | N/A |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | -$5.2M-140.0% | -$2.2M+67.0% | -$6.6M-14.6% | -$5.8M+19.3% | -$7.1M+32.9% | -$10.6M+6.6% | -$11.4M+0.1% | -$11.4M |
| EPS (Diluted) | $-3.11-46.0% | $-2.13 | $-1.74 | N/A | $-1534.56+91.2% | $-17476.24 | $-2681.82 | N/A |
TRNR Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $85.4M-0.9% | $86.2M+128.1% | $37.8M+10.7% | $34.2M-9.5% | $37.8M0.0% | $37.8M-4.5% | $39.6M+135.5% | $16.8M |
| Current Assets | $17.4M+16.2% | $15.0M+30.7% | $11.4M+39.3% | $8.2M-19.7% | $10.2M+23.8% | $8.3M-6.9% | $8.9M+65.8% | $5.4M |
| Cash & Equivalents | $845K+45.2% | $582K-73.6% | $2.2M+1499.3% | $138K-93.9% | $2.3M+1354.5% | $156K | $0 | $0 |
| Inventory | $8.2M+47.1% | $5.6M-7.8% | $6.1M-9.5% | $6.7M-16.1% | $8.0M-9.0% | $8.8M-2.4% | $9.0M+62.7% | $5.5M |
| Accounts Receivable | $2.4M+35.3% | $1.8M-0.2% | $1.8M+23.7% | $1.4M+174.8% | $519K+100.4% | $259K+46.3% | $177K+17600.0% | $1K |
| Goodwill | $15.1M+14.6% | $13.2M0.0% | $13.2M0.0% | $13.2M-2.2% | $13.5M-0.2% | $13.6M+2.4% | $13.2M | $0 |
| Total Liabilities | $68.0M-2.8% | $70.0M+190.8% | $24.1M-11.1% | $27.1M-15.3% | $32.0M-14.4% | $37.4M-6.2% | $39.8M+78.1% | $22.4M |
| Current Liabilities | $30.8M+38.7% | $22.2M+4.5% | $21.3M-20.9% | $26.9M+1.3% | $26.5M-25.4% | $35.6M-7.6% | $38.5M+78.9% | $21.5M |
| Long-Term Debt | $46.4M-15.8% | $55.1M+405.6% | $10.9M-3.7% | $11.3M+183.3% | $4.0M | N/A | N/A | $0 |
| Total Equity | $14.9M-8.7% | $16.3M+18.3% | $13.8M+93.3% | $7.1M+22.8% | $5.8M+1302.4% | $413K+114.0% | -$2.9M+47.0% | -$5.6M |
| Retained Earnings | -$217.2M-2.5% | -$212.0M-1.2% | -$209.4M-3.4% | -$202.6M-3.0% | -$196.6M-4.1% | -$188.9M-6.0% | -$178.3M-6.8% | -$166.9M |
TRNR Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.4M-10.0% | -$2.2M+38.0% | -$3.5M+39.9% | -$5.9M-57.5% | -$3.7M-70.3% | -$2.2M+25.6% | -$3.0M-58.6% | -$1.9M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -$1.9M |
| Investing Cash Flow | -$2.5M+94.8% | -$48.8M-2126.2% | -$2.2M-717.5% | -$268K | $0-100.0% | $303K+117.7% | -$1.7M-521.8% | -$275K |
| Financing Cash Flow | $2.9M-94.3% | $51.5M+563.1% | $7.8M+129.1% | $3.4M-45.9% | $6.3M+204.9% | $2.1M-55.4% | $4.6M+88.4% | $2.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TRNR Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 17.1%+33.0pp | -15.9%+6.5pp | -22.4%-5.2pp | -17.2%-2.9pp | -14.3%+127.4pp | -141.7%+188.9pp | -330.6%+552.5pp | -883.1% |
| Operating Margin | -125.3%+352.5pp | -477.8%-12.3pp | -465.5%-293.0pp | -172.5%+212.5pp | -385.0%+884.2pp | -1269.2%+1331.6pp | -2600.8%+3550.0pp | -6150.8% |
| Net Margin | -108.6%+70.2pp | -178.8%+308.1pp | -487.0%-245.1pp | -241.9%+112.7pp | -354.6%+1358.3pp | -1712.9%+1426.0pp | -3138.8%+3091.8pp | -6230.6% |
| Return on Equity | -35.2%-21.8pp | -13.4%+34.6pp | -48.0%+33.0pp | -81.0%+42.3pp | -123.3%+2452.3pp | -2575.5% | N/A | N/A |
| Return on Assets | -6.1%-3.6pp | -2.5%+14.9pp | -17.5%-0.6pp | -16.9%+2.1pp | -18.9%+9.3pp | -28.2%+0.6pp | -28.8%+39.1pp | -67.9% |
| Current Ratio | 0.56-0.1 | 0.67+0.1 | 0.54+0.2 | 0.31-0.1 | 0.39+0.2 | 0.230.0 | 0.23-0.0 | 0.25 |
| Debt-to-Equity | 3.13-0.3 | 3.39+2.6 | 0.79-0.8 | 1.59+0.9 | 0.69-89.8 | 90.44+104.0 | -13.53-13.5 | 0.00 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -1019.7% |
Note: The current ratio is below 1.0 (0.47), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Interactive Strength Inc.'s annual revenue?
Interactive Strength Inc. (TRNR) reported $11.5M in total revenue for fiscal year 2025. This represents a 114.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Interactive Strength Inc.'s revenue growing?
Interactive Strength Inc. (TRNR) revenue grew by 114.3% year-over-year, from $5.4M to $11.5M in fiscal year 2025.
Is Interactive Strength Inc. profitable?
No, Interactive Strength Inc. (TRNR) reported a net income of -$34.9M in fiscal year 2025, with a net profit margin of -303.0%.
What is Interactive Strength Inc.'s EBITDA?
Interactive Strength Inc. (TRNR) had EBITDA of -$16.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Interactive Strength Inc. have?
As of fiscal year 2025, Interactive Strength Inc. (TRNR) had $512K in cash and equivalents against $2.1M in long-term debt.
What is Interactive Strength Inc.'s gross margin?
Interactive Strength Inc. (TRNR) had a gross margin of 7.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Interactive Strength Inc.'s operating margin?
Interactive Strength Inc. (TRNR) had an operating margin of -172.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Interactive Strength Inc.'s net profit margin?
Interactive Strength Inc. (TRNR) had a net profit margin of -303.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Interactive Strength Inc.'s return on equity (ROE)?
Interactive Strength Inc. (TRNR) has a return on equity of -546.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Interactive Strength Inc.'s free cash flow?
Interactive Strength Inc. (TRNR) generated -$10.5M in free cash flow during fiscal year 2025. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Interactive Strength Inc.'s operating cash flow?
Interactive Strength Inc. (TRNR) generated -$10.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Interactive Strength Inc.'s total assets?
Interactive Strength Inc. (TRNR) had $46.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Interactive Strength Inc.'s capital expenditures?
Interactive Strength Inc. (TRNR) invested $94K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Interactive Strength Inc. spend on research and development?
Interactive Strength Inc. (TRNR) invested $2.9M in research and development during fiscal year 2025.
What is Interactive Strength Inc.'s current ratio?
Interactive Strength Inc. (TRNR) had a current ratio of 0.47 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Interactive Strength Inc.'s debt-to-equity ratio?
Interactive Strength Inc. (TRNR) had a debt-to-equity ratio of 0.33 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Interactive Strength Inc.'s return on assets (ROA)?
Interactive Strength Inc. (TRNR) had a return on assets of -74.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Interactive Strength Inc.'s cash runway?
Based on fiscal year 2025 data, Interactive Strength Inc. (TRNR) had $512K in cash against an annual operating cash burn of $10.4M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Interactive Strength Inc.'s Piotroski F-Score?
Interactive Strength Inc. (TRNR) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Interactive Strength Inc.'s earnings high quality?
Interactive Strength Inc. (TRNR) has an earnings quality ratio of 0.30x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Interactive Strength Inc. cover its interest payments?
Interactive Strength Inc. (TRNR) has an interest coverage ratio of -2.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Interactive Strength Inc.?
Interactive Strength Inc. (TRNR) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.