Interactive Strength Inc. (TRNR) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TRNR SEC filings page.
Interactive Strength Inc. (TRNR) reported $11.5M in revenue for fiscal year 2025, up 114.3% from the prior fiscal year. This page shows its 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).
Revenue now clears direct costs, but overhead and financing needs still define a business that has not reached self-funded operations.
Gross margin moved from-51.6% in FY2024 to7.9% in FY2025, showing direct costs finally fell below sales rather than merely shrinking the loss. Yet operating margin remained-172.2% while operating cash flow was-$10.4M , so operating costs still overwhelm gross profit and the business remains dependent on outside funding.
The balance sheet became more leveraged: debt to equity rose from 1.6x in FY2024 to 6.0x in FY2025, while equity also contracted. A 0.5x current ratio means current liabilities exceed current assets, indicating persistent short-term financing pressure.
Cash conversion remains incomplete: operating cash flow was
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Interactive Strength Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Interactive Strength Inc.'s reported operating margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 11/100.
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 99/100.
Interactive Strength Inc. has elevated debt relative to equity (D/E of 5.97), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 9/100, reflecting increased financial risk.
Interactive Strength Inc.'s current ratio of 0.47 is below the typical benchmark, resulting in a score of 4/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Interactive Strength Inc.'s operations used $10.4M of cash, and capex of $94K added to the outflow, for a free cash flow shortfall of $10.5M. This results in a cash flow score of 1/100.
Interactive Strength Inc. scores -8.32, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.6M) relative to total liabilities ($38.1M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Interactive Strength Inc. passes 4 of 5 computable financial strength tests (4 of the nine could not be computed from available data). No profitability signals pass, all 2 leverage/liquidity signals pass, both operating efficiency signals pass.
Key Financial Metrics
Earnings & Revenue
Interactive Strength Inc. generated $6.6M in revenue in Q2 2026. This represents an increase of 445.3% from the same quarter a year earlier. Against the prior quarter it is up 29.3%.
Interactive Strength Inc.'s EBITDA was -$1.9M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 63.0% from the same quarter a year earlier. Against the prior quarter it is up 40.9%.
Interactive Strength Inc. reported -$7.1M in net income in Q2 2026. This represents a decrease of 225.9% from the same quarter a year earlier. Against the prior quarter it is up 33.9%.
Cash & Balance Sheet
Interactive Strength Inc. recorded an outflow of $3.3M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 49.5% from the same quarter a year earlier. Against the prior quarter it is down 22.4%.
Interactive Strength Inc. held $959K in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Interactive Strength Inc.'s gross margin was 48.4% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 64.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 17.1 percentage points.
Interactive Strength Inc.'s operating margin was -50.7% in Q2 2026, reflecting core business profitability. Against the prior quarter it is up 26.9 percentage points. No change is given against Q2 2025: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Interactive Strength Inc.'s ROE was -212.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 199.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 23.0 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Interactive Strength Inc. invested $415K in research and development in Q2 2026. This represents a decrease of 46.7% from the same quarter a year earlier. Against the prior quarter it is down 5.3%.
Interactive Strength Inc. invested $237K in capex in Q2 2026, funding long-term assets and infrastructure. Against the prior quarter it is up 144.3%.
Not reported for Q2 2026.
TRNR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.6M+445.3% | $5.1M+279.1% | $4.1M+73.8% | $4.8M+139.1% | $1.2M+96.3% | $1.4M+273.6% | $2.4M+1201.6% | $2.0M+558.2% |
| Cost of Revenue | $3.4M+142.9% | $3.5M+112.8% | $3.6M+27.3% | $4.0M+73.3% | $1.4M-5.9% | $1.7M+6.2% | $2.8M+55.2% | $2.3M+61.1% |
| Gross Profit | $3.2M+1757.2% | $1.6M+629.3% | $586K+242.9% | $825K+386.5% | -$194K+78.0% | -$304K+74.7% | -$410K+74.6% | -$288K+74.4% |
| R&D Expenses | $415K-46.7% | $438K-65.5% | $464K+66.3% | $404K-81.7% | $779K-68.5% | $1.3M-37.2% | $279K-87.6% | $2.2M-6.2% |
| SG&A Expenses | $4.0M-14.1% | $4.1M-8.0% | $464K-84.0% | $6.0M+18.5% | $4.6M+5.1% | $4.5M-24.7% | $2.9M-59.9% | $5.1M-19.8% |
| Operating Income | -$3.4M+42.1% | -$4.0M+36.8% | -$1.7M+58.9% | -$6.0M+22.2% | -$5.8M+26.1% | -$6.3M+33.1% | -$4.1M+63.5% | -$7.8M+23.0% |
| EBITDA | -$1.9M+63.0% | -$3.1M+41.9% | -$995K+67.8% | -$5.3M+17.3% | -$5.0M+17.2% | -$5.4M+28.5% | -$3.1M+67.8% | -$6.4M+24.3% |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | $158K | N/A | N/A |
| Income Tax | N/A | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | -$7.1M-225.9% | -$10.7M-62.7% | N/A | -$5.2M+26.7% | -$2.2M+79.5% | -$6.6M+42.0% | N/A | -$7.1M+31.4% |
| EPS (Basic) | -$17.37+88.4% | -$10.24+94.1% | -$158.21-6.9% | -$3.11+99.8% | -$149.29+99.1% | -$173.58-6372.5% | -$148.06+99.1% | -$1534.56-5128.5% |
| EPS (Diluted) | -$17.37 | -$10.24 | -$158.21 | -$3.11 | -$149.29 | -$173.58 | -$148.06+99.1% | -$1534.56 |
| Diluted Shares (Avg) | 408,871 | 1M | N/A | 2M | 14,602 | 38,041 | N/A | 4,653 |
TRNR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $56.5M-34.5% | $60.6M+60.4% | $46.8M+37.1% | $85.4M+126.3% | $86.2M+128.4% | $37.8M-4.4% | $34.2M+103.4% | $37.8M+106.6% |
| Current Assets | $10.2M-31.7% | $14.0M+22.8% | $14.7M+78.9% | $17.4M+69.6% | $15.0M+80.8% | $11.4M+28.9% | $8.2M+53.4% | $10.2M+79.0% |
| Cash & Equivalents | $959K+64.8% | $4.7M+114.7% | $512K+271.0% | $845K-62.8% | $582K+273.1% | $2.2M | $138K | $2.3M+7463.3% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $8.2M+47.0% | $8.1M+33.2% | $7.3M+9.6% | $8.2M+3.0% | $5.6M-36.2% | $6.1M-32.5% | $6.7M+21.3% | $8.0M+74.6% |
| Accounts Receivable | $3.2M+81.5% | $2.5M+42.4% | $2.6M+83.3% | $2.4M+359.0% | $1.8M+579.9% | $1.8M+896.6% | $1.4M+142500.0% | $519K+7314.3% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $20.6M+56.1% | $20.6M+56.1% | $15.5M0.0% | $15.1M+12.0% | $13.2M-2.4% | $13.2M-0.1% | $15.5M | $13.5M |
| Total Liabilities | $53.2M-24.0% | $52.7M+118.9% | $38.1M+41.0% | $68.0M+112.7% | $70.0M+87.3% | $24.1M-39.6% | $27.1M+21.0% | $32.0M+72.3% |
| Current Liabilities | $49.1M+121.3% | $36.5M+71.6% | $31.3M+16.4% | $30.8M+16.0% | $22.2M-37.6% | $21.3M-44.8% | $26.9M+24.8% | $26.5M+45.1% |
| Non-Current Liabilities | $4.0M-91.6% | $16.2M+477.4% | $6.9M+3844.8% | $37.2M+586.9% | $47.8M+2624.5% | $2.8M+118.2% | $174K-78.8% | $5.4M+2127.2% |
| Long-Term Debt | N/A | N/A | N/A | $46.4M+1061.9% | $55.1M | $10.9M | $11.3M | $4.0M |
| Total Equity | $3.3M-79.5% | $5.7M-58.8% | $6.4M-10.2% | $14.9M+156.5% | $16.3M+3840.4% | $13.8M+567.6% | $7.1M+228.2% | $5.8M+2213.9% |
| Retained Earnings | -$245.4M-15.8% | -$238.3M-13.8% | -$227.5M-12.3% | -$217.2M-10.5% | -$212.0M-12.2% | -$209.4M-17.4% | -$202.6M-21.4% | -$196.6M-26.4% |
TRNR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.0M-38.7% | -$2.6M+27.0% | -$2.2M+61.9% | -$2.4M+35.5% | -$2.2M+0.1% | -$3.5M-19.8% | -$5.9M-216.3% | -$3.7M-58.8% |
| Depreciation & Amortization | $1.5M+87.5% | $853K-6.5% | $694K-32.0% | $766K-44.9% | $810K-55.7% | $912K-51.7% | $1.0M-36.0% | $1.4M-16.8% |
| Stock-Based Compensation | N/A | $394K-81.1% | N/A | $0 | $2.4M | $2.1M-37.9% | N/A | N/A |
| Capital Expenditures | $237K | $97K | N/A | N/A | $0 | $0 | N/A | N/A |
| Free Cash Flow | -$3.3M-49.5% | -$2.7M+24.3% | N/A | N/A | -$2.2M | -$3.5M | N/A | N/A |
| Investing Cash Flow | -$741K+98.5% | $4.2M+289.4% | -$247K+7.8% | -$2.5M | -$48.8M-16197.7% | -$2.2M-28.1% | -$268K+2.5% | $0+100.0% |
| Financing Cash Flow | -$12K-100.0% | $2.7M-65.1% | $2.4M-30.1% | $2.9M-53.1% | $51.5M+2404.0% | $7.8M+68.4% | $3.4M+38.5% | $6.3M+547.5% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TRNR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.4%+64.3pp | 31.3%+53.7pp | 14.1%+31.4pp | 17.1%+31.4pp | -15.9% | -22.4% | -17.2% | -14.3% |
| Operating Margin | -50.7% | -77.6% | -40.8% | -125.3% | -477.8% | -465.5% | -172.5% | -385.0% |
| Net Margin | -106.9% | -209.0% | N/A | -108.6% | -178.8% | -487.0% | N/A | -354.6% |
| Return on Equity | -212.4%-199.0pp | -189.4%-141.4pp | N/A | -35.2%+88.1pp | -13.4%+2562.1pp | -48.0% | N/A | -123.3% |
| Return on Assets | -12.6%-10.0pp | -17.7%-0.3pp | N/A | -6.1%+12.8pp | -2.5%+25.6pp | -17.5%+11.3pp | N/A | -18.9%+38.0pp |
| Current Ratio | 0.21-0.5x | 0.39-0.2x | 0.47+0.2x | 0.56+0.2x | 0.67+0.4x | 0.54+0.3x | 0.31+0.1x | 0.39+0.1x |
| Debt-to-Equity | 15.90+12.5x | 9.29+8.5x | 5.97+4.4x | 3.13+2.4x | 3.39-87.1x | 0.79 | 1.59 | 0.69 |
| Asset Turnover | 0.12+0.1x | 0.080.0x | 0.090.0x | 0.060.0x | 0.010.0x | 0.040.0x | 0.07+0.1x | 0.050.0x |
| FCF Margin | -49.4% | -52.2% | N/A | N/A | -180.3% | -261.4% | N/A | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: The current ratio is below 1.0 (0.47), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Interactive Strength Inc. TRNR | FY2025 | $11.5M | N/A | N/A | $3.6M | 22/100 |
| Inspire Veterinary Partners, Inc. IVP | FY2024 | $16.6M | -$14.3M | -86.0% | $4.0M | 13/100 |
| Click Holdings Limited CLIK | FY2025 | $10.7M | -$1.0M | -9.5% | $9.3M | 34/100 |
| E-Home Household Service Holdings Limited EJH | FY2025 | $49.4M | -$3.1M | -6.4% | $4.0M | 65/100 |
| YY Group Holding Limited YYGH | FY2025 | $57.2M | -$21.6M | -37.7% | $4.7M | 34/100 |
Where Interactive Strength Inc. Ranks
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.
What is Interactive Strength Inc.'s EBITDA?
Interactive Strength Inc. (TRNR) had EBITDA of -$16.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
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 free cash flow?
Interactive Strength Inc. (TRNR) recorded an outflow of $10.5M in free cash flow during fiscal year 2025. This represents a 29.1% change compared to the previous fiscal year. 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) recorded an outflow of $10.4M in operating cash flow during fiscal year 2025, representing cash used by 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 5.97 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Interactive Strength Inc.'s P/E ratio?
Interactive Strength Inc. (TRNR) has no price-to-earnings ratio at the moment: no net income reported. The market capitalization is $3.6M as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Interactive Strength Inc.'s price-to-sales ratio?
Interactive Strength Inc. (TRNR) trades at 0.2x sales, its market capitalization divided by revenue of $20.7M revenue, trailing 12 months to June 30, 2026. The market capitalization is $3.6M as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Interactive Strength Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Interactive Strength Inc. (TRNR) held $512K in cash, cash equivalents and investments, and reported an operating cash outflow of $10.4M over that year. Dividing the one by the other, the reported balance equals about 1 month of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Interactive Strength Inc.'s Altman Z-Score?
Interactive Strength Inc. (TRNR) has an Altman Z-Score of -8.32, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Interactive Strength Inc.'s Piotroski F-Score?
Interactive Strength Inc. (TRNR) has a Piotroski F-Score of 4 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
How financially healthy is Interactive Strength Inc.?
Interactive Strength Inc. (TRNR) scores 22 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.