Interactive Strength Inc. Financials
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).
Positive gross margin has emerged, but external financing still supports a development-stage cost structure.
In FY2025, gross margin moved from-51.6% in FY2024 to7.9% , yet operating margin remained deeply negative; product economics improved before the broader cost base was covered. Operating cash flow was-$10.4M while financing supplied$64.6M ; with investing also consuming cash, expansion depended on external funding rather than internally generated cash.
In FY2025, R&D was
Liquidity remains tight: current assets covered only 0.5x current liabilities, while cash 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 19/100.
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 98/100.
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 5/100. 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 5/100.
Interactive Strength Inc. scores -8.31, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($4.1M) 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 3 of 5 computable financial strength tests (4 of the nine could not be computed from available data). No profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
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 -$16.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 27.7% from the prior year.
Interactive Strength Inc. earned -$171.77 per diluted share (EPS) in fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Interactive Strength Inc. recorded an outflow of $10.5M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 29.1% from the prior year.
Interactive Strength Inc. held $512K in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
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.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
TRNR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Revenue | $20.7M | $11.5M+114.3% | $5.4M+459.3% | $962K+41.3% | $681K |
| Cost of Revenue | $14.5M | $10.6M+30.1% | $8.2M+25.7% | $6.5M-32.0% | $9.5M |
| Gross Profit | $6.2M | $913K+132.9% | -$2.8M+49.7% | -$5.5M+37.7% | -$8.9M |
| R&D Expenses | $1.7M | $2.9M-58.2% | $7.0M-30.4% | $10.0M-49.7% | $20.0M |
| SG&A Expenses | $14.6M | $15.6M-15.0% | $18.3M-50.8% | $37.3M+93.2% | $19.3M |
| Operating Income | -$15.1M | -$19.9M+32.0% | -$29.2M+46.4% | -$54.5M-0.2% | -$54.3M |
| Interest Expense | N/A | N/A | N/A | -$194K+79.6% | -$952K |
| Income Tax | N/A | $0 | $0 | $0 | $0 |
| Net Income | N/A | N/A | N/A | N/A | -$58.2M |
| EPS (Diluted) | — | -$171.77 | -$16328.50+1.7% | -$16614.85 | -$119.49 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
TRNR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Total Assets | $46.8M+37.1% | $34.2M+103.4% | $16.8M-31.3% | $24.4M |
| Current Assets | $14.7M+78.9% | $8.2M+53.4% | $5.4M-45.5% | $9.8M |
| Cash & Equivalents | $512K+271.0% | $138K | $0-100.0% | $226K |
| Inventory | $7.3M+9.6% | $6.7M+21.3% | $5.5M+20.8% | $4.6M |
| Accounts Receivable | $2.6M+83.3% | $1.4M+142500.0% | $1K | $0 |
| Goodwill | $15.5M0.0% | $15.5M | $0 | N/A |
| Total Liabilities | $38.1M+41.0% | $27.1M+21.0% | $22.4M-17.8% | $27.2M |
| Current Liabilities | $31.3M+16.4% | $26.9M+24.8% | $21.5M-10.9% | $24.2M |
| Long-Term Debt | N/A | $11.3M | $0 | N/A |
| Total Equity | $6.4M-10.2% | $7.1M+228.2% | -$5.6M-103.1% | -$2.7M |
| Retained Earnings | -$227.5M-12.3% | -$202.6M-21.4% | -$166.9M-44.5% | -$115.5M |
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.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$10.3M | -$10.4M+29.7% | -$14.8M+4.0% | -$15.4M+56.6% | -$35.5M |
| Capital Expenditures | N/A | $94K | $0 | $0-100.0% | $577K |
| Free Cash Flow | N/A | -$10.5M+29.1% | -$14.8M+4.0% | -$15.4M+57.3% | -$36.1M |
| Investing Cash Flow | $639K | -$53.7M-3108.2% | -$1.7M-17.9% | -$1.4M+81.3% | -$7.6M |
| Financing Cash Flow | $8.0M | $64.6M+295.5% | $16.3M-4.5% | $17.1M-59.1% | $41.8M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
TRNR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Gross Margin | 7.9%+59.6pp | -51.6% | -574.6% | -1302.2% |
| Operating Margin | -172.2% | -542.5% | -5663.2% | -7980.2% |
| Net Margin | N/A | N/A | N/A | -8549.9% |
| Return on Assets | N/A | N/A | N/A | -238.2% |
| Current Ratio | 0.47+0.2x | 0.31+0.1x | 0.25-0.2x | 0.41 |
| Debt-to-Equity | 5.97+4.4x | 1.59 | N/A | N/A |
| FCF Margin | -91.1% | -275.3% | -1603.6% | -5304.3% |
Not reported in any period shown, so not listed: Return on Equity.
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: Gross Margin, 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.
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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 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 Altman Z-Score?
Interactive Strength Inc. (TRNR) has an Altman Z-Score of -8.31, 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 3 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 26 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.