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

Rhea-AI Summary

Interactive Strength (NASDAQ:TRNR) announced Caleb Morgret will become Chief Financial Officer effective November 15, 2025, replacing Mike Madigan who will step down after Q3 earnings on November 14, 2025. Morgret has worked with TRNR since September focusing on audit and financial workflows for the pending Sportstech acquisition and is based in Europe, the region expected to generate substantially all of TRNR's 2025 pro forma revenue of more than $80 million. Management says Morgret's European location and German language skills will support Wattbike and Sportstech and improve access to working capital. The company noted improvements to financial controls as it approaches a $100 million revenue run-rate SOX compliance threshold.

Positive

• 2025 pro forma revenue forecast of more than $80M
• New CFO based in Europe to support greatest revenue region
• CFO has experience in European debt capital markets and as public CFO
• Financial controls improved ahead of $100M revenue run-rate SOX threshold

Negative

• Sportstech acquisition remains pending and not closed
• Immediate CFO transition may create short-term continuity risk after Nov 14

Mr. Morgret, a German speaker, has been working with TRNR since September, with a sole focus on the audit and financial workflows required to complete the acquisition of Sportstech

Mr. Morgret is based in Europe, the region that will generate substantially all of TRNR's expected 2025 pro forma revenue of more than $80M, and will transition to CFO on November 15

Michael Madigan, TRNR's current CFO, to step down after Q3 earnings on November 14, having taken the company public and guided it through two significant acquisitions

AUSTIN, TEXAS / ACCESS Newswire / October 29, 2025 / Interactive Strength Inc. (Nasdaq:TRNR) ("TRNR" or the "Company"), maker of innovative specialty fitness equipment under the CLMBR, FORME and Wattbike brands and pending acquirer of Sportstech, today announced that Caleb Morgret will join the Company as Chief Financial Officer, effective November 15, 2025.

Mr. Morgret, an American, has spent the majority of his more than 20 years of finance experience in Europe. He is a fluent German speaker, which has been critical for the pending acquisition of Berlin-based Sportstech, and Mr. Morgret has been working with TRNR since September solely on the audit and financial workflows required to complete that acquisition. He is also based in Europe, which is the region that will generate substantially all of TRNR's expected 2025 pro forma revenue of more than $80 million, and so the Company is aligning its senior executives with the most substantial revenue drivers in the group.

TRNR's current CFO, Mike Madigan, will be stepping down following the release of TRNR's third-quarter earnings on November 14, and Mr. Morgret will immediately take over the role. Mr. Madigan has overseen the company finances through two transformative years including an IPO and the acquisitions of CLMBR in 2024 and Wattbike in 2025. In anticipation of crossing the SOX compliance threshold of more than $100 million in revenue run-rate in the near-term, the financial controls and team have been improved greatly through Mr. Madigan's leadership.

Trent Ward, Co-Founder and CEO, commented: "We wish Mike the best - he's been an exceptional member of TRNR's lean, always-on team during a pivotal time for the company as we are transforming into a high-growth acquisition platform on the cusp of profitability, and we could not have accomplished this without his incredible efforts. Mike will be missed."

Mr. Ward continued: "At the same time, we are also very excited to have Caleb step into the role as we believe he has the exact skills we need as we work towards closing the Sportstech acquisition. We have already had the opportunity to work with him over the past month and he has helped us immensely on the transaction. Caleb's professional experience in debt capital markets in Europe and as a public company CFO are a unique combination that make him a perfect addition to the team as we look to further drive Sportstech's growth beyond what we have shared recently, and grow the group through additional acquisitions. By being based in Europe, and speaking German, we believe that Caleb will be better positioned to support both Wattbike and Sportstech, and help drive the growth of those businesses through improved access to working capital."

Investor Contact:
ir@interactivestrength.com

About Interactive Strength Inc.:

Interactive Strength Inc. (NASDAQ:TRNR) has established a leading portfolio of premium fitness brands - Wattbike, CLMBR, and FORME - that combine advanced hardware, smart technology, and immersive content to deliver exceptional training experiences for both commercial and home use.

Wattbike offers a range of high-performance indoor bikes that set the global standard in cycling. Known for unmatched accuracy, realistic ride feel, and advanced performance tracking, Wattbike is trusted by elite athletes, national teams, and fitness enthusiasts around the world.

CLMBR redefines the next-generation vertical climbing experience through its patented open-frame design and immersive touchscreen, delivering a high-intensity, low-impact workout that's both efficient and effective.

FORME delivers strength, mobility, and recovery training through immersive content, performance-grade hardware, and expert coaching. Its wall-mounted systems include the Studio, a smart fitness mirror for guided programming and live 1:1 personal training, and the Lift, which adds smart resistance cable training-ideal for high-performance environments and sport-specific development.

From elite performance to everyday wellness, our ecosystem of performance-focused solutions delivers data-driven outcomes for athletes, fitness enthusiasts, and commercial operators.

Forward Looking Statements:
This press release includes 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 expected pro forma revenue in 2025, the possibility of acquiring future businesses or completing the referenced pending transactions in a timely manner or at all, the performance or revenue growth of those businesses, or Mr. Morgret's contribution towards their growth or working capital, or the specific dates that the Q3 earnings will be released or when Mr. Madigan will step down from the CFO role or Mr. Morgret will begin as CFO. 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. 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.

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SOURCE: Interactive Strength Inc.

View the original press release on ACCESS Newswire

FAQ

When will Caleb Morgret become CFO of Interactive Strength (TRNR)?

Caleb Morgret will assume the CFO role effective November 15, 2025.

When will Mike Madigan step down as TRNR CFO and why?

Mike Madigan will step down after TRNR's Q3 earnings release on November 14, 2025 following his leadership through the IPO and two acquisitions.

How much pro forma revenue does TRNR expect for 2025 after Sportstech?

TRNR expects more than $80 million in 2025 pro forma revenue, substantially from Europe.

Is the Sportstech acquisition closed for TRNR (TRNR)?

No; the Sportstech transaction is described as a pending acquisition and has not been reported as closed.

Why is TRNR placing the CFO in Europe for the Nov 2025 transition?

Management says Europe will generate substantially all 2025 pro forma revenue and Morgret's German fluency aids the Sportstech transaction and working capital access.

What governance milestone is TRNR approaching that affects financial controls?

TRNR indicated it is nearing a $100 million revenue run-rate SOX compliance threshold and has improved controls accordingly.