Interactive Strength Inc. (Nasdaq: TRNR) Completes Acquisition of Wattbike, Creating a Diversified Global Fitness Platform on Track for More than $75 Million in Pro Forma 2025 Revenue

Rhea-AI Summary

Interactive Strength (Nasdaq: TRNR) has completed its all-stock acquisition of Wattbike, a leading indoor performance training bike manufacturer that has sold over 100,000 bikes. The acquisition follows approval from the UK Financial Conduct Authority and marks a significant milestone in TRNR's transformational strategy.

The company projects over $75 million in pro forma 2025 revenue and expects to achieve profitability in Q4 2025. This guidance includes the impact of both the Wattbike acquisition and the pending Sportstech acquisition, which is scheduled to close in Q3 2025. The deal creates a diversified connected hardware portfolio spanning cycling (Wattbike), vertical climbing (CLMBR), and digital strength (FORME).

Additionally, TRNR has established a $55 million Digital Asset Treasury that is actively purchasing $FET cryptocurrency. The company plans to leverage Wattbike's performance training dataset for AI-focused training experiences developed with Fetch.ai, supported by an announced up to $500 million $FET Digital Asset Treasury strategy.

Positive

• None.

Negative

• 60% of total consideration subject to performance-based hurdles
• Significant integration efforts required across distribution networks and supply chain
• Heavy investment in cryptocurrency ($FET) through Digital Asset Treasury adds risk exposure

Wattbike acquisition is the latest milestone in transformational strategy and the Sportstech acquisition is on track to close in the third quarter

TRNR confirms guidance of more than $75 million in pro forma 2025 revenue and profitability in fourth quarter

TRNR's $55 million Digital Asset Treasury is actively purchasing $FET cryptocurrency

AUSTIN, TX AND NOTTINGHAM, UK / ACCESS Newswire / July 1, 2025 / Interactive Strength Inc. (Nasdaq:TRNR) ("TRNR" or the "Company"), maker of innovative specialty fitness equipment under the CLMBR and FORME brands and pending acquirer of Sportstech, today announced that it has completed its previously announced all-stock acquisition of Wattbike, the pioneering indoor performance training bike business trusted by elite athletes and fitness enthusiasts worldwide, which has cumulatively sold more than 100,000 bikes.

The closing follows the approval on June 18, 2025 from the UK Financial Conduct Authority and the satisfaction of all material conditions of the binding transaction agreement signed in April 2025. Wattbike's operations will be consolidated into TRNR's results immediately and will be reported in TRNR's third quarter financials.

"Today's acquisition marks the latest milestone in the transformational strategy that we have outlined to investors and should provide increased confidence in our ability to execute against our plan," said Trent Ward, Co-Founder & Chief Executive Officer of TRNR. "Wattbike is now officially part of TRNR, and we look forward to being able to announce the completion of the Sportstech acquisition in the near-term.

Mr. Ward continued: "As a result of those transactions, we expect to generate more than $75 million of pro forma 2025 revenue and achieve profitability in the fourth quarter. When combined with the $55 million we raised a few weeks ago for our innovative Digital Asset Treasury strategy, and the fact that we are actively investing in AI-focused $FET, we believe that TRNR has significant, under-appreciated upside."

Mr. Ward concluded: "Wattbike's operations, thousands of customer gyms and world-class brand give us meaningful assets and scale in the world's second-largest fitness market - the UK. Its differentiated range of products - for both elite and mainstream athletes - also create big potential opportunities in the US, EU and Asia."

Stephen Loftus, CEO of Wattbike, added: "TRNR's unique portfolio of operating assets, combined with its Nasdaq listing, and increasing focus on using cost-effective technology is expected to unlock new levels of growth for Wattbike. We're thrilled to start building the next chapter together."

Recap - Transaction highlights:

• 100 % of Wattbike acquired in an all-stock deal, with up to 60 % of total consideration subject to performance-based hurdles in order to align business performance with shareholder returns.

• The consideration shares are locked up until at least June 2026, and no cash consideration was paid to previous Wattbike shareholders.

• Wattbike's projected performance is expected to be immediately accretive to TRNR's 2025 results, and combined with the pending Sportstech transaction, is expected to result in more than $75 million of pro forma 2025 revenue and profitability in Q4 2025.

• Creates a diversified connected hardware portfolio spanning cycling (Wattbike), vertical climbing (CLMBR) and digital strength (FORME).

In terms of next steps, TRNR anticipates continuing with integration planning and execution, including optimizing the global distribution networks and channels it already shares with Wattbike - e.g., with entities like Woodway - as well as its manufacturing and supply chain partnerships to drive rapid cost synergies and working-capital optimization.

In addition, joint teams are already working on ways to leverage Wattbike's uniquely differentiated dataset on performance training, including with AI-focused training experiences developed with Fetch.ai and powered by TRNR's recently announced up to $500 million $FET Digital Asset Treasury strategy. Finally, the Sportstech acquisition remains on track to close in the third quarter.

TRNR Investor Contact
ir@interactivestrength.com

About Interactive Strength Inc.:

Interactive Strength Inc. produces innovative specialty fitness equipment and digital fitness services under two main brands: 1) CLMBR and 2) FORME. Interactive Strength Inc. is listed on NASDAQ (symbol:TRNR).

CLMBR is a vertical climbing machine that offers an efficient and effective full-body strength and cardio workout. CLMBR's design is compact and easy to move - making it perfect for commercial or in-home use. With its low impact and ergonomic movement, CLMBR is safe for most ages and levels of ability and can be found at gyms and fitness studios, hotels, and physical therapy facilities, as well as available for consumers at home. www.clmbr.com.

FORME is a digital fitness platform that combines premium smart gyms with live virtual personal training and coaching to deliver an immersive experience and better outcomes for both consumers and trainers. FORME delivers an immersive and dynamic fitness experience through two connected hardware products: 1) The FORME Studio Lift (fitness mirror and cable-based digital resistance) and 2) The FORME Studio (fitness mirror). In addition to the company's connected fitness hardware products, FORME offers expert personal training and health coaching in different formats and price points through Video On-Demand, Custom Training, and Live 1:1 virtual personal training. www.formelife.com.

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 possibility of acquiring future businesses or completing the referenced transactions in the third quarter or at all, the financial performance of those acquisitions and the resulting guidance of being accretive to earnings immediately or in the future, generating more than $75m of pro forma 2025 revenue, achieving profitability in the fourth quarter or there being significant upside in the Company's share, or how underappreciated it might be. 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.

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SOURCE: Interactive Strength Inc.

View the original press release on ACCESS Newswire

FAQ

What is TRNR's projected revenue for 2025 after the Wattbike acquisition?

TRNR projects more than $75 million in pro forma revenue for 2025, with expected profitability in the fourth quarter of 2025.

How many bikes has Wattbike sold to date?

Wattbike has cumulatively sold more than 100,000 bikes worldwide.

What are the terms of TRNR's acquisition of Wattbike?

The acquisition is an all-stock transaction with up to 60% of consideration subject to performance-based hurdles. Consideration shares are locked up until June 2026, with no cash payment to previous shareholders.

When is TRNR's Sportstech acquisition expected to close?

The Sportstech acquisition is expected to close in the third quarter of 2025.

How much is TRNR investing in its Digital Asset Treasury?

TRNR has raised $55 million for its Digital Asset Treasury and announced an up to $500 million $FET Digital Asset Treasury strategy.

What products will TRNR offer after the Wattbike acquisition?

TRNR will offer a diversified connected hardware portfolio including Wattbike (cycling), CLMBR (vertical climbing), and FORME (digital strength).