Interactive Strength Inc. (Nasdaq:TRNR) Reports Second Quarter 2025 Results; Increases 2025 Pro Forma Revenue Guidance to More Than $80M

Rhea-AI Summary

Interactive Strength (Nasdaq:TRNR) reported Q2 2025 financial results with revenue of $1.2 million and a net loss of $2.2 million ($2.13 per share). The company's Adjusted EBITDA loss was $1.7 million, showing a 40% year-over-year improvement.

Key developments include the acquisition of 67.4 million FET tokens at an average price of $0.70, currently valued at over $50 million, making TRNR the largest publicly traded AI-focused Digital Asset Treasury. The company increased its 2025 pro forma revenue guidance to more than $80 million, driven by Sportstech's strong performance. TRNR completed the Wattbike acquisition on July 1, 2025, and is progressing with the pending Sportstech acquisition.

If both Wattbike and Sportstech were included in Q2, revenue would have been approximately $17 million. The company maintains its guidance for Adjusted EBITDA profitability in Q4 2025.

Positive

• Significant 40% YOY improvement in Adjusted EBITDA loss
• Increased 2025 pro forma revenue guidance to over $80 million
• Acquired 67.4M FET tokens worth over $50M, becoming largest publicly traded AI-focused Digital Asset Treasury
• Pro forma quarterly revenue of $17M when including pending acquisitions
• On track for profitability in Q4 2025

Negative

• Current quarterly revenue remains low at $1.2M
• Net loss of $2.2M in Q2 2025
• Adjusted EBITDA still negative at -$1.7M
• Sportstech acquisition still pending with uncertain closing timeline

Insights

Financial Analyst

TRNR shows weak current financials but significant future potential through acquisitions and crypto treasury, increasing 2025 guidance to $80M+.

TRNR's Q2 2025 results present a complex financial picture with both current challenges and promising future developments. The company reported just $1.2 million in quarterly revenue with a net loss of $2.2 million ($2.13 per diluted share). The 40% year-over-year improvement in Adjusted EBITDA loss (now $1.7 million) shows operational efficiency gains despite current revenue limitations.

What's particularly notable is the stark contrast between current standalone results and pro forma potential. If pending acquisitions were included, Q2 revenue would have been approximately $17 million - a 1,317% difference from reported figures. This dramatic delta highlights how transformative the Wattbike (closed July 1) and Sportstech (pending) acquisitions are to TRNR's business model.

The company's digital asset treasury strategy represents another significant pivot, with 67.4 million FET tokens now valued at over $50 million (acquired at an average price of $0.70 per token). This positions TRNR as holding what they claim is the largest publicly traded AI-focused digital asset treasury.

The increased 2025 pro forma revenue guidance to $80+ million signals management's growing confidence in Sportstech's performance. While current stockholders' equity stands at $16.3 million, the projected fourth quarter profitability milestone would mark a critical inflection point for the company's financial trajectory. This guidance increase represents a substantial bet on the synergistic potential of these acquisitions alongside their crypto strategy.

Company Reports Quarterly Revenue of $1.2 Million; Net Loss and Loss per Diluted Share of $2.2 Million and $2.13

Quarterly Adjusted EBITDA Loss of $1.7 Million Reflects 40% YOY Improvement

TRNR held 29.6 Million FET tokens as of June 30, 2025 and 67.4 Million FET tokens as of August 13, 2025, with a value in excess of $50 million, representing the largest publicly traded AI-focused Digital Asset Treasury

Stockholders' Equity Was $16.3 Million at Quarter End

2025 Pro Forma Revenue Guidance Increased to more than $80 Million, driven by Sportstech's Stronger-Than-Expected Performance, and Fourth Quarter Profitability Guidance Reiterated

AUSTIN, TEXAS / ACCESS Newswire / August 14, 2025 / Interactive Strength Inc. (Nasdaq:TRNR) ("TRNR" or the "Company"), maker of innovative specialty fitness equipment under the Wattbike, CLMBR and FORME brands, and the pending acquirer of Sportstech, today announced financial results for its second quarter ended June 30, 2025.

Quarterly Financial Highlights

For the quarter, TRNR reported revenue of $1.2 million, a net loss of $2.2 million - or $2.13 per diluted share - and an Adjusted EBITDA loss of approximately $1.7 million (non‑GAAP).

Results do not include Wattbike (closed July 1, 2025) or Sportstech (pending) for the period. However, if both businesses were included in the second quarter, revenue would have been approximately $17 million.

Digital Asset Treasury Strategy

TRNR also closed a very significant investment in the quarter to begin to execute its Digital Asset Treasury Strategy, and was able to acquire 29.6 million FET tokens by the end of the Q2. TRNR has since completed the cumulative purchase of 67.4 million FET tokens, at an average token price of $0.70, currently worth in excess of $50 million.

Outlook

TRNR is increasing its full‑year 2025 pro forma revenue guidance to more than $80 million, driven by Sportstech's stronger-than-expected-performance, and by continued momentum across the TRNR + Wattbike platform. TRNR is also reiterating its guidance that it expects to achieve Adjusted EBITDA profitability in the fourth quarter.

Sportstech

The Sportstech acquisition continues to proceed and all parties are working to satisfy the remaining items to close the acquisition and look forward to being able to update investors with more specific guidance on the transaction as soon as possible.

Founder and CEO Trend Ward stated: "We believe that Q2 will be the inflection point for TRNR, as we now have the largest publicly traded AI-focused Digital Asset Treasury, comprised of 67.4 million FET tokens, worth more than $50 million, and we are increasing our 2025 pro forma revenue guidance to more than $80 million, driven by the stronger-than-expected performance of Sportstech, our pending acquisition. We closed the Wattbike acquisition right after the quarter had ended and all parties are working on completing the remaining items to close the Sportstech acquisition as soon as we can. If both acquisitions were included in the second quarter, we would have generated approximately $17 million in revenue for the quarter. We are also reiterating that we expect to be profitable in the fourth quarter. In our view, the combination of these synergistic acquisitions, along with our AI-focused Digital Asset Treasury, represents a significant opportunity for investors."

For more commentary, information and details of TRNR's strategy, as well as to sign up for direct updates, see the Company's investor website, latest FAQs and required filings with the US Securities & Exchange Commission (SEC).

TRNR 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.

Channels for Disclosure of Information
In compliance with disclosure obligations under Regulation FD, we announce material information to the public through a variety of means, including filings with the Securities and Exchange Commission ("SEC"), press releases, company blog posts, public conference calls, and webcasts, as well as via our investor relations website. Any updates to the list of disclosure channels through which we may announce information will be posted on the investor relations page on our website. The inclusion of our website address or the address of any third-party sites in this press release are intended as inactive textual references only.

Non-GAAP Financial Measures
In addition to our results determined in accordance with accounting principles generally accepted in the United States, or GAAP, we believe the following non-GAAP financial measures are useful in evaluating our operating performance.

The Company's non-GAAP financial measure in this press release consist of Adjusted EBITDA, which we define as net (loss) income, adjusted to exclude: other expense (income), net; income tax expense (benefit); depreciation and amortization expense; stock-based compensation expense; (gain) loss on debt extinguishment; vendor settlements; and transaction related expenses.

The Company believes the above adjusted financial measures help facilitate analysis of operating performance and the operating leverage in our business. We believe that these non-GAAP financial measures are useful to investors for period-to-period comparisons of our business and in understanding and evaluating our operating results for the following reasons:

• Adjusted EBITDA is widely used by investors and securities analysts to measure a company's operating performance without regard to items such as stock-based compensation expense, depreciation and amortization expense, other expense (income), net, and provision for income taxes that can vary substantially from company to company depending upon their financing, capital structures, and the method by which assets were acquired;

• Our management uses Adjusted EBITDA in conjunction with financial measures prepared in accordance with GAAP for planning purposes, including the preparation of our annual operating budget, as a measure of our core operating results and the effectiveness of our business strategy, and in evaluating our financial performance; and

• Adjusted EBITDA provides consistency and comparability with our past financial performance, facilitate period-to-period comparisons of our core operating results, and may also facilitate comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results.

Our use of Adjusted EBITDA, or any other non-GAAP financial measures we may use in the future, is presented for supplemental informational purposes only and should not be considered as a substitute for, or in isolation from, our financial results presented in accordance with GAAP. Further, these non-GAAP financial measures have limitations as analytical tools. Some of these limitations are, or may in the future be, as follows:

• Although depreciation and amortization expense are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;

• Adjusted EBITDA excludes stock-based compensation expense, which has recently been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy;

• Adjusted EBITDA does not reflect: (1) changes in, or cash requirements for, our working capital needs; (2) interest expense, or the cash requirements necessary to service interest or principal payments on our debt, which reduces cash available to us; or (3) tax payments that may represent a reduction in cash available to us;

• Adjusted EBITDA does not reflect impairment charges for fixed assets and capitalized content, and gains (losses) on disposals for fixed assets;

• Adjusted EBITDA does not reflect (gains) losses associated with debt extinguishments.

• Adjusted EBITDA does not reflect losses associated with vendor settlements.

• Adjusted EBITDA does not reflect transaction related expenses for CLMBR acquisition and pending acquisitions of Wattbike and Sportstech.

• Adjusted EBITDA does not reflect non cash fair value gains (losses) on convertible notes, derivatives, warrants and unrealized currency gains (losses).

Further, the non-GAAP financial measures presented may not be comparable to similarly titled measures reported by other companies due to differences in the way that these measures are calculated. For example, the expenses and other items that we exclude in our calculation of Adjusted EBITDA may differ from the expenses and other items, if any, that other companies may exclude from Adjusted EBITDA when they report their operating results. Because companies in our industry may calculate such measures differently than we do, their usefulness as comparative measures is limited. Because of these limitations, Adjusted EBITDA should be considered along with other operating and financial performance measures presented in accordance with GAAP.

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 value or potential opportunity of the digital asset treasury strategy, its value staying above $50 million, the possibility of acquiring future businesses or completing the referenced pending transactions in a timely manner or at all, the financial performance of those acquisitions and the resulting guidance of having more than $80m of pro forma revenue in 2025, achieving profitability by Q4, and the financial performance of the acquisition targets which have not been audited or reviewed by a PCAOB auditor and could vary materially (a) once that audit or review work is completed and such financials are included in the Company's reported financials and (b) due to the effect of the exchange rates of foreign currencies which can be volatile, or that the business is at an inflection point in Q2 and that there is a significant opportunity for investors. 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 and the products of the acquisition targets if the acquisitions are completed (collectively, the "Products"); competition, including technological advances made by and new products released by our competitors and the competitors of the acquisition targets; 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 were TRNR's Q2 2025 financial results?

TRNR reported Q2 2025 revenue of $1.2 million, with a net loss of $2.2 million ($2.13 per share) and an Adjusted EBITDA loss of $1.7 million.

How many FET tokens does Interactive Strength (TRNR) hold and what is their value?

As of August 13, 2025, TRNR holds 67.4 million FET tokens, purchased at an average price of $0.70, with a current value exceeding $50 million.

What is TRNR's revenue guidance for 2025?

TRNR increased its 2025 pro forma revenue guidance to more than $80 million, driven by Sportstech's stronger-than-expected performance.

When does Interactive Strength (TRNR) expect to become profitable?

TRNR expects to achieve Adjusted EBITDA profitability in the fourth quarter of 2025.

What acquisitions is TRNR involved in?

TRNR completed the Wattbike acquisition on July 1, 2025, and has a pending acquisition of Sportstech. If both were included in Q2, revenue would have been approximately $17 million.