Interactive Strength Inc. (Nasdaq: TRNR) Secures Exclusive Distribution for CLMBR in Switzerland and Austria and Receives Initial Order
Rhea-AI Summary
Interactive Strength Inc. (Nasdaq: TRNR) has secured exclusive distribution for CLMBR in Switzerland and Austria, with an initial order from Domitner GmbH expected to ship in Q3 2024. This follows the German distribution announced in July, strengthening TRNR's presence in central Europe. The company anticipates securing additional European distributors in 2024.
CEO Trent Ward highlighted the strong global demand for CLMBR and the company's expectation to meet its guidance of over ten international customers this year. The international market opportunity is projected to be comparable to the US market. Gym chains are incorporating CLMBRs into their cardio floors, often replacing elliptical machines, and some are piloting group fitness solutions with multiple CLMBRs.
Positive
- Secured exclusive distribution for CLMBR in Switzerland and Austria
- Received initial order from Domitner GmbH for Q3 2024 shipment
- Expanded distribution coverage in central Europe
- Strong global demand for CLMBR products
- On track to meet guidance of over ten international customers in 2024
- International market opportunity expected to be similar in size to the US market
- Gym chains incorporating CLMBRs, replacing elliptical machines
- Positive feedback on group fitness solutions using CLMBRs
Negative
- Shipment of initial order dependent on receiving European certification in Q3
News Market Reaction 1 Alert
On the day this news was published, TRNR declined 3.57%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Domitner GmbH placed initial order that is expected to ship in the third quarter of 2024
Combined with the German distribution announced in July, there is strong coverage in central Europe
Additional European distributors are expected to be secured in 2024
AUSTIN, TX / ACCESSWIRE / September 5, 2024 / Interactive Strength Inc. (NASDAQ:TRNR) ("TRNR" or "the Company"), maker of innovative specialty fitness equipment under the CLMBR and FORME brands, today announced that it has secured exclusive distribution and an initial order for CLMBR in Switzerland and Austria.
Trent Ward, Co-Founder and CEO of TRNR, said: "We continue to have success with top-tier distributors, and Domitner in Switzerland and Austria is no exception. We are honored by their support and are looking forward to fulfilling this order as soon as we receive the appropriate European certification, which is expected to be in the third quarter. Following on the significant orders from our German and Gulf region distributors in July, it is clear that there is strong global demand for CLMBR and we are excited about the international opportunity for CLMBR."
"We expect that we will receive additional orders from other European distributors during 2024," Mr. Ward continued, "and that we will achieve our guidance of more than ten international customers this year. The international opportunity is expected to be similar in size to the US."
Gym chains are adding CLMBRs to the cardio floor and are often replacing elliptical machines to make room for the new equipment. Climbing is an efficient and effective full-body strength and cardio workout, and one that can result in greater posterior chain activation than other equipment.
Additionally, some gym chains have started to pilot group fitness solutions where 10 or 15 CLMBRs are grouped together in a room previously used for spin classes. The initial feedback has been very positive in these instances and it mimics the same feedback that customers of Studio CLMBR in Denver have had for years about the class being both fun and an incredible workout.
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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 future international orders, additional distributors or demand for CLMBRs or the Company generating revenue from sales of CLMBR or the Company shipping CLMBRs or receiving international certifications for CLMBR in the third quarter or the relative size of the international market as compared to the US. 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.
SOURCE: Interactive Strength Inc.
View the original press release on accesswire.com
FAQ
What new markets has TRNR (NASDAQ:TRNR) secured for CLMBR distribution?
When is the initial CLMBR order for Switzerland and Austria expected to ship?
How many international customers does TRNR (NASDAQ:TRNR) expect to have in 2024?
How are gym chains utilizing CLMBR equipment from TRNR (NASDAQ:TRNR)?
