TRNR Completes Acquisition of Ergatta, Confirms Increased 2026 Pro Forma Revenue Guidance of $30m+

Rhea-AI Summary

Interactive Strength (NASDAQ:TRNR) completed its acquisition of Ergatta on March 11, 2026, expanding its connected fitness portfolio and confirming increased 2026 pro forma revenue guidance of more than $30 million.

Ergatta is expected to generate >$10 million revenue in 2026, ~70% recurring subscription revenue, ~30% EBITDA margin, and to produce cashflow exceeding the $1.8 million closing cash paid. TRNR also received $6.4 million from Sportstech to support operations.

Positive

• Ergatta expected revenue >$10 million in 2026
• Approximately 70% of Ergatta revenue is recurring subscriptions
• Ergatta projected ~30% EBITDA margin in 2026
• TRNR raised pro forma 2026 revenue guidance to >$30 million
• TRNR received $6.4 million from Sportstech to fund operations

Negative

• Base transaction value of $8.8 million included $1.8 million cash at close
• Transaction includes $1.8 million of assumed debt
• Up to $19.5 million enterprise value with earn-outs could increase payouts
• Equity consideration of $5.3 million is locked until May 2027

News Market Reaction – TRNR

+0.64%

5 alerts

+0.64% News Effect

+4.1% Peak Tracked

-11.8% Trough Tracked

+$20K Valuation Impact

$3M Market Cap

0.1x Rel. Volume

On the day this news was published, TRNR gained 0.64%, reflecting a mild positive market reaction. Argus tracked a peak move of +4.1% during that session. Argus tracked a trough of -11.8% from its starting point during tracking. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $20K to the company's valuation, bringing the market cap to $3M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Ergatta 2026 revenue: >$10 million Ergatta EBITDA margin: ≈30% Subscription mix: ≈70% recurring +5 more

8 metrics

Ergatta 2026 revenue >$10 million Expected 2026 revenue contribution

Ergatta EBITDA margin ≈30% Projected 2026 EBITDA margin

Subscription mix ≈70% recurring Portion of Ergatta 2026 revenue from subscriptions

TRNR 2026 pro forma revenue >$30 million Confirmed 2026 pro forma revenue guidance post-Ergatta

Sportstech cash received $6.4 million Cash received March 4, 2026 used to help fund operations

Cash paid at close $1.8 million Ergatta cash consideration funded from TRNR cash on hand

Base transaction value $8.8 million Initial Ergatta enterprise value (cash, debt, and equity)

Max enterprise value $19.5 million Ergatta value assuming full earn-out achievement

Market Reality Check

Price: $1.58 Vol: Volume 113,136 is about 0...

low vol

$1.58 Last Close

Volume Volume 113,136 is about 0.05x the 20-day average 2,065,141, indicating light participation. low

Technical Shares at $1.57 are trading below the 200-day MA of $33.43, reflecting a longer-term downtrend.

Peers on Argus

TRNR is up 8.28% while momentum-flagged peers EJH, YYGH, and WBUY are all down b...

3 Down

TRNR is up 8.28% while momentum-flagged peers EJH, YYGH, and WBUY are all down between about -2.61% and -17.13%, pointing to a stock-specific reaction to the Ergatta closing.

Previous Acquisition Reports

5 past events · Latest: Feb 18 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 18	Ergatta agreement signed	Positive	+5.4%	Definitive Ergatta deal and 50% lift to 2026 pro forma revenue guidance.
Oct 31	Sportstech FAQ update	Positive	+2.7%	FAQ update on pending Sportstech acquisition and new CFO hire details.
Jul 01	Wattbike deal closed	Positive	-4.6%	Completion of Wattbike acquisition and projection of >$75M 2025 pro forma revenue.
Jun 18	Wattbike approval win	Positive	+3.5%	UK approval clearing Wattbike acquisition, expected to be immediately accretive.
Apr 10	Wattbike FAQ update	Positive	-2.8%	Investor FAQ on anticipated $15M+ Wattbike acquisition and pending Sportstech deal.

Pattern Detected

Acquisition-related headlines have usually been met with modestly positive price moves, though there are a couple of notable selloffs on otherwise positive updates.

Recent Company History

Over the past year, TRNR has used acquisitions as a core strategy, highlighted by the Wattbike deal and multiple updates on the Ergatta and Sportstech transactions. Prior acquisition news on Feb 18, 2026 about signing the Ergatta agreement and lifting 2026 pro forma revenue to more than $30 million drew a positive reaction. Earlier, completion and progress updates around the Wattbike and Sportstech deals produced mixed but generally constructive price responses. Today’s completion of Ergatta fits this ongoing roll-up and integration narrative.

Historical Comparison

+0.8% avg move · Past acquisition headlines moved TRNR an average of 0.83%. Today’s 8.28% gain on closing Ergatta and...

acquisition

+0.8%

Average Historical Move acquisition

Past acquisition headlines moved TRNR an average of 0.83%. Today’s 8.28% gain on closing Ergatta and reaffirming >$30M 2026 pro forma revenue is a much stronger reaction.

Acquisition news progressed from FAQs on the Wattbike and Sportstech deals in 2025 to UK approval and completion of Wattbike, then to signing and now closing the Ergatta acquisition, repeatedly tying deals to higher pro forma revenue targets.

Regulatory & Risk Context

Active S-3 Shelf · $9,521.35

Shelf Active

Active S-3 Shelf Registration 2026-01-16

$9,521.35 registered capacity

TRNR has an effective Form S-3/A shelf (filed Jan 16, 2026) supporting at-the-market offerings, with prospectus supplements filed on Jan 23, 2026 and Mar 6, 2026. The shelf facilitates additional capital raises alongside the Ergatta acquisition strategy.

Market Pulse Summary

This announcement confirms completion of the Ergatta acquisition and reiterates 2026 pro forma reven...

Analysis

This announcement confirms completion of the Ergatta acquisition and reiterates 2026 pro forma revenue guidance of more than $30 million, with Ergatta expected to contribute >$10 million at roughly a 30% EBITDA margin and ~70% recurring revenue. Historical acquisition updates, including Wattbike and prior Ergatta news, show that TRNR relies heavily on deal-driven growth. Investors may watch how integration progresses, how cash from the $6.4 million Sportstech settlement is deployed, and how frequently the at-the-market program is used.

Key Terms

ebitda margin, enterprise value, earn-outs, recurring subscriptions

4 terms

ebitda margin financial

"Ergatta's 2026 Revenue Expected to Exceed $10 Million with Approximately 30% EBITDA Margin"

EBITDA margin is the share of each dollar of sales that a company keeps as operating cash profit before interest, taxes, and accounting for equipment wear and long-term investments. Think of it like the cash a store has left from every sale after paying day-to-day running costs but before paying rent, loan interest or replacing old machinery. Investors use it to compare core profitability and operational efficiency across companies by removing financing and accounting differences.

enterprise value financial

"the maximum Ergatta enterprise value would be $19.5 million"

Enterprise value is the total worth of a company, reflecting what it would cost to buy the entire business. It includes the company's market value plus any debts, minus its cash holdings, offering a comprehensive picture of its true value. Investors use it to compare companies regardless of their capital structures, helping them assess how much they would need to pay to acquire the business.

earn-outs financial

"Assuming full achievement of the earn-outs, the maximum Ergatta enterprise value"

Earn-outs are contingent future payments a seller of a business receives after a sale if the company hits agreed performance targets over a fixed period—such as revenue, profit, or customer milestones. They matter to investors because they alter the deal’s effective price and future cash flows, align seller and buyer incentives, and introduce measurement and timing risk—think of it like part of a sale price being paid later only if promised results are delivered.

recurring subscriptions financial

"with approximately 70% from recurring subscriptions providing high revenue visibility"

Recurring subscriptions are regular, ongoing payments customers agree to make for a product or service—think of a gym membership or streaming service that bills monthly or annually. For investors, they matter because they create predictable, repeatable revenue and cash flow, reduce dependence on one-time sales, and let analysts estimate customer value and business stability more reliably.

AI-generated analysis. Not financial advice.

Ergatta's 2026 Revenue Expected to Exceed $10 Million with Approximately 30% EBITDA Margin

TRNR received $6.4 Million on March 4^th from Sportstech and paid $1.8 Million to Ergatta shareholders to Close Acquisition

Ergatta is Expected to Generate Cashflow for TRNR in 2026 in Excess of Closing Cash Consideration

AUSTIN, TX AND BROOKLYN, NY / ACCESS Newswire / March 11, 2026 / Interactive Strength Inc. (Nasdaq:TRNR) ("TRNR" or the "Company"), owner of the Wattbike, FORME, and CLMBR connected fitness brands, today announced it has completed its previously announced acquisition of Ergatta, Inc., the pioneer in game-based connected fitness - significantly strengthening its portfolio of brands and accelerating its growth. The deal represents a major step towards TRNR's near-term objective of profitability through increased scale.

Ergatta is a Brooklyn-based connected fitness company that pioneered game-based fitness content, building a stable, cash-generating subscription business with industry leading monthly net retention of more than 98%. Ergatta is expected to generate revenue of more than $10 million in 2026, with approximately 70% from recurring subscriptions providing high revenue visibility, and approximately a 30% EBITDA margin. Additionally, Ergatta operates an asset-light business model that generates strong operational cashflow without requiring investment in inventory.

With the acquisition now completed, TRNR confirms its increased 2026 pro forma revenue guidance of more than $30 million. As shown in the Company's latest investor presentation, the acquisition of Ergatta is expected to be a key 2026 catalyst and a driver of overall profitability in the near-term, alongside continued Wattbike performance. In addition to the expected cashflow from Ergatta, TRNR operations will be financed by the $6.4 million of received from Sportstech last week.

"The beginning of March has been exciting for TRNR, as we delivered on two of the three key catalysts that we outlined in our February investor presentation. We received $6.4 million from Sportstech, closing that chapter with a positive return that allows us to invest into our growing businesses without additional dilution, and we completed the acquisition of Ergatta as we said we would," said TRNR CEO, Trent Ward. "Ergatta is a very strong brand and business, and we expect that it will be immediately accretive to TRNR's financials and product experience."

"Our team is very proud that we've built the most engaging fitness content platform in the world, and we've done it profitably," said Tom Aulet, Co-Founder and CEO of Ergatta. "Joining TRNR provides us the opportunity to grow Ergatta and also the Ergatta gaming experience across other hardware brands. This is the right next step for our business, and we are looking forward to executing as part of TRNR."

Mr. Ward continued: "Ergatta's best-in-class gaming experience has already been licensed by iFIT, one of the biggest fitness equipment brands in the world, and we plan to add the gaming experience to Wattbike and CLMBR. The Ergatta team also has strong customer acquisition capabilities and we expect that they will be able to help drive revenue growth in the US for our brands. As with all of our acquisitions, we are focused on minimizing near-term dilution and protecting downside with transaction valuation tied to future performance, while generating incremental upside from group synergies."

Transaction Structure

TRNR has acquired 100% of Ergatta through a combination of cash, debt, stock and future contingent consideration. The base transaction value of $8.8 million is comprised of $1.8 million cash consideration at close, $1.8 million in debt and $5.3 million in equity that is locked up until May 2027. TRNR expects to receive more cashflow from Ergatta in 2026 than the initial cash consideration paid. The initial cash consideration at closing was funded through TRNR's cash on hand prior to the transaction. Ergatta's founders and key management team members have agreed to employment arrangements and are expected to continue leading the business post-acquisition.

Assuming full achievement of the earn-outs, the maximum Ergatta enterprise value would be $19.5 million and, given the upper 2026 EBITDA earn-out threshold of approximately $4.0 million, TRNR expects the multiple of EBITDA to be less than 5.0x, before any TRNR group synergies.

For more information, see TRNR's investor website as well as its required filings with the U.S. Securities and Exchange Commission (SEC).

TRNR Investor Contact:

ir@interactivestrength.com

Ergatta Media Contact:

media@ergatta.com

About Ergatta:

Ergatta is the leader in game-based connected fitness, offering a suite of addictive workout experiences and a line of premium rowing machines with embedded gaming content. Ergatta's content is personalized to each user, highly interactive, and designed to build lasting fitness habits through games rather than instructors. The company's 98.3% monthly retention rate is the highest in the connected fitness industry. www.ergatta.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.

For more information about Interactive Strength, please visit www.interactivestrength.com.

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.

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 financial performance of Ergatta and the combined company; revenue and EBITDA projections, including TRNR's 2026 pro forma revenue guidance; the expected benefits of combining the companies' products and platforms, including deploying Ergatta's gaming experience across Wattbike and CLMBR; content licensing revenue growth; realization of expected synergies; the expected cashflow profile of Ergatta and the combined company; the achievement of earn-out thresholds and the timing and form of any contingent consideration; the possibility of achieving operating leverage; and TRNR's ability to execute on its acquisition and growth strategy. 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: the ability to successfully integrate Ergatta's operations; the ability to retain key personnel; the ability to achieve projected revenue, margin, retention and EBITDA targets; demand for our products and services; subscriber retention rates; 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; our reliance on a limited number of suppliers and distributors for our products; and macroeconomic conditions affecting consumer discretionary spending. 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 ACCESS Newswire

FAQ

What does TRNR's acquisition of Ergatta mean for 2026 revenue guidance (TRNR)?

TRNR confirms its 2026 pro forma revenue guidance is now above $30 million. According to TRNR, Ergatta contribution and continued Wattbike performance drive the upgraded guidance and near-term profitability expectations.

How much revenue is Ergatta expected to generate in 2026 after the TRNR acquisition?

Ergatta is expected to generate more than $10 million in revenue in 2026. According to TRNR, roughly 70% will come from recurring subscriptions, providing higher revenue visibility and predictable cashflow.

What were the key cash and financing elements disclosed by TRNR on March 11, 2026?

TRNR received $6.4 million from Sportstech and paid $1.8 million cash to close Ergatta. According to TRNR, the Sportstech proceeds help finance operations without immediate dilution.

How is the Ergatta deal structured and what are potential future payments to sellers (TRNR)?

The base deal value is $8.8 million: $1.8M cash, $1.8M debt, $5.3M equity locked until May 2027, plus contingent earn-outs. According to TRNR, full earn-outs could raise enterprise value up to $19.5 million.

Will Ergatta be immediately accretive to TRNR earnings and cashflow in 2026?

TRNR expects Ergatta to be immediately accretive and to generate cashflow exceeding the closing cash paid. According to TRNR, Ergatta's asset-light, subscription model supports near-term cashflow and profitability.