TRNR Publishes Q2 Shareholder Letter Highlighting Record Revenue, Gross Margins, and Adjusted EBITDA

Interactive Strength (TRNR) released a Q2 2026 shareholder letter highlighting record second quarter results, higher Q3 2026 revenue and Adjusted EBITDA guidance, and its pending acquisition of connected stair-climbing brand STEPR.

Rhea-AI Summary

Interactive Strength (TRNR) released a Q2 2026 shareholder letter highlighting record second quarter results, higher Q3 2026 revenue and Adjusted EBITDA guidance, and its pending acquisition of connected stair-climbing brand STEPR.

The letter discusses a Q2 gross margin of 48%, up from 31% in Q1, and provides additional commentary on performance across the company’s portfolio of Wattbike, Ergatta, CLMBR and FORME fitness brands. It also covers the special meeting of stockholders held on August 28, 2026 and outlines what the company describes as a robust M&A pipeline. The full shareholder letter is available on TRNR’s website, where investors can also register for updates or contact the company via its investor relations email address.

Positive

• Q2 2026 gross margin 48%, up from 31% in Q1 2026

Negative

• None.

Argus 15 min delay 24 alerts

+15.09% vs previous close $3.41 last price 33.4x rel. volume Open Argus

Details

Market move: TRNR +15.09% vs previous close. Q3 guidance update

-16.7% Trough in 21 min

$2.85 $3.63 Day Range

$4.70M Market Cap

On Sep 23, the day this news came out, the latest delayed price for TRNR is 15.09% above the previous close. Argus tracked a trough of -16.7% from its starting point during tracking. Our momentum scanner has recorded 24 alerts for this stock so far that day. The latest delayed price is $3.41. Relative volume is exceptionally heavy at 33.4x the average.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.

Market Context

On Aug 14, TRNR's Q2 Adjusted EBITDA loss came in below the company's $1 million loss guidance, prov...

Analysis

On Aug 14, TRNR's Q2 Adjusted EBITDA loss came in below the company's $1 million loss guidance, providing a reported benchmark for the letter's later-quarter Adjusted EBITDA guidance.

Key Figures

Q2 gross margin: 48% Q1 gross margin: 31%

Q2 gross margin

48%

Second quarter 2026

Q1 gross margin

31%

First quarter 2026 comparator

Historical Context

2 past events · Latest: Aug 14

2 events

1. Aug 14

   Q2 earnings

   24h Move

   -10.3%

   Q2 revenue grew 445% year over year but missed prior guidance; EBITDA loss beat guidance.

2. Jul 07

   STEPR acquisition

   24h Move

   -16.8%

   Signed binding STEPR acquisition agreement, raised 2026 revenue guidance, disclosed base and contingent equity terms.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, regulation fd

2 terms

adjusted ebitda financial

"increased revenue and Adjusted EBITDA guidance for the third quarter"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

regulation fd regulatory

"In compliance with disclosure obligations under Regulation FD"

Regulation FD is a rule that prevents company insiders, like executives, from sharing important information with some people before others get it. It matters because it helps ensure all investors have equal access to key news, making the stock market fairer and reducing chances of insider trading.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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AUSTIN, TX / ACCESS Newswire / September 23, 2026 / Interactive Strength Inc. (Nasdaq:TRNR) ("TRNR" or the "Company"), maker of innovative specialty fitness equipment under the Wattbike, Ergatta, CLMBR and FORME brands, and pending acquirer of STEPR, today published a shareholder letter providing additional management commentary on its record second quarter 2026 results, increased revenue and Adjusted EBITDA guidance for the third quarter of 2026, and its pending acquisition of STEPR, the category leader in connected stair climbing.

There is further discussion in the letter on the Company's second quarter gross margin of 48%, up from 31% in the first quarter, the special meeting of stockholders held on August 28, 2026 and its robust M&A pipeline.

The full shareholder letter is available on the Company's website. Shareholders may register for updates at interactivestrength.com/updates or contact the Company at ir@interactivestrength.com.

About Interactive Strength Inc.:

Interactive Strength Inc. (Nasdaq:TRNR) is an operationally focused acquirer that has established a leading portfolio of premium fitness brands - Wattbike, Ergatta, 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.

Ergatta is a connected fitness company recognized as a pioneer in game-based rowing. Its connected rowing equipment combines competitive, game-based workouts with a premium hardware experience, generating industry-leading engagement and retention metrics.

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, the Company's ecosystem of performance-focused solutions delivers data-driven outcomes for athletes, fitness enthusiasts, and commercial operators.

ir@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. 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.

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 Company's third quarter 2026 guidance of revenue of between $7 million and $8 million and an Adjusted EBITDA (non-GAAP) loss of less than $0.5 million; the Company's 2026 full year guidance of more than $50 million in pro forma group revenue including STEPR; the Company's expectation of achieving Adjusted EBITDA (non-GAAP) profitability in the fourth quarter of 2026; the expected closing of the acquisition of STEPR, Inc., the timing of that closing, and the expected revenue contribution of STEPR; the expected integration and performance of the Company's portfolio brands, including Wattbike, Ergatta, CLMBR, FORME and STEPR; the Company's expectation that holders of its preferred stock, convertible notes, warrants and other convertible securities will exchange or convert those securities into common stock following the approvals obtained at the special meeting of stockholders held on August 28, 2026; the continued listing requirements of The Nasdaq Stock Market LLC, including the proposed market value of listed securities requirement and the outcome and timing of the SEC's review of that requirement; the Company's ability to achieve operational and financial targets, including profitability at the group level; and the Company's pursuit of additional accretive transactions. These forward-looking statements reflect management's current views and are based on certain assumptions that may prove to be inaccurate. 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; our ability to successfully integrate acquired businesses and realize anticipated synergies; the financial performance of recently acquired businesses, including Ergatta and Wattbike, which may differ materially from expectations; the possibility that the acquisition of STEPR is not completed, is delayed, or does not perform as expected; our ability to satisfy the closing conditions of the STEPR transaction, including the preparation of required audited financial statements; substantial doubt regarding our ability to continue as a going concern as disclosed in our periodic reports; the material weaknesses in our internal control over financial reporting as disclosed in our periodic reports; our substantial indebtedness and the amounts scheduled to mature within the next twelve months; our ability to maintain compliance with the continued listing requirements of The Nasdaq Stock Market LLC; potential dilution to existing stockholders from the conversion or exchange of outstanding convertible securities; and our reliance on a limited number of suppliers and distributors. 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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How can shareholders access TRNR’s full Q2 2026 shareholder letter?

The full Q2 2026 shareholder letter is available on Interactive Strength’s website. Shareholders can also register for updates at interactivestrength.com/updates or contact the company at ir@interactivestrength.com.

What additional topics are covered in TRNR’s Q2 2026 shareholder letter beyond financial results?

The letter includes commentary on the pending acquisition of STEPR, discussion of the company’s M&A pipeline, and information related to the special meeting of stockholders held on August 28, 2026.