TRNR Reports Q1 2026 Results, Driven By 279% Revenue Growth; Confirms 2026 Pro Forma Revenue Guidance of More Than $30m
Rhea-AI Summary
TRNR (Nasdaq:TRNR) reported Q1 2026 revenue of $5.1 million, up 279% from Q1 2025, with pro forma revenue of $7.7 million including Ergatta for the full quarter. Pro forma adjusted EBITDA (non-GAAP) loss was $1.1 million, and cash was $4.7 million at March 31, 2026.
TRNR guides Q2 2026 revenue to ~$8 million with adjusted EBITDA (non-GAAP) loss of less than $1 million, and confirms 2026 pro forma revenue guidance above $30 million. The company is executing a $0.5 million stock repurchase program and has submitted two M&A letters of intent.
Positive
- Q1 2026 revenue $5.1 million, up 279% from $1.4 million
- Q1 2026 pro forma revenue approximately $7.7 million
- Q1 2026 adjusted EBITDA (non-GAAP) loss improved to $1.8 million from $2.5 million
- Q1 2026 pro forma adjusted EBITDA (non-GAAP) loss about $1.1 million
- Cash balance rose to $4.7 million from $0.5 million quarter-end
- Q2 2026 revenue guidance of approximately $8 million
- 2026 pro forma revenue guidance of more than $30 million reiterated
- 105,000 shares repurchased under $0.5 million buyback program
- No At-the-Market facility usage since February 2026
- Pro forma 2025 combined revenue with Ergatta would have been $24.0 million
Negative
- Q1 2026 adjusted EBITDA (non-GAAP) remains a $1.8 million loss
- Q1 2026 pro forma adjusted EBITDA (non-GAAP) shows $1.1 million loss
- Q2 2026 guidance still implies adjusted EBITDA (non-GAAP) loss of under $1 million
- 2026 guidance excludes potential additional acquisitions despite active M&A pipeline
News Market Reaction – TRNR
On the day this news was published, TRNR gained 11.08%, reflecting a significant positive market reaction. Argus tracked a peak move of +73.0% during that session. Argus tracked a trough of -11.3% from its starting point during tracking. Our momentum scanner triggered 32 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $248K to the company's valuation, bringing the market cap to $2.49M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Aug 14 | Q2 2025 earnings | Positive | -4.3% | Reported Q2 2025 results, FET token asset highlight, and raised 2025 revenue guidance. |
| May 19 | Q1 2025 earnings | Positive | +7.9% | Q1 2025 revenue growth, narrowed losses, and increased 2025 pro forma revenue guidance. |
| Nov 14 | Q3 2024 earnings | Positive | -40.1% | Q3 2024 revenue ramp and loss improvement while signaling continued operating challenges. |
| Aug 14 | Q2 2024 earnings | Negative | -17.9% | Q2 2024 results with large net loss and delayed profitability timeline to 2025. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have produced volatile reactions, with an average move of -13.61% and a mix of sharp selloffs and rallies despite generally improving metrics and raised guidance.
Recent history shows TRNR using quarterly results to highlight rapid revenue growth, improved Adjusted EBITDA losses, and higher pro forma revenue guidance. Prior earnings in 2024–2025 often paired stronger outlooks with continued net losses, leading to mixed share reactions, including large drops after Q3 2024 and gains after Q1 2025. Today’s Q1 2026 report, with 279% revenue growth and reiterated $30M+ pro forma 2026 revenue guidance, continues that pattern of emphasizing scale-up and margin improvement.
Key Terms
pro forma financial
adjusted EBITDA financial
non-GAAP financial
stock repurchase program financial
letters of intent financial
Form 8-K/A regulatory
at-the-market facility financial
cash and cash equivalents financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Q1 2026 Reported Revenue of
Company Provides Q2 2026 Guidance Of Approximately
Stock Repurchase Program Active in May with Approximately 105,000 Shares Repurchased at an average of
Increase in M&A Activity with two LOIs submitted in May and Analyzing Additional Targets
AUSTIN, TX / ACCESS Newswire / May 20, 2026 / Interactive Strength Inc. (Nasdaq:TRNR) ("TRNR" or the "Company"), maker of innovative specialty fitness equipment under the Wattbike, CLMBR, FORME and Ergatta brands, today announced financial results for its first quarter ended March 31, 2026.
Q1 2026 Financial Highlights
Q1 2026 revenue was
Q1 2026 Adjusted EBITDA (non-GAAP) loss was approximately
Cash and cash equivalents at March 31, 2026 were
Trent Ward, CEO of TRNR, stated: "Q1 2026 is the clearest demonstration to date of our strategy of accretive M&A and operating discipline delivering on both ends of the income statement in the same quarter, with pro forma revenue growing
Mr. Ward continued: "The pro forma Q1 figures, and Q2 guidance highlight the positive impact of Wattbike and Ergatta, two successful acquisitions that reflect the model the Company has been employing. These results underpin the Company's guidance of more than
"With respect to our M&A pipeline," shared Mr. Ward, "we have submitted letters of intent for two different potential targets, both fitting our profile of profitable, cash-flow-accretive businesses at attractive earnings multiples. We continue to evaluate other opportunities in parallel and look forward to sharing more about these exciting companies when appropriate."
Mr. Ward concluded: "Lastly, we have been utilizing our
Acquisition Integration Update
Q1 2026 reporting consolidates Wattbike for the full quarter, and consolidates Ergatta for the 21 days of since the March 11, 2026 acquisition close. The Company believes that the pro forma figures that include Ergatta's entire Q1 results are more appropriate to understand the underlying TRNR performance.
Additionally, the audited historical financial statements of Ergatta for the years ended December 31, 2025 and 2024, and unaudited pro forma combined financial information of Interactive Strength and Ergatta, were filed on Form 8-K/A with the Securities and Exchange Commission on May 12, 2026. As disclosed in the Form 8-K/A, Ergatta's standalone 2025 results included net revenue of
Q2 2026 and Full Year 2026 Outlook
The Company expects Q2 2026 revenue of approximately
TRNR confirms its 2026 full year guidance of more than
TRNR expects to issue a shareholder letter in the coming days.
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:
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, CLMBR, FORME and Ergatta - 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.
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.
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.
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 consists 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.
Adjusted EBITDA provides consistency and comparability with our past financial performance, facilitates 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 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, including the following:
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 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 the Wattbike, CLMBR, and Ergatta acquisitions.
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. 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 Company's Q2 2026 revenue and adjusted EBITDA loss guidance of approximately
SOURCE: Interactive Strength Inc.
View the original press release on ACCESS Newswire