TRNR Reports Record Full-Year 2025 Results, Driven by 114% Revenue Growth; Confirms 2026 Guidance of $30M+ in Pro Forma Revenue & $0.5M Stock Repurchase Program
Rhea-AI Summary
Interactive Strength (Nasdaq:TRNR) reported record 2025 revenue of $11.5M, a 114% increase versus 2024, with a full-year net loss of $24.0M (31% improvement) and an adjusted EBITDA loss of approximately $9.6M.
The company confirmed 2026 pro forma revenue guidance of $30M+, citing full-year consolidation of Wattbike and the March 11, 2026 Ergatta acquisition, and announced a $0.5M stock repurchase program (~19% of shares outstanding).
AI-generated analysis. Not financial advice.
Positive
- Revenue +114% YoY to $11.5M in 2025
- Confirmed 2026 pro forma revenue target of $30M+
- Ergatta expected to contribute > $10M revenue in 2026 at ~30% EBITDA margin
- $0.5M stock repurchase program representing ~19% of shares outstanding
Negative
- Full-year net loss of $24.0M in 2025
- Adjusted EBITDA loss of approximately $9.6M (non-GAAP)
- 2025 revenue base remains modest at $11.5M, requiring acquisitions for 2026 growth
- 2026 guidance depends on full-year consolidation of Wattbike and recently acquired Ergatta
News Market Reaction – TRNR
On the day this news was published, TRNR gained 5.38%, reflecting a notable positive market reaction. Argus tracked a peak move of +15.1% during that session. Our momentum scanner triggered 16 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $165K to the company's valuation, bringing the market cap to $3.23M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
TRNR is up about 4.84% while peers show mixed moves (e.g., MRM up 3.77%, IVP down 15%, EJH up 11.85%). Only one peer appears in the momentum scanner, and moves are not clearly aligned, pointing to a company-specific reaction.
Previous Buybacks Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 20 | Stock repurchase launch | Positive | +9.8% | Announced first $500,000 buyback equal to about 20% of shares. |
Limited buyback history; the prior repurchase announcement saw a clearly positive price reaction.
Recent TRNR news has focused on balance sheet actions, acquisitions, and pro forma growth. On March 5, 2026, the company reported a full Sportstech loan recovery. On March 11, it completed the Ergatta acquisition and reiterated $30M+ 2026 pro forma revenue guidance. A first $500,000 repurchase authorization on March 20 lifted shares by 9.76%. Today’s results and buyback confirmation continue that capital allocation and acquisition-driven growth narrative.
Historical Comparison
TRNR has only one prior buyback-related release in the last 6 months, which saw a 9.76% gain. Today’s results plus repurchase update sit within this emerging capital-return theme.
The company moved from authorizing its first repurchase program to reaffirming the same $0.5M buyback alongside stronger 2025 results and 2026 guidance.
Regulatory & Risk Context
TRNR has an effective Form S-3/A shelf updated on January 16, 2026, primarily to add an auditor consent. The shelf supports ongoing capital-raising flexibility, evidenced by recent 424B5 ATM prospectus supplements increasing at-the-market capacity, while the new buyback introduces a countervailing capital return mechanism.
Market Pulse Summary
The stock moved +5.4% in the session following this news. A strong positive reaction aligns with TRNR’s narrative of rapid growth and capital return. The company delivered 114% revenue growth to $11.5M, improved margins, reiterated > $30M 2026 guidance, and tied this to a $0.5M buyback. Historically, the prior buyback announcement saw a 9.76% gain, suggesting investors have rewarded this theme, though ongoing shelf and ATM capacity could reintroduce equity issuance risk.
Key Terms
adjusted ebitda financial
non-gaap financial
stock repurchase program financial
regulation fd regulatory
forward-looking statements regulatory
AI-generated analysis. Not financial advice.
Full-Year Net Loss of
2025 Revenue would have been
Revenue and Earnings from the Acquisition of Ergatta Will Be Reported Starting in Q1 2026
AUSTIN, TX / ACCESS Newswire / March 31, 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 fourth quarter and full year ended December 31, 2025.
Annual Financial Highlights
For the full year, TRNR reported record revenue of
Full year gross margin increased to
Fourth quarter revenue of
Full year revenue would have been
Outlook
TRNR confirmed its 2026 full year guidance of more than
TRNR's
TRNR CEO, Trent Ward, stated that: "While 2025's record results have started to show some of the progress we have made, the developments of the first few months of 2026 have accelerated the groundwork required for TRNR's transformation. Three weeks ago, we acquired Ergatta, which we expect will generate cashflow for the group with no dilution in 2026, and drive our 2026 revenue to more than
Mr. Ward continued: "Through a combination of Ergatta's strong profitability being added to the group, and the expected improvement in Wattbike's earnings from our initiatives, we expect to achieve run-rate profitability within the next twelve months at the group level. This stronger earnings profile is further supported by the successful recovery of the Sportstech loan, leading to a significantly stronger liquidity and runway profile than we ever have had. We believe this demonstrates the effectiveness of our acquisition-driven growth model and we are actively pursuing additional accretive transactions to accelerate that profitability milestone."
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 expects to issue a shareholder letter in the coming weeks.
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 2026 revenue guidance of more than
SOURCE: Interactive Strength Inc.
View the original press release on ACCESS Newswire