TRNR Reports Record Q2 2026 Results, Driven by 445% Revenue Growth; Confirms 2026 Pro Forma Revenue Guidance of More Than $50m and Q4 Profitability
Rhea-AI Summary
Interactive Strength (Nasdaq:TRNR) reported Q2 2026 revenue of $6.6 million, up 445% year over year, with the first full quarter of Ergatta consolidation. Gross profit doubled sequentially to $3.2 million and gross margin rose to 48% from 31% in Q1 2026.
Q2 2026 Adjusted EBITDA (non-GAAP) loss narrowed to about $0.6 million from $1.8 million in Q1, beating the company’s loss guidance of less than $1 million, though revenue came in below prior guidance of about $8 million. TRNR reaffirmed 2026 pro forma revenue guidance of more than $50 million and expects to achieve positive Adjusted EBITDA in Q4 2026.
The company entered a binding agreement on July 7, 2026 to acquire STEPR, projected to generate more than $15 million of 2026 revenue. The deal is expected to close in Q4 2026 at an enterprise value of less than 4x STEPR’s 2027 EBITDA, with a substantial earn-out tied to EBITDA thresholds through June 2028.
Positive
- Q2 2026 revenue $6.6m, up 445% vs Q2 2025
- Gross profit doubled QoQ to $3.2m; gross margin reached 48%
- Adjusted EBITDA loss improved to $0.6m from $1.8m in Q1 2026
- 2026 pro forma revenue guidance reaffirmed at more than $50m
- Company expects first positive Adjusted EBITDA in Q4 2026
- STEPR expected to add over $15m 2026 revenue; EV < 4x 2027 EBITDA with performance-based consideration
Negative
- Q2 2026 revenue of $6.6m fell short of prior ~$8m guidance
- Company still reported an Adjusted EBITDA (non-GAAP) loss of about $0.6m
- STEPR acquisition closing remains subject to customary conditions, introducing execution timing risk
- Company is undertaking initiatives to lift market capitalization above a potential $5m Nasdaq listing threshold
News Explained
Q4 profitability remains an expectation; March 31 cash equaled 164.8 days of Q1 operating cash use.
TRNR has reported Q2 results, but Q4 Adjusted EBITDA profitability remains an expectation rather than a completed result; the disclosure changes the outlook, not the company’s current profitability state.
Adjusted EBITDA is a non-GAAP measure that excludes items including interest, taxes, depreciation, amortization, stock compensation and working-capital requirements, so the stated profitability target does not by itself describe cash generation or GAAP earnings.
As of
Against that liquidity reference point, the material unresolved item is whether the company reaches the release’s Q4 2026 profitability target while its current results still show an Adjusted EBITDA loss.
Sources and calculations
- TRNR Q2 2026 results release (2026-08-14)
- Private placement / PIPE definition (2026-07-17)
- TRNR first-quarter 2026 fundamentals (2026-03-31)
- Cash and equivalents vs quarterly operating cash outflow, in days of cash use $4,738,000 / ($2,587,000 / 90) = [object Object]
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 20 | Q1 2026 results | Positive | +4.0% | Revenue growth and confirmed guidance accompanied a positive 24-hour price reaction. |
| Aug 14 | Q2 2025 results | Positive | -4.3% | Guidance increased despite reported losses and the stock's negative 24-hour reaction. |
| May 19 | Q1 2025 results | Positive | +7.9% | Revenue growth, improving losses, and raised guidance preceded a positive reaction. |
| Nov 14 | Q3 2024 results | Negative | -40.1% | Reported losses and delayed profitability accompanied a sharply negative reaction. |
| Aug 14 | Q2 2024 results | Negative | -17.9% | Net losses and delayed profitability accompanied a negative 24-hour reaction. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings events produced an average move of -10.1%, with negative reactions following several otherwise constructive operating updates.
Key Terms
adjusted ebitda financial
non-gaap financial
pro forma revenue financial
stock purchase agreement financial
enterprise value financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Q2 2026 Reported Revenue of
Adjusted EBITDA (non-GAAP) Loss Reduced to
Company Expects 2026 Pro Forma Revenue of More Than
STEPR Acquisition Expected to Close in the Fourth Quarter of 2026 and M&A pipeline is strong
AUSTIN, TX / ACCESS Newswire / August 14, 2026 / Interactive Strength Inc. (Nasdaq:TRNR) ("TRNR" or the "Company"), owner of the Wattbike, Ergatta, CLMBR and FORME connected fitness brands and pending acquirer of STEPR, today announced financial results for its second quarter ended June 30, 2026.
Q2 2026 Financial Highlights
Q2 2026 revenue was
Q2 2026 Adjusted EBITDA (non-GAAP) loss was approximately
While the Q2 2026 Revenue was below the Company's guidance of approximately
Trent Ward, CEO of TRNR, stated: "Q2 2026 is the first quarter where the earnings power of our M&A-driven operating strategy is showing in our reported results. We have stated that acquiring larger, profitable businesses would not just grow topline scale, but also increase group margins through operating leverage. This quarter's results demonstrate both: revenue grew
Mr. Ward continued: "We are confirming our 2026 pro forma revenue guidance of more than
Mr. Ward concluded: "We have made good progress on the acquisition and integration of STEPR and expect to complete that transaction in Q4. If we include STEPR on a pro forma basis, we expect that we would already be profitable now in Q3, with quarterly revenues well in excess of
STEPR Acquisition
On July 7, 2026, the Company entered into a binding Stock Purchase Agreement to acquire STEPR, Inc., the category leader in connected stair climbing. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions. STEPR is expected to generate more than
Full Year and Q4 2026 Outlook
TRNR expects 2026 pro forma revenue to exceed
Additionally, the Company expects to report Adjusted EBITDA (non-GAAP) profitability in the fourth quarter of 2026 for the first time and to continue that positive trend going forward. When including STEPR, the Company is expected to have positive Adjusted EBITDA (non-GAAP) in the third quarter on a pro forma basis.
TRNR expects to issue a shareholder letter in the coming days, with more details on the quarter and the initiatives that the Company has undertaken to increase its market capitalization above the
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, 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.
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, Ergatta and STEPR acquisitions.
Adjusted EBITDA does not reflect non-cash fair value gains (losses) on convertible notes, preferred stock recognized as liabilities, contingent consideration, 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 full year guidance of more than
SOURCE: Interactive Strength Inc.
View the original press release on ACCESS Newswire