TRNR Reports Record Third Quarter 2025 Results with 139% YoY Growth; Reiterates 2025 Pro Forma Revenue Guidance of $80M+ To Be Driven by Completion of Sportstech Acquisition

Rhea-AI Summary

Interactive Strength (Nasdaq:TRNR) reported record Q3 2025 revenue of $4.8 million (139% YoY) including Wattbike (closed July 1), a net loss of $5.2 million (loss per diluted share $3.11), and an adjusted EBITDA loss of $2.9 million, which the company attributed in part to low inventory availability.

TRNR reiterated its 2025 pro forma revenue guidance of $80M+ and expects pro forma adjusted EBITDA profitability in Q4, driven by the expected closing of the Sportstech acquisition (Sportstech Q3 revenue ~$13M and LTM EBITDA margin >10%). TRNR announced a CFO transition to Caleb Morgret effective at the 10-Q filing.

Positive

• Revenue +139% YoY to $4.8M in Q3 2025
• Company reiterates 2025 pro forma revenue > $80M
• Sportstech Q3 revenue ~$13M with LTM EBITDA margin >10%
• CFO Caleb Morgret appointed to accelerate closing and European operations

Negative

• Net loss of $5.2M in Q3 2025
• Adjusted EBITDA loss of $2.9M in Q3 2025
• Adjusted EBITDA pressured by low inventory availability
• 2025 guidance depends on completing Sportstech acquisition this year

Insights

Financial Strategist

Record Q3 revenue and reiterated >$80M pro forma 2025 guidance; acquisition close of Sportstech is the key upcoming milestone.

Interactive Strength (TRNR) reported a record quarterly revenue of $4.8 million, a 139% year‑over‑year increase, and a net loss of $5.2 million (loss per diluted share $3.11). The quarter includes Wattbike (closed July 1) but excludes Sportstech; management states that including Sportstech the quarter would have shown approximately $18 million in revenue and that Sportstech reported about $13 million in Q3 revenue itself.

These facts show clear top‑line acceleration on a pro forma basis and an explicit path to consolidation growth via the Sportstech acquisition. Key near‑term dependencies and risks remain factual: completion of the Sportstech closing this year and delivery of the stated pro forma Adjusted EBITDA profitability in the fourth quarter. Also notable is the reported adjusted EBITDA loss of $2.9 million this quarter and the stated cause of low inventory availability, which are concrete headwinds to margin recovery.

Watch for confirmation of the Sportstech closing milestone and the upcoming shareholder letter or filings in the next one to two weeks, the 10‑Q filing that coincides with the CFO transition, and the company’s fourth‑quarter Adjusted EBITDA outturn as the decisive near‑term indicators of whether the reiterated pro forma revenue and profitability guidance materialize within 2025.

Quarterly Results Reflect First Full Quarter Including Wattbike (Acquisition Closed July 1)

Company Reports Record Quarterly Revenue of $4.8 Million; Net Loss and Loss per Diluted Share of $5.2 Million and $3.11; Quarterly Adjusted EBITDA Loss of $2.9 million, Due to Low Inventory Availability

Sportstech Acquisition Expected to Close in 2025 Based on Key Closing Milestone Achievements

Reiterates 2025 Pro Forma Revenue Guidance of more than $80 million and Fourth Quarter Profitability Guidance

AUSTIN, TEXAS / ACCESS Newswire / November 14, 2025 / Interactive Strength Inc. (Nasdaq:TRNR) ("TRNR" or the "Company"), maker of innovative specialty fitness equipment under the Wattbike, CLMBR and FORME brands, and pending acquirer of Sportstech, today announced financial results for its third quarter ended September 30, 2025.

Quarterly Financial Highlights

For the quarter, TRNR reported record revenue of $4.8 million, representing 139% YoY growth, a net loss of $5.2 million - or $3.11 per diluted share - and an adjusted EBITDA loss of $2.9 million (non-GAAP). Results this quarter include Wattbike (closed July 1), but not Sportstech, which is still in the closing process. However, if Sportstech had been included in the third quarter, TRNR revenue would have been approximately $18 million.

Outlook

TRNR is reiterating its full‑year 2025 pro forma revenue guidance of more than $80 million, driven by the stronger-than-expected-performance at Sportstech year-to-date and the expectation that the acquisition will close this year. TRNR is also reiterating its guidance that it expects to achieve pro forma Adjusted EBITDA profitability in the fourth quarter. TRNR's new CFO, Caleb Morgret, will succeed Mike Madigan as of the filing of the Company's 10-Q after market close today.

Sportstech Performance and Acquisition

Based on achieving certain key closing milestones this month, TRNR expects that the Sportstech acquisition will successfully close this year. Further details will be shared with investors over the next few weeks as both Companies work towards completing this transformational combination.

Sportstech previously announced third quarter revenue of approximately $13 million and a third-quarter EBITDA margin increase of more than 200bps YoY, leading to an LTM EBITDA margin of more than 10%.

Trent Ward, Co-Founder and CEO stated: "Q3 revenue growth of 139% is starting to demonstrate the potential of our platform as we progress towards greater scale, thanks to closing Wattbike. We have kicked off cost savings initiatives to harvest group synergies and we remain excited to see that work start to come through in reported financials."

"Most importantly, we have made tremendous progress on closing the Sportstech acquisition, and we expect that we will complete the transaction in 2025," Mr. Ward continued. "The addition of our new CFO, Caleb, who is based in Europe and German-speaking, has been a key factor in the acceleration of progress on the closing procedures. Despite the delay, Sportstech has continued to perform above expectations, and we are very excited to complete this transformational acquisition very soon."

Mr. Ward continued: "We are confident that, on a pro forma basis, the group will have more than $80 million in 2025 revenue as well as turn profitable in the fourth quarter. Lastly, we want to express our utmost appreciation for the efforts of Mike Madigan over the past three years - he has done an incredible job and is leaving us in a strong position."

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 within the next week or two.

TRNR Investor Contact
ir@interactivestrength.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.

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 consist 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; and

• Adjusted EBITDA provides consistency and comparability with our past financial performance, facilitate 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, or any other non-GAAP financial measures we may use in the future, 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. Some of these limitations are, or may in the future be, as follows:

• 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 recently 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 CLMBR and Wattbike acquisitions and pending acquisition of Sportstech.

• Adjusted EBITDA does not reflect noncash 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. For example, the expenses and other items that we exclude in our calculation of Adjusted EBITDA may differ from the expenses and other items, if any, that other companies may exclude from Adjusted EBITDA when they report their operating results. Because companies in our industry may calculate such measures differently than we do, their usefulness as comparative measures is limited. 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 possibility of acquiring future businesses or completing the referenced pending transaction in 2025, a timely manner or at all, the financial performance of those acquisitions and the resulting guidance of having more than $80m of pro forma revenue in 2025, achieving profitability in Q4, and the financial performance of the acquisition targets which have not been audited or reviewed by a PCAOB auditor and could vary materially (a) once that audit or review work is completed and such financials are included in the Company's reported financials and (b) due to the effect of the exchange rates of foreign currencies which can be volatile, or that the Company's 10-Q will be filed today or that the business is in a strong position with the departure of the CFO. 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 and the products of the acquisition targets if the acquisitions are completed (collectively, the "Products"); competition, including technological advances made by and new products released by our competitors and the competitors of the acquisition targets; our ability to accurately forecast consumer demand for our Products and adequately maintain our inventory; and our reliance on a limited number of suppliers and distributors for our Products. 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.

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SOURCE: Interactive Strength Inc.

View the original press release on ACCESS Newswire

FAQ

What did TRNR report for Q3 2025 revenue and EPS?

TRNR reported $4.8M revenue and a net loss per diluted share of $3.11 for Q3 2025.

How does Sportstech factor into TRNR's 2025 guidance for TRNR stock?

TRNR reiterated 2025 pro forma revenue guidance of $80M+, driven by the expected Sportstech closing and its stronger YTD performance.

What were TRNR's Q3 2025 adjusted EBITDA results and causes?

TRNR reported an adjusted EBITDA loss of $2.9M, citing low inventory availability as a key driver.

When is the Sportstech acquisition expected to close for TRNR (TRNR)?

TRNR expects the Sportstech acquisition to close in 2025 contingent on achieving key closing milestones this month.

What is Sportstech's recent financial performance mentioned by TRNR?

Sportstech reported approximately $13M in Q3 revenue and a third-quarter EBITDA margin increase of more than 200bps, giving an LTM EBITDA margin above 10%.

Who is TRNR's new CFO and when does the transition occur?

Caleb Morgret will succeed Mike Madigan as CFO effective upon filing the company's Form 10-Q after market close on the filing date.