olivLaw · US equity research
Interactive Strength, Inc. TRNR
Electronic & Other Electrical Equipment (No Computer Equip) · SIC 3600 · Vertical: Electronic & Other Electrical Equipment (No Computer Equip) (SIC 3600)
Interactive Strength (TRNR) is a group of connected fitness equipment brands combining hardware, digital content and coaching for commercial and home use. The company is in an expansion phase driven by acquisitions, but still depends on outside financing, so its trajectory merits close monitoring. Revenue grew sharply in fiscal 2025 and in the first half of 2026, while losses remained significant.
At the close of 04 Nov 2026, Interactive Strength, Inc. (TRNR) stock was 1.25 USD (−11.97% on the day), with market capitalisation 2.0 m USD, beta 1.46, 52-week range 1.25–204.05 USD. Latest reported quarter (Q2 2026): revenue of 6.6 m USD (+445.3% YoY), net income of -7.1 m USD, diluted EPS -17.37 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 21.3
- oversold (≤ 30)
- Bollinger (20, 2)
- 1.27 – 2.27
- below the lower band · %B -0.02 · band width 56.4%
- SMA 50 / 200
- 2.34 / 8.51
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.27 / -0.25
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −43.7% | −1.1% | −42.6 pp | — |
| 3 months | −62.9% | −0.5% | −62.5 pp | — |
| 6 months | −81.4% | +4.4% | −85.8 pp | — |
| Year to date | −97.9% | +12.3% | −110.2 pp | — |
| 1 year | −99.3% | +13.5% | −112.8 pp | +0.1% |
| 3 years | −100.0% | +76.4% | −176.4 pp | −7.0% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.0 m | 2.4 m | 1.4 m | 1.2 m | 4.8 m | 4.1 m | 5.1 m | 6.6 m |
| Cost of revenue | 2.3 m | 2.8 m | 1.7 m | 1.4 m | 4.0 m | 3.6 m | 3.5 m | 3.4 m |
| Gross profit | -288.0 k | -410.0 k | -304.0 k | -194.0 k | 825.0 k | 584.0 k | 1.6 m | 3.2 m |
| Research & development | 2.2 m | 280.0 k | 1.3 m | 779.0 k | 404.0 k | 465.0 k | 438.0 k | 415.0 k |
| Operating income | -7.8 m | -4.1 m | -6.3 m | -5.8 m | -6.0 m | -1.7 m | -4.0 m | -3.4 m |
| Pre-tax income | -7.1 m | -5.8 m | -6.6 m | -2.2 m | -5.2 m | -10.0 m | -10.7 m | — |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Net income | -7.1 m | -5.8 m | -6.6 m | -2.2 m | -5.2 m | -10.0 m | -10.7 m | -7.1 m |
| Diluted EPS | -1,534.56 | -2,055.54 ≈ | -173.58 | -149.29 | -3.11 | — | -10.24 | -17.37 |
| Operating cash flow | -3.7 m ≈ | -5.9 m | -3.5 m | -2.2 m ≈ | -2.4 m ≈ | -2.2 m | -2.6 m | -3.0 m ≈ |
| Capex | — | — | 0 | 0 ≈ | — | — | 97.0 k | 237.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 681.0 k | 962.0 k | 5.4 m | 11.5 m |
| Revenue YoY | unavailable | +41.3% | +459.3% | +114.3% |
| Net income | -58.2 m | -51.4 m | -34.9 m | -24.0 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -119.49 | -16,614.85 | -16,328.50 | -171.77 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | -8,549.9% | -5,340.2% | -649.3% | -207.9% |
| Free cash flow | -36.1 m | -15.4 m | -14.8 m | -10.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 512.0 k USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 6.4 m USD
- Total assets
- 46.8 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.47x
- ROE
- -355.0%
- ROA
- -59.2%
- FCF margin
- -91.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 681.0 k | 962.0 k | 5.4 m | 11.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 9.5 m | 6.5 m | 8.2 m | 10.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | -8.9 m | -5.5 m | -2.8 m | 913.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Research & development | 20.0 m | 10.0 m | 7.0 m | 2.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | -54.3 m | -54.5 m | -29.2 m | -19.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Pre-tax income | -58.2 m | -51.4 m | -34.9 m | -24.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | 0 | 0 | 0 | 0 | SEC (XBRL)· 31 Mar 2026verified |
| Net income | -58.2 m | -51.4 m | -34.9 m | -24.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | -119.49 | -16,614.85 | -16,328.50 | -171.77 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | 487.3 k | 3.1 k | 2.1 k | 139.5 k | SEC (XBRL)· 31 Mar 2026verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 226.0 k | 0 | 138.0 k | 512.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Receivables | 0 | 1.0 k | 1.4 m | 2.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Inventories | 4.6 m | 5.5 m | 6.7 m | 7.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 9.8 m | 5.4 m | 8.2 m | 14.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 1.3 m | 444.0 k | 116.0 k | 379.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Goodwill | — | 0 | 15.5 m | 15.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Intangibles (excl. goodwill) | 3.8 m | 2.3 m | 6.1 m | 7.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Total assets | 24.4 m | 16.8 m | 34.2 m | 46.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 7.7 m | 10.6 m | 11.2 m | 9.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Short-term debt | — | 9.9 m | 11.3 m | — | SEC (XBRL)· 14 Aug 2025verified |
| Long-term debt | — | 0 | 11.3 m | — | SEC (XBRL)· 31 Mar 2025verified |
| Current liabilities | 24.2 m | 21.5 m | 26.9 m | 31.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 27.2 m | 22.4 m | 27.1 m | 38.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | -2.7 m † | 0 | 7.1 m † | 6.4 m † | SEC (XBRL)· 31 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -35.5 m | -15.4 m | -14.8 m | -10.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 577.0 k | 0 | 0 | 94.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | -36.1 m ≈ | -15.4 m ≈ | -14.8 m ≈ | -10.5 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | -7.6 m | -1.4 m | -1.7 m | -53.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | 41.8 m | 17.1 m | 16.3 m | 64.6 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.0 m USD
Key indicators
Coverage and freshness
Score by group
72% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 30.1% | 0 (on a fixed band) | 15% |
| EBIT margin · Quality | -72.7% | 0 (on a fixed band) | 12% |
| FCF margin · Quality | -51.7% | 0 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | 156.8% | 100 (on a fixed band) | 24% |
| Revenue growth (YoY) · Growth | 114.3% | 100 (vs peers) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 9% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -530.0% | 0 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/2 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality0/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partial0/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
INTERACTIVE STRENGTH INC. (TRNR). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 11.5 m USD in 2025; YoY growth 114.3%; net margin -159.3%; ROE -336.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 156.8%
- Revenue growth (YoY): 114.3%
What contradicts it
- Gross margin: 30.1%
- EBIT margin: -72.7%
- FCF margin: -51.7%
- Current ratio: 0.2x
- FCF yield: -530.0%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales, Shareholder yield (distributions).
Versus the vertical median
Electronic & Other Electrical Equipment (No Computer Equip) (SIC 3600) · same industry (4-digit SIC) · compared with 6 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| GEGeneral Electric Company | 340.4 bn | 38.0 | 50.1% | 17.3% | +18.5% | +10% / +239% |
| GEVGE Vernova Inc. | 220.4 bn | 21.8 | 103.5% | 23.5% | +9.0% | +39% / unavailable |
| EMREmerson Electric Co. | 95.1 bn | 37.3 | 12.8% | 13.8% | +3.0% | +28% / +92% |
| OTISOtis Worldwide Corporation | 30.4 bn | 19.8 | — | 10.3% | +1.2% | −10% / −7% |
| MKDWMKDWELL Tech Inc. | 22.7 m | — | -401.0% | -104.0% | +51.6% | −97% / −100% |
| FXHOUTime Limited | 11.0 m | — | -328.7% | -14.2% | −17.7% | −89% / −100% |
| TRNRInteractive Strength Inc. | 2.0 m | — | -336.8% | -159.3% | +114.3% | −99% / −100% |
1- and 3-year price returns: for TRNR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Interactive Strength (TRNR) is a group of connected fitness equipment brands combining hardware, digital content and coaching for commercial and home use. The company is in an expansion phase driven by acquisitions, but still depends on outside financing, so its trajectory merits close monitoring. Revenue grew sharply in fiscal 2025 and in the first half of 2026, while losses remained significant.
SWOT
Strengths
- A premium brand portfolio with proprietary technology and immersive content, strengthened by recent acquisitions 2.
- A partly variable commercial model built on distributors, which reduces fixed sales costs 1.
- Rapid revenue growth after recent acquisitions, including reported growth above one hundred percent in the third quarter of fiscal 2025 3.
Weaknesses
Opportunities
- International expansion of existing brands, including a possible introduction of Wattbike in the United States 1.
- Partnerships in sports, rehabilitation and telemedicine that could widen the customer base 1.
- Synergies from integrated acquisitions, if cost reductions and consolidation deliver the expected results 3.
Risks
- Liquidity and dependence on financinghigh
The company indicated that available resources would not be sufficient to meet obligations falling due without additional capital, and a failure to refinance could lead to significant curtailment of operations 1.
- Going concern uncertaintyhigh
The financial position has raised substantial doubt about the company's ability to continue as a going concern, and the financial statements do not include adjustments that could result from this outcome 1.
- Recurring lossesmedium
The company expects to keep incurring losses, and profitability may not be achieved or sustained 1.
- Interest rate riskmedium
Higher interest rates could affect customer financing, their ability to pay on time, and the company's own borrowing costs 1.
- Listing riskmedium
The company has in the past been unable to comply with NASDAQ listing requirements, which could affect its access to capital markets 1.
Investment thesis
What would need to be true (bull case)
- If recent acquisitions integrate effectively and synergies materialise, the company could become a connected fitness group with steadier revenue and better margins 23.
- Revenue growth in recent quarters and a broader portfolio could attract commercial partners and investors if the trend continues 23.
- If the recurring membership model keeps retention, revenue could become more predictable over time 1.
What would break the thesis
- If additional financing cannot be obtained on acceptable terms, the company could be forced to scale back operations or sell assets 1.
- Net losses and near-term debt could limit flexibility if demand slows or costs rise 12.
- If synergies from acquisitions fall short of expectations, the value added by the deals could be reduced 3.
What to watch
- Liquidity and debt refinancing developmentsnext 10-K
- Completion of the STEPR acquisition and integration of ErgattaQ3 2026
- Quarterly revenue and net loss trendQ1 2027
- Membership retention rate across subscription platforms2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Interactive Strength, Inc. is the parent company of four specialty fitness and virtual training brands: Wattbike, Ergatta, CLMBR and FORME 2. Revenue comes mainly from the sale of connected fitness hardware and the recurring memberships tied to it 1. The company completed the Wattbike acquisition in July 2025 and Ergatta in March 2026, and announced an agreement to acquire STEPR in July 2026 2.
The stated strategy rests on acquiring complementary businesses, selling through established equipment distributors in commercial channels, expanding internationally and building partnerships in sports, rehabilitation and telemedicine 1. The business model also uses distributors so that most sales expenses vary with units sold, as commissions are typically paid only on sales 1.
The company was founded in May 2017 and has been listed on NASDAQ since April 2023 1. Its operating history is short, and past results may not be a reliable indicator of future performance 1.
Segments
Commercial and at-home equipment
The Wattbike, CLMBR and FORME brands offer high-performance indoor bikes, vertical climbing systems and smart fitness mirrors or cable resistance systems for both commercial and at-home use 2. Equipment sales also generate recurring membership revenue.
Market context
The smart home gym and connected fitness market is described by the company as still developing, and its evolution could differ from current expectations 1. A significant share of Wattbike customers has financed purchases through third-party credit providers, so consumer credit conditions matter for demand 1.
Demand could be affected by inflation, rising interest rates and a possible economic slowdown in the United States or other countries 1. The company has also named international expansion as a goal, and Wattbike could be expanded into the US, although no definitive plans exist yet 1.
Trends
- Consolidation through acquisitionsmixed
The Wattbike and Ergatta acquisitions and the announced STEPR deal expanded the portfolio and reported revenue 2. Integration and synergies are still in progress, and acquisition and integration costs could weigh on results 3.
- Revenue growthtailwind
Revenue rose significantly compared with the prior period, particularly after Wattbike was included 23. The company has noted, however, that growth could slow as the business matures 1.
- Financing and liquidity pressureheadwind
The company has posted net losses and negative operating cash flow since inception, and debt maturing within the next twelve months is substantial 1. More expensive or limited access to capital could constrain growth plans 1.
- Supply chainmixed
Longer lead times and higher component prices could affect costs and the ability to fulfil orders 1. The company said recent disruptions did not have a material effect on revenue in fiscal 2025 1.
Competitive position
The company says it could lose market share if it fails to compete effectively with existing and future connected fitness competitors 1. The provided sources do not detail its position against each rival, but the explicit warning highlights how intense the market is 1.
Differentiation rests on technology, immersive content and expert coaching, along with a presence in commercial channels through distributors 12. The advantage depends, however, on attracting and retaining members in a market with many alternatives 1.
- Other connected fitness equipment makers
Companies in this segment compete for the same commercial and home customers; the sources do not name them.
- Performance indoor bike suppliers
Competition in indoor bikes exists, though the sources do not name direct rivals.
- Virtual training platforms
Digital training apps and platforms compete for customer attention and subscriptions.
- Fitness equipment distributors
Distributors the company works with could also become indirect competitors for access to commercial channels.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report13 Oct 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Item 3.02 · Item 3.03 · Amendments to articles or bylaws · Financial statements and exhibits
- Current report01 Sept 2026Shareholder vote
- Proxy statement17 Aug 2026
- Quarterly report14 Aug 2026
- Current report14 Aug 2026Item 3.02
- Current report07 Aug 2026Item 3.02 · Financial statements and exhibits
- Current report31 Jul 2026Item 3.02
- Current report24 Jul 2026Material agreement · Creation of a direct financial obligation · Item 3.02
- Current report09 Jul 2026Material agreement · Other events · Financial statements and exhibits
- Current report07 Jul 2026Material agreement · Item 3.02 · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Interactive Strength, Inc. · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Interactive Strength, Inc. · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Interactive Strength, Inc. · 14 Nov 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.