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
Full-Year Net Loss of $24.0 Million; Full Year Adjusted EBITDA Loss of Approximately $9.6 Million
2025 Revenue would have been $20.7 Million if Wattbike had been Consolidated for the Full Year (Acquisition Closed July 1, 2025)
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 $11.5 million, representing 114% year-over-year growth versus $5.4 million in 2024, a net loss of $24.0 million - a 31% improvement from 2024 - and an adjusted EBITDA loss of approximately $9.6 million (non-GAAP).
Full year gross margin increased to 7.9%, which is an improvement of approximately 60% in gross margin from 2024.
Fourth quarter revenue of $4.1 million was the highest revenue quarter of the year, with a gross margin of 14.1%.
Full year revenue would have been $20.7 million if Wattbike had been consolidated for the entire year as opposed to the partial year, as the acquisition was closed on July 1, 2025. No financials from Ergatta have been included as that acquisition closed after the fiscal year ended.
Outlook
TRNR confirmed its 2026 full year guidance of more than $30 million in pro forma revenue, driven by the full-year consolidation of Wattbike and the addition of Ergatta, which closed March 11, 2026. Ergatta is expected to generate more than $10 million in 2026 revenue at approximately a 30% EBITDA margin and monthly net revenue retention of more than 98%. The Company's 2026 guidance does not assume any additional acquisitions, which would be expected to result in an increase in guidance.
TRNR's $0.5 million Stock Repurchase Program would represent approximately 19% of the 2.1 million shares outstanding at the most recent closing price.
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 $30 million on a pro forma basis. In early March, we received $6.4 million from Sportstech, which was a full recovery of our capital, plus a return beyond expenses that has led to TRNR's first stock repurchase program, representing 19% of the shares outstanding at the last closing price. And, our post-acquisition work on Wattbike is starting to bear fruit and we believe that transaction will be a home run, which we look forward to sharing more about later this year."
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 $30 million; the expected revenue and EBITDA margin contribution of Ergatta, including the expected contribution of more than $10 million in 2026 revenue at approximately 30% EBITDA margins and monthly net revenue retention of more than 98%; the expected integration and performance of the Company's portfolio brands; and the Company's ability to achieve operational and financial targets. These forward-looking statements reflect management's current views and are based on certain assumptions that may prove to be inaccurate. 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; competition, including technological advances made by and new products released by our competitors; our ability to accurately forecast consumer demand for our products and adequately maintain our inventory; our ability to successfully integrate acquired businesses and realize anticipated synergies; the financial performance of recently acquired businesses, including Ergatta, which may differ materially from expectations; and our reliance on a limited number of suppliers and distributors. 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.
SOURCE: Interactive Strength Inc.
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