Interactive Strength, Inc. TRNR
Overview.
We are an operationally-focused acquirer targeting businesses with strong underlying fundamentals within industries that benefit from long-term secular growth trends. We pursue asymmetric opportunities where assets are undervalued or where structural changes have created attractive entry points, allowing us to acquire high-quality businesses with stable demand drivers, strong market positioning, and differentiated product offerings. Our approach is to provide both long-term financial support and operational expertise to build value at the asset-level and generate attractive returns on invested capital. In addition, our public company structure provides differentiated access to capital markets and flexibility to structure transactions in ways that align purchase consideration to underlying value creation targets.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $11.5M | $5.4M | $962.0K | $681.0K | — |
| Cost of revenue | $10.6M | $8.2M | $6.5M | $9.5M | — |
| Gross profit | $913.0K | -$2.8M | -$5.5M | -$8.9M | — |
| R&D | $2.9M | $7.0M | $10.0M | $20.0M | — |
| SG&A | $15.6M | $18.3M | $37.3M | $19.3M | — |
| Total operating expenses | $20.8M | $26.4M | $49.0M | $45.5M | — |
| Operating income | -$19.9M | -$29.2M | -$54.5M | -$54.3M | — |
| Interest expense | — | — | $194.0K | $952.0K | — |
| Pre-tax income | -$24.0M | -$34.9M | -$51.4M | -$58.2M | — |
| Income tax | $0 | $0 | $0 | $0 | — |
| Net income | -$23.70B | -$34.93B | -$51.37B | -$58.2M | — |
| EPS, basic | -171.77 | -16,328.50 | -16,614.85 | -119.49 | — |
| EPS, diluted | -171.77 | -16,328.50 | -16,614.85 | -119.49 | — |
| Shares, diluted (wtd. avg.) | $139.5K | $2.1K | $3.1K | $487.3K | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $512.0K | $138.0K | $0 | $226.0K | — |
| Receivables | $2.6M | $1.4M | $1.0K | $0 | — |
| Inventory | $7.3M | $6.7M | $5.5M | $4.6M | — |
| Total current assets | $14.7M | $8.2M | $5.4M | $9.8M | — |
| Property, plant and equipment | $379.0K | $116.0K | $444.0K | $1.3M | — |
| Goodwill | $15.5M | $13.2M | $0 | — | — |
| Other intangibles | $7.9M | $6.1M | $2.3M | $3.8M | — |
| Total assets | $46.8M | $34.2M | $16.8M | $24.4M | — |
| Accounts payable | $9.0M | $11.2M | $10.6M | $7.7M | — |
| Total current liabilities | $31.3M | $26.9M | $21.5M | $24.2M | — |
| Long-term debt | — | $11.3M | $9.8M | — | — |
| Total liabilities | $38.1M | $27.1M | $22.4M | $27.2M | — |
| Retained earnings | -$227.5M | -$202.6M | -$166.9M | -$115.5M | — |
| Total equity | $6.4M | $7.1M | -$5.6M | -$2.7M | -$19.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | -$10.4M | -$14.8M | -$15.4M | -$35.5M | — |
| Depreciation and amortisation | $169.0K | $467.0K | $882.0K | $1.1M | — |
| Stock-based compensation | $3.1M | $10.3M | $29.9M | $6.3M | — |
| Capital expenditure | $94.0K | $0 | $0 | $577.0K | — |
| Investing cash flow | -$53.7M | -$1.7M | -$1.4M | -$7.6M | — |
| Financing cash flow | $64.6M | $16.3M | $17.1M | $41.8M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-177084.
Others in SIC 3600
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|---|---|---|---|---|
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| GEV | GE Vernova Inc. | $250.87B | 53.2x | 9.0% |
| EMR | EMERSON ELECTRIC CO | $85.24B | 37.8x | 3.0% |
| OTIS | Otis Worldwide Corp | $27.11B | 20.3x | 1.2% |
| FXHO | UTime Ltd | — | — | -17.7% |
| MKDW | MKDWELL Tech Inc. | — | — | 51.6% |