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.) | 139,536 | 2,139 | 3,092 | 487,276 | — |
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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | — | $681.0K | $962.0K | $5.4M | $11.5M |
| Gross profit | — | -$8.9M | -$5.5M | -$2.8M | $913.0K |
| Net income | — | -$58.2M | -$51.37B | -$34.93B | -$23.70B |
Recent filings and events
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Unregistered share sale Item 3.02
- Unregistered share sale Item 3.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Unregistered share sale Item 3.02
- Material agreement signed Item 1.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed Item 1.01
- Unregistered share sale Item 3.02
- Auditor changed The company changed auditors. Sometimes routine; historically one of the more reliable warnings that something is wrong. Item 4.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 3600
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| GE | GENERAL ELECTRIC CO | $296.37B | 35.1x | 18.5% |
| GEV | GE Vernova Inc. | $217.06B | 46.1x | 9.0% |
| EMR | EMERSON ELECTRIC CO | $90.13B | 40.0x | 3.0% |
| OTIS | Otis Worldwide Corp | $28.61B | 21.5x | 1.2% |
| FXHO | UTime Ltd | — | — | -17.7% |
| MKDW | MKDWELL Tech Inc. | — | — | 51.6% |