Interactive Strength Inc (TRNR)
NASDAQ:TRNR
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Interactive Strength Inc
(NASDAQ:TRNR)
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Rating:41Neutral
Price Target:
$0.46
▼(-64.54% Downside)
Action:UpgradedDate:01/24/26
The score is weighed down primarily by weak financial quality (large losses, heavy cash burn, and sharply higher debt despite rapid revenue growth). Technicals add further pressure due to a pronounced downtrend and negative momentum, while valuation provides limited support because losses make P/E less meaningful and no dividend yield is available.
Positive Factors
Sustained Revenue Growth
Consistent TTM revenue growth of ~40% signals durable product-market fit for Interactive Strength’s connected fitness offerings. Sustained top-line expansion supports scale in hardware-software bundling, aids leverage of fixed costs, and creates a runway to improve margins if managed prudently.
Negative Factors
High Cash Burn
Persistent, deep negative operating and free cash flow indicates structural cash consumption that will require continuous external funding. Over multiple quarters this erodes liquidity, limits reinvestment capacity, and forces dilutive or costly financing choices unless margins materially improve or spending is curtailed.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
Consistent TTM revenue growth of ~40% signals durable product-market fit for Interactive Strength’s connected fitness offerings. Sustained top-line expansion supports scale in hardware-software bundling, aids leverage of fixed costs, and creates a runway to improve margins if managed prudently.
Read all positive factors
Interactive Strength Inc (TRNR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.67M
Dividend YieldN/A
Average Volume (3M)1.47M
Price to Earnings (P/E)―
Beta (1Y)1.76
Revenue Growth207.23%
EPS Growth99.88%
CountryUS
Employees26
SectorConsumer Cyclical
Sector Strength84
IndustryPersonal Products & Services
Share Statistics
EPS (TTM)-31.10
Shares Outstanding2,034,385
10 Day Avg. Volume305,361
30 Day Avg. Volume1,474,733
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)0.86
Price to Sales (P/S)1.13
P/FCF Ratio-0.41
Enterprise Value/Market Cap17.33
Enterprise Value/Revenue4.72
Enterprise Value/Gross Profit-556.30
Enterprise Value/Ebitda-17.41
Forecast
1Y Price Target
$22.50Price Target Upside1630.77% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-82.7
Revenue Forecast (FY)$89.08M
Interactive Strength Inc Business Overview & Revenue Model
Company Description
Interactive Strength Inc., doing business as FORME, operates digital fitness platform that provides connected fitness hardware products and related accessories in the United States. The company offers the Forme Studio, a fitness mirror with touchs...
How the Company Makes Money
Interactive Strength Inc generates revenue through a diversified model that includes direct sales of its smart fitness equipment, subscription fees for access to premium content on its mobile applications, and partnerships with gyms and fitness ce...
Interactive Strength Inc Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
36
Negative
Cash Flow
12
Very Negative
| Breakdown | TTM | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.77M | 5.38M | 962.00K | 681.00K | 323.00K | 0.00 |
| Gross Profit | -83.00K | -2.78M | -5.53M | -8.87M | -4.84M | -495.00K |
| EBITDA | -2.65M | -21.08M | -43.26M | -51.13M | -29.71M | -12.31M |
| Net Income | -19.78M | -34.93M | -51.37M | -58.23M | -32.84M | -11.18M |
Balance Sheet | ||||||
| Total Assets | 85.44M | 34.17M | 16.80M | 24.45M | 22.07M | 5.86M |
| Cash, Cash Equivalents and Short-Term Investments | 845.00K | 138.00K | 0.00 | 226.00K | 1.70M | 11.00K |
| Total Debt | 46.81M | 11.75M | 10.09M | 11.09M | 7.45M | 9.30M |
| Total Liabilities | 67.98M | 27.05M | 22.35M | 27.18M | 41.73M | 19.28M |
| Stockholders Equity | 17.46M | 7.12M | -5.55M | -2.73M | -19.66M | -13.43M |
Cash Flow | ||||||
| Free Cash Flow | -59.42M | -15.02M | -16.85M | -43.15M | -50.62M | -16.73M |
| Operating Cash Flow | -13.97M | -14.81M | -15.43M | -35.55M | -38.26M | -13.42M |
| Investing Cash Flow | -53.76M | -1.68M | -1.42M | -7.61M | -12.36M | -3.31M |
| Financing Cash Flow | 65.55M | 16.34M | 17.11M | 41.77M | 52.45M | 17.15M |
Interactive Strength Inc Technical Analysis
Negative
1.30
Price Trends
3.84
Negative
11.52
Negative
29.26
Negative
Market Momentum
-0.81
Negative
27.57
Positive
31.68
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TRNR, the sentiment is Negative. The current price of 1.3 is below the 20-day moving average (MA) of 1.54, below the 50-day MA of 3.84, and below the 200-day MA of 29.26, indicating a bearish trend. The MACD of -0.81 indicates Negative momentum. The RSI at 27.57 is Positive, neither overbought nor oversold. The STOCH value of 31.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TRNR.
Interactive Strength Inc Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | $8.93M | -0.60 | 48.22% | ― | 13.71% | ― | |
41 Neutral | $2.67M | -0.27 | -144.87% | ― | 207.23% | 99.88% | |
40 Underperform | $7.38M | -1.97 | 357.74% | ― | -12.74% | 13.22% | |
| ― | $8.11M | -0.82 | -1.53% | ― | -2.53% | 99.45% |
* Consumer Cyclical Sector Average
TRNR
Interactive Strength Inc
1.31
-127.69
-98.98%
XWEL
XWELL
1.28
0.19
17.43%
MRM
MEDIROM Healthcare Technologies
1.13
0.71
169.05%
EJH
E-Home Household Service Holdings
0.10
-57.90
-99.83%
Interactive Strength Inc Corporate Events
Private Placements and FinancingRegulatory Filings and Compliance
Interactive Strength Expands At-the-Market Equity Offering Capacity
Neutral
Jan 27, 2026
On January 23, 2026, Interactive Strength Inc. increased the maximum aggregate offering price of its common stock under its existing at-the-market offering agreement with H.C. Wainwright Co. LLC to $2,608,000, supported by a newly filed prospectu...
Business Operations and StrategyPrivate Placements and Financing
Interactive Strength sees major debt converted to equity
Positive
Jan 23, 2026
On January 16, 2026, Interactive Strength Inc. reported that TR Opportunities II LLC, the current holder of its Incremental Senior Secured Convertible Promissory Note, converted approximately $1.57 million of the note’s principal into 2,110,...
Business Operations and StrategyPrivate Placements and Financing
Interactive Strength raises capital via new convertible note
Positive
Jan 7, 2026
On December 31, 2025, Interactive Strength Inc. further reworked its balance sheet with its senior lender, Vertical Investors, issuing 16,875 shares of Series C Preferred Stock in settlement of a $33,749.81 net trade value obligation tied to prior...
Private Placements and Financing
Interactive Strength pursues financing via convertible notes and warrants
Negative
Jan 5, 2026
On December 29, 2025, Interactive Strength Inc. reduced the principal on a $2.15 million unsecured promissory note held by an investor by $225,000 through an exchange for 150,000 unrestricted common shares priced at $1.50 each, lowering the note&#...
Private Placements and FinancingStock Split
Interactive Strength raises capital via new convertible notes
Neutral
Dec 18, 2025
On December 17, 2025, Interactive Strength Inc. reported that an accredited investor exercised previously issued Class A incremental warrants to purchase an additional $260,000 in senior secured convertible notes, along with Class A Incremental Co...
Business Operations and StrategyPrivate Placements and Financing
Interactive Strength Inc Reduces Loan via Stock Exchange
Neutral
Dec 12, 2025
In June 2025, Interactive Strength Inc. and its subsidiary entered into a securities purchase agreement with ATW Partners and DWF Labs, involving the sale of senior secured convertible exchangeable notes. Due to a decrease in the FET price, the co...
Private Placements and Financing
Interactive Strength Inc’s Recent Warrant Exercise Impact
Neutral
Dec 5, 2025
Interactive Strength Inc. entered into a securities purchase agreement with an accredited investor on January 28, 2025, involving the sale of Class A Incremental Warrants, which include senior secured convertible notes and common stock warrants. T...
Business Operations and StrategyPrivate Placements and Financing
Interactive Strength Extends Exchange Note Maturity Date
Neutral
Nov 25, 2025
Interactive Strength Inc. announced an amendment to the maturity date of its Exchange Note, originally set for January 30, 2026, now extended to September 26, 2027. This change, agreed upon on November 24, 2025, reflects the company’s ongoin...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.