Interactive Strength Inc (TRNR)
NASDAQ:TRNR
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Interactive Strength Inc
(NASDAQ:TRNR)
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Rating:43Neutral
Price Target:
$1.00
▼(-8.26% Downside)
Action:ReiteratedDate:04/01/26
The score is held down primarily by weak financial quality (large losses and persistent cash burn despite improving revenue/gross margin) and bearish technicals (price below major moving averages with negative MACD). Corporate events provide some offset through improved strategic positioning and incremental liquidity, but dilution-heavy financing and a loss-making valuation profile keep the overall risk elevated.
Positive Factors
Improving revenue and gross margin
Sustained top-line scaling and a shift to positive gross margins indicate improving product-market fit and unit economics. If management controls operating expenses, this revenue base and rising gross margin create durable operating leverage potential and a realistic path toward positive cash generation over multiple quarters.
Negative Factors
Large operating losses and cash burn
Persistently large operating losses and negative operating/free cash flow undermine the company's ability to self-fund growth and increase reliance on external capital. Over multiple quarters this raises liquidity risk, limits reinvestment capacity, and forces tradeoffs between growth initiatives and balance sheet repair.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving revenue and gross margin
Sustained top-line scaling and a shift to positive gross margins indicate improving product-market fit and unit economics. If management controls operating expenses, this revenue base and rising gross margin create durable operating leverage potential and a realistic path toward positive cash generation over multiple quarters.
Read all positive factors
Interactive Strength Inc (TRNR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.41M
Dividend YieldN/A
Average Volume (3M)195.81K
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)54.63
Shares Outstanding2,057,018
10 Day Avg. Volume137,645
30 Day Avg. Volume195,812
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.87
Price to Sales (P/S)1.04
P/FCF Ratio-1.14
Enterprise Value/Market Cap8.41
Enterprise Value/Revenue1.76
Enterprise Value/Gross Profit22.17
Enterprise Value/Ebitda-3.05
Forecast
1Y Price Target
$4.50Price Target Upside312.84% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-93.3
Revenue Forecast (FY)$20.00M
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
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Interactive Strength Inc Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
34
Negative
Cash Flow
12
Very Negative
| Breakdown | Mar 2026 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 11.53M | 5.38M | 962.00K | 681.00K | 323.00K |
| Gross Profit | 913.00K | -2.78M | -5.53M | -8.87M | -4.84M |
| EBITDA | -9.01M | -21.08M | -43.26M | -51.13M | -29.71M |
| Net Income | -23.97M | -34.93M | -51.37M | -58.23M | -32.84M |
Balance Sheet | |||||
| Total Assets | 46.84M | 34.17M | 16.80M | 24.45M | 22.07M |
| Cash, Cash Equivalents and Short-Term Investments | 512.00K | 138.00K | 0.00 | 226.00K | 1.70M |
| Total Debt | 20.60M | 11.75M | 10.09M | 11.09M | 7.45M |
| Total Liabilities | 40.45M | 27.05M | 22.35M | 27.18M | 41.73M |
| Stockholders Equity | 6.39M | 7.12M | -5.55M | -2.73M | -19.66M |
Cash Flow | |||||
| Free Cash Flow | -10.50M | -15.02M | -16.85M | -43.15M | -50.62M |
| Operating Cash Flow | -10.41M | -14.81M | -15.43M | -35.55M | -38.26M |
| Investing Cash Flow | -53.74M | -1.68M | -1.42M | -7.61M | -12.36M |
| Financing Cash Flow | 64.62M | 16.34M | 17.11M | 41.77M | 52.45M |
Interactive Strength Inc Technical Analysis
Negative
1.09
Price Trends
1.96
Negative
7.50
Negative
23.58
Negative
Market Momentum
-0.30
Negative
31.72
Neutral
23.77
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 1.09 is below the 20-day moving average (MA) of 1.27, below the 50-day MA of 1.96, and below the 200-day MA of 23.58, indicating a bearish trend. The MACD of -0.30 indicates Negative momentum. The RSI at 31.72 is Neutral, neither overbought nor oversold. The STOCH value of 23.77 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 | $9.96M | -0.60 | 48.22% | ― | 13.71% | ― | |
50 Neutral | $8.72M | -0.07 | 357.74% | ― | -12.74% | 13.22% | |
43 Neutral | $2.41M | -0.30 | -177.95% | ― | 207.23% | 99.88% | |
| ― | $5.76M | -51.23 | -1.53% | ― | -2.53% | 99.45% |
* Consumer Cyclical Sector Average
TRNR
Interactive Strength Inc
1.09
-82.06
-98.69%
XWEL
XWELL
1.17
0.42
56.00%
MRM
MEDIROM Healthcare Technologies
1.17
0.33
39.29%
EJH
E-Home Household Service Holdings
1.84
-1,231.41
-99.85%
Interactive Strength Inc Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Interactive Strength Converts Loan Obligations Into Preferred Equity
Neutral
Apr 3, 2026
Interactive Strength Inc. on March 31, 2026 entered into a settlement agreement with Vertical Investors, LLC, converting a portion of its outstanding loan obligations into equity. The company issued 1,088,255 shares of Series C preferred stock to ...
M&A TransactionsPrivate Placements and FinancingRegulatory Filings and Compliance
Interactive Strength Completes Ergatta Merger with Equity Incentives
Positive
Mar 16, 2026
On March 11, 2026, Interactive Strength Inc. completed its previously announced merger with connected fitness company Ergatta, Inc., with Ergatta surviving as a wholly owned subsidiary. Ergatta preferred stockholders received $3.5 million in cash,...
M&A TransactionsPrivate Placements and FinancingRegulatory Filings and Compliance
Interactive Strength Creates New Preferred Stock for Ergatta Acquisition
Neutral
Mar 12, 2026
On March 5, 2026, Interactive Strength Inc. filed a certificate of designation in Delaware creating three new classes of Series D convertible preferred stock, totaling 6.25 million shares without general voting rights, to be used in connection wit...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Interactive Strength Expands At-The-Market Equity Offering Capacity
Neutral
Mar 6, 2026
On March 6, 2026, Interactive Strength Inc. increased the maximum aggregate offering price of common stock that can be sold under its at-the-market offering agreement with H.C. Wainwright Co. LLC to $6,057,000. The company noted it had already so...
Business Operations and StrategyFinancial DisclosuresLegal Proceedings
Interactive Strength Secures Settlement Proceeds to Fund Growth
Positive
Mar 5, 2026
On February 27, 2026, Interactive Strength Inc. reached a settlement with Sportstech Brands Holding GmbH that resolved their ongoing legal dispute over loan and acquisition agreements dating back to 2025. Under the Settlement Agreement, Sportstech...
Delistings and Listing ChangesPrivate Placements and FinancingRegulatory Filings and ComplianceStock Split
Interactive Strength Executes Reverse Split and Debt Reduction
Neutral
Feb 25, 2026
On February 19, 2026, Interactive Strength Inc. reduced the outstanding principal and accrued interest on a term loan originally issued in 2024 by $400,000 through an exchange with lender Vertical Investors, LLC for 80,000 shares of common stock, ...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Interactive Strength Announces Ergatta Acquisition to Expand Platform
Positive
Feb 23, 2026
Interactive Strength Inc. has signed a definitive merger agreement, dated February 18, 2026, to acquire Brooklyn-based Ergatta, a game-based connected fitness company that sells premium rowing machines and runs a high-retention, subscription-drive...
Private Placements and FinancingShareholder Meetings
Interactive Strength Continues Warrant Exercises and Convertible Note Financing
Negative
Feb 11, 2026
On January 28, 2025, Interactive Strength Inc. entered into a securities purchase agreement with an accredited investor to issue Class A incremental warrants tied to up to $13 million of senior secured convertible notes and related common stock wa...
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,...
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.