Interactive Strength Inc (TRNR)
NASDAQ:TRNR
Want to see TRNR full AI Analyst Report?
Top Page
Interactive Strength Inc
(NASDAQ:TRNR)
Select Model
Select Model
Rating:44Neutral
Price Target:
$0.83
▼(-24.31% Downside)
Action:Reiterated
Date:05/23/26
The score is held down primarily by weak financial quality (deep losses and heavy cash burn) and bearish technicals (trading below major moving averages with negative MACD). Positives from recent corporate events (Ergatta merger completion and settlement proceeds) provide some support, but valuation is not meaningfully attractive on an earnings basis due to negative P/E.
Positive Factors
Revenue & Gross Margin Improvement
Top-line acceleration to $15.3M TTM with gross margin improving to ~18% signals durable improvement in unit economics and product-market fit. Positive gross margins create a clearer path to scalable profitability as incremental revenue contributes to covering fixed costs over the next several quarters.
Negative Factors
Persistent cash burn
Operating cash flow is negative in every period and free cash flow plunged to roughly -$55.1M TTM, reflecting heavy cash burn from operations and investments. This structural cash deficit increases reliance on external capital, elevates dilution and refinancing risk, and constrains the company's ability to self-fund growth absent rapid margin expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & Gross Margin Improvement
Top-line acceleration to $15.3M TTM with gross margin improving to ~18% signals durable improvement in unit economics and product-market fit. Positive gross margins create a clearer path to scalable profitability as incremental revenue contributes to covering fixed costs over the next several quarters.
Read all positive factors
Interactive Strength Inc (TRNR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.88M
Dividend YieldN/A
Average Volume (3M)1.59M
Price to Earnings (P/E)―
Beta (1Y)1.51
Revenue Growth140.26%
EPS Growth99.95%
CountryUS
Employees26
SectorConsumer Cyclical
Sector Strength84
IndustryPersonal Products & Services
Share Statistics
EPS (TTM)-98.79
Shares Outstanding2,330,936
10 Day Avg. Volume4,587,337
30 Day Avg. Volume1,594,909
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 Cap8.79
Enterprise Value/Revenue1.08
Enterprise Value/Gross Profit5.85
Enterprise Value/Ebitda-2.82
Forecast
1Y Price Target
$4.50Price Target Upside312.84% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-106.2
Revenue Forecast (FY)$22.50M
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
Public, up-to-date details sufficient to describe Interactive Strength Inc.’s current revenue model (e.g., specific revenue streams, pricing structure, segment breakdown, and material partnerships) are not available in the provided context; null....
Interactive Strength Inc Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
38
Negative
Cash Flow
18
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
1.09
Negative
2.75
Negative
15.22
Negative
Market Momentum
-0.10
Positive
36.01
Neutral
17.57
Positive
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 above the 20-day moving average (MA) of 0.92, below the 50-day MA of 1.09, and below the 200-day MA of 15.22, indicating a bearish trend. The MACD of -0.10 indicates Positive momentum. The RSI at 36.01 is Neutral, neither overbought nor oversold. The STOCH value of 17.57 is Positive, 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 | $9.01M | -2.37 | 48.22% | ― | 13.70% | ― | |
49 Neutral | $11.65M | -0.44 | 357.74% | ― | -10.46% | -41.03% | |
44 Neutral | $1.88M | -0.30 | -233.76% | ― | 140.26% | 99.95% | |
| ― | $5.09M | 0.02 | -1.53% | ― | -1.57% | ― |
* Consumer Cyclical Sector Average
TRNR
Interactive Strength Inc
0.81
-92.68
-99.14%
XWEL
XWELL
1.38
0.43
45.26%
MRM
MEDIROM Healthcare Technologies
1.14
-0.37
-24.50%
EJH
E-Home Household Service Holdings
1.59
-66.16
-97.65%
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...
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.