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Interactive Strength Inc
(NASDAQ:TRNR)
Interactive Strength Inc (TRNR) vs. SPDR S&P 500 ETF (SPY)
Interactive Strength Inc Business Overview & Revenue Model
Interactive Strength Inc Financial Statement Overview
| Breakdown | TTM | Dec 2024 | 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 | -66.00K | 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 | 12.00M | 19.28M |
| Stockholders Equity | 17.46M | 7.12M | -5.55M | -2.73M | 10.07M | -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
Interactive Strength Inc Peers Comparison
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 | $13.83M | 4.78 | 48.22% | ― | 13.71% | ― | |
40 Neutral | $64.00M | -0.02 | -1.75% | ― | -2.53% | 99.45% | |
40 Underperform | $2.37M | >-0.01 | -170.12% | ― | 207.23% | 99.88% | |
39 Underperform | $2.43M | -0.12 | ― | ― | -12.74% | 13.22% |
Interactive Strength Inc Corporate Events
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 loan-to-equity exchanges, and simultaneously entering an exchange agreement that converted $156,202 of remaining loan principal and interest into 28,400 common shares at $5.50 per share, leaving just $14,048 outstanding on the original term loan. On January 6, 2026, the company also secured additional funding when an accredited investor exercised incremental warrants to purchase a new $1.153 million senior secured convertible note, accompanied by warrants for 618,442 common shares, while on December 31, 2025 the board moved to simplify the capital structure and address governance concerns by cancelling 1.25 million Series LTI Preferred Shares previously granted to executives and directors for no consideration, returning them to authorized but unissued status.
The most recent analyst rating on (TRNR) stock is a Sell with a $1.00 price target. To see the full list of analyst forecasts on Interactive Strength Inc stock, see the TRNR Stock Forecast page.
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’s outstanding balance to about $1.92 million and further shifting a portion of its obligations into equity. In a separate move on December 30, 2025, an accredited investor exercised additional Class A incremental warrants to purchase a $222,000 senior secured convertible note and received warrants for 93,277 common shares, adding to a series of warrant exercises since March 2025, and as of January 5, 2026, these and other unregistered issuances brought the company’s total common shares outstanding to 3,046,762, highlighting ongoing balance-sheet management via convertible debt and warrant-driven financing that may lead to future dilution for existing shareholders.
The most recent analyst rating on (TRNR) stock is a Hold with a $0.98 price target. To see the full list of analyst forecasts on Interactive Strength Inc stock, see the TRNR Stock Forecast page.
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 Common Warrants to buy 79,755 shares of common stock. This latest exercise brought total Class A Incremental Notes purchased by the investor since March 11, 2025 to $10.675 million in principal, and resulted in an aggregate 957,681 Class A Incremental Common Warrants being issued earlier in the year, all following a 1-for-10 reverse stock split effective June 27, 2025. The new Class A Incremental Note, maturing on December 17, 2026, is convertible into common stock under a detailed pricing formula with both fixed and alternate conversion mechanisms, while the related warrants are exercisable at $2.755 per share through December 17, 2032, subject to ownership caps and anti-dilution adjustments. The financing, conducted as a private placement exempt from SEC registration requirements, reflects the company’s continued reliance on structured convertible securities for capital, and leaves Interactive Strength with 2,777,714 common shares outstanding as of December 17, 2025.
The most recent analyst rating on (TRNR) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Interactive Strength Inc stock, see the TRNR Stock Forecast page.
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 company faced a collateral shortfall, leading to a series of financial adjustments, including a ‘Top Off’ notice from ATW and a Final Netting Agreement with DWF, which resulted in the issuance of a Remainder Note. Additionally, in December 2025, the company entered into an Exchange Agreement with Vertical Investors, LLC, reducing a loan amount by issuing common stock, which left an outstanding principal of $170,250.
The most recent analyst rating on (TRNR) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Interactive Strength Inc stock, see the TRNR Stock Forecast page.
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. The investor exercised these warrants on multiple occasions throughout 2025, culminating in the latest exercise on December 4, 2025, for a principal amount of $385,000. This transaction allows the investor to convert notes into common stock, potentially impacting the company’s share structure and market dynamics.
The most recent analyst rating on (TRNR) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Interactive Strength Inc stock, see the TRNR Stock Forecast page.
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 ongoing financial strategies and impacts its debt management and stakeholder relationships.
The most recent analyst rating on (TRNR) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Interactive Strength Inc stock, see the TRNR Stock Forecast page.