Interactive Strength Inc (TRNR) AI Stock Analysis

• Market Cap: $3.75M
• Dividend Yield: N/A
• Average Volume (3M): 173.17K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.78
• Revenue Growth: 207.23%
• EPS Growth: 99.88%
• Country: US
• Employees: 26
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Personal Products & Services
• EPS (TTM): -3.11
• Shares Outstanding: 2,385,898
• 10 Day Avg. Volume: 61,830
• 30 Day Avg. Volume: 173,170
• PEG Ratio: 0.10
• Price to Book (P/B): 0.86
• Price to Sales (P/S): 1.13
• P/FCF Ratio: -0.41
• Enterprise Value/Market Cap: 14.46
• Enterprise Value/Revenue: 5.54
• Enterprise Value/Gross Profit: -652.51
• Enterprise Value/Ebitda: -20.42
• 1Y Price Target: $9.00
• Price Target Upside: 473.25% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 41 Neutral
• Price Target: $2.00 ▲(27.39% Upside)

The overall stock score is primarily influenced by the company's precarious financial health, characterized by significant revenue growth but substantial operating losses and high leverage. Technical analysis indicates a bearish trend with oversold conditions, while valuation metrics are concerning due to negative earnings and lack of dividends. These factors collectively result in a low overall stock score.

Positive Factors

Revenue Growth

Strong revenue growth indicates increasing market acceptance and expansion potential, supporting long-term business sustainability.

Strategic Acquisition

The acquisition of Sportstech is expected to enhance TRNR's market position and revenue base, providing synergies and growth opportunities.

New CFO Appointment

A new CFO with relevant regional expertise can improve financial strategy and execution, aiding in international expansion and financial stability.

Negative Factors

Operating Losses

Persistent operating losses indicate challenges in achieving profitability, which may hinder long-term financial health and investment capability.

High Leverage

High leverage poses financial risks, limiting flexibility and increasing vulnerability to economic downturns, impacting long-term stability.

Negative Cash Flow

Negative cash flow suggests dependency on external funding, which can be unsustainable and risky if not addressed, affecting future operations.

Interactive Strength Inc Business Overview & Revenue Model

Company Description

Interactive Strength Inc (TRNR) is a technology-driven fitness company specializing in interactive strength training solutions. The company operates in the health and wellness sector, focusing on providing users with personalized workout experiences through its innovative software and hardware offerings. Core products include smart fitness equipment, mobile applications, and platforms that utilize data analytics to enhance user engagement and performance tracking.

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 centers for integration of their technology into existing facilities. Additionally, the company may earn revenue through affiliate marketing by collaborating with fitness brands and offering product recommendations within its ecosystem. These revenue streams, combined with potential licensing agreements for its technology, contribute significantly to the company's overall earnings.

Interactive Strength Inc Financial Statement Overview

Summary

Despite significant revenue growth, the company faces substantial operating losses and heavy reliance on debt financing. The negative net profit margin and negative cash flows highlight ongoing financial challenges, though there are signs of stabilization in equity.

Income Statement

The company has shown significant revenue growth, increasing from $962,000 in 2023 to $5,380,000 in 2024, reflecting a positive trajectory. However, the net profit margin remains negative at -649.34% due to substantial net losses. Gross profit margin improved to 29.4%, but EBIT and EBITDA margins are still deeply negative, indicating ongoing operational challenges. Overall, while revenue growth is a positive indicator, the company needs to address its operating losses.

Balance Sheet

The debt-to-equity ratio improved to 1.26 from a negative equity position in previous years, suggesting better financial stability. However, this is still a high leverage level. Return on Equity (ROE) is negative due to continued net losses. The equity ratio is 20.83%, which indicates some financial risk but is an improvement over past years. The company shows signs of stabilizing its balance sheet, but significant liabilities remain a concern.

Cash Flow

The operating cash flow remains negative, although slightly improved from the previous year. The free cash flow growth rate cannot be calculated due to persistent negative free cash flow. The company is heavily reliant on financing activities to support its cash flows. Overall, the cash flow situation is concerning, with significant cash outflows and dependence on external financing.

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

• Technical Analysis Sentiment: Negative
• Last Price: 1.57
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 1.57 is below the 20-day moving average (MA) of 1.84, below the 50-day MA of 2.33, and below the 200-day MA of 5.66, indicating a bearish trend. The MACD of -0.24 indicates Positive momentum. The RSI at 30.21 is Neutral, neither overbought nor oversold. The STOCH value of 10.20 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
MRM	58 Neutral	$17.31M	5.95	48.22%	―	13.71%	―
TRNR	41 Neutral	$3.75M	-0.02	-170.12%	―	207.23%	99.88%
EJH	40 Neutral	$50.00M	-0.02	-1.75%	―	-2.53%	99.45%
XWEL	40 Underperform	$3.79M	-0.20	―	―	-12.74%	13.22%

Interactive Strength Inc Corporate Events

Interactive Strength Inc’s Recent Warrant Exercise Impact

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.

Interactive Strength Extends Exchange Note Maturity Date

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.

Interactive Strength Inc Announces New Financial Agreement

Interactive Strength Inc. announced that on October 3, 2025, an accredited investor exercised Class A Incremental Warrants to purchase a Class A Incremental Note for $1,000,000, resulting in the issuance of warrants to purchase 142,857 shares of common stock. The Class A Incremental Note, maturing on October 3, 2026, is convertible into common stock under specific conditions, and the associated warrants are exercisable until 2032. This transaction reflects the company’s ongoing financial strategies and its engagement with investors to enhance its capital structure.

Interactive Strength Inc’s Strategic Exchange Agreement

Interactive Strength Inc. announced that on September 26, 2025, it entered into an exchange agreement with an accredited investor and a note holder to exchange a Woodway Note for an Incremental Note valued at $2,174,866.67. This strategic move involves the cancellation of Class B Incremental Warrants and allows the company to manage its financial instruments more effectively, potentially impacting its market positioning by offering convertible notes with a 12% interest rate and a maturity date of January 30, 2026.

Interactive Strength Inc Annual Stockholders Meeting Outcomes

On September 26, 2025, Interactive Strength Inc. held its annual meeting of stockholders in Austin, Texas, where several key proposals were voted on. The election of Aaron N.D. Weaver as a Class II Director and the ratification of Deloitte & Touche LLP as the independent registered public accounting firm were approved. However, proposals related to the issuance of shares for Wattbike and LTI Convertible Preferred Stock were not approved. Additionally, the authority to effect reverse stock splits and the advisory vote on executive compensation were approved, with a three-year frequency for future advisory votes on executive compensation receiving the most support.

Interactive Strength Amends Convertible Notes Agreement

Interactive Strength Inc. entered into a securities purchase agreement with an accredited investor on January 28, 2025, involving the sale of convertible notes and warrants. On September 18, 2025, the company and the investor amended their original notes through a Global Note Amendment Agreement, which included changes to the terms of the convertible notes and warrants. This amendment impacts the company’s financial structure and provides the investor with additional conversion options, potentially affecting the company’s stock market dynamics.