TRNR Reports Record Q2 2026 Results, Driven by 445% Revenue Growth; Confirms 2026 Pro Forma Revenue Guidance of More Than $50m and Q4 Profitability

Q2 2026 Reported Revenue of $6.6 Million, a 445% Increase Compared to Q2 2025

Adjusted EBITDA (non-GAAP) Loss Reduced to $0.6 Million From $1.8 Million in Q1 2026

Company Expects 2026 Pro Forma Revenue of More Than $50 Million and Adjusted EBITDA Profitability in Q4

STEPR Acquisition Expected to Close in the Fourth Quarter of 2026 and M&A pipeline is strong

AUSTIN, TX / ACCESS Newswire / August 14, 2026 / Interactive Strength Inc. (Nasdaq:TRNR) (“TRNR” or the “Company”), owner of the Wattbike, Ergatta, CLMBR and FORME connected fitness brands and pending acquirer of STEPR, today announced financial results for its second quarter ended June 30, 2026.

Q2 2026 Financial Highlights

Q2 2026 revenue was $6.6 million, a 445% increase compared to Q2 2025. Q2 2026 was the first full quarter of consolidation for Ergatta, which drove a doubling of gross profit from $1.6 million in Q1 2026 to $3.2 million in Q2 2026. Gross margin increased to 48%, as compared to 31% in Q1 2026.

Q2 2026 Adjusted EBITDA (non-GAAP) loss was approximately $0.6 million, compared to an Adjusted EBITDA loss of approximately $1.8 million in Q1 2026.

While the Q2 2026 Revenue was below the Company’s guidance of approximately $8 million due to some commercial sales shifting to Q3 and UK-specific, World Cup-related softness in DTC, TRNR surpassed its guidance for an Adjusted EBITDA loss of less than $1 million.

Trent Ward, CEO of TRNR, stated: “Q2 2026 is the first quarter where the earnings power of our M&A-driven operating strategy is showing in our reported results. We have stated that acquiring larger, profitable businesses would not just grow topline scale, but also increase group margins through operating leverage. This quarter’s results demonstrate both: revenue grew 445% year over year, gross margin expanded 17 points sequentially to 48%, and our Adjusted EBITDA loss narrowed to roughly $0.6 million. We achieved all these results while holding six-month operating expenses essentially flat against revenue more than four times larger.”

Mr. Ward continued: “We are confirming our 2026 pro forma revenue guidance of more than $50 million. When we issued first-quarter results, we had guided to even higher second quarter revenue than we’re reporting – but we expect to recover most of that shortfall over the balance of the year, with some commercial sales shifting to Q3 and UK DTC improving after the World Cup. Importantly, our Adjusted EBITDA loss was only $0.6 million and we expect to report positive Adjusted EBITDA in Q4.”

Mr. Ward concluded: “We have made good progress on the acquisition and integration of STEPR and expect to complete that transaction in Q4. If we include STEPR on a pro forma basis, we expect that we would already be profitable now in Q3, with quarterly revenues well in excess of $10 million. In addition, the M&A pipeline is getting more exciting every month, with a number of compelling opportunities currently being evaluated.”

STEPR Acquisition

On July 7, 2026, the Company entered into a binding Stock Purchase Agreement to acquire STEPR, Inc., the category leader in connected stair climbing. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions. STEPR is expected to generate more than $15 million in revenue in 2026, and the transaction is expected to be completed at an enterprise value of less than four times STEPR’s 2027 EBITDA, with a substantial portion of the consideration payable only if STEPR reaches defined EBITDA thresholds through June 2028.

Full Year and Q4 2026 Outlook

TRNR expects 2026 pro forma revenue to exceed $50 million, including the pending acquisition of STEPR. The Company’s 2026 guidance does not assume any acquisitions beyond STEPR, which would be expected to result in an increase in guidance.

Additionally, the Company expects to report Adjusted EBITDA (non-GAAP) profitability in the fourth quarter of 2026 for the first time and to continue that positive trend going forward. When including STEPR, the Company is expected to have positive Adjusted EBITDA (non-GAAP) in the third quarter on a pro forma basis.

TRNR expects to issue a shareholder letter in the coming days, with more details on the quarter and the initiatives that the Company has undertaken to increase its market capitalization above the $5.0 million threshold that is under consideration to become a Nasdaq continuing listing requirement.

For more commentary, information and details of TRNR’s strategy, as well as to sign up for direct updates, see the Company’s investor website, latest FAQs and required filings with the US Securities & Exchange Commission (SEC).

TRNR Investor Contact:

ir@interactivestrength.com

About Interactive Strength Inc.:

Interactive Strength Inc. (Nasdaq:TRNR) is an operationally focused acquirer that has established a leading portfolio of premium fitness brands – Wattbike, Ergatta, CLMBR and FORME – that combine advanced hardware, smart technology, and immersive content to deliver exceptional training experiences for both commercial and home use.

Wattbike offers a range of high-performance indoor bikes that set the global standard in cycling. Known for unmatched accuracy, realistic ride feel, and advanced performance tracking, Wattbike is trusted by elite athletes, national teams, and fitness enthusiasts around the world.

Ergatta is a connected fitness company recognized as a pioneer in game-based rowing. Its connected rowing equipment combines competitive, game-based workouts with a premium hardware experience, generating industry-leading engagement and retention metrics.

CLMBR redefines the next-generation vertical climbing experience through its patented open-frame design and immersive touchscreen, delivering a high-intensity, low-impact workout that’s both efficient and effective.

FORME delivers strength, mobility, and recovery training through immersive content, performance-grade hardware, and expert coaching. Its wall-mounted systems include the Studio, a smart fitness mirror for guided programming and live 1:1 personal training, and the Lift, which adds smart resistance cable training – ideal for high-performance environments and sport-specific development.

From elite performance to everyday wellness, the Company’s ecosystem of performance-focused solutions delivers data-driven outcomes for athletes, fitness enthusiasts, and commercial operators.

Channels for Disclosure of Information

In compliance with disclosure obligations under Regulation FD, we announce material information to the public through a variety of means, including filings with the Securities and Exchange Commission (“SEC”), press releases, company blog posts, public conference calls, and webcasts, as well as via our investor relations website. Any updates to the list of disclosure channels through which we may announce information will be posted on the investor relations page on our website. The inclusion of our website address or the address of any third-party sites in this press release are intended as inactive textual references only.

Non-GAAP Financial Measures

In addition to our results determined in accordance with accounting principles generally accepted in the United States, or GAAP, we believe the following non-GAAP financial measures are useful in evaluating our operating performance. The Company’s non-GAAP financial measure in this press release consists of Adjusted EBITDA, which we define as net (loss) income, adjusted to exclude: other expense (income), net; income tax expense (benefit); depreciation and amortization expense; stock-based compensation expense; (gain) loss on debt extinguishment; vendor settlements; and transaction related expenses. The Company believes the above adjusted financial measures help facilitate analysis of operating performance and the operating leverage in our business. We believe that these non-GAAP financial measures are useful to investors for period-to-period comparisons of our business and in understanding and evaluating our operating results for the following reasons:

Adjusted EBITDA is widely used by investors and securities analysts to measure a company’s operating performance without regard to items such as stock-based compensation expense, depreciation and amortization expense, other expense (income), net, and provision for income taxes that can vary substantially from company to company depending upon their financing, capital structures, and the method by which assets were acquired.

Our management uses Adjusted EBITDA in conjunction with financial measures prepared in accordance with GAAP for planning purposes, including the preparation of our annual operating budget, as a measure of our core operating results and the effectiveness of our business strategy, and in evaluating our financial performance.

Adjusted EBITDA provides consistency and comparability with our past financial performance, facilitates period-to-period comparisons of our core operating results, and may also facilitate comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results.

Our use of Adjusted EBITDA is presented for supplemental informational purposes only and should not be considered as a substitute for, or in isolation from, our financial results presented in accordance with GAAP. Further, these non-GAAP financial measures have limitations as analytical tools, including the following:

• Although depreciation and amortization expense are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements.

• Adjusted EBITDA excludes stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy.

• Adjusted EBITDA does not reflect: (1) changes in, or cash requirements for, our working capital needs; (2) interest expense, or the cash requirements necessary to service interest or principal payments on our debt, which reduces cash available to us; or (3) tax payments that may represent a reduction in cash available to us.

• Adjusted EBITDA does not reflect impairment charges for fixed assets and capitalized content, and gains (losses) on disposals for fixed assets.

• Adjusted EBITDA does not reflect (gains) losses associated with debt extinguishments.

• Adjusted EBITDA does not reflect losses associated with vendor settlements.

• Adjusted EBITDA does not reflect transaction related expenses for the Wattbike, CLMBR, Ergatta and STEPR acquisitions.

• Adjusted EBITDA does not reflect non-cash fair value gains (losses) on convertible notes, preferred stock recognized as liabilities, contingent consideration, derivatives, warrants and unrealized currency gains (losses).

Further, the non-GAAP financial measures presented may not be comparable to similarly titled measures reported by other companies due to differences in the way that these measures are calculated. Because of these limitations, Adjusted EBITDA should be considered along with other operating and financial performance measures presented in accordance with GAAP.

Forward Looking Statements:

This press release includes certain statements that are “forward-looking statements” for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements do not relate strictly to historical or current facts and reflect management’s assumptions, views, plans, objectives and projections about the future. Forward-looking statements generally are accompanied by words such as “believe”, “project”, “expect”, “anticipate”, “estimate”, “intend”, “strategy”, “future”, “opportunity”, “plan”, “may”, “should”, “will”, “would”, “will be”, “will continue”, “will likely result” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding: the Company’s 2026 full year guidance of more than $50 million in pro forma group revenue; the Company’s expectation of achieving Adjusted EBITDA (non-GAAP) profitability in the fourth quarter of 2026; the Company’s expectation of recovering its second quarter revenue shortfall in the second half of 2026; any related implied guidance for the third or fourth quarters of 2026; the expected closing of the acquisition of STEPR, Inc., the timing of that closing, the expected enterprise value and earnout structure of that transaction, and the expected revenue contribution of STEPR, including expected 2026 revenue of more than $15 million; the expected integration and performance of the Company’s portfolio brands, including Wattbike, Ergatta, CLMBR, FORME and STEPR; the durability of the gross margin improvement described above and the expected continuation of operating leverage; the Company’s ability to achieve operational and financial targets, including profitability at the group level; the expected effects of the Company’s exchange agreements on its capital structure; and the Company’s pursuit of additional accretive transactions. These forward-looking statements reflect management’s current views and are based on certain assumptions that may prove to be inaccurate. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of the Company. Risks and uncertainties include but are not limited to: demand for our products; competition, including technological advances made by and new products released by our competitors; our ability to accurately forecast consumer demand for our products and adequately maintain our inventory; our ability to successfully integrate acquired businesses and realize anticipated synergies; the financial performance of recently acquired businesses, including Ergatta and Wattbike, which may differ materially from expectations; the possibility that the acquisition of STEPR is not completed, is delayed, or does not perform as expected; our ability to satisfy the closing conditions of the STEPR transaction, including the preparation of required audited financial statements; substantial doubt regarding our ability to continue as a going concern as disclosed in our periodic reports; the material weaknesses in our internal control over financial reporting as disclosed in our periodic reports; our substantial indebtedness and the amounts scheduled to mature within the next twelve months; our ability to maintain compliance with the continued listing requirements of The Nasdaq Stock Market LLC; potential dilution to existing stockholders from the conversion or exchange of outstanding convertible securities; and our reliance on a limited number of suppliers and distributors. A further list and descriptions of these risks, uncertainties and other factors can be found in filings with the Securities and Exchange Commission. To the extent permitted under applicable law, the Company assumes no obligation to update any forward-looking statements.

SOURCE: Interactive Strength Inc.

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