Q1 2026 Reported Revenue of $5.1 Million, with Pro Forma Revenue of $7.7 Million and Pro Forma Adjusted EBITDA (non-GAAP) Loss of $1.1 Million
Company Provides Q2 2026 Guidance Of Approximately $8 Million In Revenue With Adjusted EBITDA (non-GAAP) Loss Of Less Than $1 Million; Confirms 2026 Pro Forma Revenue Guidance Of More Than $30 Million
Stock Repurchase Program Active in May with Approximately 105,000 Shares Repurchased at an average of $0.92 per share; No ATM usage since February as $4.7 Million in Cash on hand at end of Q1
Increase in M&A Activity with two LOIs submitted in May and Analyzing Additional Targets
AUSTIN, TX / ACCESS Newswire / May 20, 2026 / Interactive Strength Inc. (Nasdaq:TRNR) (“TRNR” or the “Company”), maker of innovative specialty fitness equipment under the Wattbike, CLMBR, FORME and Ergatta brands, today announced financial results for its first quarter ended March 31, 2026.
Q1 2026 Financial Highlights
Q1 2026 revenue was $5.1 million, a 279% increase compared to $1.4 million in Q1 2025. Reported revenue reflects 21 days of Ergatta consolidation following the March 11, 2026 acquisition close. On a pro forma basis that includes Ergatta for the full quarter, Q1 2026 revenue was approximately $7.7 million.
Q1 2026 Adjusted EBITDA (non-GAAP) loss was approximately $1.8 million, compared to an Adjusted EBITDA loss of $2.5 million in Q1 2025. On a pro forma basis, including Ergatta for the full quarter, Q1 2026 Adjusted EBITDA (non-GAAP) loss was approximately $1.1 million.
Cash and cash equivalents at March 31, 2026 were $4.7 million, compared to $0.5 million at December 31, 2025.
Trent Ward, CEO of TRNR, stated: “Q1 2026 is the clearest demonstration to date of our strategy of accretive M&A and operating discipline delivering on both ends of the income statement in the same quarter, with pro forma revenue growing 87% as compared to Q4 2025, and pro forma adjusted EBITDA loss improving by 57%. Our Q2 2026 guidance of approximately $8 million in revenue and Adjusted EBITDA loss of less than $1 million should demonstrate to investors that the group’s strong improvements should continue.”
Mr. Ward continued: “The pro forma Q1 figures, and Q2 guidance highlight the positive impact of Wattbike and Ergatta, two successful acquisitions that reflect the model the Company has been employing. These results underpin the Company’s guidance of more than $30 million in 2026 pro forma group revenue and achieving run-rate profitability at the group level and should reassure investors that those objectives are well within reach. The achievement of these milestones is expected to accelerate as we source and integrate additional, acquired businesses into the TRNR portfolio.”
“With respect to our M&A pipeline,” shared Mr. Ward, “we have submitted letters of intent for two different potential targets, both fitting our profile of profitable, cash-flow-accretive businesses at attractive earnings multiples. We continue to evaluate other opportunities in parallel and look forward to sharing more about these exciting companies when appropriate.”
Mr. Ward concluded: “Lastly, we have been utilizing our $0.5 million stock repurchase program since May 5, and have purchased 105,000 shares of common stock. The remaining authorization continues to be available, subject to applicable trading windows and market conditions. We have not used the Company’s At-the-Market facility since February and reported $4.7 million in cash on the balance sheet at the end of Q1.”
Acquisition Integration Update
Q1 2026 reporting consolidates Wattbike for the full quarter, and consolidates Ergatta for the 21 days of since the March 11, 2026 acquisition close. The Company believes that the pro forma figures that include Ergatta’s entire Q1 results are more appropriate to understand the underlying TRNR performance.
Additionally, the audited historical financial statements of Ergatta for the years ended December 31, 2025 and 2024, and unaudited pro forma combined financial information of Interactive Strength and Ergatta, were filed on Form 8-K/A with the Securities and Exchange Commission on May 12, 2026. As disclosed in the Form 8-K/A, Ergatta’s standalone 2025 results included net revenue of $12.4 million, gross profit of $7.2 million (representing a gross margin of approximately 58%), income from operations of $1.1 million, and net income of $0.7 million. Ergatta had cash and cash equivalents of $3.5 million at December 31, 2025. Pro forma combined 2025 revenue of Interactive Strength and Ergatta, as if the acquisition had been completed on January 1, 2025, was $24.0 million.
Q2 2026 and Full Year 2026 Outlook
The Company expects Q2 2026 revenue of approximately $8 million, reflecting the first full quarter of Ergatta consolidation alongside Wattbike. The Company expects Q2 2026 adjusted EBITDA (non-GAAP) loss of less than $1 million.
TRNR confirms its 2026 full year guidance of more than $30 million in pro forma group revenue, driven by the full year inclusion of Wattbike and Ergatta. The Company’s 2026 guidance does not assume any additional acquisitions, which would be expected to result in an increase in guidance.
TRNR expects to issue a shareholder letter in the coming days.
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:
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, CLMBR, FORME and Ergatta – 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.
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.
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.
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:
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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.
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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.
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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:
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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.
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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.
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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.
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Adjusted EBITDA does not reflect impairment charges for fixed assets and capitalized content, and gains (losses) on disposals for fixed assets.
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Adjusted EBITDA does not reflect (gains) losses associated with debt extinguishments.
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Adjusted EBITDA does not reflect losses associated with vendor settlements.
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Adjusted EBITDA does not reflect transaction related expenses for the Wattbike, CLMBR, and Ergatta acquisitions.
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Adjusted EBITDA does not reflect non-cash fair value gains (losses) on convertible notes, 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 Q2 2026 revenue and adjusted EBITDA loss guidance of approximately $8 million and less than $1 million, respectively; the Company’s 2026 full year guidance of more than $30 million in pro forma group revenue; the expected revenue and operating income contribution of Ergatta, including the expected contribution of more than $10 million in 2026 revenue and approximately $4 million in 2026 operating income; the expected integration and performance of the Company’s portfolio brands, including Wattbike and Ergatta; the Company’s ability to achieve operational and financial targets, including run-rate profitability at the group level; the existence and status of letters of intent submitted with acquisition targets, including the two acquisition targets referenced herein, none of which have reached definitive agreements and any or all of which may not result in completed transactions; the continued availability and use of the Company’s $0.5 million Stock Repurchase Program; 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, including the integration of Ergatta in its first full reporting period and the realization of expected post-acquisition cost reductions at Ergatta; the financial performance of recently acquired businesses, including Ergatta and Wattbike, which may differ materially from expectations; the possibility that letters of intent with acquisition targets will not result in definitive agreements or completed transactions; substantial doubt regarding our ability to continue as a going concern as disclosed in our periodic reports; 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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