Core Viewpoint - Interactive Strength Inc. has secured a significant order for its next-generation Wattbike AIR-PRO units, indicating strong demand in the premium fitness market in Germany [1] Group 1: Company Developments - The company announced a major order for 85 Wattbike AIR-PRO units, valued at over $200K, from one of Germany's largest fitness operators [1] - This order is specifically for Fitness First's premium Black Label facilities, highlighting the company's focus on high-end fitness solutions [1] Group 2: Market Context - The new order follows a previous order exceeding $1 million from Woodway for the US market, suggesting a growing presence in both European and American fitness markets [1] - The acquisition of Sportstech is pending, which may further enhance the company's market position and product offerings [1]

Core Insights - Interactive Strength Inc. has updated its Investor FAQ section to address shareholder inquiries regarding its recent quarterly filing, the timing of the Sportstech acquisition, and 2025 pro forma revenue expectations exceeding $80 million [1][1][1] Group 1 - The company is the maker of innovative specialty fitness equipment under the Wattbike, CLMBR, and FORME brands [1] - The company is in the process of acquiring Sportstech [1] - The update follows the company's Q3 2025 shareholder letter, which detailed operating progress, integration milestones, and pro forma performance [1]

Financial Performance - TRNR reported record quarterly revenue of $4.8 million, representing a 139% year-over-year growth[2] - The company incurred a net loss of $5.2 million, equating to a loss of $3.11 per diluted share, and an adjusted EBITDA loss of $2.9 million[2] - If the Sportstech acquisition had been included, TRNR's revenue for the quarter would have been approximately $18 million[2] - TRNR's management expressed confidence in achieving more than $80 million in revenue and profitability in Q4 on a pro forma basis[7] - Fitness product revenue for Q3 2025 reached $4,553 million, a significant increase from $1,617 million in Q3 2024, representing a growth of 181%[23] - Total revenue for the nine months ended September 30, 2025, was $7,391 million, compared to $2,997 million for the same period in 2024, marking a 147% increase[23] - Gross profit for Q3 2025 was $825 million, compared to a gross loss of $288 million in Q3 2024, indicating a turnaround in profitability[23] - The net loss attributable to common stockholders for Q3 2025 was $5,231 million, an improvement from a net loss of $7,141 million in Q3 2024[23] - Net loss for the nine months ended September 30, 2025, was $14,012, compared to a net loss of $29,172 in 2024, representing a 52% improvement[27] Acquisition and Strategic Initiatives - TRNR reiterates its full-year 2025 pro forma revenue guidance of more than $80 million, driven by the expected completion of the Sportstech acquisition[3] - The Sportstech acquisition is anticipated to close in 2025 based on achieving key closing milestones[4] - The new CFO, Caleb Morgret, is expected to accelerate the closing procedures for the Sportstech acquisition[7] - Cost savings initiatives have been initiated to leverage group synergies following the acquisition of Wattbike[5] - The company made a loan to Sportstech amounting to $5,025, indicating ongoing investment in strategic partnerships[27] Cash Flow and Liquidity - Cash and cash equivalents increased to $845 million as of September 30, 2025, up from $138 million at the end of 2024[25] - Cash and restricted cash at the end of the period was $845, up from $138 at the beginning of the period, showing a significant increase in liquidity[27] - Net cash used in operating activities decreased to $8,161 for the nine months ended September 30, 2025, from $8,909 in 2024, indicating an 8% reduction[27] - Total cash used in investing activities significantly increased to $53,490 in 2025, compared to $1,407 in 2024, reflecting a substantial rise in investment activities[27] - Net cash provided by financing activities rose to $62,248 in 2025, compared to $12,947 in 2024, marking an increase of 382%[27] Assets and Liabilities - Total assets as of September 30, 2025, were $85,438 million, significantly higher than $34,170 million at the end of 2024, reflecting a growth of 150%[25] - The company reported a total current liabilities of $30,808 million as of September 30, 2025, compared to $26,881 million at the end of 2024, an increase of 15%[25] - The accumulated deficit increased to $217,194 million as of September 30, 2025, from $202,586 million at the end of 2024[25] Research and Development - The company has invested $404 million in research and development for Q3 2025, a decrease from $2,212 million in Q3 2024, indicating a strategic shift in spending[23] - The company incurred $5,293 in stock-based compensation for the nine months ended September 30, 2025, down from $9,448 in 2024, a decrease of 44%[27] Digital Assets - The acquisition of digital assets amounted to $47,250 in 2025, indicating a strategic investment in digital growth[27] - The company reported a change in fair value of digital assets of $10,480, reflecting positive market conditions[27] - Proceeds from the issuance of convertible notes, net of issuance costs, were $52,533 in 2025, compared to $4,756 in 2024, showing a significant increase in financing through convertible debt[27]

Financial Performance - Total revenue for Q3 2025 was $4.815 million, a 139.5% increase from $2.014 million in Q3 2024[10] - Fitness product revenue reached $4.553 million in Q3 2025, up 181.5% from $1.617 million in Q3 2024[10] - Gross profit for Q3 2025 was $825 thousand, compared to a gross loss of $288 thousand in Q3 2024[10] - Net loss for Q3 2025 was $5.231 million, an improvement from a net loss of $7.141 million in Q3 2024[10] - The net loss for the nine months ended September 30, 2025, was $14,012,000, compared to a net loss of $29,172,000 for the same period in 2024, representing a 52% improvement[17] - The net loss for the three months ended September 30, 2025, was $5.231 million, compared to a net loss of $7.141 million for the same period in 2024, representing a 26.7% improvement[62] Assets and Liabilities - Total current assets increased to $17.372 million as of September 30, 2025, from $8.218 million as of December 31, 2024[8] - Total liabilities rose to $67.981 million as of September 30, 2025, compared to $27.055 million as of December 31, 2024[8] - The company reported a total stockholders' equity of $14.857 million as of September 30, 2025, up from $7.115 million as of December 31, 2024[8] - Digital assets increased to $36.770 million as of September 30, 2025, with no digital assets reported as of December 31, 2024[8] - The company has total outstanding debt of approximately $46.4 million as of the issuance date, with about $12.4 million scheduled to mature over the next twelve months[38] Cash Flow and Investments - Cash used in operating activities for the nine months ended September 30, 2025, was $8,161,000, slightly better than $8,909,000 used in the same period of 2024[17] - The company reported a significant cash outflow of $53,490,000 in investing activities for the nine months ended September 30, 2025, compared to $1,407,000 in 2024, primarily due to the acquisition of digital assets[17] - Financing activities generated $62,248,000 in cash for the nine months ended September 30, 2025, compared to $12,947,000 in 2024, indicating a strong capital influx[17] Stock and Equity - The weighted average common stock outstanding for Q3 2025 was 1,682,660 shares, compared to 4,653 shares in Q3 2024[10] - The company issued 1.5 million shares of Series A preferred stock upon conversion of debt[14] - The company issued common stock upon the exercise of stock options, resulting in $373,000[14] - The company issued 1,250,000 shares of Series LTI Convertible Preferred Stock valued at $2.5 million to executive officers and board members, which vests 100% upon grant date[87] Acquisitions - The Company completed the acquisition of Wattbike Holdings Limited for a total purchase price of approximately $4.0 million on July 1, 2025[30] - The Company completed the acquisition of CLMBR, Inc. for a total purchase price of approximately $16.1 million on February 2, 2024[32] - The company plans to acquire approximately 99.8% stake in Sportstech with an initial investment of $15,000,000 through the issuance of Series D Non-voting Convertible Preferred Stock[24] Research and Development - Research and development expenses decreased to $404 thousand in Q3 2025 from $2.212 million in Q3 2024[10] - Research and development expenses for the three months ended September 30, 2025, were $337,000, down from $1.006 million in the same period of 2024, a decrease of 66.5%[62] Digital Assets - The company recognized a change in fair value of digital assets amounting to $10.605 million for the three months ended September 30, 2025[62] - The company recognized a loss of $10.6 million and $10.5 million related to changes in the fair value of digital assets for the three and nine months ended September 30, 2025, respectively[197] - The company’s digital assets are categorized as Level 1 investments, with a total value of $36,770,000 as of September 30, 2025[195] Compliance and Regulatory Issues - The Company has received two notices from Nasdaq regarding noncompliance with listing requirements, but has since regained compliance with both[40] - The Company is subject to a Mandatory Panel Monitor for compliance with Nasdaq listing rules for one year following the compliance letters received[40] - The Company has been unable to remain in compliance with certain Nasdaq qualifications in the past, raising doubts about its ability to continue as a going concern[41] Debt and Interest - The company incurred interest expense of $4.017 million for the three months ended September 30, 2025, compared to $1.831 million in the same period of 2024, reflecting a 119% increase[62] - The company has limited available liquidity of approximately $0.6 million of unrestricted cash and cash equivalents to fund operations over the next twelve months[38] - The company recorded a gain on extinguishment of $0.3 million from the troubled debt restructuring of promissory notes[90] Miscellaneous - The company operates primarily in the United States, the United Kingdom, and Taiwan, with most long-lived assets held in the United States as of September 30, 2025[46] - The company expects to hold its digital assets as a long-term investment, classifying them as non-current assets as of September 30, 2025[50]

Core Insights - The company reported record quarterly revenue of $4.8 million, reflecting a 139% year-over-year growth [1] - The net loss for the quarter was $5.2 million, translating to a loss of $3.11 per diluted share [1] - Adjusted EBITDA loss for the quarter was $2.9 million, attributed to low inventory availability [1] - The acquisition of Sportstech is expected to close in 2025, contingent on key closing milestone achievements [1] - The company reiterated its 2025 pro forma revenue guidance of more than $80 million and fourth quarter profitability guidance [1]

Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential opportunities for traders before the market opens [1] Premarket Gainers - Cidara Therapeutics, Inc. (CDTX) is up 91% at $203.18 - Binah Capital Group, Inc. (BCG) is up 45% at $2.07 - Invivyd, Inc. (IVVD) is up 42% at $2.52 - Omeros Corporation (OMER) is up 15% at $7.25 - The Oncology Institute, Inc. (TOI) is up 12% at $3.47 - AlphaVest Acquisition Corp (ATMV) is up 11% at $7.99 - ARB IOT Group Limited (ARBB) is up 7% at $7.31 - Hyperion DeFi, Inc. (HYPD) is up 6% at $5.27 - TruGolf Holdings, Inc. (TRUG) is up 6% at $2.02 - Boqii Holding Limited (BQ) is up 5% at $2.24 [3] Premarket Losers - TSS, Inc. (TSSI) is down 40% at $9.12 - StubHub Holdings, Inc. (STUB) is down 20% at $15.02 - ESS Tech, Inc. (GWH) is down 20% at $3.38 - Red Cat Holdings, Inc. (RCAT) is down 17% at $6.38 - WhiteFiber, Inc. (WYFI) is down 15% at $16.81 - New Era Energy & Digital, Inc. (NUAI) is down 13% at $3.66 - NET Power Inc. (NPWR) is down 11% at $2.62 - Korro Bio, Inc. (KRRO) is down 9% at $5.90 - Anavex Life Sciences Corp. (AVXL) is down 8% at $5.20 - Interactive Strength Inc. (TRNR) is down 5% at $2.47 [4]

Earnings Reports Overview - The earnings season is slowing down, but several retail-favorite companies are set to report this week [1] - Key companies reporting include Barrick Mining Corp., Plug Power Inc., Oklo Inc., Cisco Systems Inc., Walt Disney Co., and Applied Materials Inc. [2][3][5][10][11] Company-Specific Insights - Barrick Mining Corp. reported its third-quarter results before the market opened on November 10 [2] - Plug Power Inc. is expected to report losses of 12 cents per share and revenue of $179.54 million, having missed earnings expectations for the last 18 quarters [3] - Oklo Inc. is anticipated to report losses of 13 cents per share and revenue of $17.01 billion, with stock volatility noted ahead of the report [5] - Cisco Systems Inc. is expected to be a focal point for investors, particularly regarding management's guidance and updates on AI and cybersecurity business momentum [10] - Walt Disney Co. and JD.com Inc. will release earnings reports before the market opens on November 13 [11] - Applied Materials Inc. is set to release its Q4 results after the market closes on November 13 [11] Additional Companies Reporting - Other companies reporting this week include Workhorse Group Inc., Beyond Meat Inc., Microvision Inc., and Virgin Galactic Holdings Inc. [4][6][12]

Core Insights - Sportstech's revenue growth accelerated to 24% year-over-year (YoY) in the third quarter of 2025, up from 18% YoY in the second quarter [1] - The company expects revenue growth to surpass 30% YoY in the fourth quarter of 2025 [1] - Current foreign exchange (FX) rates indicate that Sportstech's last twelve months (LTM) revenue as of September 2025 would be approximately $58 million, with an LTM EBITDA of $6 million [1] - Interactive Strength Inc. (TRNR) confirmed that all parties are diligently working on completing the acquisition closing requirements for Sportstech [1] Revenue Performance - Sportstech reported third quarter 2025 revenue exceeding $13 million, reflecting a 24% YoY growth [1] - This growth represents an acceleration from the previous quarter's 18% YoY growth [1] Future Projections - The company anticipates that revenue growth will exceed 30% YoY in the upcoming fourth quarter [1] - Based on current FX rates, projected LTM revenue for Sportstech by September 2025 is approximately $58 million [1]

Core Insights - Interactive Strength Inc. has updated its investor FAQs regarding its new CFO hire and the pending acquisition of Sportstech [1] - The company has made available a Q&A with the new CFO on its investor website, providing further commentary and details on the acquisition [1] Company Developments - The company is known for its innovative specialty fitness equipment under the Wattbike, CLMBR, and FORME brands [1] - The acquisition of Sportstech is currently pending, indicating a strategic move to expand its market presence [1] Investor Communication - The updated FAQs were created in response to shareholder inquiries, demonstrating the company's commitment to transparency [1] - Required filings with the US Securities & Exchange Commission (SEC) are also available for investors seeking more detailed information [1]

Core Viewpoint - TRNR has appointed Caleb Morgret as the new Chief Financial Officer, effective November 15, 2025, to focus on the financial workflows related to the acquisition of Sportstech [1] Group 1: Management Changes - Caleb Morgret will transition to CFO on November 15, 2025, and has been working with TRNR since September [1] - Michael Madigan, the current CFO, will step down after the Q3 earnings report on November 14, 2025 [1] Group 2: Financial Expectations - TRNR expects to generate more than $80 million in pro forma revenue in 2025, primarily from Europe [1] - The acquisition of Sportstech is a significant part of TRNR's growth strategy [1]