Financial Performance - The company reported a net loss of $7.1 million for Q3 2024, improving from a net loss of $10.4 million in Q3 2023, resulting in a loss of $1.53 per diluted share[2]. - Adjusted EBITDA for Q3 2024 was a loss of $2.3 million, an improvement of $1.0 million compared to Q3 2023[3]. - Total revenue for Q3 2024 was $2,014,000, a significant increase from $306,000 in Q3 2023, representing a growth of 558%[16]. - Fitness product revenue reached $1,617,000 in Q3 2024, compared to $206,000 in Q3 2023, marking a 684% increase[16]. - Membership revenue increased to $224,000 in Q3 2024 from $38,000 in Q3 2023, reflecting a growth of 489%[16]. - Adjusted EBITDA for Q3 2024 was $(2,348,000), an improvement from $(3,373,000) in Q3 2023[15]. - Net loss for Q3 2024 was $(7,141,000), compared to $(10,408,000) in Q3 2023, indicating a reduction in losses by 31%[16]. - Net loss for the nine months ended September 30, 2024, was $29,172, compared to a loss of $39,971 in 2023, representing a 27.1% improvement[18]. - Net cash used in operating activities decreased to $8,909 from $13,561, reflecting a 34.5% reduction year-over-year[18]. Revenue Growth - Revenue for Q3 2024 reached $2.0 million, representing a growth of 325% compared to Q2 2024[1]. - The company expects to generate $2.4 million in revenue for Q4 2024[1]. Assets and Liabilities - Total current assets as of September 30, 2024, were $10,240,000, up from $5,356,000 at the end of 2023[17]. - Total liabilities increased to $31,961,000 as of September 30, 2024, compared to $22,354,000 at the end of 2023[17]. Cash Position - The company ended Q3 2024 with $2.3 million in cash, following a capital raise in July[4]. - Cash and restricted cash at the end of the period increased to $2,269 from $30, showing a significant improvement[18]. Stockholder Information - Stockholders' equity was reported at $5.8 million at the end of Q3 2024, exceeding the Nasdaq requirement of $2.5 million[4]. - The weighted average common stock outstanding increased to 4,653,452 shares as of September 30, 2024, compared to 354,656 shares in Q3 2023[16]. Operational Changes - The company has transitioned to primarily selling to commercial customers (B2B) following the acquisition of CLMBR, Inc.[14]. - The company will no longer report certain key operational metrics related to a direct-to-consumer business model due to its shift in focus[14]. - The company is actively pursuing additional acquisitions and plans to communicate more details in the future[4]. Expenses - Research and development expenses for Q3 2024 were $2,212,000, slightly down from $2,357,000 in Q3 2023[16]. - Stock-based compensation decreased to $9,448 from $23,773, a reduction of 60.3%[18]. Other Financial Metrics - The company reported a gross loss of $(288,000) in Q3 2024, an improvement from $(1,123,000) in Q3 2023[16]. - Net cash provided by financing activities was $12,947, down from $14,656 in the previous year, indicating an 11.6% decline[18]. - The acquisition of business resulted in cash payments of $1,447, which was not present in the previous year[18]. - Proceeds from the issuance of common stock and pre-funded warrants upon offering totaled $4,510, down from $10,820, a decrease of 58.3%[18]. - Interest expense due but not paid was reported at $1,054, which was not applicable in the previous year[18]. - Non-cash investing and financing activities included the issuance of common stock and series B preferred stock for the acquisition of business valued at $3,969[18].
Interactive Strength (TRNR) - 2024 Q3 - Quarterly Results