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]
Interactive Strength (TRNR) - 2025 Q3 - Quarterly Results