Core Insights - TRNR reported record revenue of $11.5 million for the full year 2025, reflecting a 114% year-over-year growth from $5.4 million in 2024 [3] - The company confirmed its 2026 guidance of over $30 million in pro forma revenue, driven by the full-year consolidation of Wattbike and the addition of Ergatta [5][7] - TRNR announced a stock repurchase program of $0.5 million, representing approximately 19% of the 2.1 million shares outstanding [6] Financial Performance - The full-year net loss for 2025 was $24.0 million, which is a 31% improvement compared to 2024 [3] - Adjusted EBITDA loss for the year was approximately $9.6 million [2][3] - Full-year gross margin increased to 7.9%, showing an improvement of about 60% from 2024 [3] Quarterly Highlights - The fourth quarter revenue reached $4.1 million, marking the highest revenue quarter of the year with a gross margin of 14.1% [4] - If Wattbike had been consolidated for the entire year, the revenue would have been $20.7 million [4] Future Outlook - Ergatta is expected to contribute over $10 million in revenue for 2026 at an approximate 30% EBITDA margin, with a monthly net revenue retention of over 98% [5] - The company anticipates achieving run-rate profitability within the next twelve months, supported by the acquisition of Ergatta and improvements in Wattbike's earnings [7]