$TRNR

Interactive Strength, Inc.

CIK:0001785056|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 6,647	$ 1,219	$ 11,788	$ 2,576
Cost of revenue	(3,432)	(1,413)	(6,964)	(3,073)
Gross profit (loss)	3,215	(194)	4,824	(497)
Operating expenses:
Research and development	415	779	853	2,050
Sales and marketing	2,184	211	3,218	461
General and administrative	3,988	4,640	8,115	9,126
Total operating expenses	6,587	5,630	12,186	11,637
Loss from operations	(3,372)	(5,824)	(7,362)	(12,134)
Other income (expense), net:
Other expense, net	(1,544)	(927)	(4,021)	(1,038)
Interest expense	(1,450)	(4,490)	(2,980)	(6,254)
Interest income	1	229	1	387
(Loss) gain upon extinguishment of debt	(601)	1,423	(2,311)	4,459
Change in fair value of convertible notes	(278)	7,202	(1,628)	6,629
Change in fair value of earnout	(491)	0	(517)	0
Change in fair value of derivatives	491	(462)	164	(1,949)
Change in fair value of digital assets	0	125	0	125
Change in fair value of warrants	140	544	807	993
Total other (expense), net	(3,732)	3,644	(10,485)	3,352
Net loss attributable to common stockholders	$ (7,104)	$ (2,180)	$ (17,847)	$ (8,782)
Net loss per share - basic	$ (17.37)	$ (149.29)	$ (63.93)	$ (874.39)
Net loss per share - diluted	$ (17.37)	$ (149.29)	$ (63.93)	$ (874.39)
Weighted average common stock outstanding - basic	408,871	14,602	279,176	10,044
Weighted average common stock outstanding - diluted	408,871	14,602	279,176	10,044

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities:
Net loss	$ (17,847)	$ (8,782)
Adjustments to reconcile net loss to net cash used in operating activities:
Foreign currency	6	(16)
Depreciation	84	51
Amortization	2,288	1,671
Non-cash lease expense	63	155
Inventory step up amortization	2	179
Stock-based compensation	1,220	4,892
Loss on disposal of assets	1	0
Loss (gain) on extinguishment of debt	2,311	(4,459)
Loss on settlement of accounts payable	0	551
Change in Fair Value of Preferred Stock	1,118	0
Non-cash interest income	0	(387)
Interest paid in kind and non-cash interest expense	1,184	3,663
Amortization of debt discount	1,778	2,503
Credit loss on loan receivable	242	0
Change in fair value of convertible notes	1,628	(6,629)
Change in fair value of digital assets	0	(125)
Non-cash charge from settlement agreement	2,628	0
Change in fair value of earnout	517	0
Change in fair value of derivatives	(164)	1,949
Change in fair value of warrants	(807)	(993)
Changes in operating assets and liabilities
Accounts receivable	(437)	(335)
Inventories	(214)	763
Prepaid expenses and other current assets	365	47
Vendor deposits	47	(37)
Other assets	(9)	0
Accounts payable	(1,007)	(310)
Accrued expenses and other current liabilities	(361)	87
Deferred revenue	(206)	(15)
Operating lease liabilities	(66)	(166)
Net cash used in operating activities	(5,636)	(5,743)
Cash Flows From Investing Activities:
Repayment from (advances to) Sportstech	6,350	(4,325)
Purchase of property and equipment	(334)	0
Proceeds from the sale of property and equipment	9	0
Acquisition of internal use software	(29)	0
Loan to Wattbike	0	(1,200)
Acquisition of digital assets	0	(45,000)
Acquisition of business, cash paid, net of cash acquired	(1,711)	0
Acquisition of software and content	(876)	(442)
Net cash provided by (used) in investing activities	3,409	(50,967)
Cash Flows From Financing Activities:
Payments of loans	(484)	0
Proceeds from loans	282	1,800
Repurchases of common stock	(199)	0
Payments of offering costs	0	(225)
Proceeds from issuance of convertible notes, net of issuance costs	1,595	56,135
Proceeds from issuance of common stock from At the Market Offering, net of issuance costs	1,508	1,594
Net cash provided by financing activities	2,702	59,304
Effect of exchange rate on cash	(28)	100
Net Change In Cash and Cash Equivalents	447	2,694
Cash at beginning of the period	512	138
Cash at end of period	$ 959	$ 2,832

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 959	$ 512
Accounts receivable, net	3,196	2,614
Inventories, net	4,151	3,748
Vendor deposits	1,070	377
Loan receivable	0	6,592
Prepaid expenses and other current assets	833	860
Total current assets	10,209	14,703
Property and equipment, net	625	379
Right-of-use-assets	254	317
Intangible assets, net	15,950	7,863
Long-term inventories, net	4,055	3,583
Vendor deposits long term	1,825	1,825
Goodwill	20,639	15,545
Other assets	2,961	2,628
Total Assets	56,518	46,843
Current liabilities:
Accounts payable	8,190	8,981
Accrued expenses and other current liabilities	4,955	4,849
Operating lease liability, current portion	130	159
Deferred revenue	4,444	1,317
Loans payable	11,325	8,823
Derivatives	519	243
Mandatorily redeemable Series D convertible preferred stock	9,543	0
Convertible notes payable, net	10,035	6,913
Total current liabilities	49,141	31,285
Operating lease liability, net of current portion	134	171
Other long term liabilities	3,870	1,753
Warrant liabilities	29	408
Loans payable - long-term	0	1,794
Convertible notes payable non current, net	0	2,738
Total liabilities	53,174	38,149
Commitments and contingencies (Note 15)
Stockholders' equity
Common stock, par value $0.0001; 900,000,000 shares authorized; 514,467 and 43,930 shares issued and outstanding as of June 30, 2026 and December 31, 2025.	2	0
Additional paid-in capital	246,625	233,817
Treasury stock, at cost	(199)	0
Accumulated other comprehensive income	(2)	113
Accumulated deficit	(245,389)	(227,542)
Total stockholders' equity	3,344	6,390
Total liabilities, preferred stock and stockholders' equity	56,518	46,843
Series A Convertible Preferred Stock [Member]
Stockholders' equity
Preferred stock value	1	1
Series B Convertible Preferred Stock [Member]
Stockholders' equity
Preferred stock value	0	0
Series C Convertible Preferred Stock [Member]
Stockholders' equity
Preferred stock value	2	1
Series E Convertible Preferred Stock [Member]
Current liabilities:
Series E convertible preferred stock, par value $0.0001; 1,300,000 shares authorized, issued and outstanding as of June 30, 2026 and December 31, 2025.	0	2,304
Stockholders' equity
Preferred stock value	$ 2,304	$ 0