Interactive Strength Inc (NASDAQ: TRNR) is a connected fitness hardware and software company that designs, manufactures, and sells smart home gym equipment along with accompanying membership-based digital content services. Revenue comes from two streams: sales of connected fitness hardware products and recurring membership fees tied to those devices. The company operates brands including Ergatta, Wattbike, CLMBR, and FORME (covering the FORME Studio and FORME Studio Lift products), competing in the smart home gym and connected fitness market. As of the 10-K filed March 31, 2026 for fiscal year ended December 31, 2025, the company carries going-concern doubt, relies on convertible notes and warrant issuances for financing, maintains a full valuation allowance against deferred tax assets, and faces active Nasdaq listing compliance issues related to minimum stockholders' equity and publicly held share requirements.

Revenue model

Two disclosed revenue categories: Connected Fitness Product (hardware sales of Ergatta, Wattbike, CLMBR, FORME Studio, and FORME Studio Lift equipment) and Membership (recurring subscription fees billed through third-party payment processors). The company also sells Wattbike and CLMBR equipment and the FORME platform to third-party channels.

Products and services

Ergatta connected rowing machine, Wattbike smart bike, CLMBR connected climbing machine, FORME Studio and FORME Studio Lift smart mirror/home gym platforms. Each hardware product is paired with a digital membership offering. The company provides a 12-month limited warranty on CLMBR, FORME Studio, and FORME Studio Lift.

Customers and end markets

Consumer end market targeting home gym users who purchase connected fitness hardware and subscribe to accompanying digital content. No specific customer concentration figures are disclosed in the provided excerpts.

Value-chain role

Hardware designer and brand owner with third-party payment processors handling member billing, and third-party service providers for card processing, currency exchange, identity verification, and fraud analysis. The company holds inventory and vendor deposits, indicating it manages supply-chain procurement separately from manufacturing.

Geographic exposure

Operations span the United States, United Kingdom, and European Union, as indicated by the applicable regulatory frameworks disclosed in the FY2025 10-K filing.

Source: SEC 10-K, filed 2026-03-31

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