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Here are 1-3 brief analogies for Interactive Strength (TRNR):

• Like Peloton, but focused on comprehensive strength training and personalized workouts via a sleek wall-mounted screen.
• A direct competitor to Lululemon Studio (formerly Mirror), offering a premium smart home gym experience with a strong emphasis on live personal training.
• Think of it as Equinox for your living room, providing high-end personal training and diverse fitness classes from home.

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• CLMBR Connected Fitness Machine: A vertical climbing exercise machine designed for at-home use, providing a full-body workout.
• CLMBR Content Subscription: A recurring membership service offering on-demand classes, live coaching, and performance tracking features for users of the CLMBR machine.
• StrengthPortal Software Platform: A business-to-business (B2B) software-as-a-service (SaaS) solution that provides personal trainers and gyms with tools for client management, workout design, and performance tracking.

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Major Customers of Interactive Strength (TRNR)

Interactive Strength (symbol: TRNR), operating under the FORM brand, primarily sells its smart strength training equipment and virtual personal training subscriptions directly to individual consumers rather than to other businesses.

The company serves the following categories of individual customers:

• At-Home Fitness Seekers: Individuals who prioritize convenience and the ability to work out effectively from their own homes. This category often includes busy professionals, parents, or those who prefer the privacy and accessibility of a home gym over traditional fitness centers. They seek structured workouts and expert guidance without the need to travel.
• Data-Driven Performance Enhancers: Users who are motivated by tracking progress, receiving real-time feedback, and leveraging technology for precise and personalized strength training. This group values the intelligent features of FORM's equipment and coaching that adapt to their performance and help them achieve specific fitness goals.
• Individuals New to or Returning to Strength Training: People who may lack experience with strength training or feel intimidated by traditional gyms. They benefit from FORM's guided programs, virtual coaching, and supportive environment, which help them learn proper form, build confidence, and progress safely and effectively.

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• Flex Ltd. (FLEX)
• DSV A/S (DSV.CO)
• Amazon.com, Inc. (AMZN)

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Trent A. Ward, Chief Executive Officer

Trent A. Ward is the co-founder of Interactive Strength Inc. and has served as its Chief Executive Officer and a member of its board of directors since the company's inception in May 2017. Before founding Interactive Strength Inc., Mr. Ward worked as an associate, analyst, and portfolio manager at Citadel LLC, a financial services company, from July 2006 to February 2014. Following his time at Citadel, from February 2014 to May 2017, he focused on investing in startups and pursuing various entrepreneurial endeavors, which included initiating the research and development for the precursor entity to Interactive Strength in October 2015.

Caleb Morgret, Chief Financial Officer

Caleb Morgret was appointed as the new Chief Financial Officer of Interactive Strength Inc., effective November 15, 2025. Mr. Morgret brings over 20 years of finance experience, primarily in Europe. He has been working with TRNR since September 2025, focusing on audit and financial workflows related to the pending Sportstech acquisition. His European base and German language proficiency are expected to be beneficial in supporting Wattbike and Sportstech and enhancing access to working capital. Mr. Morgret began his career in investment banking. Prior to joining Interactive Strength, he served as the CFO of Sentinara Labs AG, a biotech company in Switzerland, from 2022 until September 2025. From 2020 to 2022, he held significant positions at Communal Credit Austria AG, specializing in public infrastructure and energy finance. Additionally, he has served as CFO for Lucero Energy and Whitear Petroleum and has held board positions for several life sciences companies.

Deepak M. Mulchandani, Chief Technology Officer

Deepak M. Mulchandani has served as Interactive Strength Inc.'s Chief Technology Officer and a member of its board of directors since December 2021. Before joining Interactive Strength, Mr. Mulchandani held the roles of Chief Product Officer and Executive Vice President of Engineering at Emerge Now Inc., a computer and electronic manufacturing company, from January 2020 to December 2021. Prior to his tenure at Emerge, he served as the Senior Vice President of Product Engineering at Peloton Interactive, Inc. from June 2017 to July 2019.

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Interactive Strength (NASDAQ: TRNR) faces several key risks, with its digital asset treasury strategy currently appearing to be the most significant due to its direct impact on the company's financial stability.

1. Exposure to Cryptocurrency Volatility and Digital Asset Treasury Strategy: A primary risk for Interactive Strength stems from its establishment of a Digital Asset Treasury, actively purchasing $FET cryptocurrency. The company's financial health is intrinsically linked to the unpredictable cryptocurrency market, making it a high-risk investment. Volatility in the digital asset market has directly impacted its financial obligations, leading to concessions with financial partners, including the handover of tokens and the issuance of new notes convertible into stock. This strategy introduces substantial financial uncertainty and potential for shareholder dilution.
2. Financial Challenges, Debt, and Stock Dilution: Interactive Strength has demonstrated reliance on loans and stock issuances to fund its operations, which is a potential weakness and can dilute the ownership of existing shareholders. The company has faced cash flow challenges, requiring it to use stock to settle debt. Ongoing efforts to restructure debt and obligations involve complex deal structures, which continue to present a risk of further potential stock dilution.
3. Competition and Fluctuating Demand for Products: The company operates in a competitive market. Risks include intense competition and technological advancements by competitors, alongside the inherent challenge of accurately forecasting consumer demand for its fitness products (CLMBR, FORME, Wattbike).

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• Market Saturation and Intense Competition from Diversified Players: The connected fitness market has become saturated post-pandemic, leading to intense competition. Larger, more diversified companies (e.g., Apple Fitness+, Google Fitbit, established gym chains offering digital subscriptions) with broader ecosystems, greater marketing budgets, and lower-cost offerings could divert customers. The recent divestiture of Lululemon's Mirror further highlights the challenges even large brands face in scaling dedicated smart mirror products, creating a tough environment for TRNR to gain and retain market share.
• Shifting Consumer Preferences and Post-Pandemic Normalization: The accelerated adoption of home fitness during the pandemic has normalized, with a clear trend of consumers returning to in-person gyms, boutique studios, and outdoor activities. This reduces the primary demand for dedicated, high-cost home fitness equipment and associated subscriptions, making customer acquisition more challenging and increasing churn risk for TRNR.
• Subscription Fatigue and Economic Headwinds: TRNR's business model relies on both high-cost hardware sales and recurring subscription revenue for its personalized coaching. In a broader economic climate characterized by inflation and consumer "subscription fatigue" across various digital services, discretionary spending on premium fitness hardware and ongoing subscriptions may be curtailed. This poses a threat to both initial sales and long-term customer retention.

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Interactive Strength (NASDAQ: TRNR) operates within the connected fitness and personal training markets, offering a range of specialty fitness equipment and digital training services. The company's main products and services, including its CLMBR vertical climbing equipment, FORME smart gyms (fitness mirrors with and without cable-based digital resistance), video on-demand classes, personal training, expert health coaching, and recently acquired Wattbike indoor performance training bikes, address significant market opportunities.

Connected Fitness Equipment Market

• The global connected gym equipment market was valued at approximately $1.23 billion in 2024. This market is projected to reach around $9.99 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 26.20% from 2025 to 2033.
• In the U.S., the connected fitness equipment market is anticipated to reach $5.26 billion by 2033, growing at a CAGR of 19.3% from 2025 to 2033.

Personal Training Market (including Digital Fitness Services)

• The global personal training market is estimated to be approximately $45.6 billion in annual revenue in 2025. This market is projected to grow to about $85.3 billion by 2035, with a CAGR of 5.3%.
• The U.S. personal training market is valued between $7.8 billion and $11.9 billion, with a specific estimate of $11.9 billion in 2025.

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Interactive Strength (TRNR) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:

1. Strategic Acquisitions: The company is pursuing a specialty-fitness roll-up strategy, significantly boosted by recent and pending acquisitions. The acquisition of Wattbike, a leading indoor performance training bike business, and the pending acquisition of Sportstech Brands Holding GmbH, are expected to be major contributors to revenue growth. Sportstech, for example, is projected to accelerate its revenue growth to over 30% year-over-year in Q4 2025, with recent investments from TRNR directly impacting increased inventory availability.
2. International Market Expansion: Interactive Strength plans to expand its product and service offerings into new international markets, specifically targeting the United Kingdom and Canada.
3. B2B Channel Growth: A multi-pronged growth strategy includes scaling the company's platform through expansion in the Business-to-Business (B2B) channel. This involves increasing installations in commercial settings, such as the new placements at the Mandalay Bay Resort's fitness center.
4. Growth of Existing Brand Portfolio: The company's established portfolio of premium fitness brands, including CLMBR, FORME, and the recently acquired Wattbike, are expected to continue driving revenue. These brands combine advanced hardware, smart technology, and immersive content to deliver training experiences for both commercial and home use.

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Share Issuance

• Stockholders approved the issuance of common stock exceeding 20% of the company's current common stock in March 2025, primarily for the conversion of notes and exercise of warrants.
• In March 2025, Interactive Strength converted $1,212,400 of outstanding principal from a senior secured convertible promissory note into 471,750 shares of common stock.
• The company issued 47,332 shares for Series A Preferred Stock dividends and 21,584 shares for Series C Preferred Stock dividends in June 2025.

Inbound Investments

• Interactive Strength secured $2.9 million in working capital in February 2025 through a senior secured convertible note agreement with an institutional investor.
• In June 2025, the company closed an initial $55 million investment from ATW Partners and DWF Labs to fund its crypto treasury strategy, which is part of a larger facility to raise up to $500 million.
• A $725,000 convertible promissory note was issued to S Interactive LLC in June 2025.

Outbound Investments

• Interactive Strength began acquiring $FET cryptocurrency tokens in June 2025, utilizing an initial $55 million investment for its crypto treasury strategy, aiming to establish the largest publicly listed crypto treasury focused on an AI-token.
• The company completed an all-stock acquisition of Wattbike, a leading indoor performance training bike manufacturer, in July 2025.
• Interactive Strength is in the process of acquiring Sportstech, a connected fitness and exercise equipment business, with the acquisition anticipated to close in Q3 2025.

Capital Expenditures

• The company's focus on innovative specialty fitness equipment, including its CLMBR and FORME brands, and the acquisitions of Wattbike and the pending acquisition of Sportstech, indicate significant capital allocation towards expanding its hardware portfolio and product development.