Interactive Strength (TRNR) Investor presentation summary

Business model and acquisition strategy

• Focuses on acquiring profitable, cash-flow accretive fitness brands at attractive multiples, typically under 5x EBITDA, using primarily locked-up equity and minimal cash at close.

• Operates acquired brands on a shared platform leveraging content, technology, distribution, and commercial relationships across the US, UK, and Europe.

• Targets immediate cash flow generation from acquisitions, aiming to receive more cash flow in the first year than the cash paid at closing.

Recent acquisitions and financial impact

• Completed acquisitions of Wattbike (July 2025) and Ergatta (March 2026), both profitable and cash-flow accretive, with most consideration in locked equity.

• Wattbike contributed to a 324% increase in fitness product revenue and a 19 percentage point margin improvement year-over-year.

• Ergatta brings a game-based, subscription-driven model with ~70% recurring revenue and 98%+ monthly retention.

• Gross margin improved from -22% in Q1 2025 to 43% pro forma in Q1 2026 as higher-margin businesses scaled.

Growth trajectory and guidance

• Revenue has grown at a 121–155% CAGR since 2024, with FY 2026 pro forma revenue expected to exceed $50M, pending the STEPR acquisition.

• Group-level Adjusted EBITDA profitability is targeted for Q4 2026, driven by full-year contributions from Wattbike, Ergatta, and STEPR.

• Upcoming milestones include Q2 2026 earnings in August and the expected closing of the STEPR acquisition in Q4 2026.