Interactive Strength (TRNR) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 was $0.6 million, up 97% year-over-year, driven by the acquisition of CLMBR, Inc.

• Net loss for Q2 2024 was $10.6 million, a 22% improvement from Q2 2023.

• The company continues to focus on commercial (B2B) sales and has shifted away from direct-to-consumer metrics.

• Significant cost reductions in sales, marketing, and general administrative expenses contributed to narrowing losses.

Financial highlights

• Total revenue for the six months ended June 30, 2024 was $1.0 million, up 108% year-over-year.

• Gross loss for Q2 2024 was $0.9 million, a 23% improvement from Q2 2023.

• Adjusted EBITDA for Q2 2024 was $(2.9) million, compared to $(5.7) million in Q2 2023.

• Cash and cash equivalents at June 30, 2024 were $0.2 million.

• Total outstanding debt as of June 30, 2024 was $17.2 million, all classified as current.

Outlook and guidance

• Management expects continued operating losses and negative cash flow for the foreseeable future.

• The company is actively seeking additional capital but has no committed sources as of the report date.

• Continued listing on Nasdaq is contingent on compliance with equity requirements by November 14, 2024.