Interactive Strength (TRNR) Registration filing summary

Company overview and business model

• Operates two brands, CLMBR and FORME, offering specialty fitness equipment and digital training for commercial and at-home markets.

• CLMBR provides vertical climbing machines with digital content; FORME offers smart gyms with live 1:1 personal training.

• Revenue is primarily from hardware sales and recurring membership fees.

• Growth strategy includes M&A, expanding commercial partnerships, international expansion, and targeting sport-specific and corporate wellness markets.

Financial performance and metrics

• Q1 2024 revenue was $0.3 million, up from $0.2 million in Q1 2023; net losses were $11.4 million and $16.0 million, respectively.

• Accumulated deficit as of March 31, 2024 was $178.3 million.

• Company has negative cash flows from operations and substantial doubt about its ability to continue as a going concern without additional capital.

• Outstanding debt as of March 31, 2024 was approximately $16.1 million, all due within 12 months.

Use of proceeds and capital allocation

• Estimated net proceeds of $8.9 million (if fully subscribed) will be used for working capital, general corporate purposes, capital expenditures, and debt repayment.

• Management has discretion to reallocate proceeds as needed.