Interactive Strength (TRNR) Registration filing summary

Company overview and business model

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

• Revenue primarily from sales of connected fitness hardware and recurring membership fees; first product launched in July 2021.

• Growth strategy includes acquiring synergistic businesses, expanding international reach, leveraging distributor partnerships, and increasing uptake of add-on services.

• Focuses on reducing personal training costs via technology, building partnerships in sports, therapy, and telemedicine, and expanding corporate wellness offerings.

• Recently implemented a digital asset treasury strategy involving the purchase of FET tokens using proceeds from convertible notes.

Financial performance and metrics

• Generated $5.4 million in revenue in 2024, up from $1.0 million in 2023.

• Incurred net losses of $(34.9) million in 2024 and $(51.4) million in 2023.

• Operations funded primarily through equity and convertible debt issuances.

• Aggregate market value of public float is $13.8 million as of May 2025.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used as specified in future prospectus supplements.

• $47.25 million from June 2025 convertible notes used to purchase FET tokens for treasury purposes.