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Midas Edge

Interactive Strength, Inc.

For the period ended Jun 30, 2025. Filed Aug 14, 2025.

View on SEC.gov

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Aug 14, 2025

TRNR$1.21-1.6%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except share and per share amounts)

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenue:
Fitness product revenue$937$258$1,988$311
Membership revenue164207340362
Training revenue118156248311
Total revenue1,2196212,576984
Cost of revenue:
Cost of fitness product revenue(696)(347)(1,613)(726)
Cost of membership(420)(982)(843)(2,000)
Cost of training(297)(172)(617)(337)
Total cost of revenue(1,413)(1,501)(3,073)(3,063)
Gross loss(194)(880)(497)(2,079)
Operating expenses:
Research and development7792,4742,0504,497
Sales and marketing211112461368
General and administrative4,6404,4169,12610,378
Total operating expenses5,6307,00211,63715,243
Loss from operations(5,824)(7,882)(12,134)(17,322)
Other income (expense), net:
Other (expense) income, net(927)(1,109)(1,038)(1,533)
Interest expense(4,490)(2,919)(6,254)(4,919)
Interest income229—387—
Gain (loss) upon extinguishment of debt and accounts payable1,423(666)4,459(1,732)
Change in fair value of convertible notes7,202—6,629(316)
Change in fair value of earnout—1,300—1,300
Change in fair value of derivatives(462)(809)(1,949)(755)
Change in fair value of digital assets125—125—
Change in fair value of warrants5441,4489933,246
Total other income (expense), net3,644(2,755)3,352(4,709)
Loss before provision for income taxes(2,180)(10,637)(8,782)(22,031)
Income tax expense————
Net loss attributable to common stockholders$(2,180)$(10,637)$(8,782)$(22,031)
Net loss per share - basic and diluted$(2.13)$(17,476.24)$(12.49)$(42,889.07)
Weighted average common stock outstanding—basic and diluted1,022,140609703,048514
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net loss$(2,180)$(10,637)$(8,782)$(22,031)
Other comprehensive (loss) gain:
Foreign currency translation gain (loss)23(2)4437
Total comprehensive loss$(2,157)$(10,639)$(8,738)$(21,994)

CONDENSED CONSOLIDATED STATEMENTS OF PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

(In thousands, except share amounts)

Convertible Preferred Stock Series B · Convertible Preferred Stock Series A · Convertible Preferred Stock Series B · Common Stock · Subscription Receivable Preferred Stock Series A · Additional Paid-In Capital · Accumulated Other Comprehensive Income · Accumulated Deficit · Total Stockholders' (Deficit)
Shares · Amount · Shares · Amount · Shares · Amount · Shares · Amount
Balances at December 31, 2023—$——$——$—355$7$—$161,252$100$(166,911)$(5,552)
Issuance of preferred stock Series A upon conversion of debt——3,430,8951—————10,082——10,082
Subscription receivable for issuance of Series A preferred stock——1,500,000—————(3,000)———(3,000)
Issuance of preferred stock series B upon acquisition of CLMBR, Inc.1,500,0002,688———————————
Issuance of common stock upon acquisition of CLMBR, Inc.——————360—1,014——1,014
Issuance of Common stock upon waiver to enter into Note Agreement——————60—177——177
Issuance of shares upon issuance of convertible notes——————190—547——547
Issuance of Common stock from equity line of credit——————330—692——692
Issuance of Common stock upon conversion of convertible notes——————370—866——866
Issuance of Common stock upon exercise of stock options——————1——————
Stock-based compensation—————————3,586——3,586
Foreign currency translation gain (loss)——————————39—39
Net loss———————————(11,394)(11,394)
Balances at March 31, 20241,500,000$2,6884,930,895$1—$—487$7$(3,000)$178,216$139$(178,305)$(2,942)
Issuance of preferred stock Series A upon conversion of debt——1,562,9700—————2,368——2,368
Subscription receivable for issuance of Series A preferred stock————————3,000———3,000
Reclassification of series B preferred stock to permanent equity(1,500,000)(2,688)——1,500,000————2,955——2,955
1 for 40 reverse stock split share round up——————100——————
Registered direct offering, net of issuance costs of $0.2 million——————1420—809——809
Registered direct offering costs—————————(74)——(74)
Issuance of Common stock from At the Market offering, net of issuance costs of $0.1 million——————1620—405——405
At the Market offering costs—————————(50)——(50)
Issuance of Common stock from equity line of credit——————80—65——65
Issuance of Common stock upon conversion of convertible notes——————2510—1,084——1,084
Issuance of shares upon conversion of warrants——375,0000—————480——480
Issuance of Common stock upon exercise of warrants——————230—92——92
Issuance of Common stock upon exercise of stock options——————1——————
Stock-based compensation—————————2,860——2,860
Foreign currency translation loss——————————(2)—(2)
Net loss———————————(10,637)(10,637)
Balances at June 30, 2024—$—6,868,865$11,500,000$—1,174$7$—$189,210$137$(188,942)$413

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except share amounts)

Convertible Preferred Stock Series A · Convertible Preferred Stock Series B · Convertible Preferred Stock Series C · Common Stock · Additional Paid-In Capital · Accumulated Other Comprehensive Income · Accumulated Deficit · Total Stockholders' Equity
Shares · Amount · Shares · Amount · Shares · Amount · Shares · Amount
Balances at December 31, 20244,658,737$11,500,000$02,861,128$0140,210$8$209,509$183$(202,586)$7,115
Series A Preferred dividends declared and paid in kind112,334———————225—(225)—
Series C Preferred dividends declared and paid in kind————126,515———253—(253)—
Issuance of Common stock from At the Market offering——————82,150—1,594——1,594
Issuance of Common stock upon conversion of convertible notes——————394,15815,798——5,799
Issuance of Common stock upon conversion of preferred stock(100,000)—(1,060,118)—(2,801,250)—178,839—————
Issuance of preferred stock series C upon settlement of loss restoration agreement————1,684,8171——3,127——3,128
Gain on extinguishment of related party promissory notes——————————279279
Stock-based compensation————————2,423——2,423
Foreign currency translation gain—————————21—21
Net loss——————————(6,603)(6,603)
Balances at March 31, 20254,671,071$1439,882$01,871,210$1795,357$9$222,929$204$(209,388)$13,756
Series A Preferred dividends declared and paid in kind128,796———————258—(258)—
Series C Preferred dividends declared and paid in kind————68,311———137—(137)—
Issuance of Common stock from At the Market offering————————————
Issuance of Common stock upon conversion of convertible notes——————568,87414,224——4,225
Issuance of Common stock upon conversion of preferred stock——(31,107)—(729,366)—44,886—————
Reverse stock split settlement of fractional shares——————(73)—————
Stock-based compensation————————450——450
Foreign currency translation gain—————————23—23
Net loss——————————(2,180)(2,180)
Balances at June 30, 20254,799,867$1408,775$01,210,155$11,409,044$10$227,998$227$(211,963)$16,274
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.