Interactive Strength, Inc.
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
View on SEC.govAbout 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.
Sep 30, 2025 · Filed Nov 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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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except share and per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue: | ||||
| Fitness product revenue | $4,553 | $1,617 | $6,541 | $1,927 |
| Membership revenue | 149 | 224 | 489 | 586 |
| Training revenue | 113 | 173 | 361 | 484 |
| Total revenue | 4,815 | 2,014 | 7,391 | 2,997 |
| Cost of revenue: | ||||
| Cost of fitness product revenue | (3,311) | (1,349) | (4,925) | (2,075) |
| Cost of membership | (360) | (768) | (1,202) | (2,768) |
| Cost of training | (319) | (185) | (935) | (522) |
| Total cost of revenue | (3,990) | (2,302) | (7,062) | (5,365) |
| Gross profit (loss) | 825 | (288) | 329 | (2,368) |
| Operating expenses: | ||||
| Research and development | 404 | 2,212 | 2,453 | 6,708 |
| Sales and marketing | 460 | 194 | 921 | 562 |
| General and administrative | 5,994 | 5,060 | 15,120 | 15,438 |
| Total operating expenses | 6,858 | 7,466 | 18,494 | 22,708 |
| Loss from operations | (6,033) | (7,754) | (18,165) | (25,076) |
| Other income (expense), net: | ||||
| Other income (expense), net | (56) | 256 | (1,094) | (506) |
| Interest expense | (4,017) | (1,831) | (10,271) | (6,750) |
| Interest income | 675 | — | 1,062 | — |
| Loss on issuance of warrants | — | (4,780) | — | (5,551) |
| Gain (loss) upon extinguishment of debt and accounts payable | 687 | 110 | 5,146 | (1,622) |
| Change in fair value of convertible notes | 11,993 | — | 18,621 | (316) |
| Change in fair value of earnout | — | — | — | 1,300 |
| Change in fair value of derivatives | 1,370 | 956 | (579) | 201 |
| Change in fair value of digital assets | (10,605) | — | (10,480) | — |
| Change in fair value of warrants | 755 | 5,902 | 1,748 | 9,148 |
| Total other income (expense), net | 802 | 613 | 4,153 | (4,096) |
| Loss before provision for income taxes | (5,231) | (7,141) | (14,012) | (29,172) |
| Income tax expense | — | — | — | — |
| Net loss attributable to common stockholders | $(5,231) | $(7,141) | $(14,012) | $(29,172) |
| Net loss per share - basic and diluted | $(3.11) | $(1,534.56) | $(13.56) | $(15,222.49) |
| Weighted average common stock outstanding—basic and diluted | 1,682,660 | 4,653 | 1,033,174 | 1,916 |
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Net loss | $(5,231) | $(7,141) | $(14,012) | $(29,172) |
| Other comprehensive (loss) gain: | ||||
| Foreign currency translation (loss) gain | 20 | (242) | 64 | (205) |
| Total comprehensive loss | $(5,211) | $(7,383) | $(13,948) | $(29,377) |
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)
| Convertible Preferred Stock Series B · Convertible Preferred Stock Series A · Convertible Preferred Stock Series B · Convertible Preferred Stock Series C · Common Stock · Subscription Receivable Preferred Stock Series A · Additional Paid-In Capital · Accumulated Other Comprehensive Income (Loss) · Accumulated Deficit · Total Stockholders' (Deficit) Equity | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount · 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 | — | — | 3,430,895 | 1 | — | — | — | — | — | — | — | 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. | 1,500,000 | 2,688 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Issuance of common stock upon acquisition of CLMBR, Inc. | — | — | — | — | — | — | — | — | 36 | 0 | — | 1,014 | — | — | 1,014 |
| Issuance of Common stock upon waiver to enter into Note Agreement | — | — | — | — | — | — | — | — | 6 | 0 | — | 177 | — | — | 177 |
| Issuance of shares upon issuance of convertible notes | — | — | — | — | — | — | — | — | 19 | 0 | — | 547 | — | — | 547 |
| Issuance of Common stock from equity line of credit | — | — | — | — | — | — | — | — | 33 | 0 | — | 692 | — | — | 692 |
| Issuance of Common stock upon conversion of convertible notes | — | — | — | — | — | — | — | — | 37 | 0 | — | 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, 2024 | 1,500,000 | $2,688 | 4,930,895 | $1 | — | $— | — | $— | 487 | $7 | $(3,000) | $178,216 | $139 | $(178,305) | $(2,942) |
| Issuance of preferred stock Series A upon conversion of debt | — | — | 1,562,970 | 0 | — | — | — | — | — | — | — | 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 | — | — | — | — | — | — | — | — | 142 | 0 | — | 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 | — | — | — | — | — | — | — | — | 162 | 0 | — | 405 | — | — | 405 |
| At the Market offering costs | — | — | — | — | — | — | — | — | — | — | — | (50) | — | — | (50) |
| Issuance of Common stock from equity line of credit | — | — | — | — | — | — | — | — | 8 | 0 | — | 65 | — | — | 65 |
| Issuance of Common stock upon conversion of convertible notes | — | — | — | — | — | — | — | — | 251 | 0 | — | 1,084 | — | — | 1,084 |
| Issuance of shares upon conversion of warrants | — | — | 375,000 | 0 | — | — | — | — | — | — | — | 480 | — | — | 480 |
| Issuance of Common stock upon exercise of warrants | — | — | — | — | — | — | — | — | 23 | 0 | — | 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 | $1 | 1,500,000 | $— | — | $— | 1,174 | $7 | $— | $189,210 | $137 | $(188,942) | $413 |
| Issuance of Common stock from Best Efforts Offering | — | — | — | — | — | — | — | — | 210 | 0 | — | 296 | — | — | 296 |
| Best Efforts offering costs | — | — | — | — | — | — | — | — | — | — | — | (16) | — | — | (16) |
| Series A Preferred dividends declared and paid in kind | — | — | 59,668 | — | — | — | — | — | — | — | — | 538 | — | (538) | — |
| Issuance of preferred stock series C upon conversion of preferred series A and conversion of debt | — | — | (1,559,668) | — | — | — | 2,861,128 | 0 | — | — | — | 2,720 | — | — | 2,720 |
| Issuance of Common stock from At the Market offering | — | — | — | — | — | — | — | — | 11,874 | 1 | — | 3,668 | — | — | 3,669 |
| Issuance of Common stock upon exercise of warrants | — | — | — | — | — | — | — | — | 2,627 | 0 | — | 2,563 | — | — | 2,563 |
| Issuance of Common stock upon extinguishment of debt | — | — | — | — | — | — | — | — | 1,287 | 0 | — | 373 | — | — | 373 |
| Issuance of Common stock upon exercise of stock options | — | — | — | — | — | — | — | — | 1 | — | — | — | — | — | — |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | — | 3,157 | — | — | 3,157 |
| Foreign currency translation gain (loss) | — | — | — | — | — | — | — | — | — | — | — | — | (242) | — | (242) |
| Net loss | — | — | — | — | — | — | — | — | — | — | — | — | — | (7,141) | (7,141) |
| Balances at September 30, 2024 | — | $— | 5,368,865 | $1 | 1,500,000 | $— | 2,861,128 | $0 | 17,173 | $8 | $— | $202,509 | $(105) | $(196,621) | $5,792 |
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
| Convertible Preferred Stock Series E · 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 · Shares · Amount | ||||||||||||||
| Balances at December 31, 2024 | — | $— | 4,658,737 | $1 | 1,500,000 | $0 | 2,861,128 | $0 | 140,210 | $8 | $209,509 | $183 | $(202,586) | $7,115 |
| Series A Preferred dividends declared and paid in kind | — | — | 112,334 | — | — | — | — | — | — | — | 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 | — | — | — | — | — | — | — | — | 394,158 | 1 | 5,798 | — | — | 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 | — | — | — | — | — | — | 1,684,817 | 1 | — | — | 3,127 | — | — | 3,128 |
| Gain on extinguishment of related party promissory notes | — | — | — | — | — | — | — | — | — | — | — | — | 279 | 279 |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | 2,423 | — | — | 2,423 |
| Foreign currency translation gain | — | — | — | — | — | — | — | — | — | — | — | 21 | — | 21 |
| Net loss | — | — | — | — | — | — | — | — | — | — | — | — | (6,603) | (6,603) |
| Balances at March 31, 2025 | — | $— | 4,671,071 | $1 | 439,882 | $0 | 1,871,210 | $1 | 795,357 | $9 | $222,929 | $204 | $(209,388) | $13,756 |
| Series A Preferred dividends declared and paid in kind | — | — | 128,796 | — | — | — | — | — | — | — | 258 | — | (258) | — |
| Series C Preferred dividends declared and paid in kind | — | — | — | — | — | — | 68,311 | — | — | — | 137 | — | (137) | — |
| Issuance of Common stock upon conversion of convertible notes | — | — | — | — | — | — | — | — | 568,874 | 1 | 4,224 | — | — | 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, 2025 | — | $— | 4,799,867 | $1 | 408,775 | $0 | 1,210,155 | $1 | 1,409,044 | $10 | $227,998 | $227 | $(211,963) | $16,274 |
| Issuance of Common stock upon conversion of convertible notes | — | — | — | — | — | — | — | — | 592,049 | — | 2,561 | — | — | 2,561 |
| Reverse stock split retirement of fractional shares | — | — | — | — | — | — | — | — | (33) | — | — | — | — | — |
| Issuance of preferred stock series C upon settlement of loss restoration agreement | — | — | — | — | — | — | 195,732 | — | — | — | 456 | — | — | 456 |
| Issuance of preferred stock series E upon acquisition of Wattbike | 1,300,000 | 2,600 | — | — | — | — | — | — | — | — | — | — | — | — |
| Issuance of Common stock upon exercise of warrants | — | — | — | — | — | — | — | — | 18,450 | — | 73 | — | — | 73 |
| Issuance of Common stock upon settlement of debt | — | — | — | — | — | — | — | — | 60,000 | — | 253 | — | — | 253 |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | 451 | — | — | 451 |
| Foreign currency translation gain | — | — | — | — | — | — | — | — | — | — | — | 20 | — | 20 |
| Net loss | — | — | — | — | — | — | — | — | — | — | — | — | (5,231) | (5,231) |
| Balances at September 30, 2025 | 1,300,000 | $2,600 | 4,799,867 | $1 | 408,775 | $0 | 1,405,887 | $1 | 2,079,510 | $10 | $231,792 | $247 | $(217,194) | $14,857 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.