TRNR

Company Overview — What Does Interactive Strength, Inc. Do?

Our mission is to reinvent how we take care of ourselves through the power of coaching, and to usher in a new era of health, happiness, and longevity. We are Forme, a digital fitness platform that combines premium connected fitness hardware products with personal training and coaching (from real humans) to deliver an immersive experience and better outcomes for both consumers and trainers. We believe we are the pioneer brand in the emerging sector of virtual personal training and health coaching and that our products and services are accelerating a powerful shift towards outcome-driven fitness solutions. The Forme platform delivers an immersive and dynamic at-home fitness experience through our VOD content, curated personalized fitness programming, Live 1:1 personal training, and other health coaching services, which are accessible via download or streaming through our connected fitness hardware products and via streaming through the Forme Studio app, which is available through iOS mobile devices and most iOS tablets and computers. We offer two connected fitness hardware products, the Forme Studio (fitness mirror) and the Forme Studio Lift (fitness mirror and cable-based digital resistance). Both products are designed to provide a more integrated and immersive experience than similar connected fitness products currently on the market. The Forme Studio features a 43-inch 4K ultra high definition (“UHD”) touchscreen display, which is among the largest and highest definition screens in the connected fitness equipment market, and two front-facing 12 megapixel (“MP”), wide angle cameras designed to facilitate seamless live interaction with a trainer. The Forme Studio Lift also features two cable-based resistance arms that can provide up to 100 pounds of resistance per arm. Sales of our connected fitness hardware products have accounted for the substantial portion of our revenue to date. In addition to our connected fitness hardware products, we offer video on-demand (“VOD”) classes, personal training, and expert health coaching. Our health coaching services encompass guidance and coaching on nutrition, recovery, sleep, and other health and lifestyle categories. Personal training currently comprises the majority of our health coaching services. All members who purchase the Forme Studio and Forme Studio Lift are able to access our VOD content library by creating a Forme account and signing up for our monthly membership. Once on the platform, each member is matched with a Fitness Concierge who works to understand specific needs and goals and then curates weekly fitness plans, comprised of On-Demandclasses from our VOD content library. Our VOD content library includes hundreds of On-Demand classes spanning a wide range of modalities, including strength, recovery, barre, mind, Pilates, yoga, and other specialty categories. For members who desire additional personalization, we recently launched our Custom Training offering which connects members with our personal trainers and is an upgrade to the VOD membership. This offering is currently charged at $149 per month and includes full access to the VOD content library. Through Custom Training, members are able to work closely with one of our expert trainers who deliver custom, guided fitness programs that are specifically tailored to the members’ health goals in a range of areas. Our Live 1:1 personal training services are offered as an add-on to our memberships. Members who opt into Live 1:1 complete an onboarding process and are matched with one of our expert trainers based on the member’s preferences and criteria. Once matched, the trainer takes the member through a fitness assessment during the first session then builds a personalized program for the member based on specific needs and goals. Through our internally developed Live 1:1 software platform we strive to deliver a consistent and high quality user experience for both the member and the trainer that includes value added features like on-screen biometrics, an adjustable field of view for the trainer and other on-screen UI elements to provide context and motivation during a session. Coaches training members on the Studio Lift have the ability to adjust resistance for their members during a workout, providing an added level of personalization and service for the member. We outsource the manufacturing of our products, which we believe allows us to focus our resources on the design, development, quality and reliability management, marketing, and sales of our products. In addition, we believe that outsourcing our manufacturing activities provides us with the flexibility needed to respond to new market opportunities, simplifies our operations, reduces risk, and significantly reduces our capital commitments. Our revenue is primarily generated from the sale of our connected fitness hardware products and associated recurring membership revenue. As we launched our first connected fitness hardware product in July 2021, we began generating revenue from sales of our products starting in the second half of 2021. We were incorporated in Delaware on May 8, 2017. Our principal executive offices are located at 1005 Congress Avenue, Suite 925, Austin, Texas. Interactive Strength, Inc. (TRNR) is classified as a micro-cap stock in the Industrials sector, specifically within the Electrical Equipment industry. The company is led by CEO Trent A. Ward. With a market capitalization of $3M, TRNR is one of the notable companies in the Industrials sector.

Interactive Strength, Inc. (TRNR) Stock Rating — Avoid (April 2026)

As of April 2026, Interactive Strength, Inc. receives a Avoid rating with a composite score of 19.2/100 and 1 out of 5 stars from the Blank Capital Research quantitative model.TRNR ranks #4,388 out of 4,446 stocks in our coverage universe. Within the Industrials sector, Interactive Strength, Inc. ranks #747 of 752 stocks, placing it in the lower half of its Industrials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

TRNR Stock Price and 52-Week Range

Interactive Strength, Inc. (TRNR) currently trades at $1.21. The stock lost $0.17 (12.0%) in the most recent trading session. The 52-week high for TRNR is $8.20, which means the stock is currently trading -85.3% from its annual peak. The 52-week low is $0.19, putting the stock 522.4% above its annual trough. Recent trading volume was 123K shares, suggesting relatively thin trading activity.

Is TRNR Overvalued or Undervalued? — Valuation Analysis

Interactive Strength, Inc. (TRNR) carries a value factor score of 6/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The price-to-book ratio stands at 0.42x, versus the sector average of 2.23x. The price-to-sales ratio is 0.29x, compared to 0.50x for the average Industrials stock. On an enterprise value basis, TRNR trades at 1.02x EV/EBITDA, versus 5.70x for the sector.

At current multiples, Interactive Strength, Inc. trades at a premium to most Industrials peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.

Interactive Strength, Inc. Profitability — ROE, Margins, and Quality Score

Interactive Strength, Inc. (TRNR) earns a quality factor score of 7/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -331.1%, compared to the Industrials sector average of 8.9%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -45.2% versus the sector average of 3.3%.

On a margin basis, Interactive Strength, Inc. reports gross margins of -8.9%, compared to 35.8% for the sector. The operating margin is -363.4% (sector: 6.2%). Net profit margin stands at -282.3%, versus 3.9% for the average Industrials stock. Revenue growth is running at 675.4% on a trailing basis, compared to 6.4% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

TRNR Debt, Balance Sheet, and Financial Health

Interactive Strength, Inc. has a debt-to-equity ratio of 597.0%, compared to the Industrials sector average of 70.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 0.47x, which may signal near-term liquidity tightness. Total debt on the balance sheet is $46M. Cash and equivalents stand at $845,000.

TRNR has a beta of 4.46, meaning it is more volatile than the broader market — a $10,000 investment in TRNR would be expected to move 345.7% more than the S&P 500 on any given day. The stability factor score for Interactive Strength, Inc. is 5/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.

Interactive Strength, Inc. Revenue and Earnings History — Quarterly Trend

In TTM 2026, Interactive Strength, Inc. reported revenue of $9M and earnings per share (EPS) of $-171.77. Net income for the quarter was $-21M. Gross margin was -8.9%. Operating income came in at $-26M.

In FY 2025, Interactive Strength, Inc. reported revenue of $12M and earnings per share (EPS) of $-171.77. Net income for the quarter was $-24M. Gross margin was 7.9%. Revenue grew 114.3% year-over-year compared to FY 2024. Operating income came in at $-20M.

In Q3 2025, Interactive Strength, Inc. reported revenue of $5M and earnings per share (EPS) of $-3.11. Net income for the quarter was $-5M. Gross margin was 17.1%. Revenue grew 139.1% year-over-year compared to Q3 2024. Operating income came in at $-6M.

In Q2 2025, Interactive Strength, Inc. reported revenue of $1M and earnings per share (EPS) of $-2.13. Net income for the quarter was $-2M. Gross margin was -15.9%. Revenue grew 96.3% year-over-year compared to Q2 2024. Operating income came in at $-6M.

Over the past 8 quarters, Interactive Strength, Inc. has demonstrated a growth trajectory, with revenue expanding from $621,000 to $9M. Investors analyzing TRNR stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

TRNR Dividend Yield and Income Analysis

Interactive Strength, Inc. (TRNR) does not currently pay a dividend. This is common among smaller companies in the Electrical Equipment industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Industrials dividend stocks may want to explore other Industrials stocks or use the stock screener to filter by dividend yield.

TRNR Momentum and Technical Analysis Profile

Interactive Strength, Inc. (TRNR) has a momentum factor score of 46/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 20/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 23/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.

TRNR vs Competitors — Industrials Sector Ranking and Peer Comparison

Within the Industrials sector, Interactive Strength, Inc. (TRNR) ranks #747 out of 752 stocks based on the Blank Capital composite score. This places TRNR in the lower half of all Industrials stocks in our coverage universe. Key competitors and sector peers include South Bow Corp (SOBO) with a score of 56.5/100, TSAKOS ENERGY NAVIGATION LTD (TEN) with a score of 61.4/100, Great Lakes Dredge & Dock CORP (GLDD) with a score of 56.7/100, Tri Pointe Homes, Inc. (TPH) with a score of 57.3/100, and Clear Channel Outdoor Holdings, Inc. (CCO) with a score of 52.2/100.

Comparing TRNR against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full TRNR vs S&P 500 (SPY) comparison to assess how Interactive Strength, Inc. stacks up against the broader market across all factor dimensions.

TRNR Next Earnings Date

No upcoming earnings date has been announced for Interactive Strength, Inc. (TRNR) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy TRNR? — Investment Thesis Summary

The quantitative profile for Interactive Strength, Inc. suggests caution. The quality score of 7/100 flags below-average profitability. The value score of 6/100 indicates premium valuation. High volatility (stability score 5/100) increases portfolio risk.

In summary, Interactive Strength, Inc. (TRNR) earns a Avoid rating with a composite score of 19.2/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on TRNR stock.

Related Resources for TRNR Investors

Explore more research and tools: TRNR vs S&P 500 comparison, top Industrials stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare TRNR head-to-head with peers: TRNR vs SOBO, TRNR vs TEN, TRNR vs GLDD.