Interactive Strength Inc
TRNR
Interactive Strength Inc AI Insights
Informational only. Not investment advice.Snapshot
- Negative gross margin TTM (-0.8%) - selling products below cost. Cost of revenue (9.9M) exceeds total revenue (9.8M).[Gross Margin TTM]
- Goodwill/intangibles of 62.5M represent 421% of equity (14.9M) - tangible book value is negative 47.7M.[Goodwill and Other Intangible Assets]
- Debt/equity of 3.15x with interest expense (11.2M TTM) exceeding total revenue (9.8M TTM) - unsustainable capital structure.[Debt to Equity]
Watch Triggers
- Gross Margin TTM: Turns positive (>0%) — Prerequisite for any viable path to profitability - currently destroying value on each sale
- Cash and Equivalents: Falls below 500K or new equity issuance announced — Signals imminent dilution or bankruptcy risk given 845K current cash vs 3.5M quarterly burn
- Total Debt: Restructuring or conversion announced — 46.8M debt with 11.2M annual interest is existential - must be addressed for survival
Bull Case
Revenue 3Y CAGR of 188% shows demand exists. If unit economics improve, scale could drive margin inflection.
P/S ratio of 0.30x is 70% below industry median (1.0x) - optionality if turnaround succeeds.
Bear Case
Negative gross margin means every sale destroys value. No viable business model at current economics.
Interest expense (11.2M) exceeds revenue (9.8M) - debt burden alone makes profitability impossible.
Bull vs Bear Balance
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Forward Thesis
Cash runway crisis likely within 6-12 months without dilutive financing or asset sales
- Cash of 845K vs quarterly burn rate ~3.5M
- Working capital deficit of -13.4M
- No path to profitability at current margins
Public Strategies Rankings
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TRNR Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$2.83M | — | ||
$48.8M | — | ||
0.00 | — | ||
$9.77M | +207.4% | — | |
$13,558.23 | — | ||
-228% | +914.7% | — | |
-202% | +1073.6% | — | |
$-62.29M | — | ||
-1.9 | — | ||
Beta 5Y (Monthly) | unknown | — |
TRNR Dividend History
TRNR Stock Splits
TRNR SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/14/25 | 09/30/25 | 10-Q | |
08/14/25 | 06/30/25 | 10-Q | |
05/19/25 | 03/31/25 | 10-Q | |
03/31/25 | 12/31/24 | Unknown | |
11/14/24 | 09/30/24 | 10-Q | |
08/14/24 | 06/30/24 | 10-Q | |
05/20/24 | 03/31/24 | 10-Q | |
04/01/24 | 12/31/23 | 10-K | |
11/14/23 | 09/30/23 | 10-Q | |
08/14/23 | 06/30/23 | 10-Q | |
06/09/23 | 03/31/23 | 10-Q | |
05/01/23 | 12/31/22 | 424B4 | |
02/06/23 | 09/30/22 | S-1/A | |
08/14/23 | 06/30/22 | 10-Q | |
06/09/23 | 03/31/22 | 10-Q | |
02/06/23 | 12/31/21 | S-1/A |