Interactive Strength Inc.（TRNR）呈交截至2026年3月31日止三個月的10-Q季度報告

10-Q
 
 
 
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 

  
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 10-Q
 
(Mark One)

 
 
 
 
 

 
 ☒

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 For the quarterly period ended March 31, 2026
OR

 
 
 
 
 

 
 ☐

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 For the transition period from ___________ to ________
Commission File Number: 001-41610
 
INTERACTIVE STRENGTH INC.
(Exact name of registrant as specified in its charter)
 
 

 
 
 
 
 

 
 Delaware

 82-1432916

 

 
 ( State or other jurisdiction of
incorporation or organization)

 (I.R.S. Employer
Identification No.)

 

 
 1005 Congress Ave, Suite 925
Austin, Texas

 78701

 

 
 (Address of principal executive offices)

 (Zip Code)

 

 Registrant’s telephone number, including area code: (512) 885-0035
 
Securities registered pursuant to Section 12(b) of the Act: 
 

 
 
 
 
 
 
 
 

 
 Title of each class

  

 Trading Symbol(s)

  

 Name of each exchange on which registered

 

 
 Common stock, $0.0001 par value per share

  

 TRNR

  

 The Nasdaq Stock Market LLC

 

 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 

 
 
 
 
 
 
 
 
 
 

 
 Large accelerated filer

 

 ☐

 

 Accelerated filer

 

 ☐

 

 
 Non-accelerated filer

 

 ☒

 

 Smaller reporting company

 

 ☒

 

 
 Emerging growth company

  

 ☒

  

  

  

  

 

  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
APPLICABLE ONLY TO CORPORATE ISSUERS:
As of May 15, 2026, the registrant had 2,330,936 shares of common stock, $0.0001 par value per share, outstanding.
Unless otherwise indicated, all share numbers and per share totals have been adjusted to reflect the 1-for-40 reverse stock split that was effective on June 14, 2024, the 1-for-100 reverse stock split that was effective on November 11, 2024, the 1-for-10 reverse stock split that was effective on June 26, 2025 and the 1-for-10 reverse stock split that was effective on February 24, 2026.
 
 

  

 
  

 TABLE OF CONTENTS
 

 
 
 
 
 

 
 Part I. Financial Information

  

 

 
  

  

 

 
 Item 1 Financial Statements

 1

 

 
  

  

 

 
 Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations

 31

 

 
  

  

 

 
 Item 3 Quantitative and Qualitative Disclosures About Market Risk

 45

 

 
  

  

 

 
 Item 4 Controls and Procedures

 45

 

 
  

  

 

 
 Part II. Other Information

  

 

 
  

  

 

 
 Item 1 Legal Proceedings

 48

 

 
  

  

 

 
 Item 1A Risk Factors

 48

 

 
  

  

 

 
 Item 5 Other Information

 49

 

 
  

  

 

 
 Item 6 Exhibits

 50

 

  

 i

 
  

 Item 1. Financial Statements
INTERACTIVE STRENGTH INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands, except share amounts)

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 March 31,

  

  

 December 31,

  

 

 
 

  

 2026

  

  

 2025

  

 

 
 Assets

  

  

  

  

  

  

 

 
 Current assets:

  

  

  

  

  

  

 

 
 Cash and cash equivalents

  

 $

 4,738

  

  

 $

 512

  

 

 
 Accounts receivable, net

  

  

 2,512

  

  

  

 2,614

  

 

 
 Inventories, net

  

  

 4,544

  

  

  

 3,748

  

 

 
 Vendor deposits

  

  

 1,130

  

  

  

 377

  

 

 
 Loan receivable

  

  

 —

  

  

  

 6,592

  

 

 
 Prepaid expenses and other current assets

  

  

 1,125

  

  

  

 860

  

 

 
 Total current assets

  

  

 14,049

  

  

  

 14,703

  

 

 
 Property and equipment, net

  

  

 436

  

  

  

 379

  

 

 
 Right-of-use-assets

  

  

 284

  

  

  

 317

  

 

 
 Intangible assets, net

  

  

 17,098

  

  

  

 7,863

  

 

 
 Long-term inventories, net

  

  

 3,523

  

  

  

 3,583

  

 

 
 Vendor deposits long term

  

  

 1,825

  

  

  

 1,825

  

 

 
 Goodwill

  

  

 20,639

  

  

  

 15,545

  

 

 
 Other assets

  

  

 2,790

  

  

  

 2,628

  

 

 
 Total assets

  

 $

 60,644

  

  

 $

 46,843

  

 

 
 Liabilities and stockholders' equity

  

  

  

  

  

  

 

 
 Current liabilities:

  

  

  

  

  

  

 

 
 Accounts payable

  

 $

 9,358

  

  

 $

 8,981

  

 

 
 Accrued expenses and other current liabilities

  

  

 5,191

  

  

  

 4,849

  

 

 
 Operating lease liability, current portion

  

  

 143

  

  

  

 159

  

 

 
 Deferred revenue

  

  

 4,475

  

  

  

 1,317

  

 

 
 Loan payable

  

  

 7,543

  

  

  

 8,823

  

 

 
 Derivatives

  

  

 1,011

  

  

  

 243

  

 

 
 Convertible notes payable, net

  

  

 8,757

  

  

  

 6,913

  

 

 
 Total current liabilities

  

  

 36,478

  

  

  

 31,285

  

 

 
 Operating lease liability, net of current portion

  

  

 152

  

  

  

 171

  

 

 
 Mandatorily redeemable Series D convertible preferred stock

  

  

 7,859

  

  

  

 —

  

 

 
 Other long term liabilities

  

  

 3,455

  

  

  

 1,753

  

 

 
 Warrant liabilities

  

  

 169

  

  

  

 408

  

 

 
 Loans payable non current, net

  

  

 3,502

  

  

  

 1,794

  

 

 
 Convertible notes payable non current, net

  

  

 1,053

  

  

  

 2,738

  

 

 
 Total liabilities

  

 $

 52,668

  

  

 $

 38,149

  

 

 
 Commitments and contingencies (Note 15)

  

  

  

  

  

  

 

 
 Series E convertible preferred stock, par value $0.0001; 1,300,000 shares authorized, issued and outstanding as of March 31, 2026 and December 31, 2025.

  

  

 2,304

  

  

  

 2,304

  

 

 
 Stockholders' equity

  

  

  

  

  

  

 

 
 Series A convertible preferred stock, par value $0.0001; 10,000,000 shares authorized; 4,414,745 shares issued and outstanding as of March 31, 2026 and December 31, 2025.

  

  

 1

  

  

  

 1

  

 

 
 Series B convertible preferred stock, par value $0.0001; 1,500,000 shares authorized; 408,775 shares issued and outstanding as of March 31, 2026 and December 31, 2025.

  

  

 —

  

  

  

 —

  

 

 
 Series C convertible preferred stock, par value $0.0001; 5,000,000 shares authorized; 2,623,176 and 1,534,921 shares issued and outstanding as of March 31, 2026 and December 31, 2025.

  

  

 2

  

  

  

 1

  

 

 
 Common stock, par value $0.0001; 900,000,000 shares authorized; 2,057,018 and 307,516 shares issued and outstanding as of March 31, 2026 and December 31, 2025.

  

  

 2

  

  

  

 0

  

 

 
 Additional paid-in capital

  

  

 243,976

  

  

  

 233,817

  

 

 
 Accumulated other comprehensive income

  

  

 (24

 )

  

  

 113

  

 

 
 Accumulated deficit

  

  

 (238,285

 )

  

  

 (227,542

 )

 

 
 Total stockholders' equity

  

  

 5,672

  

  

  

 6,390

  

 

 
 Total liabilities, preferred stock and stockholders' equity

  

 $

 60,644

  

  

 $

 46,843

  

 

  
The accompanying notes are an integral part of these consolidated financial statements.

 

 1

 
  

 INTERACTIVE STRENGTH INC. AND SUBSIDIARIES 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(unaudited)
(In thousands, except share and per share amounts)

 
 
 
 
 
 
 
 
 
 
 
 

 
 

  

 Three Months Ended March 31,

  

 

 
 

  

 2026

  

  

 2025

  

 

 
 Revenue:

  

  

  

  

  

  

 

 
 Fitness product revenue

  

 $

 4,453

  

  

 $

 1,050

  

 

 
 Membership revenue

  

  

 605

  

  

  

 176

  

 

 
 Training and other revenue

  

  

 83

  

  

  

 130

  

 

 
 Total revenue

  

  

 5,141

  

  

  

 1,356

  

 

 
 Cost of revenue:

  

  

  

  

  

  

 

 
 Cost of fitness product revenue

  

  

 (3,043

 )

  

  

 (917

 )

 

 
 Cost of membership

  

  

 (365

 )

  

  

 (423

 )

 

 
 Cost of training and other revenue

  

  

 (124

 )

  

  

 (320

 )

 

 
 Total cost of revenue

  

  

 (3,532

 )

  

  

 (1,660

 )

 

 
 Gross profit (loss)

  

  

 1,609

  

  

  

 (304

 )

 

 
 Operating expenses:

  

  

  

  

  

  

 

 
 Research and development

  

  

 438

  

  

  

 1,271

  

 

 
 Sales and marketing

  

  

 1,034

  

  

  

 250

  

 

 
 General and administrative

  

  

 4,127

  

  

  

 4,487

  

 

 
 Total operating expenses

  

  

 5,599

  

  

  

 6,008

  

 

 
 Loss from operations

  

  

 (3,990

 )

  

  

 (6,312

 )

 

 
 Other income (expense), net:

  

  

  

  

  

  

 

 
 Other expense, net

  

  

 (2,477

 )

  

  

 (111

 )

 

 
 Interest expense

  

  

 (1,530

 )

  

  

 (1,764

 )

 

 
 Interest income

  

  

 —

  

  

  

 158

  

 

 
 (Loss) gain upon extinguishment of debt and accounts payable

  

  

 (1,710

 )

  

  

 3,037

  

 

 
 Change in fair value of convertible notes

  

  

 (1,350

 )

  

  

 (573

 )

 

 
 Change in fair value of earnout

  

  

 (26

 )

  

  

 —

  

 

 
 Change in fair value of derivatives

  

  

 (327

 )

  

  

 (1,487

 )

 

 
 Change in fair value of warrants

  

  

 667

  

  

  

 449

  

 

 
 Total other (expense), net

  

  

 (6,753

 )

  

  

 (291

 )

 

 
 Loss before provision for income taxes

  

  

 (10,743

 )

  

  

 (6,603

 )

 

 
 Income tax expense

  

  

 —

  

  

  

 —

  

 

 
 Net loss attributable to common stockholders

  

 $

 (10,743

 )

  

 $

 (6,603

 )

 

 
 Net loss per share - basic and diluted

  

 $

 (10.24

 )

  

 $

 (173.58

 )

 

 
 Weighted average common stock outstanding—basic and diluted

  

  

 1,049,454

  

  

  

 38,041

  

 

  
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

  

  

 Three Months Ended March 31,

  

 

 
 

  

  

 2026

  

  

 2025

  

 

 
 Net loss

  

  

 $

 (10,743

 )

  

 $

 (6,603

 )

 

 
 Other comprehensive (loss) gain:

  

  

  

  

  

  

  

 

 
 Foreign currency translation (loss) gain

  

  

  

 (137

 )

  

  

 21

  

 

 
 Total comprehensive loss

  

  

 $

 (10,880

 )

  

 $

 (6,582

 )

 

  
 
 
 
 
 
 
 
The accompanying notes are an integral part of these consolidated financial statements.

 

 2

 
  

 INTERA