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LIVE · 07:11 UTC
TRNRNasdaq$3.5267

Interactive Strength, Inc.

SoftwareRules + LLM
Score breakdown
Risk penalty-11Missing signals-2
Quality breakdown
Key fields100Profile62Conclusion92AI synthesis40Observations63

Interactive Strength, Inc. (TRNR) is currently classified as Application Software within Software (Technology). Classification confidence: 0.81 (rule-based classification). Capital structure on the latest snapshot: total assets 60,644,000 USD, total equity 5,672,000, short-term debt 0, long-term debt 0. Net cash position is approximately 4,738,000 USD. Self-calculated market cap is 3,694,078 USD (market_price × shares_outstanding_diluted). Profitability profile: revenue 5,141,000, gross profit 1,609,000, operating income -3,990,000, net income -10,743,000. Return on equity ~-422.6%. Return on assets ~-39.5%. Operating-cash-flow to net-income ratio is 0.43. Risk profile from automated assessment: liquidity risk high, dilution risk medium. Flags: Current liabilities exceed current assets.; Filings reference going-concern or substantial-doubt language.; Source documents mention dilution or offering risk.. Recent news context: [TRIGGER] 8-K: 8-K (sec_8k_material) on TRNR — filing_type=8-K; max_severity=high; ignored_items=['9.01']; material_items=['1.01', '3.02']; all_items_found=['1.01', '3.02', '9.01']; severity_per_code={'1.01': 'high', '3.02': 'medium'}; contributing_watchers=sec_8k_material (source=sec_8k_material; url=0001193125-26-297535). Additional context: 8-K: filing_type=8-K; max_severity=high; ignored_items=['9.01']; material_items=['1.01', '3.02']; all_items_found=['1.01', '3.02', '9.01']; severity_per_code={'1.01': 'high', '3.02': 'medium'}; contributing_watchers=sec_8k_material. Comparable peers identified within the same class: Microsoft, Salesforce, ServiceNow.

30-day price · TRNR-2.77 (-48.0%)
Low$2.90High$5.97Close$3.00As of8 Jul, 00:00 UTC
Profile
CompanyInteractive Strength, Inc.
ExchangeNasdaq
TickerTRNR
CIK0001785056
SICElectronic & Other Electrical Equipment (No Computer Equip)
SectorTechnology
BusinessSoftware & IT Services
Industry groupSoftware & IT Services
IndustrySoftware
AI analysis

Business. Interactive Strength, Inc. is classified under Technology / Software and appears not currently profitable on the latest normalized snapshot.

Classification. Classification confidence is 0.81 based on rule-based classification; matched terms: software, subscription.

Interactive Strength, Inc. (TRNR) is currently classified as Application Software within Software (Technology). Classification confidence: 0.81 (rule-based classification). Capital structure on the latest snapshot: total assets 60,644,000 USD, total equity 5,672,000, short-term debt 0, long-term debt 0. Net cash position is approximately 4,738,000 USD. Self-calculated market cap is 3,694,078 USD (market_price × shares_outstanding_diluted). Profitability profile: revenue 5,141,000, gross profit 1,609,000, operating income -3,990,000, net income -10,743,000. Return on equity ~-422.6%. Return on assets ~-39.5%. Operating-cash-flow to net-income ratio is 0.43. Risk profile from automated assessment: liquidity risk high, dilution risk medium. Flags: Current liabilities exceed current assets.; Filings reference going-concern or substantial-doubt language.; Source documents mention dilution or offering risk.. Recent news context: [TRIGGER] 8-K: 8-K (sec_8k_material) on TRNR — filing_type=8-K; max_severity=high; ignored_items=['9.01']; material_items=['1.01', '3.02']; all_items_found=['1.01', '3.02', '9.01']; severity_per_code={'1.01': 'high', '3.02': 'medium'}; contributing_watchers=sec_8k_material (source=sec_8k_material; url=0001193125-26-297535). Additional context: 8-K: filing_type=8-K; max_severity=high; ignored_items=['9.01']; material_items=['1.01', '3.02']; all_items_found=['1.01', '3.02', '9.01']; severity_per_code={'1.01': 'high', '3.02': 'medium'}; contributing_watchers=sec_8k_material. Comparable peers identified within the same class: Microsoft, Salesforce, ServiceNow.
Key takeaways
  • Return on equity is about -422.6%.
  • Debt to equity is about 0.0x.
  • Likely peers from the same classification include Microsoft, Salesforce, ServiceNow.
Financial snapshot
PeriodQ1 2026
CurrencyUSD
Revenue$5.1M
Gross profit$1.6M
Operating income-$4.0M
Net income-$10.7M
R&D$438.0k
SG&A$4.1M
D&A
SBC$394.0k
Operating cash flow-$2.6M
CapEx$97.0k
Free cash flow-$2.7M
Total assets$60.6M
Total liabilities$52.7M
Total equity$5.7M
Cash & equivalents$4.7M
Long-term debt
Annual history (last 5)
PeriodRevenueOp IncomeNet IncomeFCF
FY2025$11.5M-$19.9M-$24.0M-$10.5M
FY2025
FY2025
FY2024$5.4M-$29.2M-$34.9M
FY2025$5.4M-$29.2M-$34.9M-$14.8M
PeriodGross %Op %Net %FCF %
FY2025
FY2025
FY2025
FY2024
FY2025
PeriodAssetsEquityCashDebt
FY2025$46.8M$6.4M$512.0k
FY2025
FY2025
FY2024$34.2M$7.1M$138.0k
FY2025$34.2M$7.1M$138.0k
PeriodOCFCapExFCFSBC
FY2025-$10.4M$94.0k-$10.5M$3.1M
FY2025
FY2025
FY2024-$14.8M$10.3M
FY2025-$14.8M$0.00-$14.8M$10.3M
Quarterly history (last 4)
PeriodRevenueOp IncomeNet IncomeFCF
Q1 2026$5.1M-$4.0M-$10.7M-$2.7M
Q1 2026
Q1 2026
Q1 2026
PeriodGross %Op %Net %FCF %
Q1 2026
Q1 2026
Q1 2026
Q1 2026
PeriodAssetsEquityCashDebt
Q1 2026$60.6M$5.7M$4.7M
Q1 2026
Q1 2026
Q1 2026$46.8M$6.4M$512.0k
PeriodOCFCapExFCFSBC
Q1 2026-$2.6M$97.0k-$2.7M$394.0k
Q1 2026
Q1 2026
Q1 2026
Valuation
Market price$3.52
Market cap$3.7M
Enterprise value-$1.0M
P/E
Reported non-GAAP P/E
EV/Revenue-0.1
EV/Op income
EV/OCF
P/B
P/Tangible book
Tangible book-$29.8M
Net cash$4.7M
Current ratio0.4
Debt/Equity0.0
ROA-39.5%
ROE-4.2%
Cash conversion43.0%
CapEx/Revenue0.8%
SBC/Revenue26.7%
Asset intensity0.0
Dilution ratio-49.0%
Risk assessment
Dilution riskMedium
Liquidity riskHigh
  • Current liabilities exceed current assets.
  • Filings reference going-concern or substantial-doubt language.
  • Source documents mention dilution or offering risk.
Industry benchmarks
Activity: Application Software · cohort 1 companies
MetricTRNRActivity
Op margin-77.6%3.8% medp25 2.7% · p75 4.9%bottom quartile
Net margin-209.0%1.9% medp25 1.5% · p75 2.3%bottom quartile
Gross margin31.3%3.6% medp25 3.6% · p75 3.6%top quartile
R&D / revenue8.5%9.3% medp25 9.3% · p75 18.6%bottom quartile
CapEx / revenue0.8%0.1% medp25 0.1% · p75 0.1%top quartile
Debt / equity0.0%-25.9% medp25 -134.0% · p75 82.2%above median
Observations
IR observations
Relationship (edgar)TRNR — subsidiary — EX21:02fc03de261b (confidence 0.97): EX-21 subsidiary: CLMBR HOLDINGS LLC
Relationship (edgar)TRNR — subsidiary — EX21:c25a66ea67cf (confidence 0.97): EX-21 subsidiary: Interactive Strength, Limited (UK)
Relationship (edgar)TRNR — subsidiary — EX21:cda2270c69c7 (confidence 0.97): EX-21 subsidiary: Interactive Strength, Inc. (Taiwan)
Relationship (edgar)TRNR — subsidiary — EX21:45c31ffa1df4 (confidence 0.97): EX-21 subsidiary: Wattbike IP Limited
Relationship (edgar)TRNR — subsidiary — EX21:81089290e48f (confidence 0.97): EX-21 subsidiary: Interactive Strength Treasury LLC
Relationship (edgar)TRNR — subsidiary — EX21:a807bd385830 (confidence 0.97): EX-21 subsidiary: Wattbike (Holdings) Limited
Relationship (edgar)TRNR — customer — ANON:CUST:TRNR.O:Woodway (confidence 0.88): For the years ended December 31, 2025 and 2024, Woodway, our exclusive distributor, represented 18 % and 63 %, respectively, of the Company s total revenue
News-event observations
filing_type8-K; max_severity=high; ignored_items=['9.01']; material_items=['1.01', '3.02']; all_items_found=['1.01', '3.02', '9.01']; severity_per_code={'1.01': 'high', '3.02': 'medium'}; contributing_watchers=sec_8k_material
Competitor context
MSFTMicrosoftUSPeer
Derived from classification anchor Software.
software, subscription, watcher:sec_8k_material, severity:high
CRMSalesforceUSPeer
Derived from classification anchor Software.
software, subscription, watcher:sec_8k_material, severity:high
NOWServiceNowUSPeer
Derived from classification anchor Software.
software, subscription, watcher:sec_8k_material, severity:high
Source data
Underlying data the analysis-pipeline pulls and audits. Fetch timestamps + content hashes show when each source was last refreshed.
SEC filingstype companyfacts · CIK 0001785056 · 303 us-gaap concepts
2026-07-08 05:05 UTC#23e4e657
Market quoteclose USD 3.52 · shares 0.00B diluted
no public URL
2026-07-08 05:07 UTC#8c727a28
Source: analysis-pipeline (hybrid)Generated: 2026-07-08 05:09 UTCJob: cd39ea21