TRNR Interactive Strength, Inc.

Overview and Growth

Fiscal 2025 results for Interactive Strength, Inc. combined $11.53M of revenue with net loss of $23.97M and an operating cash outflow of $10.41M. The $11.53M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $5.38M in fiscal 2024, revenue recorded a 114.3% year-over-year increase. The company reported diluted EPS of -$171.77, adding a shareholder-level measure to the absolute income figures considered below. The diluted weighted-average share count was 139.54K, linking total earnings with the per-share result received by shareholders. The company employed $46.84M of total assets, the balance-sheet base supporting its current operating and cash-flow results. Revenue equaled 0.25x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The first profit layer was $913.00K of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. The gross-profit relationship equaled 7.9% of revenue, quantifying the portion retained before operating expenses were recognized. The reported operating result was an operating loss of $19.86M, reflecting costs that exceeded gross profit. The operating loss equaled 172.2% of revenue, showing the scale of the operating deficit relative to sales. After all below-operating-line items, the company recorded a net loss of $23.97M for the fiscal year. Measured against revenue, the bottom-line deficit represented 207.9% after all recognized items. Negative EBITDA totaled $19.69M, confirming that the earnings deficit remained before depreciation and amortization. Before income taxes, the company recorded a loss of $23.97M, bridging the operating result to the final net loss. Measured against revenue, the pretax deficit represented 207.9%. The reported income-tax provision was $0.00, the amount recognized between pretax income and the final net-income result. The loss-to-equity relationship was 275.7%, placing the bottom-line deficit against shareholder capital. The net loss equaled 51.2% of period-end assets, showing the deficit relative to the asset base. The net loss narrowed to $23.97M from $34.93M in fiscal 2024.

Liquidity and Capital Structure

At period end, the $46.84M asset base was financed through $38.15M of liabilities and $8.69M of equity. Current assets were $14.70M against $31.29M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 0.47x, current liabilities exceeded current assets and placed pressure on the company’s near-term liquidity position. The company held $512.00K in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 1.6% of current liabilities, showing how much near-term coverage came from cash alone. Equity equaled 18.6% of assets, showing the shareholder-capital layer within the company’s balance sheet. Liabilities represented 81.4% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 1.1%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 37.1% higher than fiscal 2024 assets of $34.17M, measuring the company’s own balance-sheet change. Book equity was 22.2% higher than fiscal 2024 equity of $7.12M, showing how shareholder capital changed year over year. Compared with $138.00K in fiscal 2024, the current cash balance moved 271.0% and finished higher.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $10.41M, rather than cash generation from operations. Capital spending of $94.00K added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. Operating cash flow and capital spending combined to leave a $10.50M cash deficit after capital spending. Relative to revenue, the post-investment cash deficit represented 91.1%. The cash deficit after capital spending represented 22.4% of the period-end asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.