Interactive Strength Inc. (Nasdaq

TRNR) Reports Fourth Quarter 2023 Results

Net Loss and Earnings per Diluted Share of $11.4 million and $0.80

Adjusted EBITDA was a $3.5 million loss, a $5.5 million improvement versus fourth quarter of 2022

The Company confirms it expects to be run-rate Adjusted EBITDA positive as early as the fourth quarter of 2024

AUSTIN, TX, April 01, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire – Interactive Strength Inc. (NASDAQ: TRNR) (the "Company", or “TRNR”), maker of innovative specialty fitness equipment and provider of virtual personal training services, today announced its financial results for the fourth quarter of 2023.   

The Company incurred a net loss of $11.4 million for the fourth quarter of 2023, or a loss of $0.80 per diluted share, as compared with a net loss of $18.8 million, or a loss of $27.80 per diluted share for the same period in 2022.

Adjusted EBITDA, a non-GAAP financial measure, was a $3.5 million loss for the quarter. Adjusted EBITDA for the fourth quarter reflects $6.2 million of non-cash stock-based compensation. For more information regarding the non-GAAP financial measures discussed in this press release, please see "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial Measures" below.

CEO Comments

Trent Ward, Co-Founder and CEO of TRNR, said: “The fourth quarter of 2023 showed continued improvement in expense control, with total operating expenses, less the non-cash items of stock-based compensation and depreciation and amortization, of $2.8 million in the quarter, a decrease of $0.5 million when compared to the third quarter of 2023. We expect to see a further reduction in adjusted operating expenses in 2024 despite the acquisition of CLMBR, which was completed in February. As a result of the expected revenue from CLMBR, and the lower adjusted operating expenses, we expect to reach run-rate Adjusted EBITDA positive as early as in the 4th quarter of 2024.”

Mr. Ward continued, “In addition to the completion of the CLMBR acquisition, and the resulting large purchase order from WOODWAY that could result in more than $7 million in net revenue, the Company was also able to convert nearly $10 million in liabilities into equity during the first quarter of 2024, which significantly improves the stockholder’s equity and better positions the business to achieve financial stability.”