Interactive Strength Inc. - TRNR STOCK NEWS

Interactive Strength Inc. (NASDAQ:TRNR) announced that Armah Sports Group's B_FIT is installing CLMBR equipment across three of its nine locations in Saudi Arabia. Armah Sports Group, led by Fahad Al Hagbani, operates twelve locations across two brands in Saudi Arabia. The Saudi fitness market has shown significant growth, doubling since 2017, with expectations to double again by 2027. Armah Sports Group recently secured a $48 million credit facility for further expansion in key cities.

Interactive Strength Inc. (TRNR) announced its participation in the Athletic Business Show from November 19-22 in New Orleans, focusing on expanding CLMBR's presence in Military and College/High School markets. The company has already installed CLMBRs in various military facilities from Texas to Alaska this year. CEO Trent Ward highlighted that these segments represent major buyers in the fitness equipment industry, with budgets typically resistant to macroeconomic changes. The company's partnership with WOODWAY facilitates faster scaling in these markets, where CLMBR aims to build a business comparable to its fitness club operations with Crunch Fitness and Gold's Gym.

Interactive Strength (NASDAQ:TRNR) reported Q3 2024 financial results with revenue of $2.0 million, a 325% growth from Q2 2024. The company posted a net loss of $7.1 million, or $1.53 per diluted share, improving from a $10.4 million loss in Q3 2023. Adjusted EBITDA was a $2.3 million loss, showing a $1.0 million improvement year-over-year. The company ended Q3 with $2.3 million in cash and stockholders' equity of $5.8 million, exceeding Nasdaq's $2.5 million requirement. Management expects Q4 2024 revenue of $2.4 million with adjusted EBITDA loss below $2.0 million.

Interactive Strength (NASDAQ:TRNR) announced a 1-for-100 reverse stock split effective November 11, 2024. This corporate action will reduce outstanding common shares from approximately 31 million to 313,235. The split aims to regain compliance with Nasdaq's minimum bid price requirement of $1.00 per share. The measure was approved by stockholders on August 30, 2024, with the final ratio approved by the Board on October 31, 2024.

Proportionate adjustments will be made to shares underlying preferred stock, equity awards, and warrants. Stockholders holding shares electronically or in street name will have positions automatically adjusted, while certificate holders will receive adjusted holdings. No fractional shares will be issued.

Interactive Strength (NASDAQ: TRNR) announced it will release its third quarter 2024 financial results before market open on Thursday, November 14, 2024. The company will accompany the results with a shareholder letter providing updates on business operations and NASDAQ listing compliance status.

Interactive Strength Inc. (Nasdaq: TRNR) announced its participation at the Titleist Performance Institute (TPI) Summit in Orlando, Florida, from October 25-27, showcasing the FORME Lift. The company is expanding into the golf performance market, with TPI being a leading educational organization for golf swing biomechanics. 48 of the top 50 PGA Tour professionals are coached by TPI-certified coaches. FORME Lift, described as a 'plug and play golf performance center', is already installed at TPI's headquarters in California and the Titleist Performance Center in Massachusetts. The company expects installations at numerous top 25 collegiate golf programs and elite country clubs during the winter season.

Interactive Strength Inc. (NASDAQ:TRNR), maker of innovative specialty fitness equipment under the CLMBR and FORME brands, has announced a new customer win for CLMBR with the fast-growing Chuze Fitness chain. Chuze Fitness, which has expanded from 44 to 60 locations in the past two years, has ordered multiple CLMBRs for installation in four pilot locations.

The CLMBRs will be featured in Chuze Fitness's Fit Lab, a premium smaller group training concept within their larger fitness spaces. TRNR's CEO, Trent Ward, expressed optimism about potential growth across Chuze's 60 existing locations, based on CLMBR's success in other health club chains.

CLMBR's compact design and efficient, full-body workout make it versatile for various fitness settings, including premium spaces, cardio floors, and group fitness rooms. This partnership highlights CLMBR's adaptability and potential for expansion in the health club market.

Interactive Strength Inc. (Nasdaq: TRNR) is entering the medical channel for the first time by exhibiting FORME at the APTA Private Practice Annual Conference on October 9-12 in National Harbor, MD. This move targets the physical therapy market, which offers potential for insurance-reimbursed rehabilitation sessions and a compelling ROI for installing FORME Lift in practices.

CEO Trent Ward highlighted strong interest from physical therapists and the revenue-increasing potential of FORME Lift through its ability to serve multiple patients simultaneously and demonstrate patient improvement via data collection. The company's distributor, WOODWAY, brings extensive experience in the medical channel, accelerating TRNR's penetration into this new market.

The FORME Lift, known for its compact size and versatility, is well-suited for physical therapy practices. With over 250,000 physical therapists in the US and growing demand, TRNR sees significant potential in this expanding market.

Interactive Strength Inc. (NASDAQ:TRNR), maker of CLMBR and FORME fitness equipment, announced its participation in the MEFIT Health and Fitness Summit in Dubai from October 3-5. This 21st annual event is a key gathering for Gulf region fitness leaders. MEFITPRO, the exclusive distributor of CLMBR in the region, has already placed a six-figure initial order in Q3.

CEO Trent Ward highlighted the event's importance for showcasing their products to potential customers, noting the rapid growth of fitness adoption in the Gulf region. CLMBR is positioned for health club cardio floors, while FORME Lift serves as a 'plug and play golf performance center'. The company expects the summit to generate additional demand for their innovative products.