Interactive Strength Inc. - TRNR STOCK NEWS

Interactive Strength Inc. (Nasdaq: TRNR), maker of CLMBR and FORME fitness equipment, has successfully appealed to maintain its Nasdaq listing. The company, which was not in compliance with the $2.5 million minimum stockholders' equity requirement as of March 31, 2024, has been granted an exception until November 14, 2024 to demonstrate compliance.

CEO Trent Ward expressed confidence in achieving compliance, stating that TRNR would have met the requirement for the quarter ending June 30th on a pro forma basis, including their equity offering that closed on July 2nd. This appeal win provides TRNR with additional time to meet Nasdaq's listing requirements and maintain its position on the stock market.

Interactive Strength Inc. (Nasdaq: TRNR), maker of CLMBR and FORME fitness equipment, has secured exclusive distribution for CLMBR in Germany, the largest fitness market outside the US. The company received a six-figure initial order from a German distributor, expected to ship in Q3 2024. TRNR's CEO, Trent Ward, expressed confidence in German demand after strong interest at FIBO, the world's largest fitness show. The company anticipates additional orders from other European distributors and plans to fulfill initial orders this quarter after obtaining European certification.

Gym chains are replacing elliptical machines with CLMBRs on cardio floors, recognizing climbing as an efficient full-body workout. Some chains are piloting group fitness solutions with 10-15 CLMBRs, receiving positive feedback similar to Studio CLMBR in Denver.

Interactive Strength Inc. (Nasdaq: TRNR), maker of CLMBR and FORME fitness equipment, has announced that CLMBR has achieved Approved Vendor Partner status with Crunch Fitness. This follows a successful pilot at Crunch West Hollywood, where 13 CLMBRs were installed. TRNR has been invited to exhibit at the 2024 Crunch Franchise Convention in Phoenix, AZ, from July 28 to August 1.

This status enables CLMBR to be sold to the wider Crunch Fitness system, which boasts over 460 locations and 2.5 million members. The convention provides an opportunity for Franchise Owners to evaluate and purchase equipment before the peak membership season in January. Crunch Fitness has plans for significant expansion, with more than 1,400 franchise locations committed to open in the future.

Interactive Strength Inc. (NASDAQ:TRNR), maker of CLMBR and FORME fitness equipment, announced new installations of CLMBRs in Gold's Gym Texas locations. This follows a recent six-figure order from Gold's Gym SoCal for 23 locations. The company is installing CLMBRs in three of 58 Gold's Gym locations in Texas, with potential for expansion.

CEO Trent Ward expressed high expectations for growth within the Gold's Gym system, which has over 600 locations worldwide. Gym chains are adding CLMBRs to their cardio floors, often replacing elliptical machines. Some are piloting group fitness solutions with 10-15 CLMBRs in rooms previously used for spin classes, receiving positive feedback similar to Studio CLMBR in Denver.

Interactive Strength, trading under TRNR on Nasdaq, has regained compliance with Nasdaq's Listing Rule 5550(a)(2), which mandates a minimum bid price of $1.00. The company accomplished this by maintaining a closing bid price of at least $1.00 per share for 14 consecutive business days, from June 14, 2024, to July 5, 2024. CEO Trent Ward expressed pride in meeting this requirement, emphasizing Nasdaq's role in supporting high-growth companies. This compliance helps secure TRNR's continued listing on Nasdaq.

Interactive Strength Inc. (NASDAQ: TRNR) has secured an exclusive distribution agreement for its CLMBR fitness equipment with MEFITPRO in the Gulf region. The partnership includes a six-figure initial order, expected to ship in Q3. MEFITPRO, based in Dubai, is a leading distributor of top fitness brands. This move leverages the fast-growing fitness market in the Gulf Cooperation Council (GCC) countries, where fitness adoption is outpacing GDP growth. CEO Trent Ward emphasized the region's young and affluent population, presenting significant growth opportunities. TRNR aims to expand to at least ten international distributors this year and expects similar sales potential as in the U.S. The company also plans to obtain necessary certifications for European sales by Q3. Gym chains are increasingly integrating CLMBRs into their cardio floors, replacing elliptical machines and piloting group fitness solutions, reflecting positive customer feedback.

Interactive Strength Inc. (Nasdaq: TRNR) strengthens its balance sheet by converting $3.0 million of a senior loan to equity and extending the maturity of the remaining balance to December 2024. The move aims to reduce liabilities and improve financial stability, with expectations of profitability by the fourth quarter of the year.

Interactive Strength Inc. (Nasdaq: TRNR) announced that its CLMBR brand will be showcased at FIBO Global Fitness in Cologne, Germany, expecting over 150,000 visitors. The company aims to expand CLMBR sales internationally and has received significant interest from gym chains and boutique fitness operators. With the commercial version now available worldwide, CLMBR is gaining traction in the cardio floor and group fitness room segments.

Interactive Strength Inc. (TRNR) reported a net loss of $11.4 million and $0.80 per diluted share for Q4 2023, showing improvement from the same period in 2022. Adjusted EBITDA was a $3.5 million loss, reflecting a $5.5 million improvement. The company aims to achieve run-rate Adjusted EBITDA positive by Q4 2024. CEO Trent Ward highlighted expense control improvements and revenue expectations from recent acquisitions.