Interactive Strength Inc. (TRNR)

Nasdaq: TRNR · Electronic & Other Electrical Equipment (No Computer Equip) · Austin, TX · filing with the SEC since 2019

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Grade3.4

◀ Past 3.4● Present 2.5▶ Future 4.4

2 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of Interactive Strength Inc.

Nine metrics read from its own filings, by tense

Headline grade

3.4/10

◀ Past3.430% of the headline

● Present2.540% of the headline

▶ Future4.430% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

3.4/1030% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

0.1/10

Has it survived what it has been through?

10 warning events since 2019; the latest 2026-07-01.

weight 33% of this tense · 1st percentile among 43 sector filers · read for itself

From the record

Interactive Strength Inc.'s filings since 2019 show 10 warning events of 4 kinds: a debt default or acceleration notice (8-K item 2.04, the latest 2025-12-12); a notice about its exchange listing (8-K item 3.01, 5 times, the latest 2024-11-19); an auditor change (8-K item 4.01, the latest 2026-07-01); a late-report notice (Form NT 10-K or NT 10-Q, 3 times, the latest 2026-05-15) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

7.4/10

What has it actually done, year after year?

+156.7% a year over 4 filed years; profitable in 0 of 4.

weight 45% of this tense · 74th percentile among 42 sector filers · read for its customers

From the record

Interactive Strength Inc.'s 4 filed years say what it did: revenue went from $681 thousand in fiscal 2022 to $12 million in fiscal 2025, up 156.7% a year; it rose in 3 of 3 years; it never fell from a peak; net income was positive in 0 of 4 of those years (its annual reports).

What it rests on

revenue growth over the filed span156.7%top 4% of its family
the share of years revenue rosetop 4% of its family
the share of filed years with a profitbottom 8% of its family
the deepest fall from a revenue peak0.0%top 4% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

0.1/10

How has it treated the people who own it?

SI estimate 0.1/10, confidence 35 of 100 (one part).

weight 22% of this tense · 1st percentile among 40 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 1% of 40 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 40 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Interactive Strength Inc.'s shareholder treatment is put at 0.1 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 1% of 40 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

2.5/1040% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

0.4/10

Is it financially healthy right now?

ROE -375%: lost 375¢ per shareholder dollar. Leverage 86%: owes 86¢ per asset dollar.

weight 45% of this tense · 4th percentile among 42 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Interactive Strength Inc. lost about 375 cents for every dollar of shareholders' money, and gross profitability: its products earned about 2 cents per dollar of everything the company owns. Leverage: it owed about 86 cents per dollar of assets, and net share issuance: its share count grew 6423.4% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 6% of its family
return on equitybottom 1% of its family
gross profit against assetsbottom 9% of its family
the share count against the year beforebottom 1% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

3.6/10

How strong is its position in its industry?

bottom 36% of 42 in its family; net margin -207.9%.

weight 33% of this tense · 36th percentile among 42 sector filers · read for its customers

From the record

Interactive Strength Inc.'s standing among 42 graded names in its industry family: revenue of $12 million in fiscal 2025 ranks in the bottom 7% by size; a net margin of -207.9% ranks in the bottom 6%; revenue growth of 156.7% a year over the last 3 filed years ranks in the top 4% (its annual reports).

What it rests on

revenue against the family$11.5Mbottom 7% of its family
net margin-207.9%bottom 6% of its family
three-year revenue growth156.7%top 4% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

5.0/10

What are the people in charge doing?

SI estimate 5.0/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 33 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Fewer than two of the three parts can be read: officer and director changes against the people in charge, the years the people in charge have been filing, the chief executive's years under the title, so the desk assumes the typical reading of its industry family, the median of 33 members with one.
What the record cannot read: Fewer than two of the three parts can be read: officer and director changes against the people in charge, the years the people in charge have been filing, the chief executive's years under the title.
How it was reasoned: family median, 33 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Interactive Strength Inc.'s leadership is put at 5.0 of 10 with a confidence of 20 of 100, because fewer than two of the three parts can be read: officer and director changes against the people in charge, the years the people in charge have been filing, the chief executive's years under the title, so the desk assumes the typical reading of its industry family, the median of 33 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

4.4/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed

4.0/10

How much room does it have to grow?

bottom 40% of 42 in its family for room to expand.

weight 45% of this tense · 40th percentile among 42 sector filers · read for itself

From the record

Interactive Strength Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $512 thousand against no long-term debt tagged leaves 1.1% of its assets as net cash, top 50% of its family; cash from operations less capital spending is -91.1% of revenue (bottom 8%); a gross margin of 7.9% (bottom 9%); research spending of 25.3% of revenue (top 7%) (its annual report).

What it rests on

cash less debt against assets1.1%top 50% of its family
cash from operations less capital spending against revenue-91.1%bottom 8% of its family
gross margin7.9%bottom 9% of its family
research spending against revenue25.3%top 7% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

4.1/10

What could actually drive growth from here?

bottom 41% of 42 in its family for growth drivers.

weight 33% of this tense · 41st percentile among 42 sector filers · read for its customers

From the record

Interactive Strength Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 156.7% a year over the last three filed years against 156.7% over all 4, speeding up (top 46% of its family); the newest year grew 114.4% (top 1%); research spending grew -47.3% a year (bottom 1%); capital spending grew -45.4% a year (bottom 11%) (its annual reports). Interactive Strength Inc. reported 3 product lines in fiscal 2025: Wattbike at $8 million (71%), CLMBR at $3 million (23%), FORME at $721 thousand (6%); 0 of 2 grew against the year before (its annual report).

What it rests on

three-year growth against the whole span+0.0 points a yeartop 46% of its family
the newest year's revenue growth114.4%top 1% of its family
three-year growth of research spending-47.3%bottom 1% of its family
three-year growth of capital spending-45.4%bottom 11% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

5.8/10

Did its newest year beat what its own record pointed to?

top 42% of 42 in its family for expectations against reality.

weight 22% of this tense · 58th percentile among 42 sector filers · read for its shareholders

From the record

Interactive Strength Inc.'s newest year against its own record: revenue of $12 million in fiscal 2025 came in 23.7% below the $15 million its prior three years' pace pointed to (bottom 13% of its family); net income of $24 million against a prior three-year average of $48 million (top 37%); a net margin of a loss larger than its revenue against losses larger than its revenue before (top 4%) (its annual reports).

What it rests on

revenue against the prior three years' pace-23.7%bottom 13% of its family
net income against the prior three years' average+50%top 37% of its family
net margin against its prior averageup more than 100 pointstop 4% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton TRNR · research, not advice