The company's financial position is increasingly strained, evidenced by a debt-to-equity ratio of 2.65 and a current ratio of 0.39, which highlights a critical lack of liquidity to cover short-term obligations.
| Total Current Assets | 14.05M | 14.7M | 8.22M | 5.36M | 9.82M | 8.86M | 2.1M |
| Cash & Short-Term Investments | 4.74M | 512K | 138K | 0 | 226K | 1.7M | 11K |
| Cash Only | 4.74M | 512K | 138K | 0 | 226K | 1.7M | 11K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 2.73M | 2.61M | 1.86M | 537K | 750K | -7K | -2K |
| Days Sales Outstanding | 134.08 | 82.75 | 126.53 | 203.75 | 401.98 | - | - |
| Inventory | 4.54M | 3.75M | 3.87M | 2.61M | 4.57M | 2.06M | 44K |
| Days Inventory Outstanding | 124.39 | 128.85 | 173.06 | 146.62 | 174.57 | 145.29 | 32.44 |
| Other Current Assets | 2.04M | 7.83M | 0 | 246K | 0 | 0 | 1.89M |
| Total Non-Current Assets | 46.59M | 32.14M | 25.95M | 11.45M | 14.63M | 13.21M | 3.76M |
| Property, Plant & Equipment | 720K | 696K | 531K | 727K | 1.44M | 2.19M | 674K |
| Fixed Asset Turnover | 25.12x | 16.57x | 10.13x | 1.32x | 0.47x | 0.15x | - |
| Goodwill | 20.64M | 15.54M | 13.22M | 0 | 0 | 0 | 0 |
| Intangible Assets | 17.1M | 7.86M | 6.11M | 5.15M | 10.84M | 11.01M | 3.02M |
| Long-Term Investments | 81.89M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 8.14M | 8.04M | 6.09M | 5.57M | 2.35M | 9K | 63K |
| Total Assets | 60.64M | 46.84M | 34.17M | 16.8M | 24.45M | 22.07M | 5.86M |
| Asset Turnover | 0.22x | 0.25x | 0.16x | 0.06x | 0.03x | 0.01x | - |
| Asset Growth % | 352.12% | 37.09% | 103.37% | -31.27% | 10.79% | 276.87% | - |
| Total Current Liabilities | 36.48M | 31.29M | 26.88M | 21.53M | 24.17M | 11.48M | 14.63M |
| Accounts Payable | 9.36M | 8.98M | 11.17M | 10.56M | 7.74M | 2.11M | 4.14M |
| Days Payables Outstanding | 233.44 | 308.76 | 499.72 | 594.01 | 295.97 | 149.39 | 3.05K |
| Short-Term Debt | 16.44M | 15.74M | 11.32M | 9.81M | 10.98M | 6.93M | 9.3M |
| Deferred Revenue (Current) | 6.34M | 1.32M | 77K | 123K | 29K | 15K | 0 |
| Other Current Liabilities | 6.01M | 4.6M | 933K | 147K | 4.77M | 518K | 1.18M |
| Current Ratio | 0.39x | 0.47x | 0.31x | 0.25x | 0.41x | 0.77x | 0.14x |
| Quick Ratio | 0.26x | 0.35x | 0.16x | 0.13x | 0.22x | 0.59x | 0.14x |
| Cash Conversion Cycle | 25.03 | -97.15 | -200.13 | -243.64 | 280.58 | - | - |
| Total Non-Current Liabilities | 16.19M | 9.17M | 174K | 820K | 3.01M | 30.25M | 4.66M |
| Long-Term Debt | 4.55M | 4.53M | 0 | 0 | 0 | 520K | 0 |
| Capital Lease Obligations | 649K | 171K | 170K | 229K | 9K | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 11.48M | 4.46M | 4K | 591K | 3M | 29.73M | 4.66M |
| Total Liabilities | 52.67M | 40.45M | 27.05M | 22.35M | 27.18M | 41.73M | 19.28M |
| Total Debt | 21.15M | 20.6M | 11.75M | 10.09M | 11.09M | 7.45M | 9.3M |
| Net Debt | 16.41M | 20.09M | 11.61M | 10.09M | 10.87M | 5.75M | 9.29M |
| Debt / Equity | 2.65x | 3.22x | 1.65x | - | - | - | - |
| Debt / EBITDA | -1.76x | - | - | - | - | - | - |
| Net Debt / EBITDA | -1.36x | - | - | - | - | - | - |
| Interest Coverage | -0.98x | -1.03x | -3.52x | -31.35x | -60.16x | -34.12x | -48.45x |
| Total Equity | 7.98M | 6.39M | 7.12M | -5.55M | -2.73M | -19.66M | -13.43M |
| Equity Growth % | 3989.63% | -10.19% | 228.15% | -103.15% | 86.1% | -46.47% | - |
| Book Value per Share | 0.76 | 4.58 | 332.55 | -179.56 | -76.30 | -548.97 | -372916.67 |
| Total Shareholders' Equity | 7.98M | 6.39M | 7.12M | -5.55M | -2.73M | -19.66M | -13.43M |
| Common Stock | 2K | 0 | 8K | 7K | 4K | 3K | 1K |
| Retained Earnings | -238.28M | -227.54M | -202.59M | -166.91M | -115.54M | -57.31M | -24.47M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -24K | 113K | 183K | 100K | 365K | -159K | 20K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity exhaustion
As reported in recent financial filings, TRNR's equity base has faced extreme volatility, dropping from a peak of $17.5 million in 2025Q3 to just $8.0 million by 2026Q1, signaling a rapid erosion of shareholder value driven by persistent, large-scale net losses and ongoing operational cash consumption.
The trajectory of the balance sheet suggests a company struggling to maintain its capital base while funding aggressive growth initiatives. The consistent decline in retained earnings, which reached -$238.3 million in 2026Q1, indicates that the business model has yet to achieve the scale necessary to offset its high fixed-cost structure.
Based on the company's reported figures, the debt-to-equity ratio reached 2.65 in 2026Q1, reflecting a reliance on debt financing that appears increasingly precarious given the company's limited cash reserves and the ongoing difficulty in generating positive operating cash flow to service these obligations.
The debt composition warrants close monitoring, as the company's leverage is clearly necessity-driven rather than strategic. With total debt standing at $21.1 million against a cash balance of only $4.7 million, the company faces significant refinancing risk should credit markets tighten or operational performance fail to improve.
According to recent SEC filings, TRNR's current ratio has remained consistently below 1.0, with a 2026Q1 reading of 0.39, indicating that the company lacks sufficient liquid assets to cover its short-term liabilities, thereby creating a high risk of a near-term liquidity crisis for the business.
The liquidity profile is severely strained, as evidenced by the rapid depletion of cash reserves which fell to $512,000 in 2025Q4 before a slight recovery. This suggests that the company is operating with virtually no margin for error, making it highly dependent on external financing to sustain its day-to-day operations.
As disclosed in financial statements, the company carries $20.6 million in goodwill as of 2026Q1, which represents a significant portion of total assets and poses a substantial risk of future impairment charges if the underlying business units fail to meet their projected growth and profitability targets.
The reliance on goodwill as a primary asset component suggests that the balance sheet is sensitive to valuation adjustments. Investors should monitor whether these intangible assets are supported by future cash flows, as any impairment would further erode the already thin equity base and exacerbate the company's leverage metrics.
Quick answers to the most common questions about buying TRNR stock.
As of 2025, Interactive Strength Inc. (TRNR) had total assets of $46.8M including $14.7M in current assets.
Interactive Strength Inc. (TRNR) carries total debt of $20.6M, offset by $0.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Interactive Strength Inc. (TRNR) has total shareholders' equity (book value) of $6.4M ($4.58 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Interactive Strength Inc. (TRNR) reported a current ratio of 0.47x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.