Cash burn remains severe, with free cash flow margins at -52.2% in 2026Q1 and an OCF/NI ratio of 0.24, indicating that the company is failing to convert its business activities into sustainable liquidity.
| Cash from Operations | -9.45M | -10.41M | -14.81M | -15.43M | -35.55M | -38.26M | -13.42M |
| Operating CF Margin % | - | -90.28% | -275.32% | -1603.64% | -5219.53% | -11843.96% | - |
| Operating CF Growth % | 127.24% | 29.73% | 3.99% | 56.6% | 7.09% | -185% | - |
| Net Income | -28.11M | -23.97M | -34.93M | -51.37M | -58.23M | -32.84M | -11.18M |
| Depreciation & Amortization | 2.31M | 169K | 6.13M | 6.53M | 6.73M | 2.19M | 137K |
| Stock-Based Compensation | 983K | 3.08M | 10.25M | 29.94M | 6.35M | 1.16M | 68K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -54K | 0 |
| Other Non-Cash Items | 11.45M | 7.25M | 5.26M | -1.22M | 7.11M | -2.59M | -3.81M |
| Working Capital Changes | 3.92M | 3.06M | -1.52M | 699K | 2.49M | -6.12M | 1.36M |
| Change in Receivables | 1.16M | 571K | -2.05M | -1K | 0 | -1.55M | 0 |
| Change in Inventory | 1.29M | 1.8M | 1.57M | -1.79M | -2.44M | -3.41M | -44K |
| Change in Payables | 1.59M | 846K | -973K | 2.08M | 3.93M | -1.18M | 430K |
| Cash from Investing | -47.4M | -53.74M | -1.68M | -1.42M | -7.61M | -12.36M | -3.31M |
| Capital Expenditures | -45.85M | -94K | -212K | -1.42M | -577K | -12.36M | -286K |
| CapEx % of Revenue | 299.38% | 0.82% | 3.94% | 147.71% | 84.73% | 3826.32% | - |
| Acquisitions | -2.16M | -452K | -1.46M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -3.91M | -53.19M | 0 | 0 | -7.03M | 0 | -3.02M |
| Cash from Financing | 59.56M | 64.62M | 16.34M | 17.11M | 41.77M | 52.45M | 17.15M |
| Debt Issued (Net) | 115.08M | 63.88M | 3.22M | 4.39M | 9.14M | 14.35M | 8.61M |
| Equity Issued (Net) | 3.03M | 1.69M | 13.28M | 15.07M | 32.62M | 34.58M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -58.55M | -950K | -158K | -2.35M | 12K | 3.53M | 8.54M |
| Net Change in Cash | 2.53M | 374K | 138K | -226K | -1.47M | 1.69M | 8K |
| Free Cash Flow | -55.05M | -10.5M | -15.02M | -16.85M | -43.15M | -50.62M | -16.73M |
| FCF Margin % | -359.46% | -91.09% | -279.26% | -1751.35% | -6336.56% | -15670.28% | - |
| FCF Growth % | -254.08% | 30.09% | 10.83% | 60.96% | 14.74% | -202.52% | - |
| FCF per Share | -5.25 | -7.53 | -702.22 | -544.89 | -1204.76 | -1413.12 | -464750.00 |
| FCF Conversion (FCF/Net Income) | 1.96x | 0.43x | 0.42x | 0.30x | 0.61x | 1.16x | 1.20x |
| Interest Paid | 0 | 0 | 1.45M | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity exhaustion
As reported in recent financial filings, the persistent gap between net income and operating cash flow, with OCF/NI ratios frequently below 0.30, suggests that TRNR's reported losses are not merely accounting artifacts but reflect a genuine, ongoing consumption of liquidity that outpaces the company's ability to generate cash.
The consistent divergence between net losses and operating cash flow indicates that the company's accrual-based earnings fail to capture the full extent of its cash-burning operational model. Investors should monitor this disconnect, as it implies that the business requires continuous external capital to sustain its current level of activity.
Based on the provided quarterly data, TRNR's free cash flow margins have remained deeply negative, with a significant outlier in 2025Q2 where FCF margin hit -38.9%, underscoring the company's inability to achieve self-funding status despite its aggressive pursuit of top-line growth in the connected fitness market.
The trajectory of free cash flow suggests that the company's capital requirements are structurally misaligned with its revenue generation capabilities. This trend warrants further investigation into whether the business model can ever reach a break-even point without a fundamental shift in its cost structure or pricing strategy.
According to recent SEC filings, TRNR's working capital changes have been highly erratic, swinging from a $2.1 million inflow in 2025Q3 to a $741,000 outflow in 2025Q1, which suggests that the company's cash position is heavily dependent on the timing of inventory management and vendor payment cycles.
This volatility indicates that the company may be utilizing aggressive working capital management to bridge short-term liquidity gaps. Such reliance on timing differences to manage cash flow is a precarious strategy that may leave the company vulnerable to any disruption in its supply chain or customer payment patterns.
As evidenced by the $1.7 million acquisition expenditure in 2026Q1 and historical cash outflows, TRNR has consistently prioritized inorganic growth and operational expansion over the preservation of its dwindling cash reserves, which have now reached a critical level of approximately $512,000 according to recent disclosures.
The company's capital deployment strategy appears to have been value-destroying, as it has failed to translate these investments into a sustainable cash-generating engine. This approach leaves the firm with limited operational runway and may necessitate further dilutive financing to maintain its current business trajectory.
Quick answers to the most common questions about buying TRNR stock.
Interactive Strength Inc. (TRNR) generated $-10.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Interactive Strength Inc. (TRNR) reported negative free cash flow of $10.5M in 2025, indicating capital requirements exceeded cash from operations.
Interactive Strength Inc. (TRNR) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.