Revenue growth has proven highly inconsistent, fluctuating from a 139.1% surge in 2025Q3 to a mere 2.8% increase in 2026Q1, while operating margins remain deeply negative at -77.6%.
| Sales/Revenue | 15.31M | 11.53M | 5.38M | 962K | 681K | 323K | 0 |
| Revenue Growth % | 140.27% | 114.31% | 459.25% | 41.26% | 110.84% | - | - |
| Cost of Goods Sold | 12.49M | 10.62M | 8.16M | 6.49M | 9.55M | 5.17M | 495K |
| COGS % of Revenue | - | 92.08% | 151.64% | 674.64% | 1402.2% | 1599.07% | - |
| Gross Profit | 2.83M | 913K | -2.78M | -5.53M | -8.87M | -4.84M | -495K |
| Gross Margin % | 18.45% | 7.92% | -51.64% | -574.64% | -1302.2% | -1499.07% | - |
| Gross Profit Growth % | - | 132.87% | 49.75% | 37.66% | -83.15% | -878.18% | - |
| Operating Expenses | 20.36M | 20.77M | 26.41M | 48.95M | 45.48M | 32.3M | 16.04M |
| OpEx % of Revenue | - | 180.15% | 490.84% | 5088.57% | 6677.97% | 10001.24% | - |
| Selling, General & Admin | 18.28M | 17.85M | 19.42M | 38.91M | 25.52M | 16M | 8M |
| SG&A % of Revenue | - | 154.84% | 360.95% | 4044.49% | 3746.99% | 4954.8% | - |
| Research & Development | 2.08M | 2.92M | 6.99M | 10.04M | 19.96M | 16.3M | 8.04M |
| R&D % of Revenue | - | 25.31% | 129.89% | 1044.07% | 2930.98% | 5046.44% | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -17.54M | -19.86M | -29.18M | -54.48M | -54.34M | -37.15M | -16.54M |
| Operating Margin % | -114.5% | -172.23% | -542.47% | -5663.2% | -7980.18% | -11500.31% | - |
| Operating Income Growth % | - | 31.96% | 46.43% | -0.25% | -46.3% | -124.62% | - |
| EBITDA | -12.05M | -16.68M | -23.06M | -47.88M | -48.2M | -34.95M | -16.4M |
| EBITDA Margin % | -78.65% | -144.63% | -428.61% | -4976.61% | -7078.27% | -10821.98% | - |
| EBITDA Growth % | 42.53% | 27.68% | 51.84% | 0.68% | -37.9% | -113.14% | - |
| D&A (Non-Cash Add-back) | 5.49M | 3.18M | 6.13M | 6.61M | 6.14M | 2.19M | 137K |
| EBIT | -11.34M | -12.19M | -27.21M | -49.78M | -57.27M | -31.9M | -12.45M |
| Net Interest Income | -10.15M | -10.23M | -7.73M | -1.59M | -952K | -935K | -257K |
| Interest Income | 1.39M | 1.55M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 11.55M | 11.78M | 7.73M | 1.59M | 952K | 935K | 257K |
| Other Income/Expense | -10.57M | -4.11M | -5.75M | 3.11M | -3.88M | 4.31M | 3.83M |
| Pretax Income | -28.11M | -23.97M | -34.93M | -51.37M | -58.23M | -32.84M | -12.71M |
| Pretax Margin % | -183.53% | -207.88% | -649.33% | -5340.23% | -8549.93% | -10165.94% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 4K | -1.53M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | -0.01% | 12.01% |
| Net Income | -28.11M | -23.97M | -34.93M | -51.37M | -58.23M | -32.84M | -11.18M |
| Net Margin % | -183.53% | -207.88% | -649.33% | -5340.23% | -8549.93% | -10167.18% | - |
| Net Income Growth % | 6.75% | 31.39% | 32% | 11.77% | -77.3% | -193.66% | - |
| Net Income (Continuing) | -28.11M | -23.97M | -34.93M | -51.37M | -58.23M | -32.84M | -11.18M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.68 | -171.77 | -1632.80 | -1661.50 | -1625.60 | -916.90 | -312220.00 |
| EPS Growth % | 74.15% | 89.48% | 1.73% | -2.21% | -77.29% | 99.71% | - |
| EPS (Basic) | - | -171.77 | -1632.80 | -1661.50 | -1625.60 | -916.90 | -312220.00 |
| Diluted Shares Outstanding | 10.49M | 1.4M | 21.39K | 30.92K | 35.82K | 35.82K | 36 |
| Basic Shares Outstanding | 10.49M | 1.4M | 21.39K | 30.92K | 35.82K | 35.82K | 36 |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Imminent liquidity crisis
According to the provided quarterly income statements, TRNR experienced significant revenue fluctuations, peaking at 139.1% growth in 2025Q3 before decelerating to 2.8% in 2026Q1, suggesting that the company's top-line expansion remains highly inconsistent and potentially dependent on lumpy, non-recurring hardware order cycles rather than sustainable demand.
The erratic nature of revenue growth indicates that the firm has yet to establish a predictable sales cadence or a reliable recurring revenue base. Investors should monitor whether this volatility stems from supply chain constraints or a fundamental lack of market penetration for their high-end fitness hardware.
As reported in financial statements, TRNR's gross margin profile remains deeply challenged, oscillating between negative territory and a modest 31.3% in 2026Q1, which highlights the difficulty of achieving manufacturing efficiencies while managing the high logistical costs inherent in the company's specialized, heavy-equipment business model.
The inability to maintain consistent positive gross margins suggests that the current pricing strategy fails to adequately cover the cost of goods sold and white-glove delivery services. This margin profile appears to be a significant barrier to achieving long-term operational viability without a major shift in product mix.
Based on the income statement data, TRNR continues to report substantial operating losses, with operating margins reaching as low as -172.4% in 2024Q4, indicating that the company has failed to achieve the necessary scale to leverage its fixed SG&A and R&D expenses against its current revenue base.
The persistent gap between gross profit and operating expenses suggests that the company's cost structure is disproportionately heavy relative to its current market footprint. This lack of operating leverage implies that significant additional revenue growth would be required just to reach a break-even point on an operating basis.
Data from recent filings reveals that TRNR's reliance on high-cost hardware sales, coupled with a history of massive net losses, raises serious questions about the company's ability to survive without further dilutive financing, as the current burn rate appears fundamentally misaligned with its limited cash reserves.
Short-term observers may focus on the potential for a B2B pivot, yet the income statement provides little evidence that such a transition is currently improving the bottom line. The combination of high cash burn and minimal liquidity suggests that the company may be approaching a critical inflection point regarding its solvency.
Quick answers to the most common questions about buying TRNR stock.
For fiscal year 2025, Interactive Strength Inc. (TRNR) reported total revenue of $11.5M.
Interactive Strength Inc. (TRNR) reported a net loss of $24.0M for the fiscal year ending 2025.
Interactive Strength Inc. (TRNR) reported an operating income of $-19.9M, resulting in an operating profit margin of -172.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Interactive Strength Inc. (TRNR) generated $0.9M in gross profit for the year, representing a gross profit margin of 7.9%. This demonstrates the company's core pricing power and production efficiency.