Interactive Strength Inc. Common Stock (TRNR)

FairStock Score: 44/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach Interactive Strength as a Graham-style balance-sheet skeptic. It sells specialty fitness hardware and virtual training under CLMBR, Wattbike, and FORME. The top line is moving: in fiscal Q2 2026, the quarter ended 2026-06-30, filed revenue was $6.6M, versus $1.2M in fiscal Q2 2025, the quarter ended 2025-06-30. But the bottom line is ugly: fiscal Q2 2026 filed net income was -$7.1M, and fiscal Q1 2026, ended 2026-03-31, filed net income was -$10.7M. FY2025 revenue was $11.5M with net income of -$24.0M; FY2024 revenue was $5.4M with net income of -$34.9M. Sales are rising, but losses remain huge and free cash flow is negative: TTM FCF -$14.3M, FCF yield -398.0% by FairStock's calculation. At the 2026-10-13 close of $2.22, market cap is only $3.6M, and FairStock P/B is 1.10. That low price reflects a fragile balance sheet: debt/equity 9.32, FairStock ROE -336.76%, Altman Z -6.94, and Piotroski 4/9. The figures show no evidence of pricing power or a durable moat, because revenue growth has not produced profits or cash. FairStock score 44/100 and no Lynch category--because the company lost money in each of the last four years--tell me this is speculative, not a value investment. Growth without profits and cash generation is not enough.

In plain English: Interactive Strength sells specialty fitness equipment and virtual training under brands such as CLMBR, Wattbike, and FORME. Sales are growing, but the company is losing a lot of money and using cash, with losses in each of the last four years. At $2.22, the price may look low, but the numbers do not show a healthy bargain because the business is unprofitable and financially stretched.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer