Key Highlights

● Second-quarter revenue rose 445% year on year to $6.6 million.

● Revenue came in below the roughly $8 million the company had guided.

● Adjusted EBITDA was a $0.6 million loss, compared with $1.8 million in the first quarter.

● The company expects profitability in the fourth quarter and signed a deal to acquire STEPR.

Interactive Strength Inc (NASDAQ:TRNR) is in focus because its second-quarter 2026 results, published on August 14, 2026, paired rapid growth with a miss against the company's own revenue guidance. The Austin-based fitness technology group called the quarter a record.

Revenue rose 445% year on year to $6.6 million in the three months to June 30, 2026. Adjusted EBITDA, a measure that strips out certain costs, showed a loss of $0.6 million, compared with a loss of $1.8 million in the first quarter.

What the company does

Interactive Strength sells specialty fitness equipment and virtual training to commercial and home customers in the United States, Europe and Asia. Its brands include CLMBR, a vertical climbing machine with a digital training platform; Wattbike, the indoor cycling brand; and FORME, which offers connected fitness hardware such as the Forme Studio mirror and the Forme Studio Lift with cable-based resistance.

The company was incorporated in 2017, floated on April 28, 2023 and employs about 72 people. Trent Ward is chief executive.

The numbers behind the headline

The second-quarter revenue figure of $6.6 million came in below the roughly $8 million the company had guided to. Management attributed the gap to some sales slipping into the third quarter and to softness in direct-to-consumer sales in the United Kingdom.

Context matters. The first-quarter 2026 revenue was $5.14 million with a net loss of $10.74 million, while full-year 2025 revenue was $11.53 million, up 114% from $5.38 million in 2024, with a net loss of about $23.97 million. The company is therefore growing quickly from a small base, but it remains loss-making on a statutory basis.

Quarterly revenue has risen from $1.22 million in the second quarter of 2025 to $4.82 million in the third and $4.14 million in the fourth, before the first-quarter 2026 figure of $5.14 million. Net losses over that run ranged from $2.18 million to $10.74 million a quarter.

Acquisitions and guidance

The company has been building scale through deals. In July 2026 it signed a definitive agreement to acquire STEPR, a connected stair-climbing business, for a base consideration of $6.7 million. On August 14 it confirmed 2026 pro forma revenue guidance of more than $50 million, which includes the pending STEPR deal, and said it expects to reach profitability in the fourth quarter. These are management targets rather than reported results, and the pro forma basis means the figure assumes acquisitions are counted in full.

The shares also carry corporate-action history. A one-for-seven reverse stock split was announced on June 26, 2026.

Risks and what to watch

The guidance miss shows how sensitive a small company is to timing. Investors may want to see whether the sales deferred from the second quarter appear in the third-quarter figures, and whether the STEPR transaction completes on the terms announced. Integration of acquired brands, UK demand and continued funding needs are the obvious pressure points for a business still reporting losses.

Deferred Sales and the STEPR Deal

Interactive Strength's second-quarter revenue of $6.6 million came in below the roughly $8 million guided, which management attributed to some sales slipping into the third quarter and softness in direct-to-consumer sales in the United Kingdom. The company confirmed 2026 pro forma revenue guidance of more than $50 million, which includes the pending STEPR deal, and said it expects to reach profitability in the fourth quarter.

Third-quarter results would be the next scheduled test of the fourth-quarter profitability aim, and the STEPR acquisition, with its base consideration of $6.7 million, adds to the weight of acquired brands if it completes as announced. The pro forma basis means the guidance assumes acquisitions are counted in full.