Interactive Strength (TRNR) Q2 2026 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2026, increased to $11.8 million from $2.6 million year-over-year, driven by the acquisitions of Wattbike and Ergatta.

• Achieved record Q2 2026 results with revenue of $6.6 million, up 445% year-over-year, driven by the first full quarter of Ergatta consolidation.

• Net loss widened to $17.8 million from $8.8 million year-over-year, reflecting higher operating expenses and acquisition-related costs.

• Gross profit improved to $4.8 million from a gross loss of $0.5 million, with gross margin rising to 41% from (19)% year-over-year.

• The company completed the acquisition of Ergatta in March 2026 and signed an agreement to acquire STEPR, expected to close in Q3/Q4 2026.

Financial highlights

• Fitness product revenue rose to $8.8 million from $2.0 million, mainly due to Wattbike and Ergatta contributions.

• Membership revenue increased to $2.7 million from $0.3 million, primarily from Ergatta.

• Q2 2026 revenue was $6.6 million, a 445% increase compared to Q2 2025.

• Gross margin improved to 48% in Q2 2026, up from 31% in Q1 2026 and 41% for the six months ended June 30, 2026.

• Adjusted EBITDA (non-GAAP) loss narrowed to $0.6 million in Q2 2026, outperforming guidance for a loss of less than $1 million.

Outlook and guidance

• 2026 pro forma revenue expected to exceed $50 million, including the pending STEPR acquisition.

• Adjusted EBITDA profitability anticipated in Q4 2026, with pro forma profitability possible in Q3 if STEPR is included.

• Management expects further gross margin improvements in the second half of 2026 as synergies from recent acquisitions are realized.

• The company remains focused on acquiring complementary businesses and expanding into new geographies and B2B channels.

• Liquidity remains a concern, with additional outside capital required to meet obligations over the next year.