Business
Interactive Strength Inc. d/b/a FORME Reports First Quarter 2023 Results
Adjusted EBITDA was a $4.4 million loss, a $6.3 million improvement versus first quarter of 2022 Average Annualized Recurring Revenue per Household at $1,650,
About this update from Interactive Strength Inc.
[{"type":"text","content":"Adjusted EBITDA was a $4.4 million loss, a $6.3 million improvement versus first quarter of 2022 Average Annualized Recurring Revenue per Household at $1,650, more than three times greater versus first quarter of 2022 New Note Purchase Agreement to issue up to $15.0 million in senior secured notes AUSTIN, TX, June 08, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- Interactive Strength Inc. d/b/a FORME (the \"Company\", or “FORME”) (NASDAQ: TRNR), today announced its financial results for the first quarter of 2023. The Company incurred a net loss of $16.0 million for the first quarter of 2023, or a loss of $2.09 per diluted share, as compared with a net loss of $12.7 million, or a loss of $43.81 per diluted share for the same period in 2022, due primarily to expenses incurred in connection with the Company’s IPO. Adjusted EBITDA, a non-GAAP financial measure, was a $4.4 million loss for the quarter. Adjusted EBITDA for the first quarter reflects $14.6 million of non-cash stock-based compensation. For more information regarding the non-GAAP financial measures discussed in this press release, please see \"Non-GAAP Financial Measures\" and \"Reconciliation of GAAP to Non-GAAP Financial Measures\" below. CEO Comments Trent Ward, co-founder and CEO of FORME, said, “We are excited to be presenting our first quarter results as a public company, and to announce additional funding on attractive terms that underscore the potential of FORME’s combination of premium smart home gyms and virtual personal training. “There was a lower level of hardware products installed in the quarter as we were managing working capital closely leading up to the IPO at the end of April. As a result, we ended the quarter with a backlog of sold but not yet installed hardware products. We did announce a few key partnership opportunities recently with Signa Sports United, a specialist sports e-commerce company with more than 80 online sites serving over 6 million customers worldwide, and Aethos hotels. “The average annualized recurring revenue per household more than tripled to $1,650, reflecting the impact of our strategy to introduce higher revenue training services to our premium smart home gyms. We believe this focus on generating significantly higher recurring revenue per customer than our peers will be the biggest driver toward our future profitability. “Import...