Business
Interactive Strength Inc. (Nasdaq: TRNR) Reports Second Quarter 2024 Results
Net Loss and Earnings per Diluted Share of $10.6 million and $17.48Adjusted EBITDA was a $2.9 million loss, a $2.8 million improvement versus second quarter
About this update from Interactive Strength Inc.
[{"type":"text","content":"Net Loss and Earnings per Diluted Share of $10.6 million and $17.48Adjusted EBITDA was a $2.9 million loss, a $2.8 million improvement versus second quarter of 2023The Company expects to generate between $2.0 million and $2.5 million in revenue in the third quarter of 2024 AUSTIN, TX / ACCESSWIRE / August 14, 2024 / Interactive Strength Inc. (Nasdaq:TRNR) (\"TRNR\" or the \"Company\"), maker of innovative specialty fitness equipment under the CLMBR and FORME brands, today announced its financial results for the second quarter of 2024.The Company incurred a net loss of $10.6 million for the second quarter of 2024, or a loss of $17.48 per diluted share, as compared with a net loss of $13.6 million, or a loss of $40.78 per diluted share for the same period in 2023.Adjusted EBITDA, a non-GAAP financial measure, was a $2.9 million loss for the quarter. Adjusted EBITDA for the second quarter reflects $2.9 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.Trent Ward, Co-Founder and CEO of TRNR, said: \"We have made progress towards our highest priority of achieving run-rate adjusted EBITDA profitability, with an improvement of $0.6 million as compared to the first quarter. We believe that we will be able to achieve this milestone in the near-term, though we do not expect to be able to accomplish this until 2025 due to a slower ramp in revenue for CLMBR. We had previously hoped that we might be able to achieve this as early as the fourth quarter of this year.\"\"The second quarter was our first full quarter with CLMBR and we were able to more fully immerse ourselves in the business,\" Mr. Ward continued. \"As a result of thorough reliability testing, we determined that the longevity of a few CLMBR components would benefit from being upgraded and we experienced delays in shipping product, and therefore generating revenue, to customers as the improved components were designed and produced. We have been very pleased with the durability and performance of the new components and have seen great results in the lab and in the field. The specifications of commercial users are more stringent than consumers and our partnership with WOODWAY has ena...