Wattbike 8KA

Wattbike 8KA

TRNR | This week's 8-K/A

September 19, 2025 | Fellow Shareholders:

As part of the Wattbike acquisition we closed in July, we needed to file an amended 8-K (8-K/A) on Wednesday that adds detailed historical and pro forma information related to the Wattbike acquisition. While the filing itself is backward looking by definition, we want to emphasize what we see when we look forward:

• A cost-efficient purchase of a proven brand.Wattbike is a highly respected name in global fitness, with an unparalleled product and a professional management team. We acquired it in an all-stock transaction with virtually no cash outlay-an efficient way to add meaningful scale.
• A strategic bridge into the UK market.Wattbike is headquartered in the world's third-largest fitness market. That existing presence gives Sportstech, once acquired, a zero-cost entry into the UK, providing a clear growth path without incremental market-entry costs.
• A stronger group platform.The Wattbike business and product portfolio stand to perform better as part of a larger group. Integration into TRNR's broader fitness platform enhances product reach and customer relevance across channels.

The pro forma financials in the 8-K/A exclude potential synergies, but we have already begun implementing cost synergies in August and September. These integration steps are improving Wattbike's performance, and we expect the brand to be EBITDA profitable going forward.

Looking across the combined platform, shareholders should also begin to see the obvious path toward our previously communicated $80M+ revenue guidance. The 2024 pro forma TRNR performance including Wattbike was disclosed as $21M this week, and when combined with Sportstech disclosed LTM revenues through August of approximately $59M, and, we believe the building blocks are visible to see how we will achieve that guidance.

For those that want a summary of key points in the filing itself, here are some additional takeaways more specific to the 8-K/A:

• Delivery of scale. The filing offers clear evidence that Wattbike adds meaningfully to TRNR's revenue base and broadens our footprint across B2B and consumer channels.
• Cost-effective execution, using our listing. We completed the transaction in an all-stock deal, with total consideration valued at closing of approximately $4.4 million, which included the capital that we invested into Wattbike working capital to drive revenue, similar to what we are doing at Sportstech.
• Modest organic lift in performance already. Wattbike's year-over-year revenue picture shows stabilization with early signs of improvement into 2025, which we expect to increase due to our investments.
• Wattbike was at an inflection point making it attractive. On a historical basis, the combined company's first-half 2025 loss is materially smaller than the full-year 2024 pro-forma loss, reflecting operating discipline, and the achievement that made an acquisition possible as we did not want to acquire a business that would have negative EBITDA going forward. As we continue implementing synergies, we expect there to be further improvements in profitability.

The combination reinforces our continuing transformation strategy: it shows we are scaling where it counts, staying disciplined on costs, and using stock efficiently to build a path to greater value. We'll continue to update shareholders as we deliver.

Thanks for being on this journey with us. There's more to come. Let's keep building,

- Team TRNR

Forward Looking Statements:
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect current expectations, assumptions, and projections of Interactive Strength Inc. ("TRNR") management regarding future events and business performance. Forward-looking statements include terminology such as "anticipate," "believe," "expect," "intend," "plan," "may," "will," "should," "estimate," "target," "project," or similar expressions. These statements include, but are not limited to, those related to the potential profitability of Wattbike in the future, the success of the integration of Wattbike into TRNR's operations, the achievement of cost synergies, the provision of a zero-cost entry into the UK for Sportstech or other potential benefits from the acquisition of Wattbike. These statements are based on current assumptions and subject to known and unknown risks, uncertainties, and changes in circumstances that could cause actual results to differ materially from those expressed or implied. These risks include, but are not limited to, market adoption rates, competitive developments, regulatory considerations surrounding health data, operational execution, data security and privacy concerns, supply chain constraints, and macroeconomic conditions. There can be no assurance that future developments will be aligned with these forward-looking statements. Actual outcomes could differ significantly due to a variety of factors, some of which are beyond the control of TRNR. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date they are made, except as required by law. For more detailed risk factors and disclosures, please consult our filings with the U.S. Securities and Exchange Commission.