Interactive Strength Inc. (TRNR), owner of the Wattbike, Ergatta, Clmbr and ForMe connected fitness brands and pending acquirer of Stepr, is reporting that second quarter revenue amounted to $6.6 million, a 445 percent increase compared to the second quarter of 2025, with much of that year-over-year (y/y) growth coming from the first full quarter of consolidation for Ergatta.
Ergatta also drove a doubling of gross profit from $1.6 million in Q1 2026 to $3.2 million in Q2 2026. Gross margin increased to 48 percent of revenue, as compared to 31 percent in Q1 2026.
The Adjusted EBITDA (non-GAAP) loss was approximately $0.6 million in Q2, compared to an Adjusted EBITDA loss of approximately $1.8 million in Q1 2026.
While the Q2 2026 revenue was below the company’s guidance of approximately $8 million due to some commercial sales shifting to Q3 and UK-specific, World Cup-related softness in direct-to-consumer (DTC), TRNR said it surpassed its guidance for an Adjusted EBITDA loss of less than $1 million.
Trent Ward, CEO of TRNR, stated: “Q2 2026 is the first quarter where the earnings power of our M&A-driven operating strategy is showing in our reported results. We have stated that acquiring larger, profitable businesses would not just grow topline scale, but also increase group margins through operating leverage. This quarter’s results demonstrate both: revenue grew 445 percent year over year, gross margin expanded 17 points sequentially to 48 percent, and our Adjusted EBITDA loss narrowed to roughly $0.6 million. We achieved all these results while holding six-month operating expenses essentially flat against revenue more than four times larger.”
Ward went on to say that the the company is confirming its 2026 pro forma revenue guidance of more than $50 million.
“When we issued first-quarter results, we had guided to even higher second quarter revenue than we’re reporting – but we expect to recover most of that shortfall over the balance of the year, with some commercial sales shifting to Q3 and UK DTC improving after the World Cup,” he explained. “Importantly, our Adjusted EBITDA loss was only $0.6 million and we expect to report positive Adjusted EBITDA in Q4.”
Stepr Acquisition
On July 7, 2026, TRNR entered into a binding Stock Purchase Agreement to acquire Stepr, Inc., said to be the category leader in connected stair climbing. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions.
Stepr is expected to generate more than $15 million in revenue in 2026, and the transaction is expected to be completed at an enterprise value of less than four times the acquired company’s 2027 EBITDA, with a substantial portion of the consideration payable only if it reaches defined EBITDA thresholds through June 2028.
“We have made good progress on the acquisition and integration of Stepr and expect to complete that transaction in Q4,” Ward commented. “If we include Stepr on a pro forma basis, we expect that we would already be profitable now in Q3, with quarterly revenues well in excess of $10 million. In addition, the M&A pipeline is getting more exciting every month, with a number of compelling opportunities currently being evaluated.”
Full Year and Q4 2026 Outlook
TRNR expects 2026 pro forma revenue to exceed $50 million, including the pending acquisition of Stepr. The company’s 2026 guidance does not assume any acquisitions beyond Stepr, which would be expected to result in an increase in guidance.
Additionally, the company expects to report Adjusted EBITDA (non-GAAP) profitability in the fourth quarter of 2026 for the first time and to continue that positive trend going forward. When including Stepr, the company is expected to have positive Adjusted EBITDA (non-GAAP) in the third quarter on a pro forma basis.
