Overview

Factors Affecting Our Performance

Critical Accounting Policies and Estimates

Components of Our Operating Results

Connected Fitness Product

Membership

Training

Research and Development

Sales and Marketing

General and Administrative

Other (Expense) Income, Net

Interest Expense

Interest Income

Interest income consists of interest associated with the loan receivable.

Loss on issuance of warrants

Change in Fair Value of Convertible Notes

Change in Fair Value of Warrants

Results of Operations

FY0001785056falsehttp://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentNet2025-04-3000001785056trnr:FebruaryOneTwoThousandTwentyFourWarrantsMember2023-12-310001785056us-gaap:WarrantMembertrnr:DecemberTwoThousandTwentyThreeWarrantsMember2025-01-012025-12-3100017850562024-01-012024-12-310001785056trnr:ExchangeAgreementNoteConversionSharesMember2025-02-0400017850562024-06-140001785056trnr:CommonStockWarrantsBestEffortsA1Member2023-12-310001785056trnr:PrincipalStockholderPromissoryNotesMember2019-05-172019-05-170001785056us-gaap:BlackScholesMertonModelMember2025-01-012025-12-310001785056srt:RestatementAdjustmentMember2024-02-020001785056trnr:SeriesEConvertiblePreferredStockMember2025-01-012025-12-310001785056trnr:FETTokensMember2025-01-012025-12-310001785056trnr:SportstechMember2025-01-012025-12-310001785056srt:MinimumMember2025-12-310001785056trnr:WattbikeAcquisitionMemberus-gaap:TrademarksAndTradeNamesMember2025-12-310001785056srt:MinimumMembertrnr:PreProductionToolingMember2025-12-310001785056us-gaap:CommonStockMemberus-gaap:HomeEquityMember2024-01-012024-05-310001785056trnr:WarrantsToPurchaseCommonStockMember2024-01-012024-12-310001785056trnr:MatureAtAugustTwentyEightTwoThousandTwentyOneMembertrnr:PrincipalStockholderPromissoryNotesMember2025-12-310001785056trnr:BusinessToBusinessMember2025-01-012025-12-310001785056trnr:FebruaryTwoThousandTwentyFourConvertibleNotesMember2024-11-012024-11-300001785056trnr:SeptemberTwoThousandTwentyFiveExchangeNoteMember2025-12-310001785056us-gaap:WarrantMembertrnr:RegisteredDirectPlacementAgentWarrantsMember2024-05-080001785056trnr:NovemberTenTwentyTwentyThreeWarrantsMember2023-12-310001785056trnr:MatureAtJuneTwelveTwoThousandTwentyTwoMembertrnr:OtherRelatedPartyPromissoryNotesMembertrnr:NoteMember2024-02-290001785056trnr:TwoThousandTwentyThreeAndTwoThousandTwentyEquityIncentivePlanMember2024-12-310001785056trnr:NovemberTenTwentyTwentyThreeWarrantsMember2024-01-012024-12-310001785056us-gaap:SeriesAPreferredStockMember2024-01-012024-12-310001785056trnr:AugustTwentyTwentyThreeMember2024-12-310001785056trnr:TenPercentageSeniorSecuredNotesDueMember2023-06-012023-06-300001785056us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001785056trnr:AugustTwentyTwentyThreeMemberus-gaap:SeriesAPreferredStockMembertrnr:PromissoryNotesMember2024-01-012024-12-310001785056us-gaap:WarrantMembertrnr:JanuaryTwoThousandTwentyFiveWarrantsMember2025-01-280001785056trnr:TetherStablecoinsMember2025-12-310001785056us-gaap:WarrantMembertrnr:DecemberTwoThousandTwentyThreeWarrantsMember2024-06-300001785056trnr:RegisteredDirectOfferingWarrantsMemberus-gaap:WarrantMember2024-01-012024-12-310001785056us-gaap:MachineryAndEquipmentMembersrt:MaximumMember2025-12-310001785056us-gaap:SeriesCPreferredStockMember2024-09-3000017850562024-01-012024-06-300001785056trnr:JuneTwoThousandTwentyFiveConvertiblePreferredNoteMember2025-06-042025-06-040001785056trnr:ExchangeNotesMember2025-02-282025-02-280001785056srt:MinimumMembertrnr:OtherRelatedPartyTransactionsMember2024-01-012024-12-310001785056trnr:RelatedPartyConvertibleNotesMember2024-12-310001785056us-gaap:SeriesAPreferredStockMember2024-10-010001785056trnr:WoodwayWarrantsMember2024-01-012024-12-310001785056trnr:RemainderNotesToDWFLabsMember2025-06-300001785056trnr:PromissoryNotesMembertrnr:MatureAtMayFirstTwoThousandTwentySixMember2025-05-010001785056trnr:MatureAtJuneFourTwoThousandTwentySevenMembertrnr:JuneTwoThousandTwentyFiveConvertiblePreferredNoteMember2025-06-042025-06-040001785056us-gaap:SubsequentEventMembertrnr:D-3PreferredStockMember2026-03-110001785056trnr:PrincipalStockholderPromissoryNotesMember2019-08-282019-08-280001785056trnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-12-310001785056trnr:PromissoryNotesMember2025-01-012025-12-310001785056trnr:ClassAIncrementalNoteMemberus-gaap:SubsequentEventMember2026-02-052026-02-050001785056trnr:AugustTwentyTwentyThreeMembertrnr:AssetPurchaseAgreementMembertrnr:PromissoryNotesMember2023-08-310001785056trnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-07-250001785056us-gaap:DevelopedTechnologyRightsMember2024-12-310001785056trnr:MatureAtJuneTwentyTwoTwoThousandTwentyTwoMembertrnr:OtherRelatedPartyPromissoryNotesMember2024-02-012024-02-290001785056trnr:WattbikeAcquisitionMembertrnr:HardwareDevelopedTechnologyMember2025-12-310001785056us-gaap:SeriesAPreferredStockMembertrnr:NovemberBridgeNotesMembertrnr:OtherNotesPayableMember2024-01-012024-12-310001785056trnr:LossRestorationAgreementDerivativeMember2025-01-012025-12-310001785056trnr:MatureAtJuneTwelveTwoThousandTwentyTwoMembertrnr:PrincipalStockholderPromissoryNotesMember2024-12-310001785056us-gaap:SubsequentEventMembertrnr:SeniorSecuredConvertibleNotesMember2026-02-280001785056us-gaap:PreferredClassBMember2024-12-310001785056trnr:TwoThousandTwentyThreeAndTwoThousandTwentyEquityIncentivePlanMemberus-gaap:SoftwareAndSoftwareDevelopmentCostsMember2025-01-012025-12-310001785056trnr:ExchangeAgreementMember2024-09-300001785056trnr:RegisteredDirectPlacementAgentWarrantsMember2024-12-310001785056trnr:OtherRelatedPartyPromissoryNotesMember2021-01-1200017850562024-06-130001785056trnr:MatureAtFebruaryEighteenTwoThousandTwentyOneMembertrnr:OtherRelatedPartyConvertibleNotesMember2025-12-310001785056trnr:NovemberTwoThousandTwentyThreeBridgeNotesMember2023-11-100001785056us-gaap:WarrantMembertrnr:RegisteredDirectPlacementAgentWarrantsMember2025-01-012025-12-310001785056us-gaap:SubsequentEventMember2026-02-012026-02-280001785056srt:RestatementAdjustmentMemberus-gaap:SeriesEPreferredStockMember2025-07-010001785056trnr:IntangibleAssetsMember2025-12-310001785056trnr:DecemberTwoThousandTwentyThreeConvertibleNotesMember2024-01-012024-06-300001785056trnr:AccountingStandardsUpdate20540Member2025-01-012025-12-310001785056trnr:DecemberTwoThousandTwentyThreeWarrantsMembertrnr:WarrantOneMember2024-06-300001785056us-gaap:CommonStockMembertrnr:BestEffortsOfferingMember2024-01-012024-12-310001785056trnr:OtherRelatedPartyTransactionsMembertrnr:RoyaltyArrangementOnePercentageOfCumulativeNetSalesAbove5MillionMember2025-01-012025-12-310001785056us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ConvertibleNotesPayableMember2025-12-310001785056trnr:CommonStockWarrantsBestEffortsA1Member2025-12-310001785056srt:MaximumMember2025-01-012025-12-310001785056trnr:PrincipalStockholderPromissoryNotesMembertrnr:MatureAtMaySeventeenTwoThousandTwentyOneMember2025-12-310001785056trnr:ClassAIncrementalNoteMemberus-gaap:SubsequentEventMember2026-02-092026-02-090001785056trnr:DiscountOnSeniorSecuredConvertibleNotesMember2025-12-310001785056srt:AsiaMembertrnr:CLMBRMember2024-01-012024-12-310001785056us-gaap:WarrantMembertrnr:CommonStockWarrantsBestEffortsA1Member2024-07-010001785056trnr:JuneSecuredNotesTwentyTwentyThreeMembertrnr:OtherNotesPayableMember2024-01-012024-12-310001785056trnr:FebruaryTwoThousandTwentyFourConvertibleNotesMember2024-01-012024-12-310001785056trnr:WattbikeAcquisitionMemberus-gaap:SeriesEPreferredStockMember2025-07-010001785056trnr:RemainderNotesToATWPartnersMember2025-06-300001785056trnr:SeriesCConvertiblePreferredStockMemberus-gaap:AdditionalPaidInCapitalMember2025-01-012025-12-310001785056trnr:AtTheMarketOfferingMemberus-gaap:AdditionalPaidInCapitalMember2025-01-012025-12-310001785056trnr:EmbeddedDerivatiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001785056trnr:CLMBRMembersrt:EuropeMember2024-01-012024-12-310001785056trnr:NewWoodwayNoteMember2025-11-070001785056trnr:CommonStockWarrantsBestEffortsA1Member2025-01-012025-12-310001785056trnr:SeriesLTIPreferredStockMember2025-01-012025-12-310001785056trnr:OtherRelatedPartyPromissoryNotesMember2019-09-3000017850562017-01-012017-12-310001785056trnr:OtherRelatedPartyTransactionsMembersrt:MinimumMember2025-01-012025-12-310001785056us-gaap:SeriesAPreferredStockMembersrt:MinimumMember2024-04-180001785056us-gaap:SeriesAPreferredStockMembertrnr:DecemberTwentyTwentyThreeWarrantsMember2024-01-012024-12-310001785056srt:MinimumMembertrnr:JuneTwoThousandTwentyFiveFETNotesMember2025-10-310001785056us-gaap:WarrantMembersrt:MinimumMembertrnr:ClassAIncrementalNotesWarrantsMember2025-12-310001785056trnr:JuneTwoThousandTwentyFiveConvertiblePreferredNoteMember2024-12-310001785056us-gaap:SalesRevenueNetMemberus-gaap:CashAndCashEquivalentsMemberus-gaap:CustomerConcentrationRiskMembertrnr:WoodwayUsaIncMember2025-01-012025-12-3100017850562026-03-270001785056us-gaap:WarrantMembertrnr:JanuaryTwoThousandTwentyFiveWarrantsMember2025-07-070001785056us-gaap:WarrantMember2022-12-310001785056us-gaap:CommonStockMembertrnr:ClassAIncrementalNoteMemberus-gaap:SubsequentEventMember2026-02-090001785056us-gaap:SeriesAPreferredStockMembertrnr:OctoberTwentyTwentyThreeMembertrnr:PromissoryNotesMember2024-01-012024-12-310001785056us-gaap:WarrantMembertrnr:FebruaryTwoThousandTwentyFourWarrantsMembertrnr:FebruaryTwoThousandTwentyFourNoteMember2024-02-0100017850562024-11-082024-11-080001785056us-gaap:CommonStockMembertrnr:FollowOnOfferingMember2024-01-012024-12-310001785056trnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-12-042025-12-040001785056trnr:DirectToCustomerSubscriptionMember2025-12-310001785056trnr:SoftwareDevelopedTechnologyMember2025-01-012025-12-310001785056trnr:OctoberTwentyTwentyThreeMembertrnr:PromissoryNotesMember2023-12-310001785056trnr:OtherCountriesMember2025-01-012025-12-310001785056trnr:TwoThousandTwentyFourConvertibleNotesMember2024-05-3100017850562025-06-300001785056trnr:FebruaryTwoThousandTwentyFourConvertibleNotesMember2025-01-012025-12-310001785056trnr:JuneTwentyTwentyThreeNotesMember2024-12-310001785056trnr:AugustTwentyTwentyThreeMembertrnr:PromissoryNotesMembertrnr:AssetPurchaseAgreementMember2023-08-012023-08-310001785056trnr:AtTheMarketOfferingMemberus-gaap:CommonStockMember2024-06-012024-12-310001785056us-gaap:StateAndLocalJurisdictionMember2025-01-012025-12-310001785056us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001785056trnr:WattbikeMembercountry:US2024-01-012024-12-310001785056trnr:JanuaryTwoThousandTwentyFiveWarrantsMember2025-12-310001785056trnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-01-012025-12-310001785056us-gaap:DerivativeMember2024-01-012024-12-310001785056trnr:ClmbrIncMember2024-02-020001785056trnr:SeriesBConvertiblePreferredStockMember2025-12-310001785056trnr:LoanModificationAgreementMember2024-04-242024-04-240001785056trnr:WattbikeMember2025-01-012025-12-310001785056us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001785056trnr:JuneTwentyTwentyThreeNotesMember2024-02-012024-02-290001785056us-gaap:WarrantMembertrnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-12-300001785056trnr:SeriesCConvertiblePreferredStockMember2025-01-012025-12-310001785056trnr:WoodwayWarrantsMember2025-01-012025-12-310001785056trnr:PromissoryNotesMember2024-12-310001785056trnr:FORMEMember2024-01-012024-12-310001785056us-gaap:SubsequentEventMember2026-02-240001785056srt:AsiaMembertrnr:FORMEMember2024-01-012024-12-310001785056us-gaap:WarrantMember2025-01-012025-12-310001785056trnr:FebruaryTwoThousandTwentyFourWarrantsMemberus-gaap:WarrantMembertrnr:FebruaryTwoThousandTwentyFourNoteMember2025-01-012025-12-310001785056us-gaap:StockAppreciationRightsSARSMember2025-01-012025-12-310001785056us-gaap:FairValueInputsLevel2Membertrnr:EmbeddedDerivatiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001785056trnr:AnotherRelatedPartyNoteholderMember2026-02-260001785056us-gaap:SeriesAPreferredStockMembertrnr:OtherNotesPayableMember2024-01-012024-12-310001785056trnr:SeriesAConvertiblePreferredStockMembertrnr:BridgeNoteFinancingMember2024-02-012024-02-290001785056us-gaap:WarrantMembertrnr:BridgeNoteFinancingMember2023-11-102023-11-100001785056trnr:RegisteredOfferingWarrantsMember2024-12-310001785056trnr:WattbikeAcquisitionMember2025-01-012025-12-310001785056us-gaap:CommonStockMemberus-gaap:SubsequentEventMembertrnr:SeniorSecuredConvertibleNotesMember2026-02-012026-02-280001785056trnr:JuneTwoThousandTwentyFiveConvertibleExchangeableNotesMember2025-06-142025-12-310001785056trnr:FebruaryTwoThousandTwentyFourConvertibleNotesMember2024-02-012024-02-010001785056trnr:OtherNotesPayableMember2023-12-310001785056trnr:JuneTwoThousandTwentyFiveConvertibleExchangeableNotesMembertrnr:FETTokensMember2025-01-012025-12-310001785056trnr:TwoThousandTwentyFourCommonWarrantsMember2025-12-310001785056us-gaap:SeriesCPreferredStockMember2025-01-012025-12-310001785056us-gaap:SalesRevenueNetMemberus-gaap:CashAndCashEquivalentsMemberus-gaap:CustomerConcentrationRiskMembertrnr:WoodwayUsaIncMember2024-01-012024-12-310001785056trnr:RegisteredDirectOfferingWarrantsMember2024-12-310001785056trnr:AssetPurchaseAgreementMember2024-01-012024-12-310001785056trnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-12-300001785056trnr:OtherConvertibleNotesMember2025-12-310001785056trnr:AugustTwentyTwentyThreeMembertrnr:PromissoryNotesMembertrnr:AssetPurchaseAgreementMember2024-01-012024-12-310001785056us-gaap:FairValueInputsLevel1Memberus-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001785056us-gaap:WarrantMembertrnr:WoodwayMayTwoThousandTwentyFiveWarrantsMember2025-05-210001785056us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001785056trnr:SeriesBPreferredStockConversionToCommonStockMember2025-01-012025-12-310001785056trnr:PrincipalStockholderPromissoryNotesMember2019-11-282019-11-280001785056srt:MaximumMembertrnr:LoanRestorationAgreementMember2024-04-240001785056us-gaap:CommonStockMember2023-12-310001785056trnr:TwoThousandTwentyThreeAndTwoThousandTwentyEquityIncentivePlanMemberus-gaap:SellingAndMarketingExpenseMember2025-01-012025-12-310001785056trnr:SeriesAConvertiblePreferredStockMember2025-01-012025-12-310001785056trnr:JuneTwoThousandTwentyFiveConvertibleExchangeableNotesMember2025-06-012025-06-300001785056trnr:StockOptionsToPurchaseCommonStockMember2024-01-012024-12-310001785056trnr:ExchangeNotesMember2025-02-040001785056trnr:JanuaryTwoThousandTwentyFiveWarrantsMember2025-01-012025-12-310001785056trnr:OtherRelatedPartyPromissoryNotesMembertrnr:MatureAtJuneTwoTwoThousandTwentyTwoMembertrnr:NoteMember2024-02-290001785056us-gaap:CommonStockMembertrnr:ClassAIncrementalNoteMemberus-gaap:SubsequentEventMember2026-02-050001785056us-gaap:WarrantMembertrnr:ClassAIncrementalNotesWarrantsMember2025-12-310001785056us-gaap:FairValueInputsLevel3Membertrnr:EmbeddedDerivatiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001785056trnr:OtherRelatedPartyTransactionsMembertrnr:RoyaltyArrangementOnePercentageOfCumulativeNetSalesAbove5MillionMember2025-12-310001785056us-gaap:CommonStockMembertrnr:VerticalInvestorsLlcMember2026-02-172026-02-260001785056trnr:WorkingCapitalFacilityMember2025-01-012025-12-310001785056trnr:WoodwayWarrantsMember2024-12-310001785056trnr:SeniorSecuredConvertibleNotesMember2025-12-310001785056trnr:FORMEMembersrt:EuropeMember2025-01-012025-12-310001785056trnr:CommonStockWarrantsBestEffortsA1Member2025-01-012025-12-310001785056srt:AsiaMembertrnr:FORMEMember2025-01-012025-12-3100017850562024-03-072024-03-070001785056srt:MinimumMembertrnr:InflationReductionActMember2022-08-162022-08-160001785056trnr:DecemberTwentyTwentyThreeWarrantsMember2024-01-012024-06-300001785056trnr:CommonStockWarrantsBestEffortsA1Member2024-12-310001785056trnr:OtherRelatedPartyTransactionsMembersrt:MaximumMember2025-01-012025-12-310001785056trnr:ClmbrIncMember2024-01-012024-12-310001785056trnr:TwoThousandTwentyFourConvertibleNotesMember2024-12-310001785056us-gaap:AdditionalPaidInCapitalMember2024-01-012024-12-310001785056trnr:RemainderNoteIssuedInOctoberThirteenTwoThousandTwentyFiveMembertrnr:RemainderNotesMember2025-01-012025-12-310001785056trnr:OtherCountriesMembertrnr:WattbikeMember2025-01-012025-12-310001785056trnr:DecemberTwentyTwentyThreeWarrantsMember2024-01-012024-12-310001785056us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001785056us-gaap:SeriesAPreferredStockMember2025-12-310001785056us-gaap:WarrantMembertrnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-12-170001785056trnr:ErgattaAcquisitionCorpMemberus-gaap:SubsequentEventMember2026-02-180001785056trnr:TwoThousandTwentyThreeAndTwoThousandTwentyEquityIncentivePlanMember2025-01-012025-12-310001785056trnr:AtTheMarketOfferingMemberus-gaap:CommonStockMember2024-01-012024-12-3100017850562025-07-010001785056trnr:StockOptionsToPurchaseCommonStockMember2025-01-012025-12-310001785056trnr:DerivativeLiabilitiesMember2025-01-012025-12-310001785056trnr:SeriesAConvertiblePreferredStockMembertrnr:BridgeNoteFinancingMember2023-03-012023-03-310001785056trnr:DecemberTwoThousandTwentyThreeConvertibleNotesMember2024-01-012024-12-310001785056us-gaap:FurnitureAndFixturesMembersrt:MaximumMember2025-12-310001785056trnr:PrincipalStockholderPromissoryNotesMember2025-02-042025-02-040001785056trnr:TwoThousandTwentyFiveCommonWarrantsMember2025-12-310001785056us-gaap:WarrantMembertrnr:DecemberTwoThousandTwentyThreeWarrantsMember2024-01-012024-12-310001785056srt:MinimumMemberus-gaap:MonteCarloModelMember2025-01-012025-12-310001785056us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001785056us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ConvertibleNotesPayableMember2025-12-310001785056trnr:CapitalizedContentCostsMember2024-12-310001785056us-gaap:WarrantMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001785056trnr:TermLoanMembertrnr:VerticalInvestorsLlcMember2024-02-010001785056us-gaap:CommonStockMembertrnr:RegisteredOfferingWarrantsMember2024-05-310001785056trnr:ExchangeNotesMember2025-01-290001785056trnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-08-260001785056trnr:NovemberTwoThousandTwentyThreeBridgeNotesMember2025-01-012025-12-310001785056us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001785056trnr:ErgattaAcquisitionCorpMemberus-gaap:SubsequentEventMembertrnr:D-3PreferredStockMember2026-02-182026-02-180001785056trnr:AugustTwentyTwentyThreeMembertrnr:PromissoryNotesMember2023-12-310001785056us-gaap:WarrantMembersrt:MaximumMembertrnr:ClassAIncrementalNotesWarrantsMember2025-12-310001785056trnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-12-170001785056trnr:D-1AndD-2PreferredStockMemberus-gaap:SubsequentEventMember2026-03-110001785056trnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMember2025-01-012025-12-310001785056us-gaap:WarrantMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001785056trnr:RemainderNotesMember2024-12-310001785056us-gaap:WarrantMembertrnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-09-180001785056trnr:LossRestorationAgreementDerivativeMember2025-12-310001785056trnr:FebruaryTwoThousandTwentyFourWarrantsMember2025-01-012025-12-310001785056trnr:JanuaryTwoThousandTwentyFiveDerivativeMember2025-12-310001785056us-gaap:DerivativeMember2024-12-310001785056trnr:FebruaryTwoThousandTwentyFourWarrantsMemberus-gaap:WarrantMember2025-01-012025-12-310001785056trnr:SeriesCPreferredStockConversionToCommonStockMember2025-01-012025-12-310001785056us-gaap:TrademarksAndTradeNamesMember2025-01-012025-12-310001785056us-gaap:WarrantMember2024-12-310001785056trnr:OctoberTwentyTwentyThreeMembertrnr:PromissoryNotesMembertrnr:AssetPurchaseAgreementMember2024-02-012024-02-290001785056us-gaap:WarrantMembertrnr:CommonStockWarrantsBestEffortsPlacementAgentMember2025-01-012025-12-310001785056trnr:FebruaryTwoThousandTwentyFourConvertibleNotesMember2024-02-290001785056trnr:WattbikeAcquisitionMembersrt:ScenarioPreviouslyReportedMember2025-07-010001785056country:US2025-01-012025-12-310001785056us-gaap:CostOfGoodsTotalMembertrnr:NoVendorMemberus-gaap:SupplierConcentrationRiskMember2024-01-012024-12-310001785056trnr:TwoThousandTwentyFourCommonWarrantsMember2025-01-012025-12-310001785056us-gaap:SeriesEPreferredStockMember2025-12-310001785056us-gaap:RetainedEarningsMembertrnr:SeriesAConvertiblePreferredStockMember2024-01-012024-12-310001785056us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ConvertibleNotesPayableMember2024-12-310001785056trnr:ClmbrIncMembersrt:RestatementAdjustmentMember2024-02-020001785056trnr:CapitalizedContentCostsMember2025-12-310001785056srt:MinimumMember2017-01-012017-12-310001785056country:US2024-01-012024-12-310001785056us-gaap:ForeignCountryMember2024-12-310001785056us-gaap:SeriesBPreferredStockMember2025-12-310001785056trnr:BestEffortsOfferingMember2024-01-012024-12-310001785056trnr:NovemberBridgeNotesMembertrnr:OtherNotesPayableMember2023-12-310001785056trnr:D-1PreferredStockMembertrnr:ErgattaAcquisitionCorpMemberus-gaap:SubsequentEventMember2026-02-182026-02-180001785056us-gaap:DomesticCountryMember2025-01-012025-12-310001785056us-gaap:WarrantMembertrnr:FebruaryTwoThousandTwentyFourWarrantsMember2024-01-012024-12-310001785056trnr:FebruaryTwoThousandTwentyFourConvertibleNotesMember2024-11-300001785056trnr:FebruaryTwoThousandTwentyFourConvertibleNotesMember2025-04-180001785056us-gaap:SeriesAPreferredStockMembersrt:MinimumMember2024-06-280001785056trnr:AtTheMarketOfferingMemberus-gaap:CommonStockMember2025-01-012025-12-310001785056trnr:MatureAtMaySeventeenTwoThousandTwentyOneMembertrnr:PrincipalStockholderPromissoryNotesMember2024-12-310001785056trnr:DiscountOnJuneTwoThousandTwentyFiveConvertiblePreferredNoteMember2024-12-310001785056trnr:TwoThousandTwentyFourConvertibleNotesMembertrnr:OtherNotesPayableMember2023-12-310001785056trnr:AtTheMarketOfferingMemberus-gaap:CommonStockMember2025-02-012025-02-280001785056trnr:TwoThousandTwentyFiveCommonWarrantsMember2025-01-012025-12-310001785056us-gaap:WarrantMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001785056trnr:DecemberSevenTwentyTwentyThreeWarrantsMember2024-01-012024-12-310001785056trnr:WattbikeAcquisitionMembertrnr:HardwareDevelopedTechnologyMember2025-01-012025-12-310001785056trnr:TermLoanMember2024-01-012024-12-310001785056trnr:MatureAtJuneFourTwoThousandTwentySevenMembersrt:MaximumMembertrnr:JuneTwoThousandTwentyFiveConvertiblePreferredNoteMember2025-06-040001785056trnr:ClassAIncrementalNotesDerivativeMember2025-01-012025-12-310001785056trnr:MatureAtJuneFourTwoThousandTwentySevenMembertrnr:JuneTwoThousandTwentyFiveConvertiblePreferredNoteMember2025-06-040001785056trnr:PrincipalStockholderPromissoryNotesMember2019-08-280001785056trnr:AssetPurchaseAgreementMember2024-09-300001785056us-gaap:AdditionalPaidInCapitalMember2025-01-012025-12-310001785056trnr:ClassAIncrementalNoteMemberus-gaap:SubsequentEventMember2026-02-090001785056trnr:OtherConvertibleNotesMember2024-12-310001785056trnr:SeriesAConvertiblePreferredStockMemberus-gaap:RetainedEarningsMember2025-01-012025-12-310001785056us-gaap:SubsequentEventMember2026-02-280001785056trnr:CommonStockWarrantsBestEffortsA1Member2024-01-012024-12-310001785056trnr:ClmbrIncMember2025-01-012025-12-310001785056trnr:PrincipalStockholderPromissoryNotesMember2021-02-122021-02-120001785056us-gaap:SeriesAPreferredStockMember2024-09-300001785056trnr:WoodwayUsaIncMemberus-gaap:CommonStockMember2026-02-272026-02-270001785056trnr:JuneSecuredNotesTwentyTwentyThreeMembertrnr:OtherNotesPayableMember2024-12-310001785056us-gaap:SeriesAPreferredStockMembertrnr:NovemberTwoThousandTwentyThreeBridgeNotesMember2024-01-012024-03-310001785056trnr:ClmbrIncMember2024-02-022024-02-020001785056us-gaap:BlackScholesMertonModelMembersrt:MaximumMember2025-01-012025-12-310001785056us-gaap:CommonStockMemberus-gaap:SubsequentEventMember2026-02-230001785056srt:RestatementAdjustmentMember2025-12-310001785056us-gaap:BlackScholesMertonModelMembersrt:MaximumMember2024-01-012024-12-3100017850562025-09-222025-09-220001785056trnr:WattbikeAcquisitionMemberus-gaap:TrademarksAndTradeNamesMember2025-01-012025-12-310001785056us-gaap:SeriesCPreferredStockMember2024-01-012024-12-310001785056trnr:RemainderNotesMember2025-12-310001785056trnr:DerivativeLiabilitiesMember2024-12-310001785056trnr:SeniorSecuredConvertibleNotesMember2024-12-310001785056trnr:ClmbrIncMember2025-01-012025-12-310001785056trnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-07-252025-07-250001785056us-gaap:SeriesCPreferredStockMembertrnr:LenderSettlementAgreementMember2025-12-310001785056trnr:OtherRelatedPartyConvertibleNotesMember2020-02-180001785056srt:MinimumMemberus-gaap:BlackScholesMertonModelMember2025-01-012025-12-310001785056trnr:MatureAtJuneTwentyTwoTwoThousandTwentyTwoMembertrnr:OtherRelatedPartyPromissoryNotesMember2024-01-012024-01-310001785056us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ConvertibleNotesPayableMember2024-12-310001785056trnr:WattbikeMembercountry:US2025-01-012025-12-310001785056trnr:CommonStockWarrantsBestEffortsA2Member2023-12-310001785056trnr:DecemberTwentyTwentyThreeWarrantsMember2024-06-300001785056us-gaap:RetainedEarningsMember2024-01-012024-12-310001785056us-gaap:SeriesEPreferredStockMember2024-12-310001785056trnr:PrincipalStockholderPromissoryNotesMember2020-03-202020-03-200001785056trnr:DecemberTwoThousandTwentyThreeConvertibleNotesMember2024-07-012024-07-310001785056trnr:FebruaryTwoThousandTwentyFourConvertibleNotesMember2025-01-012025-12-310001785056trnr:PromissoryNotesRelatedPartiesMember2024-12-310001785056us-gaap:CommonStockMember2025-12-310001785056trnr:MatureAtJuneTwelveTwoThousandTwentyTwoMembertrnr:OtherRelatedPartyPromissoryNotesMember2024-02-012024-02-290001785056trnr:RoyaltyArrangementThreePercentageOfCumulativeNetSalesUpTo5MillionMembertrnr:OtherRelatedPartyTransactionsMember2025-01-012025-12-310001785056trnr:WoodwayUsaIncMember2026-02-270001785056us-gaap:WarrantMembertrnr:CommonStockWarrantsBestEffortsA2Member2024-07-010001785056us-gaap:CommonStockMember2024-02-012024-02-010001785056trnr:PreProductionToolingMembersrt:MaximumMember2025-12-310001785056us-gaap:PreferredClassAMember2025-12-310001785056trnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-09-1800017850562023-11-012023-11-300001785056trnr:FebruaryTwoThousandTwentyFourConvertibleNotesMember2024-12-130001785056trnr:WattbikeAcquisitionMember2025-07-010001785056trnr:MatureAtOctoberFifteenTwoThousandTwentyFiveMembertrnr:PromissoryNotesMember2025-03-050001785056us-gaap:SeriesAPreferredStockMembertrnr:TwoThousandTwentyFourConvertibleNotesMembertrnr:OtherNotesPayableMember2024-01-012024-12-310001785056trnr:CommonStockWarrantsBestEffortsA2Member2025-01-012025-12-310001785056trnr:HardwareDistributionMember2025-12-310001785056trnr:TwoThousandTwentyThreeAndTwoThousandTwentyEquityIncentivePlanMemberus-gaap:SoftwareAndSoftwareDevelopmentCostsMember2024-01-012024-12-310001785056trnr:PromissoryNotesMembertrnr:NovemberTwentyTwentyThreeMember2024-01-012024-12-310001785056trnr:JuneTwoThousandTwentyFiveConvertibleExchangeableNotesMember2025-12-092025-12-090001785056trnr:BestEffortsOfferingMemberus-gaap:AdditionalPaidInCapitalMember2024-01-012024-12-310001785056trnr:InternalUseSoftwareMember2025-12-310001785056trnr:RegisteredDirectPlacementAgentWarrantsMember2025-01-012025-12-310001785056us-gaap:SubsequentEventMember2026-02-230001785056trnr:SeriesBConvertiblePreferredStockMember2025-01-012025-12-310001785056trnr:RegisteredOfferingWarrantsMember2024-01-012024-12-310001785056trnr:OtherRelatedPartyPromissoryNotesMember2021-01-122021-01-120001785056trnr:AugustTwentyTwentyThreeMembertrnr:PromissoryNotesMember2024-01-012024-12-310001785056trnr:DecemberTwoThousandTwentyThreeDerivativeMember2023-12-310001785056us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CashAndCashEquivalentsMember2024-12-310001785056trnr:ClmbrIncMember2025-12-310001785056trnr:FETTokensMember2024-12-310001785056trnr:NewWoodwayNoteMember2025-11-072025-11-070001785056us-gaap:SeriesCPreferredStockMembertrnr:LenderSettlementAgreementMember2025-01-230001785056us-gaap:WarrantMembertrnr:CommonStockWarrantsBestEffortsPreFundedMember2024-01-012024-12-310001785056trnr:TwoThousandTwentyFourConvertibleNotesMember2024-04-012024-04-300001785056trnr:AssetPurchaseAgreementMembertrnr:PromissoryNotesMembertrnr:NovemberTwentyTwentyThreeMember2023-11-300001785056trnr:ClassAIncrementalNotesWarrantsMember2025-01-012025-12-310001785056trnr:AmendedAndRestatedAssetPurchaseAgreementMemberus-gaap:SeriesBPreferredStockMember2024-02-022024-02-020001785056trnr:RegisteredDirectPlacementAgentWarrantsMember2024-01-012024-12-310001785056trnr:FebruaryTwoThousandTwentyFourConvertibleNotesMember2024-11-122024-12-3100017850562024-12-310001785056trnr:JuneTwoThousandTwentyFiveConvertibleExchangeableNotesMember2025-06-130001785056trnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-03-110001785056us-gaap:CommonStockMembertrnr:BestEffortsOfferingMember2024-07-310001785056trnr:SeriesAConvertiblePreferredStockOneMember2024-03-292024-03-290001785056trnr:OtherRelatedPartyPromissoryNotesMember2021-02-222021-02-220001785056trnr:MatureAtJuneTwelveTwoThousandTwentyTwoMembertrnr:OtherRelatedPartyPromissoryNotesMember2024-01-012024-01-310001785056trnr:ClmbrIncMember2024-02-020001785056trnr:ClassAIncrementalNoteMemberus-gaap:SubsequentEventMember2026-02-050001785056trnr:CommonStockWarrantsBestEffortsPlacementAgentMember2024-01-012024-12-310001785056trnr:MasterNettingAgreementMember2025-12-310001785056trnr:ExchangeNotesMember2025-02-042025-02-040001785056trnr:SeriesAConvertiblePreferredStockMember2024-11-012024-12-310001785056trnr:TermLoanMembertrnr:VerticalInvestorsLlcMember2025-08-082025-08-080001785056us-gaap:SeriesCPreferredStockMember2024-12-310001785056trnr:DecemberTwentyTwentyThreeWarrantsMembertrnr:WarrantOneMember2024-06-300001785056trnr:CommonStockWarrantsBestEffortsA1Member2024-12-310001785056trnr:SportstechMembersrt:ScenarioForecastMember2026-03-310001785056trnr:TermLoanMembertrnr:VerticalInvestorsLlcMember2025-08-080001785056trnr:OtherCountriesMembertrnr:CLMBRMember2025-01-012025-12-310001785056us-gaap:SeriesAPreferredStockMembertrnr:TwoThousandTwentyFourConvertibleNotesMember2024-05-012024-05-310001785056trnr:SeriesAConvertiblePreferredStockMembertrnr:BridgeNoteFinancingMember2024-03-012024-03-310001785056trnr:PromissoryNotesMember2023-12-310001785056trnr:TwoThousandTwentyThreeAndTwoThousandTwentyEquityIncentivePlanMemberus-gaap:ResearchAndDevelopmentExpenseMember2025-01-012025-12-310001785056trnr:AssetPurchaseAgreementMember2025-12-310001785056trnr:NovemberTwoThousandTwentyThreeBridgeNotesMember2023-11-102023-11-100001785056srt:MaximumMember2025-12-310001785056trnr:SeriesAConvertiblePreferredStockMember2024-12-310001785056us-gaap:RelatedPartyMembertrnr:NovemberTwoThousandTwentyThreeBridgeNotesMember2023-11-102023-11-100001785056trnr:FollowOnOfferingMember2024-01-012024-12-310001785056trnr:JuneTwoThousandTwentyFiveConvertibleExchangeableNotesMember2025-01-012025-12-310001785056trnr:TetherStablecoinsMembertrnr:JuneTwoThousandTwentyFiveConvertibleExchangeableNotesMember2025-01-012025-12-310001785056trnr:SeriesBPreferredStockConversionToCommonStockMember2024-01-012024-12-3100017850562025-12-292025-12-290001785056us-gaap:WarrantMembertrnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-10-030001785056trnr:NewWoodwayNoteMember2025-12-290001785056trnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMember2024-01-012024-12-310001785056us-gaap:EmployeeStockOptionMembertrnr:TwoThousandTwentyThreeAndTwoThousandTwentyEquityIncentivePlanMember2024-01-012024-12-310001785056trnr:BridgeNoteFinancingMember2023-12-310001785056trnr:PromissoryNotesRelatedPartiesMember2025-12-310001785056us-gaap:WarrantMembertrnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-12-040001785056us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-12-310001785056trnr:CommonStockWarrantsBestEffortsPreFundedMember2024-07-310001785056us-gaap:MonteCarloModelMember2024-01-012024-12-310001785056trnr:PrincipalStockholderPromissoryNotesMember2025-12-310001785056trnr:OctoberTwentyTwentyThreeMembertrnr:AssetPurchaseAgreementMembertrnr:PromissoryNotesMember2023-10-310001785056us-gaap:WarrantMembertrnr:CommonStockWarrantsBestEffortsPlacementAgentMember2024-01-012024-12-310001785056trnr:WorkingCapitalFacilityMember2025-12-310001785056trnr:CommonStockWarrantsBestEffortsPlacementAgentMember2023-12-310001785056us-gaap:SeriesAPreferredStockMembertrnr:DecemberTwentyTwentyThreeWarrantsMember2024-06-300001785056us-gaap:FairValueInputsLevel3Membertrnr:EmbeddedDerivatiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001785056srt:MaximumMember2017-01-012017-12-310001785056us-gaap:SeriesAPreferredStockMembersrt:BoardOfDirectorsChairmanMember2024-09-300001785056trnr:LoanModificationAgreementMember2024-04-240001785056trnr:BridgeNoteFinancingMember2024-01-012024-12-310001785056trnr:FORMEMembercountry:US2024-01-012024-12-310001785056trnr:WattbikeAndCLMBRAcquisitionMember2023-01-012023-12-310001785056us-gaap:SeriesBPreferredStockMember2024-12-310001785056us-gaap:SeriesEPreferredStockMember2024-01-012024-12-310001785056us-gaap:WarrantMembertrnr:RegisteredDirectPlacementAgentWarrantsMember2024-01-012024-12-310001785056trnr:SeptemberTwoThousandTwentyFiveExchangeNoteMember2026-01-310001785056trnr:FORMEMember2025-01-012025-12-310001785056trnr:SeriesAConvertiblePreferredStockOneMember2024-01-012024-09-300001785056trnr:MatureAtJuneTwelveTwoThousandTwentyTwoMembertrnr:OtherRelatedPartyPromissoryNotesMember2024-02-290001785056trnr:SeriesEConvertiblePreferredStockMember2025-12-310001785056us-gaap:SeriesAPreferredStockMembersrt:MinimumMember2025-01-012025-12-310001785056us-gaap:AdditionalPaidInCapitalMember2025-12-310001785056srt:MinimumMemberus-gaap:BlackScholesMertonModelMember2024-01-012024-12-310001785056us-gaap:SeriesBPreferredStockMember2025-01-012025-12-310001785056trnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-12-172025-12-170001785056srt:RestatementAdjustmentMember2025-07-010001785056trnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-01-282025-01-280001785056trnr:NovemberTenTwentyTwentyThreeWarrantsMember2024-12-310001785056us-gaap:WarrantMembertrnr:CommonStockWarrantsBestEffortsA2Member2025-01-012025-12-310001785056trnr:DirectToCustomerSubscriptionMembertrnr:WattbikeAcquisitionMember2025-12-310001785056us-gaap:DerivativeMember2023-12-310001785056us-gaap:BlackScholesMertonModelMember2024-01-012024-12-3100017850562024-11-1100017850562025-10-310001785056trnr:PromissoryNotesMember2024-01-012024-12-310001785056us-gaap:CommonStockMembertrnr:DecemberTwoThousandTwentyThreeConvertibleNotesMember2024-06-012024-06-300001785056trnr:TwoThousandTwentyFourConvertibleNotesMember2024-05-012024-05-310001785056trnr:PromissoryNotesMembertrnr:MatureAtMayFirstTwoThousandTwentySixMember2025-05-012025-05-010001785056trnr:SeriesCConvertiblePreferredStockMember2024-01-012024-12-310001785056trnr:FebruaryOneTwoThousandTwentyFourWarrantsMember2024-01-012024-12-310001785056trnr:DecemberTwoThousandTwentyThreeWarrantsMembertrnr:WarrantOneMember2024-01-012024-12-310001785056us-gaap:WarrantMembertrnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMember2025-01-280001785056trnr:TermLoanMember2024-09-300001785056trnr:OtherRelatedPartyPromissoryNotesMember2021-02-220001785056trnr:WattbikeMembersrt:EuropeMember2024-01-012024-12-310001785056us-gaap:FairValueInputsLevel3Memberus-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001785056trnr:WattbikeAcquisitionMembersrt:ScenarioForecastMembertrnr:PurchaseAgreementMember2025-10-012026-09-300001785056trnr:OctoberTwentyTwentyThreeMembertrnr:AssetPurchaseAgreementMembertrnr:PromissoryNotesMember2024-01-012024-12-310001785056trnr:FebruaryTwoThousandTwentyFourWarrantsMemberus-gaap:WarrantMembertrnr:FebruaryTwoThousandTwentyFourNoteMember2024-02-012024-02-010001785056us-gaap:EmployeeStockOptionMembertrnr:TwoThousandTwentyThreeAndTwoThousandTwentyEquityIncentivePlanMember2025-01-012025-12-310001785056trnr:CommonStockWarrantsBestEffortsPreFundedMember2024-12-310001785056us-gaap:CostOfGoodsTotalMembertrnr:NoVendorMemberus-gaap:SupplierConcentrationRiskMember2025-01-012025-12-310001785056trnr:WattbikeAcquisitionMember2025-07-010001785056trnr:NewWoodwayNoteMember2025-12-292025-12-290001785056trnr:TwoThousandTwentyFourConvertibleNotesMembertrnr:OtherNotesPayableMember2024-12-310001785056trnr:DecemberTwoThousandTwentyThreeConvertibleNotesMember2024-12-310001785056trnr:UnsecuredPromissoryNoteMember2025-05-210001785056trnr:WoodwayFebruaryTwoThousandTwentyFourWarrantsMember2025-12-310001785056us-gaap:CommonStockMembertrnr:ClmbrIncMember2024-02-020001785056us-gaap:WarrantMembertrnr:WoodwayWarrantsMember2024-02-200001785056trnr:SeriesAConvertiblePreferredStockMemberus-gaap:AdditionalPaidInCapitalMember2024-01-012024-12-3100017850562025-11-072025-11-070001785056us-gaap:StateAndLocalJurisdictionMember2024-12-310001785056us-gaap:ConvertiblePreferredStockMember2025-06-012025-06-300001785056trnr:FebruaryTwoThousandTwentyFourConvertibleNotesMember2025-01-012025-12-310001785056trnr:TwoThousandTwentyThreeAndTwoThousandTwentyEquityIncentivePlanMember2023-01-012023-12-310001785056us-gaap:WarrantMembertrnr:WoodwayMayTwoThousandTwentyFiveWarrantsMember2025-01-012025-12-310001785056trnr:CapitalizedSoftwareMember2024-12-310001785056us-gaap:SeriesAPreferredStockMembersrt:MaximumMember2024-04-180001785056trnr:ClassAIncrementalNotesWarrantsMember2024-12-310001785056trnr:UnsecuredPromissoryNoteMembertrnr:MatureAtMayTwentyFirstTwoThousandTwentySevenMember2025-05-212025-05-210001785056trnr:SeriesLTIPreferredStockMember2025-06-142025-06-140001785056trnr:RegisteredOfferingWarrantsMember2023-12-310001785056trnr:ErgattaAcquisitionCorpMemberus-gaap:SubsequentEventMembertrnr:D-2PreferredStockMember2026-02-182026-02-180001785056trnr:DiscountOnOtherNotesPayableMember2024-12-310001785056us-gaap:RetainedEarningsMember2025-12-310001785056us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CashAndCashEquivalentsMember2025-12-310001785056trnr:MatureAtMayTwentyFirstTwoThousandTwentySevenMember2025-12-310001785056trnr:WattbikeAcquisitionMemberus-gaap:SeriesEPreferredStockMember2025-07-012025-07-010001785056trnr:OfferingCostsMember2024-01-012024-12-310001785056trnr:AmendedAndRestatedAssetPurchaseAgreementMemberus-gaap:CashMember2024-02-022024-02-020001785056trnr:OtherRelatedPartyPromissoryNotesMembertrnr:MatureAtJuneTwoTwoThousandTwentyTwoMember2024-02-2900017850562025-12-310001785056us-gaap:CommonStockMember2024-09-012024-11-3000017850562025-01-012025-12-310001785056us-gaap:WarrantMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001785056trnr:OtherRelatedPartyConvertibleNotesMember2020-02-182020-02-180001785056trnr:MatureAtNovemberTwentyEightTwoThousandNineteenMembertrnr:PrincipalStockholderPromissoryNotesMember2025-12-310001785056srt:AsiaMember2025-01-012025-12-310001785056trnr:SeriesAConvertiblePreferredStockOneMembertrnr:LoanRestorationAgreementMember2024-01-012024-09-300001785056trnr:SeptemberTwoThousandTwentyFiveExchangeNoteMember2024-12-310001785056us-gaap:OperatingSegmentsMember2024-01-012024-12-310001785056trnr:CLMBRMember2024-01-012024-12-310001785056trnr:InternalUseSoftwareMember2024-12-310001785056trnr:WattbikeAcquisitionMembersrt:RestatementAdjustmentMember2025-07-010001785056trnr:CommonStockWarrantsBestEffortsPlacementAgentMember2024-12-310001785056us-gaap:SeriesAPreferredStockMembertrnr:JuneSecuredNotesTwentyTwentyThreeMembertrnr:OtherNotesPayableMember2024-01-012024-12-310001785056us-gaap:ConvertibleNotesPayableMember2024-11-112024-12-310001785056trnr:PromissoryNotesMembertrnr:MatureAtMayFirstTwoThousandTwentySixMember2025-12-170001785056trnr:AtTheMarketOfferingMember2024-01-012024-12-310001785056trnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-10-030001785056trnr:MatureAtFebruaryEighteenTwoThousandTwentyOneMembertrnr:OtherRelatedPartyConvertibleNotesMember2024-01-012024-01-310001785056trnr:WoodwayWarrantsMember2023-12-310001785056trnr:RemainderNotesMember2025-01-012025-12-310001785056us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CashAndCashEquivalentsMember2025-12-310001785056trnr:JuneTwoThousandTwentyFiveFETNotesMember2025-10-012025-10-310001785056trnr:TermLoanMembertrnr:LoanModificationAgreementMember2024-04-242024-04-240001785056us-gaap:WarrantMembertrnr:CommonStockWarrantsBestEffortsPreFundedMember2024-07-010001785056us-gaap:RetainedEarningsMember2023-12-3100017850562025-10-012025-12-3100017850562025-06-260001785056trnr:OtherRelatedPartyPromissoryNotesMember2024-08-012024-08-310001785056trnr:SeriesCConvertiblePreferredStockMemberus-gaap:RetainedEarningsMember2025-01-012025-12-310001785056us-gaap:WarrantMembertrnr:WoodwayWarrantsMember2024-01-012024-12-310001785056us-gaap:SeriesCPreferredStockMemberus-gaap:CommonStockMember2025-01-012025-12-310001785056srt:AsiaMembertrnr:CLMBRMember2025-01-012025-12-310001785056us-gaap:CommonStockMember2024-01-012024-06-300001785056srt:AsiaMembertrnr:WattbikeMember2025-01-012025-12-310001785056us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001785056trnr:AtTheMarketOfferingMemberus-gaap:AdditionalPaidInCapitalMember2024-01-012024-12-310001785056us-gaap:LoansPayableMember2025-12-310001785056trnr:ClmbrIncMember2024-12-310001785056trnr:RegisteredDirectPlacementAgentWarrantsMember2025-01-012025-12-310001785056trnr:RemainderNoteIssuedInDecemberNineTwoThousandTwentyFiveMembertrnr:RemainderNotesMember2025-01-012025-12-310001785056trnr:CommonStockWarrantsBestEffortsA2Member2025-12-310001785056trnr:RemainderNotesMember2025-01-012025-12-310001785056trnr:SeriesEConvertiblePreferredStockMember2025-06-260001785056trnr:JuneTwoThousandTwentyFiveConvertibleExchangeableNotesMember2025-06-3000017850562024-05-012024-05-310001785056us-gaap:SubsequentEventMember2026-02-232026-02-230001785056trnr:CommonStockWarrantsBestEffortsA2Member2024-01-012024-12-310001785056trnr:AssetPurchaseAgreementMember2024-02-022024-02-020001785056us-gaap:WarrantMembertrnr:DecemberTwoThousandTwentyThreeWarrantsMember2025-12-310001785056trnr:CLMBRMembersrt:EuropeMember2025-01-012025-12-310001785056us-gaap:CostOfGoodsTotalMembersrt:MinimumMembertrnr:NoVendorMemberus-gaap:SupplierConcentrationRiskMember2025-01-012025-12-310001785056trnr:NovemberTenTwentyTwentyThreeWarrantsMember2025-01-012025-12-310001785056us-gaap:SeriesEPreferredStockMember2025-07-010001785056trnr:SeriesBConvertiblePreferredStockMember2024-12-310001785056trnr:NovemberTwoThousandTwentyThreeBridgeNotesMember2024-03-310001785056trnr:FORMEMembersrt:EuropeMember2024-01-012024-12-310001785056us-gaap:WarrantMembertrnr:CommonStockWarrantsBestEffortsPlacementAgentMember2025-12-310001785056trnr:CommonStockWarrantsBestEffortsPlacementAgentMember2024-12-310001785056srt:RestatementAdjustmentMember2024-12-310001785056trnr:OtherNotesPayableMember2025-12-3100017850562024-06-132024-06-130001785056trnr:FebruaryTwoThousandTwentyFourConvertibleNotesMember2024-12-310001785056trnr:OctoberTwentyTwentyThreeMember2024-12-310001785056srt:MinimumMemberus-gaap:FurnitureAndFixturesMember2025-12-310001785056trnr:HardwareDevelopedTechnologyMember2025-12-3100017850562024-11-080001785056us-gaap:OtherAssetsMember2024-12-310001785056trnr:CommonStockWarrantsBestEffortsPlacementAgentMember2025-01-012025-12-310001785056us-gaap:SeriesCPreferredStockMembertrnr:LenderSettlementAgreementMember2025-01-012025-12-310001785056us-gaap:SeriesAPreferredStockMember2024-12-310001785056trnr:PrincipalStockholderPromissoryNotesMember2019-11-280001785056trnr:JuneTwoThousandTwentyFiveConvertiblePreferredNoteMember2025-12-310001785056us-gaap:DevelopedTechnologyRightsMember2025-12-310001785056trnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-09-182025-09-180001785056trnr:NovemberTwoThousandTwentyThreeBridgeWarrantsMember2025-01-012025-12-310001785056us-gaap:CostOfGoodsTotalMembersrt:MinimumMembertrnr:NoVendorMemberus-gaap:SupplierConcentrationRiskMember2024-01-012024-12-310001785056trnr:JuneTwentyTwentyThreeNotesMember2023-06-300001785056trnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-01-280001785056trnr:WorkingCapitalFacilityMember2024-12-310001785056trnr:JuneTwoThousandTwentyFiveConvertiblePreferredNoteMember2025-06-040001785056us-gaap:CustomerRelatedIntangibleAssetsMember2025-12-310001785056us-gaap:CommonStockMembertrnr:RelatedPartyNoteholderMember2026-02-262026-02-260001785056trnr:WattbikeFXContractDerivativeMember2025-12-310001785056trnr:TwoThousandTwentyThreeAndTwoThousandTwentyEquityIncentivePlanMember2024-01-012024-12-310001785056trnr:RoyaltyArrangementThreePercentageOfCumulativeNetSalesUpTo5MillionMembertrnr:OtherRelatedPartyTransactionsMember2025-12-310001785056trnr:SeptemberTwoThousandTwentyFiveExchangeNoteMember2025-09-262025-09-260001785056trnr:ExchangeNotesMembertrnr:PrincipalStockholderPromissoryNotesMember2025-02-040001785056trnr:PromissoryNotesMembertrnr:NovemberTwentyTwentyThreeMember2023-12-310001785056trnr:DecemberTwentyTwentyThreeWarrantsMember2023-12-310001785056us-gaap:TrademarksAndTradeNamesMember2025-12-310001785056trnr:JuneTwoThousandTwentyFiveConvertibleExchangeableNotesMember2025-09-300001785056trnr:SeriesCConvertiblePreferredStockMember2025-12-310001785056us-gaap:RetainedEarningsMember2025-01-012025-12-310001785056us-gaap:ForeignCountryMember2025-12-310001785056trnr:JanuaryTwoThousandTwentyFiveDerivativeMember2024-12-310001785056trnr:CommonStockWarrantsBestEffortsA2Member2025-01-012025-12-310001785056trnr:ThirdPartyVendorsMember2025-10-310001785056trnr:WattbikeMember2024-01-012024-12-310001785056us-gaap:SeriesAPreferredStockMembertrnr:TwoThousandTwentyFourConvertibleNotesMember2024-05-310001785056us-gaap:WarrantMembertrnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMember2025-12-310001785056trnr:HardwareDistributionMember2025-01-012025-12-310001785056trnr:ClmbrIncMember2025-12-310001785056trnr:SeriesAPreferredStockConversionToCommonStockMember2025-01-012025-12-310001785056us-gaap:StateAndLocalJurisdictionMember2025-12-310001785056trnr:NovemberBridgeNotesMembertrnr:OtherNotesPayableMember2024-01-012024-12-310001785056trnr:MatureAtNovemberTwentyEightTwoThousandNineteenMembertrnr:PrincipalStockholderPromissoryNotesMember2024-12-310001785056us-gaap:CommonStockMember2025-01-012025-12-310001785056trnr:AtTheMarketOfferingMember2025-01-012025-12-310001785056trnr:EmbeddedDerivatiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001785056trnr:WorkingCapitalFacilityMember2025-07-012025-07-010001785056trnr:SeriesCConvertiblePreferredStockMember2024-12-310001785056trnr:RelatedPartyWarrantsMember2025-01-012025-12-310001785056us-gaap:DomesticCountryMember2025-12-310001785056trnr:WattbikeAcquisitionMemberus-gaap:SeriesBPreferredStockMember2025-07-012025-07-010001785056trnr:TwoThousandTwentyThreeAndTwoThousandTwentyEquityIncentivePlanMember2023-12-310001785056trnr:SportstechMember2025-12-310001785056trnr:RemainderNotesMember2025-06-300001785056us-gaap:GeneralAndAdministrativeExpenseMembertrnr:TwoThousandTwentyThreeAndTwoThousandTwentyEquityIncentivePlanMember2024-01-012024-12-310001785056trnr:RegisteredDirectPlacementAgentWarrantsMember2024-12-310001785056us-gaap:CommonStockMember2025-02-282025-02-280001785056us-gaap:CommonStockMembertrnr:SeptemberTwoThousandTwentyFiveExchangeNoteMember2026-01-012026-01-310001785056srt:MinimumMembertrnr:LoanModificationAgreementMember2024-04-240001785056trnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-03-112025-03-110001785056trnr:OctoberTwentyTwentyThreeMembertrnr:PromissoryNotesMember2024-12-310001785056trnr:WattbikeAcquisitionMembertrnr:BusinessToBusinessSubscriptionMember2025-01-012025-12-310001785056trnr:ClmbrIncMemberus-gaap:SeriesBPreferredStockMember2024-02-020001785056trnr:MatureAtAugustTwentyEightTwoThousandTwentyOneMembertrnr:PrincipalStockholderPromissoryNotesMember2024-12-310001785056us-gaap:CustomerRelatedIntangibleAssetsMember2024-12-310001785056trnr:VerticalInvestorsLlcMember2026-02-260001785056trnr:RelatedPartyNoteholderMember2026-02-260001785056trnr:DecemberTwoThousandTwentyThreeWarrantsMembertrnr:WarrantTwoMember2024-06-300001785056us-gaap:CommonStockMembertrnr:TermLoanMembertrnr:VerticalInvestorsLlcMember2025-08-080001785056trnr:PrincipalStockholderPromissoryNotesMember2025-02-040001785056trnr:SeriesAConvertiblePreferredStockMemberus-gaap:AdditionalPaidInCapitalMember2025-01-012025-12-310001785056trnr:SeptemberTwoThousandTwentyFiveExchangeNoteMember2025-11-242025-11-240001785056trnr:AssetPurchaseAgreementMember2025-01-012025-12-310001785056trnr:FebruaryOneTwoThousandTwentyFourWarrantsMember2024-12-310001785056trnr:CommonStockWarrantsBestEffortsPreFundedMember2024-01-012024-12-310001785056srt:EuropeMember2024-01-012024-12-310001785056trnr:SeriesAConvertiblePreferredStockMember2024-01-012024-12-310001785056trnr:AugustTwentyTwentyThreeMembertrnr:PromissoryNotesMember2024-12-310001785056us-gaap:PreferredClassAMember2024-12-310001785056trnr:DiscountOnOtherNotesPayableMember2025-12-310001785056trnr:RegisteredDirectPlacementAgentWarrantsMember2023-12-310001785056trnr:ExchangeNotesMember2025-12-310001785056trnr:PromissoryNotesMember2024-11-300001785056srt:MinimumMember2025-01-012025-12-310001785056us-gaap:LeaseholdImprovementsMember2025-12-310001785056trnr:CapitalizedSoftwareMember2025-12-310001785056trnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-10-032025-10-030001785056trnr:MatureAtOctoberFifteenTwoThousandTwentyFiveMembertrnr:PromissoryNotesMember2025-03-052025-03-050001785056us-gaap:ConvertibleNotesPayableMember2025-12-310001785056us-gaap:SubsequentEventMembertrnr:D-2PreferredStockMember2026-03-110001785056trnr:FebruaryTwoThousandTwentyFourConvertibleNotesMember2024-12-132024-12-130001785056trnr:ClmbrIncMember2024-01-012024-12-310001785056trnr:DirectToCustomerSubscriptionMembertrnr:WattbikeAcquisitionMember2025-01-012025-12-310001785056trnr:CLMBRMember2025-01-012025-12-310001785056trnr:DecemberTwoThousandTwentyThreeConvertibleNotesMember2023-12-070001785056trnr:FebruaryTwoThousandTwentyFourConvertibleNotesMember2024-01-012024-12-310001785056us-gaap:SeriesAPreferredStockMembertrnr:DecemberTwentyTwentyThreeWarrantsMember2023-01-012023-12-310001785056trnr:SeriesAConvertiblePreferredStockOneMember2024-03-290001785056trnr:CommonStockWarrantsBestEffortsA2Member2024-12-310001785056trnr:FebruaryTwoThousandTwentyFourWarrantsMember2024-02-010001785056trnr:PrincipalStockholderPromissoryNotesMember2024-01-012024-12-310001785056us-gaap:RetainedEarningsMember2024-12-310001785056trnr:SeriesLTIPreferredStockMember2025-06-140001785056trnr:OtherRelatedPartyTransactionsMembertrnr:NoninterestBearingNoteMember2024-08-012024-08-310001785056trnr:WattbikeAcquisitionMember2025-07-012025-07-010001785056trnr:TwoThousandTwentyThreeAndTwoThousandTwentyEquityIncentivePlanMemberus-gaap:ResearchAndDevelopmentExpenseMember2024-01-012024-12-310001785056trnr:ClassAIncrementalNotesWarrantsMember2025-12-310001785056trnr:RegisteredOfferingWarrantsMember2025-01-012025-12-310001785056trnr:NovemberBridgeNotesMembertrnr:OtherNotesPayableMember2024-12-310001785056us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001785056trnr:FebruaryTwoThousandTwentyFourWarrantsMembertrnr:WarrantTwoMembertrnr:FebruaryTwoThousandTwentyFourNoteMember2024-02-010001785056trnr:JanuaryTwoThousandTwentyFiveDerivativeMember2023-01-012023-12-310001785056trnr:WattbikeAcquisitionMember2025-07-012025-07-010001785056trnr:WattbikeAcquisitionMembertrnr:SoftwareDevelopedTechnologyMember2025-01-012025-12-310001785056trnr:PrincipalStockholderPromissoryNotesMember2020-03-200001785056trnr:BridgeNoteFinancingMember2024-12-310001785056us-gaap:CommonStockMembertrnr:AmendedAndRestatedAssetPurchaseAgreementMember2024-02-022024-02-020001785056trnr:NewWoodwayNoteMember2025-12-310001785056trnr:UnsecuredPromissoryNoteMembertrnr:MatureAtMayTwentyFirstTwoThousandTwentySevenMember2025-05-210001785056trnr:CommonStockWarrantsBestEffortsPlacementAgentMember2025-01-012025-12-310001785056trnr:WattbikeAcquisitionMember2023-12-310001785056trnr:NovemberTwoThousandTwentyThreeBridgeNotesMember2024-01-012024-12-310001785056trnr:AugustTwentyTwentyThreeMembertrnr:AssetPurchaseAgreementMembertrnr:PromissoryNotesMember2024-02-012024-02-290001785056trnr:PrincipalStockholderPromissoryNotesMember2024-12-310001785056trnr:DecemberTwoThousandTwentyThreeDerivativeMember2024-12-310001785056us-gaap:AdditionalPaidInCapitalMember2023-12-310001785056trnr:FebruaryTwoThousandTwentyFourConvertibleNotesMember2024-11-112024-12-310001785056us-gaap:SeriesAPreferredStockMembersrt:MaximumMember2024-06-280001785056trnr:DiscountOnJuneTwoThousandTwentyFiveConvertiblePreferredNoteMember2025-12-310001785056us-gaap:FairValueInputsLevel3Memberus-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001785056trnr:OtherRelatedPartyPromissoryNotesMember2019-09-012019-09-300001785056trnr:RegisteredDirectOfferingWarrantsMember2025-01-012025-12-310001785056trnr:PromissoryNotesMembertrnr:AssetPurchaseAgreementMembertrnr:NovemberTwentyTwentyThreeMember2023-11-012023-11-300001785056trnr:TermLoanMember2025-01-012025-12-310001785056us-gaap:WarrantMembertrnr:WoodwayWarrantsMember2025-01-012025-12-310001785056trnr:JuneTwoThousandTwentyFiveConvertibleExchangeableNotesMember2025-12-310001785056trnr:OtherNotesPayableMember2024-01-012024-12-310001785056us-gaap:OperatingSegmentsMember2025-01-012025-12-310001785056trnr:OtherCountriesMembertrnr:FORMEMember2025-01-012025-12-310001785056us-gaap:CommonStockMembertrnr:AnotherRelatedPartyNoteholderMember2026-02-262026-02-260001785056trnr:OtherNotesPayableMember2024-12-310001785056trnr:FebruaryTwoThousandTwentyFourWarrantsMember2024-01-012024-12-310001785056trnr:MatureAtOctoberFifteenTwoThousandTwentyFiveMembertrnr:PrincipalStockholderPromissoryNotesMember2025-11-070001785056trnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-12-302025-12-300001785056trnr:JuneTwoThousandTwentyFiveConvertibleExchangeableNotesMember2025-10-132025-10-130001785056us-gaap:SeriesCPreferredStockMembersrt:MinimumMember2025-01-012025-12-310001785056us-gaap:AdditionalPaidInCapitalMember2024-12-310001785056us-gaap:SeriesCPreferredStockMembertrnr:LenderSettlementAgreementMember2025-08-050001785056us-gaap:WarrantMembertrnr:RegisteredOfferingWarrantsMember2024-05-310001785056trnr:JuneTwoThousandTwentyFiveConvertibleExchangeableNotesMember2025-06-300001785056trnr:DecemberTwentyTwentyThreeWarrantsMember2025-01-012025-12-310001785056trnr:WarrantsToPurchaseCommonStockMember2025-01-012025-12-310001785056trnr:PromissoryNotesMembertrnr:MatureAtMayFirstTwoThousandTwentySixMember2025-12-172025-12-170001785056trnr:MatureAtFebruaryEighteenTwoThousandTwentyOneMembertrnr:OtherRelatedPartyConvertibleNotesMember2024-12-310001785056trnr:OctoberTwentyTwentyThreeMembertrnr:AssetPurchaseAgreementMembertrnr:PromissoryNotesMember2023-10-012023-10-310001785056trnr:SoftwareDevelopedTechnologyMember2025-12-310001785056us-gaap:MachineryAndEquipmentMembersrt:MinimumMember2025-12-310001785056trnr:JuneTwoThousandTwentyFiveConvertiblePreferredNoteMember2025-01-012025-12-310001785056trnr:RegisteredDirectOfferingWarrantsMember2025-12-310001785056trnr:WoodwayMayTwoThousandTwentyFiveWarrantsMember2025-12-310001785056trnr:OtherRelatedPartyPromissoryNotesMember2022-10-270001785056trnr:TetherStablecoinsMember2024-12-310001785056trnr:SeriesAPreferredStockConversionToCommonStockMember2024-01-012024-12-310001785056trnr:SeriesBConvertiblePreferredStockMember2024-01-012024-12-310001785056us-gaap:WarrantMembertrnr:DecemberTwoThousandTwentyThreeWarrantsMembertrnr:DecemberTwoThousandTwentyThreeConvertibleNotesMember2025-01-012025-12-3100017850562024-06-012024-06-300001785056trnr:OtherRelatedPartyPromissoryNotesMember2022-10-272022-10-270001785056trnr:ClassAIncrementalNotesDerivativeMember2025-12-310001785056trnr:FORMEMembercountry:US2025-01-012025-12-310001785056us-gaap:WarrantMembertrnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-08-260001785056trnr:MatureAtMarchTwentyTwoThousandTwentyTwoMembertrnr:PrincipalStockholderPromissoryNotesMember2024-12-310001785056trnr:RegisteredDirectOfferingWarrantsMemberus-gaap:WarrantMember2025-01-012025-12-310001785056trnr:RegisteredDirectOfferingWarrantsMemberus-gaap:WarrantMember2025-12-310001785056trnr:CLMBRMembercountry:US2025-01-012025-12-310001785056trnr:TetherStablecoinsMember2025-01-012025-12-310001785056trnr:LossRestorationAgreementDerivativeMember2023-12-3100017850562023-06-012023-06-300001785056us-gaap:SeriesCPreferredStockMembertrnr:LoanRestorationAgreementMember2024-09-300001785056us-gaap:WarrantMembertrnr:DecemberTwoThousandTwentyThreeWarrantsMember2024-01-012024-06-300001785056us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ConvertibleNotesPayableMember2024-12-310001785056trnr:FebruaryTwoThousandTwentyFourConvertibleNotesMember2025-12-310001785056trnr:RelatedPartyWarrantsMember2024-01-012024-12-310001785056us-gaap:WarrantMembertrnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-03-110001785056us-gaap:WarrantMember2025-12-310001785056trnr:TwoThousandTwentyFourConvertibleNotesMember2025-12-310001785056trnr:FebruaryTwoThousandTwentyFourWarrantsMember2025-01-012025-12-310001785056trnr:WattbikeFXContractDerivativeMember2025-01-012025-12-310001785056trnr:FebruaryTwoThousandTwentyFourConvertibleNotesMember2025-01-012025-12-310001785056trnr:ErgattaAcquisitionCorpMemberus-gaap:SubsequentEventMember2026-02-182026-02-180001785056trnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMember2025-12-310001785056us-gaap:SeriesAPreferredStockMember2024-05-012024-05-310001785056us-gaap:WarrantMembertrnr:ClassAIncrementalNotesWarrantsMember2025-01-012025-12-310001785056us-gaap:MonteCarloModelMember2025-01-012025-12-310001785056trnr:WattbikeAndCLMBRAcquisitionMember2024-01-012024-12-310001785056trnr:HardwareDevelopedTechnologyMember2025-01-012025-12-310001785056us-gaap:DomesticCountryMember2024-12-310001785056trnr:SeriesAConvertiblePreferredStockMember2025-12-310001785056trnr:ClmbrIncMembersrt:ScenarioPreviouslyReportedMember2024-02-020001785056us-gaap:PreferredClassBMember2025-12-310001785056trnr:ClassAIncrementalNoteMemberus-gaap:SubsequentEventMember2026-01-062026-01-060001785056trnr:PromissoryNotesMembertrnr:MatureAtMayFirstTwoThousandTwentySixMember2025-12-310001785056trnr:FebruaryTwoThousandTwentyFourConvertibleNotesMember2025-08-080001785056trnr:JanuaryTwoThousandTwentyFiveWarrantsMember2024-12-310001785056trnr:ClassBIncrementalNotesMembertrnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembersrt:MaximumMember2025-01-280001785056trnr:LoanRestorationAgreementMember2024-04-240001785056trnr:SeptemberTwoThousandTwentyFiveExchangeNoteMember2025-09-260001785056trnr:SeriesCPreferredStockConversionToCommonStockMember2024-01-012024-12-310001785056us-gaap:SeriesAPreferredStockMembertrnr:PromissoryNotesMember2024-01-012024-12-310001785056us-gaap:SeriesCPreferredStockMembertrnr:LenderSettlementAgreementMember2025-08-052025-08-050001785056trnr:TermLoanMember2025-12-3100017850562025-06-250001785056trnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-08-262025-08-260001785056trnr:JuneTwentyTwentyThreeNotesMember2023-06-012023-06-300001785056trnr:WattbikeAcquisitionMembersrt:ScenarioForecastMembertrnr:PurchaseAgreementMember2026-10-012027-09-300001785056trnr:CLMBRMembercountry:US2024-01-012024-12-310001785056srt:EuropeMember2025-01-012025-12-310001785056trnr:DecemberTwoThousandTwentyThreeWarrantsMember2024-06-300001785056us-gaap:CommonStockMember2024-11-012024-12-310001785056trnr:DecemberSevenTwentyTwentyThreeWarrantsMember2024-12-310001785056trnr:PromissoryNotesMembertrnr:NovemberTwentyTwentyThreeMember2024-12-310001785056trnr:JanuaryTwoThousandTwentyFiveDerivativeMember2025-01-012025-12-310001785056trnr:ClassAIncrementalNoteMemberus-gaap:SubsequentEventMember2026-01-060001785056trnr:WoodwayMayTwoThousandTwentyFiveWarrantsMember2025-01-012025-12-310001785056trnr:EmbeddedDerivatiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001785056trnr:FebruaryTwoThousandTwentyFourWarrantsMember2025-12-310001785056trnr:AmendedAndRestatedAssetPurchaseAgreementMember2024-02-022024-02-020001785056trnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMembersrt:MaximumMember2025-01-280001785056trnr:PrincipalStockholderPromissoryNotesMember2021-02-120001785056trnr:ExchangeNotesMember2025-02-052025-12-310001785056trnr:OtherNotesPayableMember2025-01-012025-12-310001785056srt:MinimumMemberus-gaap:MonteCarloModelMember2024-01-012024-12-310001785056trnr:JuneTwoThousandTwentyFiveConvertibleExchangeableNotesMember2025-01-012025-12-310001785056trnr:TwoThousandTwentyThreeAndTwoThousandTwentyEquityIncentivePlanMember2025-12-310001785056trnr:UnsecuredPromissoryNoteMember2025-05-212025-05-210001785056us-gaap:WarrantMembertrnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-07-250001785056trnr:SportstechMemberus-gaap:SubsequentEventMember2026-03-042026-03-040001785056srt:MaximumMemberus-gaap:MonteCarloModelMember2025-01-012025-12-310001785056trnr:MatureAtMarchTwentyTwoThousandTwentyTwoMembertrnr:PrincipalStockholderPromissoryNotesMember2025-12-310001785056trnr:CommonStockWarrantsBestEffortsPreFundedMember2023-12-310001785056trnr:RelatedPartyConvertibleNotesMember2025-12-310001785056trnr:IdentifiableIntangibleAssetsMember2024-01-012024-12-310001785056us-gaap:CommonStockMember2024-01-012024-12-310001785056trnr:TwoThousandTwentyFourCommonWarrantsMember2022-12-310001785056trnr:WattbikeMembersrt:EuropeMember2025-01-012025-12-310001785056trnr:DecemberSevenTwentyTwentyThreeWarrantsMember2023-12-310001785056trnr:ClassAIncrementalNotesDerivativeMember2024-12-310001785056trnr:InflationReductionActMember2022-08-162022-08-1600017850562025-12-090001785056us-gaap:WarrantMembertrnr:JanuaryTwoThousandTwentyFiveWarrantsMember2025-01-012025-12-310001785056trnr:DirectToCustomerSubscriptionMember2025-01-012025-12-310001785056trnr:IdentifiableIntangibleAssetsMember2025-01-012025-12-3100017850562025-06-262025-06-260001785056trnr:MatureAtOctoberFifteenTwoThousandTwentyFiveMembertrnr:PromissoryNotesMember2025-11-072025-11-070001785056us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001785056trnr:DerivativeLiabilitiesMember2025-12-310001785056trnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMembertrnr:ClassAIncrementalNotesMember2025-12-040001785056trnr:CommonStockWarrantsBestEffortsA2Member2024-12-310001785056trnr:ClmbrIncMember2023-10-062023-10-060001785056trnr:TwoThousandTwentyFourConvertibleNotesMembertrnr:OtherNotesPayableMember2024-01-012024-12-310001785056us-gaap:SeriesCPreferredStockMembertrnr:LenderSettlementAgreementMember2025-03-310001785056trnr:IntangibleAssetsMember2024-12-310001785056trnr:WattbikeAcquisitionMember2025-12-310001785056trnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMember2025-01-280001785056us-gaap:SeriesEPreferredStockMember2025-01-012025-12-310001785056us-gaap:CommonStockMembertrnr:BestEffortsOfferingMember2024-07-012024-07-310001785056us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310001785056trnr:ClmbrIncMember2023-12-310001785056trnr:MatureAtJuneTwelveTwoThousandTwentyTwoMembertrnr:PrincipalStockholderPromissoryNotesMember2025-12-310001785056trnr:CommonStockWarrantsBestEffortsPlacementAgentMember2025-12-310001785056trnr:FebruaryTwoThousandTwentyFourWarrantsMembertrnr:FebruaryTwoThousandTwentyFourNoteMembertrnr:WarrantOneMember2024-02-010001785056us-gaap:OtherAssetsMember2025-12-310001785056srt:AsiaMembertrnr:WattbikeMember2024-01-012024-12-310001785056trnr:AmendedAndRestatedAssetPurchaseAgreementMember2024-02-020001785056trnr:TwoThousandTwentyFiveCommonWarrantsMember2022-12-310001785056trnr:NovemberTwoThousandTwentyThreeBridgeNotesMember2024-02-012024-02-290001785056srt:AsiaMember2024-01-012024-12-310001785056trnr:D-1PreferredStockMemberus-gaap:SubsequentEventMember2026-03-110001785056trnr:JanuaryTwoThousandTwentyFiveConvertibleNotesMember2025-01-282025-01-280001785056trnr:DecemberTwoThousandTwentyThreeDerivativeMember2024-01-012024-12-310001785056trnr:WoodwayFebruaryTwoThousandTwentyFourWarrantsMember2024-12-310001785056trnr:JuneTwentyTwentyThreeNotesMember2024-01-012024-12-310001785056trnr:LossRestorationAgreementDerivativeMember2024-01-012024-12-310001785056us-gaap:WarrantMembertrnr:CommonStockWarrantsBestEffortsA1Member2025-01-012025-12-310001785056trnr:TwoThousandTwentyFourConvertibleNotesMember2024-04-300001785056trnr:JuneSecuredNotesTwentyTwentyThreeMembertrnr:OtherNotesPayableMember2023-12-310001785056us-gaap:WarrantMembertrnr:CommonStockWarrantsBestEffortsA1Member2024-01-012024-12-310001785056trnr:FebruaryTwoThousandTwentyFourConvertibleNotesMember2024-11-110001785056us-gaap:SeriesAPreferredStockMembertrnr:PromissoryNotesMembertrnr:NovemberTwentyTwentyThreeMember2024-01-012024-12-310001785056us-gaap:RestrictedStockMember2025-01-012025-12-310001785056trnr:WattbikeAcquisitionMembertrnr:BusinessToBusinessSubscriptionMember2025-12-310001785056us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ConvertibleNotesPayableMember2025-12-310001785056trnr:NovemberTwentyTwentyThreeMember2024-12-310001785056trnr:WattbikeAcquisitionMembertrnr:SoftwareDevelopedTechnologyMember2025-12-310001785056trnr:RegisteredDirectPlacementAgentWarrantsMember2025-12-310001785056trnr:AccountingStandardsUpdate20540Member2025-12-310001785056trnr:JanuaryTwoThousandTwentyFiveWarrantsMember2025-07-310001785056us-gaap:WarrantMembertrnr:DecemberTwoThousandTwentyThreeWarrantsMembertrnr:DecemberTwoThousandTwentyThreeConvertibleNotesMember2023-12-070001785056us-gaap:IPOMember2024-01-012024-12-310001785056trnr:WattbikeFXContractDerivativeMember2024-12-3100017850562023-12-310001785056trnr:LossRestorationAgreementDerivativeMember2024-12-310001785056trnr:WoodwayFebruaryTwoThousandTwentyFourWarrantsMember2025-01-012025-12-310001785056us-gaap:SeriesCPreferredStockMember2025-12-310001785056us-gaap:SeriesAPreferredStockMember2025-01-012025-12-310001785056trnr:NovemberTwentyTwentyThreeMember2023-11-300001785056trnr:RegisteredDirectOfferingWarrantsMembertrnr:WarrantOneMember2024-05-310001785056trnr:NotePurchaseAgreementMember2024-09-300001785056srt:MaximumMemberus-gaap:MonteCarloModelMember2024-01-012024-12-310001785056trnr:DiscountOnSeniorSecuredConvertibleNotesMember2024-12-310001785056trnr:TwoThousandTwentyThreeAndTwoThousandTwentyEquityIncentivePlanMemberus-gaap:SellingAndMarketingExpenseMember2024-01-012024-12-310001785056us-gaap:WarrantMembertrnr:BridgeNoteFinancingMember2023-11-100001785056trnr:SeptemberTwoThousandTwentyFiveExchangeNoteMember2025-01-012025-12-310001785056trnr:WoodwayMayTwoThousandTwentyFiveWarrantsMember2024-12-310001785056us-gaap:GeneralAndAdministrativeExpenseMembertrnr:TwoThousandTwentyThreeAndTwoThousandTwentyEquityIncentivePlanMember2025-01-012025-12-310001785056trnr:TermLoanMember2024-12-310001785056us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-12-310001785056trnr:FebruaryTwoThousandTwentyFourWarrantsMember2024-12-310001785056trnr:WattbikeAcquisitionMember2025-01-012025-12-310001785056trnr:FollowOnOfferingMemberus-gaap:AdditionalPaidInCapitalMember2024-01-012024-12-310001785056us-gaap:TrademarksAndTradeNamesMember2024-12-310001785056trnr:FETTokensMember2025-12-310001785056us-gaap:CommonStockMembertrnr:ClassAIncrementalNoteMemberus-gaap:SubsequentEventMember2026-01-060001785056trnr:OctoberTwentyTwentyThreeMembertrnr:PromissoryNotesMember2024-01-012024-12-310001785056trnr:FebruaryTwoThousandTwentyFourConvertibleNotesMember2024-02-010001785056us-gaap:CommonStockMember2024-02-022024-02-020001785056trnr:PrincipalStockholderPromissoryNotesMember2019-05-170001785056us-gaap:CommonStockMember2024-12-310001785056us-gaap:WarrantMembertrnr:CommonStockWarrantsBestEffortsA2Member2024-01-012024-12-310001785056trnr:DecemberTwoThousandTwentyThreeConvertibleNotesMember2023-12-072023-12-07iso4217:EURxbrli:purexbrli:sharesiso4217:USDxbrli:sharestrnr:Segmentiso4217:GBPtrnr:DigitalAssetstrnr:Vendortrnr:Tokensiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)


☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO

Commission File Number 001-41610

INTERACTIVE STRENGTH INC.

(Exact name of Registrant as specified in its Charter)


Delaware	82-1432916
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1005 Congress Ave, Suite 925 Austin , Texas	78701
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (512) 885-0035

Securities registered pursuant to Section 12(b) of the Act:

     Title of each class

     Trading
Symbol(s)

     Name of each exchange on which registered

     Common stock, $0.0001 par value per share

     TRNR

     The Nasdaq Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the Registrant, based on the closing price of the shares of common stock on June 30, 2025, was $8,228,724.

The number of shares of Registrant’s Common Stock outstanding as of March 27, 2026 was 2,057,018.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission, or SEC, with respect to our 2026 Annual Meeting of Stockholders, which is expected to be filed no later than 120 days after the end of our last fiscal year ended December 31, 2025 are incorporated by reference in Part III of this Form 10-K.

Table of Contents


		Page
PART I
Item 1.	Overview	7
Item 1A.	Risk Factors	18
Item 1B.	Unresolved Staff Comments	79
Item 1C.	Cybersecurity	79
Item 2.	Properties	79
Item 3.	Legal Proceedings	79
Item 4.	Mine Safety Disclosures	80

PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	81
Item 6.	[Reserved]	81
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	82
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	97
Item 8.	Financial Statements and Supplementary Data	97
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	98
Item 9A.	Controls and Procedures	98
Item 9B.	Other Information	100
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	100

PART III
Item 10.	Directors, Executive Officers and Corporate Governance	101
Item 11.	Executive Compensation	101
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	101
Item 13.	Certain Relationships and Related Transactions, and Director Independence	101
Item 14.	Principal Accounting Fees and Services	101

PART IV
Item 15.	Exhibits, Financial Statement Schedules	102
Item 16.	Form 10-K Summary	102

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This annual report on Form 10-K contains forward-looking statements that are subject to risks and uncertainties. All statements contained in this annual report on Form 10-K other than statements of historical fact, including statements regarding our future financial performance, our growth strategy, our objectives for future operations and industry trends, are forward-looking statements. In some cases, you can identify these statements by forward-looking words such as “can,” “may,” “intend,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” the negative of these terms, and other comparable terminology that convey uncertainty of future events or outcomes. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business and in the industry in which we operate. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance, or achievements expressed or implied by the forward-looking statements, including those factors discussed under “Risk Factors.” Forward-looking statements include, but are not limited to, statements regarding:

•

our future financial performance, including our expectations regarding our revenue, cost of revenue, gross profit, operating expenses, including changes in research and development, sales and marketing, and general and administrative expenses (as well as any components of the foregoing), and our ability to achieve and maintain profitability;

•

our business model, growth strategy and our ability to effectively manage our growth, the factors which may affect our performance and the potential impact thereof and the potential significance and impact of our key operational and business metrics;

•

anticipated trends, growth rates, and challenges in our business and the markets in which we operate;

•

our market opportunity, including potential or anticipated growth of the fitness and wellness industry, including the smart home gym and connected fitness sector of this industry;

•

our internal estimates as to our market opportunities, including our total addressable market;

•

market acceptance of our Connected Fitness hardware and services;

•

beliefs and objectives for future operations, products, and services;

•

our ability to maintain and increase sales of our CLMBR vertical climbing machine ("CLMBR") and FORME Studio equipment and Wattbike fitness products, increase memberships to the Wattbike, CLMBR and FORME platforms, and expand our product and service offerings;

•

our ability to attract and retain qualified trainers, including personal trainers, and to contract with fitness instructors and other content production personnel;

•

our expectations regarding potential changes to our membership or pricing models or to our products and services;

•

our plans to expand our commercial and corporate wellness customer base;

•

our ability to develop new content, features, equipment, and other services to integrate with or complement the CLMBR, FORME and Wattbike platforms and bring them to market in a timely manner;

•

our expectations regarding content costs included in our products and services;

•

the effects of seasonal trends on our results of operations;

•

our expectations concerning relationships with third-party manufacturers, suppliers, content providers, ecosystem partners, and other third parties, as well as current and potential strategic relationships;

•

our expectations regarding our manufacturing and supply chain, including any defects or warranty claims;

•

our ability to maintain, protect, and enhance our intellectual property;

•

our international expansion plans and ability to continue to expand internationally;

•

the effects of increased competition in our markets and our ability to compete effectively;

•

our ability to stay in compliance with laws and regulations that currently apply or become applicable to our business both in the United States and internationally;

•

economic and industry trends, projected growth, or trend analysis;

•

our liquidity position, capital requirements and need for additional financing;

•

our expectations regarding the impact of general economic conditions and geopolitical events;

•

our expectations regarding the period during which we qualify as an emerging growth company under the JOBS Act and as a smaller reporting company; and

•

the imposition of new tariffs or changes in existing tariff rates.

We caution you that the foregoing list may not contain all of the forward-looking statements made in this annual report on Form 10-K. These forward-looking statements reflect our management’s beliefs and views with respect to future events and are based on estimates and assumptions as of the date of this annual report on Form 10-K.

These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in “Risk Factors” and under similar headings in our most recent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward- looking events and circumstances discussed in this annual report on Form 10-K may not occur and actual results could differ materially and adversely from those anticipated or implied in our forward-looking statements.

You should refer to the “Risk Factors” section of this annual report on Form 10-K for a discussion of important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. We cannot assure you that the forward-looking statements in this annual report on Form 10-K will prove to be accurate. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur. Given these uncertainties, you should not place undue reliance on these forward-looking statements.

The forward-looking statements made in this annual report on Form 10-K and any annual report on Form 10-K relate only to events as of the date of hereof or thereof. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this annual report on Form 10-K to conform these statements to actual results or to changes in our expectations, except as required by law.

You should read this Annual Report on Form 10-K and the documents that we reference herein and have filed or incorporated by reference hereto completely and with the understanding that our actual future results may be materially different from what we expect. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

We, and in certain cases through our subsidiaries, have obtained trademarks for Wattbike, CLMBR and FORME LIFE, which trademarks are our property. This 10-K also contains references to our trademarks and trademarks belonging to other entities, which trademarks remain the property of such other entities. Solely for convenience, trademarks and trade names referred to in this Annual Report on 10-K, including logos, artwork and other visual displays, may appear without the ® or TM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these

trademarks and trade names. We do not intend our use or display of other companies’ trade names or trademarks to imply relationships with, or endorsement or sponsorship of us by, any other companies.

SUMMARY RISK FACTORS

Before you invest in our common stock, you should carefully consider all of the information in this annual report on Form 10-K, including matters set forth under “Risk Factors.” These risks include, but are not limited to, the following:

•

We have incurred operating losses in the past, expect to incur operating losses in the future, and may not achieve profitability, or, if we achieve profitability, be able to maintain it in the future.

•

Our past financial results may not be a reliable indicator of our ability to successfully establish our product and service offerings in the marketplace, or of our future performance, and our revenue growth rate is likely to slow as our business matures.

•

We have a limited operating history with which to evaluate and predict the profitability of our subscription model, and any new revenue models we may introduce in the future may be unsuccessful.

•

Our negative cash flows from operations, history of losses, and significant accumulated deficit raise substantial doubt about our ability to continue as a “going concern.”

•

If we fail to compete successfully, we may fail to obtain a meaningful market share, which in turn would harm our business, financial condition, and results of operations.

•

Our results of operations and other financial and non-financial business metrics may fluctuate from period to period due to a variety factors, and as a result, our results from any prior periods, or any historical trends reflected in such results, should not be viewed as indicative of our future financial or operating performance.

•

We derive a significant majority of our revenue from sales of our Wattbike, CLMBR and FORME Studio equipment and if sales of these products decline, it would materially and negatively affect our future revenue and results of operations.

•

Our membership revenue is largely dependent on our ability to sell our Wattbike, CLMBR and FORME Studio equipment.

•

Our results of operations could be adversely affected if we are unable to accurately forecast consumer demand for our products and services and adequately manage our inventory.

•

If we are unable to sustain competitive pricing levels for our premium connected fitness hardware products and memberships to the Wattbike, CLMBR and FORME platforms, our business could be adversely affected.

•

Changes in how we market our products and services could adversely affect our marketing expenses and membership levels.

•

The market for our products and services is still in the early stages of growth and if the market does not continue to grow, grows more slowly than we expect, or fails to grow as large as we expect, or if our products and services do not gain market acceptance, our business, financial condition, and results of operations may be adversely affected.

•

Our revenue could decline if customers are no longer able to finance their purchases of our products due to changes in credit markets and decisions made by credit providers.

•

We may be unable to attract and retain members, which could have an adverse effect on our business and rate of growth.

•

If we are unable to attract or otherwise retain health coaches and personal trainers, as well as fitness instructors, including to produce and provide fitness content on our platforms, our business, financial condition, and results of operations could be harmed.

•

If we fail to cost-effectively attract new members, provide high-quality member support, or increase utilization of the Wattbike, CLMBR and FORME platforms by existing members, our business, financial condition, and results of operations could be harmed.

•

Changes to our pricing methodologies or business model could adversely affect our ability to attract or retain members as well as qualified personal trainers, health coaches, and fitness instructors.

•

If we are unable to anticipate consumer preferences and successfully develop and introduce new, innovative, and updated products, fitness content and services in a timely manner or effectively manage the introduction of new or enhanced products, fitness content and services, our business may be adversely affected.

•

If we fail to successfully expand our commercial and corporate wellness business, it could negatively impact our ability to grow our business and gain market share.

•

If we are unable to manage our growth effectively, our brand, company culture, and financial performance may suffer.

•

If our marketing efforts are not effective, our ability to grow our business and maintain or expand our market share could suffer.

•

Design, manufacturing, and other defects in our products, or technical or performance issues related to our products or services, or similar events may result in claims against us and may cause us to incur significant additional expense to address these issues, and our liability insurance may not be adequate to cover any or all such costs.

•

The failure or inability of our contract manufacturers to comply with the specifications and requirements of our products could result in a product recall, which could adversely affect our reputation and subject us to significant liability should the use of any of our products cause or be claimed to cause physical harm.

•

If we fail to establish and expand our strategic partnerships within the fitness and wellness industries or across the hospitality, medical, sports and design industries, our ability to increase market share and grow our business may suffer.

•

We face risks, such as unforeseen costs and potential liability, in connection with content we acquire, produce, license, or distribute through our service.

•

We face certain risks related to the interaction of our members, trainers, and fitness instructors.

•

We rely on a limited number of suppliers, manufacturers, and logistics partners for our CLMBR, FORME and Wattbike fitness equipment and are subject to risks related to increases in component and equipment costs, long lead times, supply shortages, and supply changes.

•

Our payments system depends on third-party providers and is subject to evolving laws and regulations.

•

Any major disruption or failure of our information technology systems or websites, or our failure to successfully implement upgrades and new technologies effectively, could adversely affect our business and operations.

•

Any disruption of our use of these third-party services, including those we use for computing, storage, processing, and similar services, could have an adverse effect on our business, financial condition, and results of operations.

•

If we experience any adverse change to, loss of, or claim that we do not hold necessary licenses to the music or other content included in our fitness content or otherwise accessible on our platform, it may have an adverse effect on our business, financial condition, and results of operations.

•

Our member engagement on mobile devices depends upon effective operation with mobile operating systems, networks, and standards that we do not control.

•

We rely on third parties to drive traffic to our website, and these providers may change their algorithms or pricing in ways that could damage our business, operations, financial condition, and prospects.

•

We may not be able to accurately predict our future capital needs and may incur significant expenditures, and we may not be able to obtain additional financing to fund our operations.

•

If we do not remediate the material weaknesses identified in our internal control over financial reporting, or if we fail to establish and maintain effective internal control, we may not be able to accurately report our financial results or file our periodic reports in a timely manner, which may cause investors to lose confidence in our reported financial information and may lead to a decline in the market price of our Common Stock.

•

We face risks related to intellectual property, privacy, cybersecurity, infrastructure, tax, and accounting matters, as well as risks related to our international operations and other regulatory matters, including contractor classification, export control, anti-corruption, environmental, ESG, and climate change.

•

We face risks related to being a public company, including delisting of Common Stock from Nasdaq if we fail to meet continued listing requirements, as well as general risks, including those related to economic conditions, dependence on key personnel, acquisition-related matters and litigation, among others.

PART I

Item 1. Overview.

Our Purpose

We are an operationally-focused acquirer targeting businesses with strong underlying fundamentals within industries that benefit from long-term secular growth trends. We pursue asymmetric opportunities where assets are undervalued or where structural changes have created attractive entry points, allowing us to acquire high-quality businesses with stable demand drivers, strong market positioning, and differentiated product offerings. Our approach is to provide both long-term financial support and operational expertise to build value at the asset-level and generate attractive returns on invested capital. In addition, our public company structure provides differentiated access to capital markets and flexibility to structure transactions in ways that align purchase consideration to underlying value creation targets.

To date, we have invested in the fitness equipment sector leveraging hardware, software and content to deliver highly engaging and versatile workout experiences across both commercial and in-home markets. As of December 31, 2025, our portfolio consisted of three premium brands; Wattbike, CLMBR and FORME, each of which combines industry-leading engineering and design with world-class technology and fitness programming.

Our company has one reportable business segment, the development and sale of its connected fitness equipment and technology platform.

Who We Are

Interactive Strength Inc. ("we", "us" or the "Company") is a public company focused on accelerating growth through acquisitions and deploying capital into business sectors that are misunderstood or undervalued. We look for value creation opportunities via strategic repositioning, margin expansion, sales channel diversification, balance sheet optimization and portfolio enhancement. Assets in unique situations where complexity or volatility exist present an opportunity in which valuations can be well below intrinsic value.

At December 31, 2025, our portfolio consisted of three leading brands serving the commercial and at-home markets with specialty fitness equipment and virtual training, Wattbike, CLMBR and FORME:

•

Wattbike, acquired in July of 2025, offers a range of high-performance indoor bikes that set the global standard in cycling. Known for unmatched accuracy, realistic ride feel, and advanced performance tracking, Wattbike is trusted by elite athletes, national teams, and fitness enthusiasts around the world.

•

CLMBR offers a premium vertical climbing experience through its patented open-frame design and immersive touchscreen, delivering a high-intensity, low-impact workout that’s both efficient and effective.

•

FORME delivers strength, mobility, and recovery training through immersive content, commercial-grade hardware, and expert coaching. Its wall-mounted systems include the Studio, a smart fitness mirror for guided programming and live 1:1 personal training, and the Lift, which adds smart resistance cable training—ideal for high-performance environments and sport-specific development.

The combination of technology with expert training leads to better outcomes for both consumers and trainers alike. Wattbike, FORME and CLMBR each offers unique fitness solutions for both the commercial and at-home markets.

WATTBIKE

Wattbike is recognized as an indispensable tool across nearly every corner of elite sport. Strength and conditioning coaches and performance staff have woven Wattbike into their daily programs because its metrics and reliability consistently meet the demands of professionals operating at the highest level. Professional teams that rely on Wattbike technology and data to enhance performance include:

•

Premier League

•

NBA

•

NFL

•

NHL

•

Formula One

•

MLS (Major League Soccer)

•

UFC

•

U.S. BMX National Team

•

Team USA (Olympic Cycling)

•

USTA (United States Tennis Association)

We believe that Wattbike's continued evolution and recent product launches position us to capture a significantly larger share of the global fitness market. Wattbike has built a comprehensive range of indoor performance bikes, and in recent years has expanded beyond elite training environments with new products developed to be used by anyone, anywhere. Whether in a professional strength and conditioning facility, boutique fitness studio, hotel fitness center or home gym, Wattbike delivers the same precision metrics and durability that made it a favorite at the highest levels of sport.

CLMBR

Through the CLMBR brand, we offer a vertical climbing machine that delivers a proven full-body cardio and strength workout, but with a design and content platform that makes the workout mass appealing and accessible to all fitness levels. A workout that has long been exclusive to celebrities and professional athletes with personal trainers can now be accessed by anyone. The patented open central design and content platform provides a vertical climbing experience that is unlike any other. CLMBR offers two display options: a 21” touch screen and a 10” touch screen – making it suitable for any commercial fitness application, both self-directed and instructor-directed environments, from large health clubs to boutique training studios. With its low impact and ergonomic movement, CLMBR is safe and accessible for most ages and levels of ability and can be found at gyms and fitness studios, hotels, physical therapy facilities and residential homes.

FORME

Through the FORME brand, we offer two connected hardware products, the FORME Studio (fitness mirror) and the FORME Studio Lift (fitness mirror and cable-based digital resistance). The FORME products are designed to provide a more integrated and immersive experience than similar products currently on the market. The FORME Studio features a 43-inch 4K ultra high definition (“UHD”) touchscreen display, which is among the largest and highest definition screens in the connected fitness equipment market, as well as two front-facing 12 megapixel (“MP”) wide angle cameras designed to facilitate seamless live interaction with a trainer. The FORME Studio Lift is an add-on to the FORME Studio and features two cable-based resistance arms that can provide up to 100 pounds of resistance per arm. Our products ship with a set of premium accessories that are included with purchase. We also offer add-on accessories, including our barre, a unique accessory that attaches to the FORME Studio or FORME Studio Lift and enables members to incorporate a wooden ballet barre into their barre routines. FORME is predominately focused on the B2B channel where its products serve customers in a variety of settings, including multifamily buildings, hotels, country clubs, universities and performance centers.

Recent Developments

Sportstech Settlement

On February 10, 2025, we, Sportstech Brands Holding GmBH ("Sportstech") and Mr. Ali Ahmad, the sole shareholder of Sportstech, entered into a Binding Transaction Agreement (the “Agreement”), pursuant to which we were to acquire Sportstech in a transaction (the “Transaction”) comprised of an initial investment and three optional investment tranches.

In anticipation of a Transaction closing during fiscal year 2025, we made a series of disbursements totaling $5.0 million under a term loan facility to Sportstech during the year ended December 31, 2025 to support its working capital needs and growth plans. The loan was secured by 100% of the equity interests in Sportstech and personally guaranteed by Mr. Ahmad, and was due to be paid back to us if the Transaction did not close by December 30, 2025. The Transaction did not close as the we and Sportstech were unable to come to terms on a final subscription and shareholders' agreement, and the loan was not paid back at the maturity date. The balance on the loan receivable from

Sportstech as of December 31, 2025, including accrued interest and fees, was $6.6 million, which is recorded on our balance sheet as of December 31, 2025.

We pursued several legal options available to us in order to recover the loan receivable, including enforcement of the personal guarantee by Mr. Ahmad, and forcing a public auction of the equity interests in Sportstech in accordance with German law. On March 4, 2026, we and Sportstech settled the outstanding balance and we received $6.4 million in cash.

Acquisition

On February 18, 2026, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Ergatta, Inc., a Delaware corporation ("Ergatta"), Ergatta Acquisition Corp., a Delaware corporation and wholly owned subsidiary of the Company ("Merger Sub"), and Tom Aulet, solely in his capacity as the securityholders’ representative (the “Securityholders’ Representative”), pursuant to which Merger Sub will merge with and into Ergatta (the “Merger”), with Ergatta surviving as a wholly owned subsidiary of the Company. At the effective time of the Merger, each issued and outstanding share of preferred stock of Ergatta (other than excluded and dissenting shares) will be cancelled and converted into the right to receive, subject to the terms of the Merger Agreement, (i) cash consideration of up to $7,000,000 paid to Ergatta's stockholders, consisting of: (a) $1,750,000 to be paid at the closing of the Merger (the “Closing”); (b) $1,750,000 in deferred cash evidenced by a senior secured promissory note to be delivered at the Closing and maturing on April 30, 2027; and (c) up to $3,500,000 to be payable on April 30, 2027, as provided by the calculations, formulas, and other procedures set forth in the Merger Agreement; and (ii) up to $9,500,000 worth of shares of Series D Preferred Stock (as defined below) to be issued to Ergatta's stockholders. Additionally, we will issue equity incentives to certain members of Ergatta's senior management, consisting of (i) up to $2,000,000 worth of shares of Series D-2 Preferred Stock (as defined below); and (ii) up to $1,000,000 worth of shares of Series D-3 Preferred Stock (as defined below). The Merger closed on March 11, 2026.

Upon closing, we filed a certificate of designation with the Secretary of State of the State of Delaware, creating three new series of preferred stock designated as (i) Series D-1 Convertible Preferred Stock, par value $0.0001 per share (“Series D-1 Preferred Stock”) and designating 4,750,000 shares thereof, (ii) Series D-2 Convertible Preferred Stock, par value $0.0001 per share (“Series D-2 Preferred Stock”) and designating 1,000,000 shares thereof, and (iii) Series D-3 Convertible Preferred Stock, par value $0.0001 per share (“Series D-3 Preferred Stock,” collectively with Series D-1 Preferred Stock and Series D-2 Preferred Stock, “Series D Preferred Stock”) and designating 500,000 shares thereof. Series D Preferred Stock shall have no voting rights, other than any vote required by law or the Company’s Certificate of Incorporation. Series D-1 Preferred Stock and Series D-2 Preferred Stock shall convert into shares of the Company’s common stock, par value $0.0001 per share (“Common Stock”) on May 3, 2027. Series D-3 Preferred Stock shall convert to shares of Common Stock on May 1, 2028.

At the Closing, we entered into a registration rights agreement with the Securityholders' Representative, on behalf of the parties entitled to receive equity consideration under the Merger Agreement, pursuant to which we granted customary registration rights with respect to equity consideration issuable under the Merger Agreement.

Reverse Stock Split

On February 23, 2026, we filed a Certificate of Amendment to our Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect a reverse stock split of the Company’s common stock, $0.0001 par value per share (the "Common Stock"), at a rate of 1-for-10 (the “February 2026 Reverse Stock Split”), effective on February 24, 2026.

As a result of the February 2026 Reverse Stock Split, every ten pre-split shares of Common Stock were combined into one share of Common Stock, resulting in a reduction in the number of shares of the Company's outstanding Common Stock from 17,984,137 shares to 1,798,406 shares. Proportionate adjustments were made to the number of shares of Common Stock underlying our outstanding equity awards, and warrants, and the number of shares issuable under our equity incentive plans, convertible notes and other existing agreements, as well as their corresponding exercise or conversion price, as applicable. There was no change to the number of authorized shares or the par value per share of our Company's common stock. All share and per share information, including earnings per share, in this Form 10-K have been retroactively adjusted to reflect the February 2026, June 2025, November 2024 and June 2024 Reverse Stock Splits.

Growth Strategies

Execute disciplined and accretive M&A strategy

We pursue attractive M&A opportunities in industries and sectors with favorable long-term fundamentals, where acquisitions can provide revenue diversification and financial and operational scale to the Company. Our team brings significant experience in M&A transactions across numerous sectors, and our ability to evaluate opportunities across a broad range of industries provides greater optionality and increases the probability of successful M&A execution and long-term value creation. We take a disciplined approach to M&A, focusing on managing downside risk while retaining significant upside and opportunistically utilize both equity and debt to fund acquisitions as well as further growth.

We acquired CLMBR in February 2024, Wattbike in July 2025 and Ergatta in March 2026. We expect that we will be able to acquire additional revenue-generating businesses that would generate higher earnings and cashflow through synergies with our existing business.

Expand into new geographies

We intend to expand the international reach of our existing assets by leveraging in-market relationships and sales infrastructure across the brands in our portfolio. For example, with Wattbike, based in the United Kingdom, we are currently evaluating potential expansion of those products into the US, where FORME, CLMBR and Ergatta have well-established routes to market in both the commercial and residential sectors, although we have not yet made any definitive plans regarding such expansion or the potential timing thereof. We plan to pursue disciplined international expansion by targeting countries with sound macroeconomic conditions, favorable growth trends and stable regulatory environments and, importantly, those where we have footholds and low-risk routes to market through our existing brand relationships and in-market presence.

Value Proposition

Publicly traded equity and Nasdaq-listed infrastructure

We are one of the few companies in our industry with a public currency, which we believe makes us an attractive acquiror. Being a publicly traded company gives us a competitive advantage in terms of flexibility and scope when structuring transactions for acquisitions or other strategic combinations. Our approach is to fund acquisitions with a significant portion of stock and utilize earn-outs to align and incentivize future performance. In addition, our public company listing on Nasdaq positions us well for potential strategic alternatives including business combinations.

Proven track record of company acquisitions

Since 2024, we have successfully acquired and integrated two companies that have been transformative to the Company, increasing our footprint and capabilities, and the integration of Ergatta is well underway. As a result, we have realized synergies in the form of both revenue and cost savings. We have also identified numerous targets within our M&A pipeline that could be attractive acquisition candidates in the future.

Strategic relationships

A key component of our strategy is to establish and expand strategic partnerships within both the fitness industry as well as other industries to help accelerate the expansion and growth of our business. To date, we focused on building strategic relationships in the fitness space, primarily through brand collaborations. One relationship that is of particular high value, is our distribution relationship with Woodway USA ("Woodway"). Woodway is currently the exclusive commercial distributor of CLMBR and also sells Wattbike and FORME products to their commercial partners around the world. We have also developed, and intend to continue to develop and expand, relationships with companies across other industries.

Intellectual Property

Our success depends in part upon our ability to obtain and maintain patent and other intellectual property protection with respect to our products and the technology we develop. We rely on a combination of patents, copyrights,

trademarks, trade secrets, confidentiality procedures, and contractual commitments, to protect our intellectual property and proprietary know-how.

Patents

As of December 31, 2025, we owned (i) 50 issued patents and/or pending applications in the United States and (ii) 202 issued patents and 9 pending patent applications in foreign jurisdictions. The inventions covered by our patent and patent application portfolio primarily relate to various hardware and software inventions that may or may not be embodied in our current or future products. The issued United States patents are expected to expire between 2036 and 2040. We periodically review our development efforts to assess the existence and patentability of new intellectual property. We expect to continue to file patent applications in the United States and abroad covering technologies and products considered to be important to our business. We seek to protect proprietary technology related know-how that is not covered by our patent portfolio as trade secrets through contracts and policies to the extent that we believe it to be beneficial and cost-effective.

Trademarks

As of December 31, 2025, we owned (i) nine registered trademarks in the United States; (ii) five registered trademarks in various states; and (iii) 84 trademark grants of protection in foreign jurisdictions. We expect to continue to file trademark applications in the United States and abroad covering trademarks considered to be important to our business.

Trade Secrets and Other Intellectual Property

In addition to patent protection, we also rely on other proprietary rights and contractual obligations, including protection of trade secrets and other proprietary information that is not patentable or that we elect not to patent (for example, where we may not believe patent protection of a specific product or technology is critical to our business strategy at the time). We rely on contractual protections with our customers, suppliers, employees, consultants, and contractors, and we implement security measures designed to protect our intellectual property, including trade secrets. For example, all employees and consultants are generally required to execute confidentiality and invention assignment agreements in connection with their employment and consulting relationships with us, except with respect to content produced pursuant to specific strategic partnerships. However, we cannot guarantee that we have entered into such agreements with every such party, and we may not have adequate remedies in case of a breach of any such agreements.

Monitoring Unauthorized Use of Intellectual Property

Monitoring unauthorized use of our intellectual property is difficult and costly. Despite our efforts to protect our intellectual property, unauthorized parties may still copy, misappropriate, or otherwise obtain and use our software, technology, or other information that we regard as our proprietary intellectual property.

In the ordinary course of our business, we may become party to disputes involving intellectual property rights. Depending on the situation, we may defend our position, seek to negotiate a license or engage in other acceptable resolution that is appropriate to our business. See “Risk Factors – Risks Related to Our Intellectual Property.”

Competition

The fitness industry, including the smart home gym and connected fitness industry, is highly competitive. We face significant competition from multiple industries and exercise verticals, including at-home fitness equipment and content, fitness clubs, in-studio fitness classes, in-person personal training, and health and wellness apps. We expect the competition in our industry to intensify in the future as new and existing competitors introduce new or enhanced products and services that compete with ours.

Our competitors may develop, or have already developed, products, features, content, services, or technologies that are similar to ours or that achieve greater acceptance, may undertake more successful product development efforts, create more compelling employment opportunities, or marketing campaigns, or may adopt more aggressive pricing policies. Our competitors may also develop or acquire, or have already developed or acquired, intellectual property rights that significantly limit or prevent our ability to compete effectively. In addition, our competitors may have significantly greater resources than us, allowing them to identify and capitalize more efficiently upon opportunities in new markets and consumer preferences and trends, quickly transition and adapt their products and services, devote

greater resources to marketing and advertising, or be better positioned to withstand substantial price competition. Current and potential competitors have established or may establish financial and strategic relationships between themselves or with our existing or potential customers, manufacturing partners, or other third parties. Any of the foregoing may enable our current and future competitors to better withstand adverse economic or market conditions.

We believe that we provide a compelling, cutting-edge and engaging service to our customers, which we believe provides us with a competitive advantage versus traditional fitness and wellness products and services, and future entrants. We believe we are competitive with other industry participants principally as a result of the following factors:

•

Superior and compelling product offerings: We compete with producers of fitness products and strive to ensure that our platform provides innovative and engaging features, content, technologies, and user-friendly features.

•

Member engagement and support: We compete for customers to subscribe to the platform and to retain them through superior member support and engagement.

•

Talent: We compete for talent in technology, media, fitness, design, logistics, music, marketing, finance, legal, and retail. As our platform is highly dependent on technology and software, we require a significant base of engineers to continue innovating.

In addition, other competitive factors in our industry include:

•

total cost;

•

manufacturing efficiency;

•

enhanced products and services;

•

content originality;

•

product quality and safety;

•

competitive pricing policies and practices;

•

product innovation;

•

market vision;

•

sales and marketing strategies;

•

technological advances; and

•

brand awareness and reputation.

We believe we compete favorably among competitors across all of these factors.

Human Capital Resources

General

As of December 31, 2025, we had 72 full-time employees, including 47 employees at our Wattbike subsidiary in the UK and 4 full-time equivalent employees located in Taiwan across manufacturing and supply chain functions. We consider relations with our employees to be good and have never experienced a work stoppage. None of our employees are either represented by a labor union or subject to a collective bargaining agreement. We also engage fitness instructors and fitness content production personnel on an independent contractor basis. Our utilization of independent contractors fluctuates significantly depending on several factors, including the growth of, and demand for new fitness content by, our member base.

Employee Relations

Our core philosophy is that our employees are our most important resource, dedicating their talents, time, and professional reputations to the Company. Our success has been built on attracting, motivating, and retaining a talented and driven workforce, particularly on our research and development teams, but also our senior management and

support personnel. We have a diverse workforce that represents many cultures and we celebrate our diversity by fostering inclusion across our organization. Diversity is both a priority and strength of our company. Our employee base reflects diversity in backgrounds and experiences and each employee contributes different perspectives, ideas, strengths, and abilities to our business. Our training and development program focuses on a harassment-free workplace and diversity topics, as well as ethics and compliance. We consider our global employee relations to be good.

We offer competitive benefits tailored to local markets and laws and that are designed to support employee health, welfare and retirement; examples of such benefits include paid time off; remote working/work from home flexibility, 401(k), basic and voluntary life, disability and supplemental insurance; medical, dental and vision insurance; and flexible spending accounts.

Our compensation structure is intended to align incentives with the success of our company as a whole. This includes our executives, whose incentives are generally the same as the rest of our employees. We believe that this fosters harmony within the Company, as all teams are working together towards the same goals. For more details regarding our executive compensation, see “Item 11. Executive Compensation.”

We comply with applicable laws and regulations regarding workplace safety and are subject to audits by entities such as OSHA in the United States.

We rely on third parties to manufacture our products and require our suppliers to maintain a safe work environment.

Government Regulation

General

We are subject to many varying laws and regulations, including in the United States, the United Kingdom, and the European Union, including those related to privacy, data protection, content regulation, intellectual property, consumer protection, e-commerce, marketing, advertising, messaging, rights of publicity, health and safety, employment and labor, product liability, accessibility, competition, and taxation. These laws often require companies to implement specific information security controls to protect certain types of information, such as personal data, “special categories of personal data” or health data. These laws and regulations are constantly evolving and may be interpreted, applied, created, or amended in a manner that could harm our current or future business and operations. In addition, it is possible that certain governments may seek to block or limit our products and services or otherwise impose other restrictions that may affect the accessibility or usability of any or all of our products and services for an extended period of time or indefinitely. We have implemented compliance programs and processes, including with respect to export regulation, anti-bribery and anti-corruption, privacy, and cybersecurity. To date, our compliance with these regulations has not had a material impact on our results of operations.

Export Regulation and Anti-Corruption Compliance

Our business activities are also subject to various restrictions under U.S. export control and similar laws and regulations, as well as various economic and trade sanctions administered by the U.S. Treasury Department’s Office of Foreign Assets Control, which prohibit or restrict the provision of products and services to embargoed jurisdictions and sanctioned persons. Further, various countries regulate the import of certain technology and have enacted or could enact laws that could limit our ability to provide customers with our products in those countries.

We are also subject to various domestic and international anti-corruption laws, such as the U.S. Foreign Corrupt Practices Act of 1977, as amended, and the U.K. Bribery Act, as well as other similar anti-bribery and anti-kickback laws and regulations. These laws and regulations generally prohibit companies, their employees, and their intermediaries from directly or indirectly authorizing, offering, providing, and/or accepting improper payments or other benefits for improper purposes. Although we take precautions to prevent violations of these laws, our exposure for violating these laws increases as our international presence expands and as we increase sales and expand operations into new jurisdictions. New legislation or regulations, the application of laws from jurisdictions whose laws do not currently apply to our business, or the application of existing laws and regulations to the fitness industry generally could result in significant additional compliance costs and responsibilities for our business.

Privacy

We are, and could become, subject to a variety of local, state, national and international laws, directives, and regulations that apply to the collection, use, retention, protection, disclosure, transfer, and other processing of personal data in the different jurisdictions, and which sometimes conflict among the various jurisdictions and countries in which we operate. As we expand our business internationally, we expect to become subject to data privacy and security laws in additional jurisdictions. Data privacy laws and regulations, including, but not limited to, the California Privacy Rights Act ("CPRA") and the California Consumer Privacy Act ("CCPA"), as well as the General Data Protection Regulation ("GDPR") and its equivalent in the United Kingdom, pose increasingly complex compliance challenges, which may increase compliance costs. Any failure to comply with data privacy laws and regulations could result in significant penalties.

The CCPA requires, among other things, that covered companies provide disclosures to California consumers and affords such consumers with certain rights, including the ability to opt out of certain sales of their personal information. The CCPA prohibits discrimination against individuals who exercise their privacy rights and provides for civil penalties for violations, as well as a private right of action in certain circumstances. Additionally, the CPRA, which became effective in most material respects starting on January 1, 2023, further expands the CCPA with additional compliance requirements that may impact our business and establishes a regulatory agency dedicated to enforcing the CCPA and CPRA. In addition, we may be subject to other new data privacy laws, such as the Virginia Consumer Data Protection Act, the Colorado Privacy Act, the Connecticut Data Privacy Act and the Utah Consumer Privacy Act in the United States (all of which went into effect in 2023) as well as the European Union Regulation on Privacy and Electronic Communications (or ePrivacy Regulation). Further, in the United States, emerging state data privacy laws may encourage other states and the federal government to pass comparable legislation, introducing the possibility of greater penalties and more rigorous compliance requirements.

The GDPR regulates the collection, control, sharing, disclosure, use, and other processing of data that can directly or indirectly identify a living individual that is a resident of the European Union and imposes stringent data protection requirements with significant penalties and the risk of civil litigation, for noncompliance. Moreover, following the UK’s exit from the European Union, the GDPR was transposed into the UK GDPR. However, a risk of divergent parallel regimes (and related uncertainty) exist. We cannot predict how the GDPR, the UK GDPR, or other UK or international data protection laws or regulations may develop or impact our business if and when we become subject to such laws and regulations, nor can we predict the effects of divergent laws and related guidance.

We strive to comply with all applicable laws and regulations relating to privacy, data security, and data protection. However, governments are continuing to focus on privacy and data security, and it is possible that new privacy or data security laws will be passed, or existing laws will be amended in a way that is material to our business. Any significant change to applicable laws, regulations, or industry practices could cause us to incur substantial costs or require us to change our business practices and compliance procedures in a manner adverse to our business. Any inability to adequately address data privacy or data protection, or other information security-related concerns, even if unfounded, or to successfully negotiate privacy, data protection or information security-related contractual terms with customers, or to comply with applicable laws, regulations and policies relating to privacy, data protection and information security, could result in additional cost and liability to us, harm our reputation and brand, and could negatively impact our business, financial condition, and results of operations.

Product Safety

We are or may become subject to a variety of laws and regulations in the United States and abroad regarding the safety of our products. These laws and regulations are continuously evolving and developing. In particular, fitness equipment sold for home use is regulated in the United States by the Consumer Product Safety Commission. Safety-related information that we learn about our products from any source may trigger federal reporting obligations that could lead to product safety investigations, corrective actions, enforcement actions, and civil or criminal penalties. To protect the health and safety of our users and mitigate these risks, we obtain relevant safety testing on our products and maintain all necessary product qualifications.

Cybersecurity

We are in the process of designing and implementing a security program consisting of policies, procedures, and technology intended to maintain the security and integrity of our information, systems and networks. Among other

things, the program includes controls designed to limit access to systems, networks, and data, prevent unauthorized access or modification, and monitor for threats.

Environmental, Health, and Safety

We and our third-party manufacturers and suppliers are, and could become, subject to a wide range of international, federal, state, provincial, and local governmental regulations directed at preventing or mitigating environmental harm, as well as to the storage, discharge, handling, generation, disposal and labeling of toxic or other hazardous substances. Although we outsource our manufacturing, the manufacturing of our products by our third-party manufacturers and suppliers require the use of hazardous materials that similarly subject these third parties, and therefore our business, to such environmental laws and regulations. Our failure or the failure of these third parties to comply with these laws or regulations can result in regulatory, civil, or criminal penalties, fines, and legal liabilities, suspension of production, alteration of manufacturing processes, including for our products, reputational damage, and negative impact on our operations or sales of our products and services. Increased compliance costs by our third-party manufacturing partners may also result in increased costs to our business. Our business and operations are also subject to health and safety laws and regulations adopted by government agencies such as OSHA. Although we believe we are in material compliance with applicable law concerning matters relating to health, safety, and the environment, the risk of liability relating to these matters cannot be eliminated completely. To date, we have not incurred significant expenditures relating to environmental compliance nor have we experienced any material issues relating to employee health and safety.

See “Risk Factors – Risks Related to Privacy, Cybersecurity, and Infrastructure” and “Risks Related to Regulatory Matters – Our business is subject to a wide range of laws and regulations, many of which are evolving, and failure to comply with such laws and regulations could harm our business, financial condition, and results of operations” and “– We and our third-party manufacturers and suppliers are, or could become, subject to environmental, health, and safety laws, which could increase our costs, restrict our operations and require expenditures that could have a material adverse effect on our business, financial condition, and results of operations.”

Item 1A. Risk Factors.

Investing in our securities involves risks. Before you make a decision to buy our securities, in addition to the risks and uncertainties discussed below under “Special Note Regarding Forward-Looking Statements,” you should carefully consider the specific risks set forth herein. We have also identified a number of these factors under the heading “Risk Factors” in our periodic reports we file with the SEC, including our quarterly reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025, and September 30, 2025, and will do so in our future filings. If any of these risks actually occur, it may materially harm our business, financial condition, liquidity, results of operations, and prospects. As a result, the market price of our securities could decline, and you could lose all or part of your investment. Additionally, the risks and uncertainties described in this annual report on Form 10-K or any annual report on Form 10-K are not the only risks and uncertainties that we face. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may become material and adversely affect our business. If any of the following risks or other risks not specified below materialize, our business, financial condition and results of operations could be materially and adversely affected. In that case, the trading price of our shares of common stock could decline.

Risks Related to Our Business and Industry

We have incurred operating and net losses in the past, expect to incur operating and net losses in the future, and may not achieve profitability, or, if we achieve profitability, be able to maintain it in the future.

We have incurred operating losses each year since our inception, including a net loss of $24.0 million for the year ended December 31, 2025, and expect to continue to incur net losses for the foreseeable future. We had an accumulated deficit of $227.5 million at December 31, 2025. We expect our operating expenses to increase in the future as we increase our sales and marketing efforts, continue to invest in technology and engineering, expand our operating and retail infrastructure, add training and fitness programs, classes, content, and software features to our streaming platform, expand into new geographies, and invest in new or complementary products, equipment, accessories, content, and services for our immersive, customizable, and digital fitness platform, which include the Wattbike, CLMBR, FORME Studio, FORME Studio Lift, accompanying accessories, and our coaching services which we collectively refer to as the “FORME platform.” Further, as a public company we have incurred, and will continue to incur, substantial additional legal, accounting, and other expenses that we did not incur as a private company. These efforts and additional expenses may be more costly than we expect, and we may not be able to increase our revenue to offset any increase in our expenses. If our revenue does not grow at a greater rate than our operating expenses, we will not be able to achieve or maintain profitability.

We have a limited operating history; and our past financial results may not be a reliable indicator of our ability to successfully establish our product and service offerings in the marketplace, or of our future performance, and our revenue growth rate is likely to slow as our business matures.

We commenced operations in May 2017, opened our first FORME-focused retail locations in late 2020, commenced delivery of our first FORME Studio in July 2021, commenced delivery our first FORME Studio Lift in August 2022, conducted our first live personal training session in July 2022, completed our acquisition of CLMBR's assets in February 2024 and completed the acquisition of Wattbike in July 2025. We have a limited history of generating revenue. As a result of our brief operating history, we have limited financial data that can be used to evaluate our current business, including our ability to successfully establish our product and service offerings in the marketplace. Furthermore, while our business has grown and much of that growth has occurred in recent periods, the smart home gym and connected fitness industry, including the market for connected fitness hardware, may not develop or continue to develop in a manner that we expect or that otherwise would be favorable to our business. As a result of our limited operating history and ongoing changes in our new and evolving industry, our historical revenue growth should not be considered indicative of our future performance, and estimates of future revenue growth are subject to many risks and uncertainties and our future revenue may differ materially from our projections. Our revenue growth, if any, may slow or our revenue may decline for a number of other reasons, including reduced demand for our products and services, the impacts to our business from inflation and rising interest rates, which in turn could, among other things, increase financing costs and thus reduce sales of our products, a decrease in the growth or reduction in size of our overall market, a reduction in discretionary spending by consumers, or if we cannot capitalize on growth opportunities. We have encountered, and will continue to encounter, risks and difficulties frequently experienced by emerging companies in rapidly changing industries, including market acceptance of our products and services, attracting and retaining members, and increasing competition and expenses as we expand our business. We cannot be sure that we

will be successful in addressing these and other challenges we may face in the future, and our business may be adversely affected if we do not manage these risks successfully. In addition, we may not achieve sufficient revenue to attain or maintain positive cash flows from operations or profitability in any given period, or at all.

Our business, financial condition, and results of operations are subject to risks associated with rising interest rates, which could negatively impact our customers’ ability to finance their purchases of our products or to make timely payments and our ability to obtain additional financing.

We face risks associated with rising interest rates, which could, among other things, negatively impact sales of, and demand for, our products, the ability of customers to make timely payments, and our ability to obtain debt financing on terms acceptable to us, if at all. Historically, a significant percentage of our members have financed their purchase of Wattbike equipment, and to a lesser extent our CLMBR and FORME Studio equipment, through third-party credit providers with whom we have existing relationships. If our third-party credit providers were to increase interest rates, it could negatively impact potential customers’ ability to finance purchases of our products, which in turn would negatively impact our revenue. In addition, general reductions in consumer lending and the availability of consumer credit as a result of higher interest rates could limit the number of customers with the financial means to purchase our products and could reduce demand for our products and services. Higher interest rates could also increase our costs or the monthly payments for our products financed through other sources of consumer financing, or negatively impact the ability of our customers to make timely payments for our products and services. Third-party financing providers may not continue to provide consumers with access to credit or may reduce available credit limits. Restrictions or reductions in the availability of consumer credit, the loss or deterioration of our relationships with our current financing partners or changes in the terms such entities may provide to our potential customers could have an adverse effect on our business, financial condition, and results of operations. In addition, we will need to raise additional financing to support our operations, which could include equity or debt financing, in the immediate and near term. Rising interest rates would negatively impact our ability to obtain such financing on commercially reasonable terms or at all. Further, to the extent we are required to obtain financing at higher borrowing costs to support our operations, we may be unable to offset such costs through price increases, other cost control measures, or other means. Any attempts to offset cost increases with price increases may result in reduced sales, increased customer dissatisfaction, or otherwise harm our reputation.

We have a limited operating history with which to evaluate and predict the profitability of our recurring revenue model and any new revenue models we may introduce in the future may be unsuccessful.

We began selling memberships to our VOD platform in 2021 with the delivery of our first FORME Studio, and launched our Live 1:1 personal training service in July 2022. In addition, we acquired CLMBR in February 2024 and acquired Wattbike in 2025. Accordingly, we have a limited operating history with which to evaluate our subscription model. For example, many of our members are on month-to-month membership terms and may cancel their memberships at any time. We have limited historical data with respect to rates of membership renewals, so we may be unable to accurately predict member renewal or retention rates. We measure our membership retention rate by the number of members as of the beginning of the month who have a paid membership with a successful credit card billing of at least three months. Additionally, prior renewal rates may not accurately predict future member renewal rates for a variety of reasons, such as members’ dissatisfaction with our offerings and the cost of our memberships, macroeconomic conditions, or new offering introductions by us or our competitors. If our members do not renew their memberships, our revenue may decline and our business will suffer.

In the future, we may offer new membership products, services, or pricing models, implement promotions, or replace or modify current membership pricing models, any of which could result in additional costs. For example, we recently launched our Custom Training service, which is currently charged as a monthly membership for $149/month. We cannot predict member reaction to, or the success of, any new or modified products, services, or pricing models, or whether the costs or logistics of implementing these changes, including any new or updated pricing models, will adversely impact our business. If the adoption of new revenue models adversely impacts our member relationships, then member growth, member engagement, and our business, financial condition, and results of operations could be harmed.

Our negative cash flows from operations, history of losses, and significant accumulated deficit raise substantial doubt about our ability to continue as a “going concern.”

As an emerging growth company, the Company is subject to certain inherent risks and uncertainties associated with the development of an enterprise. In this regard, since the Company’s inception, substantially all of management’s efforts have been devoted towards the development of its brands and services, their penetration in the marketplace, and the development of a commercial organization, all at the expense of short-term profitability.

As of the date the accompanying financial statements were issued (the “issuance date”), management evaluated the following adverse conditions and events present at the Company in accordance with ASU 205-40:

•

The Company has incurred significant operating losses and used net cash flows in its operations since its inception. In this regard, the Company incurred an operating loss of $19.9 million and used net cash in its operations of $10.4 million during the year ended December 31, 2025, and had an accumulated deficit of $227.5 million as of December 31, 2025.

•

In order to execute its emerging growth strategy, the Company has been heavily dependent on financing from lenders and capital from private and public investors (collectively “outside capital”) since its inception and expects to remain heavily dependent on outside capital for the foreseeable future until such time that the Company’s operations reach a scale of profitability that allows it to fund its obligations primarily with cash inflows from operations. However, management can provide no assurance the Company will ever be able to generate sufficient cash inflows to reduce or eliminate its reliance on outside capital.

•

The Company’s available liquidity to fund its operations over the next twelve months beyond the issuance date was limited to approximately $4.4 million of unrestricted cash and cash equivalents. However, based on the Company’s anticipated liquidity needs, the foregoing available liquidity will not be sufficient to fund the Company’s obligations as they become due over the next year beyond the issuance date absent management’s ability to secure additional outside capital.

•

While the Company is actively seeking to secure additional outside capital (and has historically been able to successfully secure such capital), no additional outside capital has been secured or was deemed probable of being secured as of the issuance date. In addition, management can provide no assurance the Company will be able to secure additional outside capital on acceptable terms, or at all.

•

Included in the Company’s anticipated liquidity needs is a substantial amount of outstanding debt that is scheduled to mature over the next twelve months beyond the issuance date. As of disclosed in Notes 11, 22, and Note 25, the Company had total outstanding debt, including convertible notes, of approximately $18.0 million as of the issuance date, of which approximately $14.8 million is scheduled to mature over the next twelve months beyond the issuance date, for which the Company does not have sufficient liquidity to repay if a cash settlement is required. In the event the Company is unable to refinance its outstanding debt, settle some or all of the debt with shares of the Company’s common or preferred stock, secure additional outside capital, and/or secure amendments or waivers from its lenders to defer or modify the repayment terms, management will be required to seek other strategic alternatives to settle this indebtedness, which may include, among others, a significant curtailment of the Company’s operations, a sale of certain of the Company’s assets, a sale of the entire Company to strategic or financial investors, and/or by filing for bankruptcy protection under the provisions of the U.S. Bankruptcy Code.

These uncertainties raise substantial doubt about our ability to continue as a going concern. The accompanying consolidated financial statements have been prepared on the basis that the Company will continue to operate as a going concern, which contemplates that the Company will be able to realize assets and settle liabilities and commitments in the normal course of business for the foreseeable future. Accordingly, the accompanying consolidated financial statements do not include any adjustments that may result from the outcome of these uncertainties.

In the past, we have been unable to remain in compliance with certain qualifications required by the Nasdaq Capital Markets in order for the Company’s common stock to remain listed on the Nasdaq.

The requirements for remaining in compliance with Nasdaq listing requirements include a minimum stockholders’ equity balance of $2.5 million, a minimum of 500,000 publicly held shares, and a minimum trading price of $1.00 per share for a sustained period of time (collectively the “Rules”). On November 13, 2024, we received a notice from the Listing Qualifications staff of the Nasdaq (the “Staff”) notifying us that we did not comply with the minimum 500,000 publicly held shares requirement for continued listing set forth in Nasdaq Listing Rule 5550(a)(4) (“Rule 1”) but were

granted a period of time to regain compliance. On December 23, 2024, we received a letter from the Staff confirming that the Company has demonstrated compliance with Rule 1. The letter also stated that we will be subject to a Mandatory Panel Monitor for a period of one year from the date of the letter in accordance with the requirements of Nasdaq Listing Rule 5815(d)(4)(B). If, within that one-year monitoring period, the Staff finds that the Company failed to remain in compliance with Rule 1, we will not be permitted to provide the Staff with a plan of compliance with respect to that deficiency, the Staff will not be permitted to grant additional time for us to regain compliance with respect to that deficiency, and we will not be afforded an applicable cure or compliance period. Instead, the Staff will issue a Delist Determination Letter and we would have an opportunity to request a new hearing with the Panel. Although we will have the opportunity to present to the Panel, no assurance can be provided that the Staff will grant the Company a compliance plan and allow the Company’s securities to remain listed on the Nasdaq.

As of December 31, 2025 and through the date of this report, we were in compliance with the Rules. However, management can provide no assurance that the Company will be able to remain in compliance with the Rules and, if compliance is not maintained, that the Staff will not require our securities to be delisted from the Nasdaq. In order to remain in compliance with the minimum trading price requirement of $1.00 per share, we reverse splits of our common stock in June of 2024, November of 2024, June of 2025 and February of 2026. If a delisting occurs, it would be an event of default under our senior secured convertible notes, and we will be faced with a number of additional material adverse consequences, including limited availability of market quotations for our Common Stock; limited news and analyst coverage; decreased ability to obtain additional financing; limited liquidity for our stockholders due to thin trading; and a potential loss of confidence by investors, employees and other third parties who do business with us.

If we fail to compete successfully against existing and future competitors, we may fail to obtain a meaningful market share, which in turn would harm our business, financial condition, and results of operations.

We operate in a highly competitive market. We face significant competition from multiple industries and exercise verticals, including at-home fitness equipment and content, fitness clubs, in-studio fitness classes, in-person personal training, and health and wellness apps. In addition, we compete with other virtual or smart home gym providers such as Peloton Interactive, Inc., Echelon Fitness Multimedia LLC, and Tonal Systems, Inc., among others. We expect the competition in our market to intensify in the future as new and existing competitors introduce new or enhanced products and services that compete with ours.

Our competitors may develop, or have already developed, products, features, content, services, or technologies that are similar to ours or that achieve greater acceptance, may offer products at lower price points due to other revenue sources available within such competitors that are unavailable to us, may have better brand recognition, may undertake more successful product development efforts, create more compelling employment opportunities, or marketing campaigns, may be willing to offer products at price points with which we cannot compete, or may adopt more aggressive pricing policies. Our competitors may develop or acquire, or have already developed or acquired, intellectual property rights that significantly limit or prevent our ability to compete effectively. In addition, our competitors may have significantly greater resources than us, allowing them to identify and capitalize more efficiently upon opportunities in new markets and consumer preferences and trends, quickly transition and adapt their products and services, devote greater resources to marketing and advertising, or be better positioned to withstand substantial price competition. Current and future competitors have established or may establish financial and strategic relationships among themselves or with our existing or potential customers or other third parties in our industry, such as manufacturing and logistics providers. Additionally, any of the foregoing may enable our current and future competitors to better withstand adverse economic or market conditions, now or in the future, and significantly reduce their pricing so as to compete against us. If we are not able to compete effectively against our competitors, they may acquire and engage customers or generate revenue at the expense of our efforts, which could have an adverse effect on our business, financial condition, and results of operations.

Our business may be affected by seasonality.

Although we do not have sufficient history with our product sales to assess the potential impact of seasonality, we expect that our business may be influenced by seasonal trends consistent with traditional retail selling periods. Accordingly, fluctuations in revenue during months of high demand could have a disproportionate effect on our results of operations for the entire year. In addition, we may experience quarterly fluctuations caused by seasonality and other factors, and thus comparisons of our results of operations across different fiscal quarters may not be accurate indicators of our future performance. Annual or quarterly comparisons of our results of operations may not be useful and our

results in any particular period will not necessarily be indicative of the results to be expected for any future period. Seasonality in our business can also be affected by introductions of new or enhanced products and services, including the costs associated with such introductions.

Our results of operations and other financial and non-financial business metrics may fluctuate from period to period due to a variety factors, many of which are beyond our control, and as a result, our results from any prior periods, or any historical trends reflected in such results, should not be viewed as indicative of our future financial or operating performance.

Our revenue and results of operations have fluctuated in the past and may fluctuate from period to period in the future due to a variety of factors, many of which are beyond our control. Factors relating to our business that may contribute to these fluctuations include the following factors, as well as other factors described elsewhere in this annual report on Form 10-K:

•

our ability to raise additional capital sufficient to fund our operations, meet our obligations as they become due, and execute our growth strategy;

•

our ability to maintain and attract new members;

•

membership cancellation and renewal rates;

•

product returns;

•

changes in our recurring revenue model or pricing methodologies, or our adoption of any new membership, pricing, or revenue models;

•

the receipt, reduction or cancellation of, or changes in the forecasts or timing of, memberships by members;

•

changes in our mix of products and services, such as changes in demand for certain accessories or bundles or our Live 1:1 personal training and health coaching services, fitness programs and classes, or other streaming fitness content on our platform;

•

the diversification and growth of our revenue sources, including our ability to successfully expand our commercial and corporate wellness channels;

•

our ability to maintain gross margins and operating margins;

•

inaccurate forecasting of the demand for our products and services, which could lead to lower revenue or increased costs, or both;

•

the timing and amount of research, development, and new product expenditures, including resources allocated to the development of new equipment and accessories, programs, classes, and other content, and innovative features and technologies, as well as the continued development and upgrading of our proprietary technology platform;

•

increases in marketing, sales, and other operating expenses that we may incur to grow and expand our operations and to remain competitive;

•

changes in our relationship with our third-party financing partner who provides financing assistance to our members for the purchase of our Wattbike, CLMBR and FORME Studio equipment;

•

constraints on the availability of consumer financing or increased down payment requirements to finance purchases of our Ergatta, Wattbike, CLMBR and FORME Studio equipment;

•

the continued maintenance and expansion of our delivery, installation, and maintenance services and network for our Wattbike, CLMBR and FORME Studio equipment;

•

supply chain disruptions, delays, shortages, and capacity limitations;

•

increases or other changes in our product development and manufacturing costs, or the timing and extent thereof, and our ability to achieve cost reductions in a timely or predictable manner;

•

changes in market and customer acceptance of and demand for our products, content, and services, including cyclicality and seasonal fluctuations in memberships and usage of the CLMBR and FORME platform by our members, each of which may change as our products and services evolve or mature, or as our business grows;

•

the continued market acceptance of, and the growth of the smart home gym and connected fitness market;

•

the emergence of new industry expectations and product obsolescence;

•

the timing and success of new product, content, and service introductions by us or our competitors;

•

the competitive landscape and pricing pressure as a result of competition or otherwise;

•

costs and expenses associated with any potential acquisitions or strategic partnerships or initiatives;

•

the ability to open new retail locations and studio showrooms;

•

successful expansion into international markets;

•

significant warranty claims;

•

loss of key personnel or the inability to attract qualified personnel, including personal trainers and fitness instructors;

•

geopolitical events, such as war, regional conflicts, other outbreaks of hostilities, or the escalation or expansion of the same (such as the Russian invasion of Ukraine and the Israel-Hamas war), threat of war or terrorist actions, or the occurrence of pandemics, epidemics, or other outbreaks of disease, or natural disasters, and the impact of these events on the factors set forth above;

•

changes in business or macroeconomic conditions, including inflation, interest rates, lower consumer confidence, recessionary conditions, increased unemployment rates, or stagnant or declining wages;

•

system failures or breaches of security or privacy;

•

adverse litigation judgments, settlements, or other litigation-related costs;

•

changes in the legislative or regulatory environment, including with respect to cybersecurity, privacy, consumer product safety, advertising, and employment matters, or enforcement by government regulators, including fines, orders, or consent decrees;

•

fluctuations in currency exchange rates and changes in the proportion of our revenue and expenses denominated in foreign currencies;

•

changes in our effective tax rate; and

•

changes in accounting standards, policies, guidance, interpretations, or principles.

As a result of these and other factors, our results of operations and revenue may vary significantly from period to period. Accordingly, you should not rely on the results of any prior quarterly or annual periods, or any historical trends reflected in such results, as indications of our future revenue or operating performance.

We derive a significant portion of our revenue from sales of Wattbike products, and if sales of these products decline, it could materially and negatively affect our future revenue and results of operations.

Our Wattbike products are sold in highly competitive markets with limited barriers to entry. Introduction by competitors of comparable products at lower price points, a maturing product lifecycle, a decline in consumer spending, or other factors could result in a decline in our revenue derived from our Wattbike products, which could have a material adverse effect on our business, financial condition, and results of operations. Despite having been acquired on July 1, 2025, sales of our Wattbike products accounted for approximately 71% of revenue for the year ended December 31, 2025. As a result, any meaningful decline in sales of our Wattbike products, would materially and adversely affect our business, financial condition, and results of operations. Factors that could adversely affect Wattbike's business include, among others:

•

loss of Wattbike's relationships with elite athletes, national team programs, professional sports leagues and gym operators, upon which its brand reputation and commercial sales pipeline depend;

•

increased competition in the premium indoor cycling market from well-resourced competitors, including both established fitness equipment manufacturers and technology-enabled cycling platforms;

•

a decline in commercial gym, hotel, or institutional spending on fitness equipment, which represents a significant portion of Wattbike's revenues;

•

product quality or safety issues, warranty claims, or recalls affecting the Wattbike product line;

•

failure to develop and bring to market new or enhanced Wattbike products in a timely manner; and

•

disruption to Wattbike's UK-based operations, supply chain, or distribution network.

As a result of Wattbike's revenue concentration, we are vulnerable to any factor that negatively affects Wattbike's business, and we may not be able to offset such an impact through performance of our CLMBR or FORME businesses. Any such development could have a material adverse effect on our business, financial condition, and results of operations.

Our membership revenue is largely dependent on our ability to maintain and grow the Wattbike, CLMBR and FORME subscriber bases.

Our membership revenue is dependent upon our ability to retain subscribers to our paid digital platforms at Wattbike, CLMBR and FORME Studio or FORME and to generate additional revenue from sales of new memberships and health coaching services, predominantly to new hardware customers. The majority of our memberships are on a month-to-month basis and members can cancel their membership at any time. As a result, our membership and health coaching revenue is largely dependent on our ability to sell our Wattbike, CLMBR and FORME Studio equipment and to engage and retain members with our digital experience and services on an ongoing basis thereafter. If we are unable to expand equipment sales across all of our product lines, engage new members or maintain and expand our member base, our business, financial condition, and results of operations may suffer.

Our results of operations could be adversely affected if we are unable to accurately forecast consumer demand for our products and services and adequately manage our inventory.

To ensure adequate inventory supply, we must forecast inventory needs and expenses and place orders sufficiently in advance with our suppliers and manufacturers, based on our estimates of future demand for particular products and services. Failure to accurately forecast our needs, and any concomitant failure to place sufficient orders, may result in manufacturing delays or increased costs. Our ability to accurately forecast demand could be affected by many factors, including changes in consumer demand for our products and services, changes in demand for the products and services of our competitors, unanticipated changes in general market conditions, and the weakening of economic conditions or consumer confidence in future economic conditions. This risk may be exacerbated by the fact that we may not carry a significant amount of inventory and may not be able to satisfy short-term demand increases. If we fail to accurately forecast consumer demand, we may experience excess inventory levels or a shortage of products available for sale.

Inventory levels in excess of consumer demand may result in inventory write-downs or write-offs and the sale of excess inventory at discounted prices, which would cause our gross margins to suffer and could impair the strength and premium nature of our brand. Further, lower than forecasted demand could also result in excess manufacturing capacity or reduced manufacturing efficiencies, which could result in lower margins. Conversely, if we underestimate consumer demand, our suppliers and manufacturers may not be able to deliver products to meet our requirements or we may be subject to higher costs in order to secure the necessary production capacity.

An inability to meet consumer demand and delays in the delivery of our products to our members could result in an increased rate of order cancellations, reputational harm and damaged member relationships and could have an adverse effect on our business, financial condition, and results of operations.

If we are unable to sustain competitive pricing levels for our connected fitness hardware products and memberships to the Ergatta, Wattbike, CLMBR and FORME platforms, our business could be adversely affected.

We compete with products and services that are generally sold at lower prices. If we are unable to sustain competitive pricing levels for our connected hardware products and our membership and health coaching services, whether due to consumer sentiment and spending power, competitive pressure or otherwise, our financial results and cash flow could be significantly reduced. Further, our decisions around the development of new products and services are partly based on assumptions about pricing levels. If there is price compression in the market after these decisions are made, it could have a negative effect on our business. In addition, while we believe we offer high-quality, differentiated products and services, our pricing levels may be higher than those of our competitors. Our ability to maintain our pricing levels depends on several factors, including our brand recognition, product design and technology features and quality, innovative content, and public perception of our company. If we are unable to sustain our pricing levels due to these or other factors, our ability to attract new members and our business, financial condition, and results of operations could be harmed.

Changes in how we market our products and services could adversely affect our marketing expenses and membership levels.

We use a broad mix of marketing and other brand-building measures to attract members. We use online advertising, including through native advertising and social media influencers, as well as third-party social media platforms, as marketing tools. As online and social media platforms continue to rapidly evolve or grow more competitive, we must continue to maintain a presence on these platforms and establish a presence on new or emerging popular social media and advertising and marketing platforms. Moreover, as we expand and as competition for customers increases in the industry, we may experience increased marketing expenses. If we cannot cost-effectively use these marketing tools or if we fail to promote our products and services efficiently and effectively, our ability to acquire new members, maintain or increase membership levels and our financial condition may suffer. In addition, an increase in the use of online, social media, or any other marketing channels for product promotion and marketing may increase the burden on us to monitor compliance of such materials and increase the risk that such materials could contain problematic product or marketing claims, or otherwise violate applicable laws or regulations.

The smart home gym and connected fitness market is relatively new, rapidly growing and largely unproven, and it is uncertain whether this market will achieve or sustain high levels of demand and achieve wide market acceptance. Our success depends substantially on the willingness of consumers to widely adopt our products and services. To be successful, we will have to make significant investments in the education of consumers about our products and services and provide quality products, content and member experiences that are superior to the products, content, and experiences provided by our competitors. Additionally, the fitness and wellness market is heavily saturated, and the demand for and market acceptance of new products and services in the market is uncertain. We cannot assure you that the connected fitness market will continue to develop, that the public’s interest in smart home gym and connected fitness will continue, or that our products and services will be widely adopted.

It is difficult to predict the future growth rates, if any, and size of the smart home gym and connected fitness market, and growth forecasts are subject to significant uncertainty and are based on assumptions and estimates that may not prove to be accurate. Any forecasts in this Annual Report on Form 10-K relating to the expected growth in the smart home gym and connected fitness market, including internally developed estimates, may prove to be inaccurate. Even if the market experiences the forecasted growth described in this Annual Report on Form 10-K, we may not grow our business at a similar rate, or at all. Our growth is subject to many factors, including our success in implementing our business strategy, which is subject to many risks and uncertainties. Accordingly, the forecasts of market growth included in this Annual Report on Form 10-K should not be taken as indicative of our future growth. If our market does not develop, develops more slowly than expected, or becomes saturated with competitors, or if our products and services do not achieve market acceptance, our business, financial condition, and results of operations could be adversely affected.

We may be unable to attract and retain members, which could have an adverse effect on our business and rate of growth.

Our business and revenue growth is dependent on our ability to continuously attract and retain members, and we cannot be sure that we will be successful in these efforts, or that member retention levels will not materially decline. There are a number of factors that could lead to a decline in member levels or that could prevent us from increasing our member levels, including:

•

our failure to introduce new products and services, including related equipment and accessories, programs, content, classes, features and technologies, that members find engaging and compelling;

•

our introduction of new products, content, or services, or changes to existing products, content, and services that are not favorably received;

•

harm to our brand and reputation;

•

pricing and perceived value of our offerings;

•

our inability to deliver quality products, content, and services;

•

our members engaging with the products and services of our competitors;

•

interruptions or disruptions preventing rapid and reliable access to our content and services or otherwise affecting the member experience;

•

members being unsatisfied with the delivery, installation, or service of our CLMBR and FORME Studio equipment;

•

a decline in the public’s interest in home fitness workouts, or other fitness disciplines we invest or decide to invest in; and

•

deteriorating general economic conditions or a change in consumer spending preferences or buying trends.

Additionally, further expansion into international markets such as Canada, the United Kingdom, and Europe will create new challenges in attracting and retaining members that we may not successfully address. As a result of these factors, we cannot be sure that our member levels will be adequate to maintain or permit the expansion of our operations. A decline in member levels could have an adverse effect on our business, financial condition, and results of operations.

If we are unable to attract or otherwise access health coaches and personal trainers, and fitness instructors to produce and provide fitness content and services on our platform, our business, financial condition, and results of operations could be harmed.

Our business depends in part on our ability to attract and access qualified trainers and fitness instructors to produce and provide fitness content and services on our platform. In addition, trainers and fitness instructors may become dissatisfied with our brand, products, services, programs, and/or benefits. If we are unable to access trainers and fitness instructors due to these or similar occurrences, or due to competition or other reasons, it would harm our ability to produce and provide fitness content on our platform, which in turn could materially and adversely affect our business, financial condition, and results of operations.

If we fail to cost-effectively attract, recruit, and retain qualified health coaches, personal trainers, and fitness instructors, our business would be materially and adversely affected.

Our business depends in part on our ability to cost-effectively access, attract, recruit, and retain qualified trainers and fitness instructors. Competition for qualified trainers and fitness instructors is intense and may increase due to various factors beyond our control. For example, the easing of COVID restrictions in the past years resulted in more people returning to traditional gyms and in-person fitness, resulting in increased demand for trainers and fitness instructors. As a result, we experienced increased competition for such personnel in the past year. Our competitors may attempt to compete for trainers and fitness instructors on the basis of providing a more compelling platform or more lucrative earning opportunities. In addition, we may experience complaints, negative publicity, strikes, or other work stoppages that could dissuade potential candidates from joining our company.

In addition, most of the fitness instructors who are featured in our On-Demand content, as well as other content production providers with whom we work, are independent contractors and the classification of any of our independent contractors may be subject to challenge. Our use of independent contractors for content production activities fluctuates depending on production volume and schedule. Further, certain jurisdictions may adopt laws and regulations seeking to limit the scope of individuals who may be appropriately classified as independent contractors and instead seek to classify them as employees. If we are required to classify our independent contractors as employees, we would need to adapt our employment model accordingly. We may face specific risks relating to our ability to onboard fitness instructors as employees, our ability to partner with third-party organizations to source trainers and fitness instructors, and our ability to effectively utilize employee trainers and fitness instructors to meet customer demand.

Changes in certain laws and regulations, including immigration, labor and employment laws, occupational licensure regulations or background check requirements, may result in a change in the pool of qualified trainers and fitness instructors, which may result in increased competition for such personnel or higher costs of recruitment, operation and retention. Other factors outside of our control, may also reduce the number of trainers and fitness instructors on the CLMBR and FORME platform or impact our ability to onboard new trainers and fitness instructors. If we fail to attract qualified trainers and fitness instructors on favorable terms, or lose qualified trainers and fitness instructors to our competitors, we may not be able to meet customer demand or maintain competitive pricing for our personal training, health coaching, and fitness programs and classes, and our business, financial condition, and results of operations could be adversely affected.

If we fail to cost-effectively attract new members, or to increase utilization of the Ergatta, Wattbike, CLMBR and FORME platform from existing members, our business, financial condition, and results of operations could be harmed.

Our success depends in part on our ability to cost-effectively attract new members, retain existing members and increase membership rates across all of our platforms. Members have a wide variety of fitness options, including at-home fitness equipment and content, fitness clubs, in-studio fitness classes, in-person personal training, and health and wellness apps. To expand our member base, we must have the ability to appeal to individuals who have historically used other methods of personal fitness and training or who have not previously used personal fitness and training or regularly exercised. Our reputation, brands, and ability to build trust with existing and new members may be adversely affected by complaints and negative publicity about us, our offerings, our pricing and policies, trainers and fitness instructors on our platforms, or our competitors, even if factually incorrect or based on isolated incidents. Further, if existing and new members do not perceive the services provided by trainers and fitness instructors on the CLMBR and FORME platform to be helpful, effective, engaging, or affordable, or if we fail to offer compelling offerings, services, content, and features on our platforms, we may not be able to attract or retain members or to increase their utilization. If we fail to continue to grow our member base, retain existing members, or increase the overall utilization of our platforms by existing members, our business, financial condition, and results of operations could be adversely affected.

Changes to our pricing methodologies or business model could adversely affect our ability to attract or retain members as well as qualified trainers and fitness instructors.

Many factors, including operating costs, legal, and regulatory requirements or constraints and our current and future competitors’ pricing and marketing strategies, could significantly affect our pricing strategies. Certain of our competitors offer, or may in the future offer, lower-priced or a broader range of offerings. Similarly, certain competitors may use marketing strategies that enable them to attract or retain customers as well as qualified trainers and fitness instructors at a lower cost than us. We may reduce our membership and other pricing for members, increase the compensation we pay to trainers and fitness instructors, increase our marketing and other expenses, or otherwise modify our business model to attract and retain members, as well as qualified trainers and fitness instructors in response to competitive pressures. Furthermore, local regulations may affect our pricing in certain geographic locations, which could amplify these effects. For example, state and local laws and regulations may impose minimum earnings standards for trainers and fitness instructors, which in turn may cause us to revise our pricing methodology in certain markets. We have from time to time modified existing, or implemented new, pricing methodologies and strategies, which may not prove effective. Any of the foregoing actions may not ultimately be successful, and in turn could cause our business, financial condition, and operating results to suffer.

If we are unable to anticipate consumer preferences and successfully develop and introduce new, innovative, and updated products and services in a timely manner or effectively manage the introduction of new or enhanced products and services, our business may be adversely affected.

Our success in maintaining and increasing our member base depends on our ability to identify and originate trends as well as to anticipate and react to changing consumer demands in a timely manner. Our products and services are subject to changing consumer preferences that cannot be predicted with certainty. If we are unable to introduce new or enhanced offerings in a timely manner, our competitors may introduce similar offerings faster than us, which could result in our new or enhanced offerings not being accepted by our members and negatively affect our rate of growth. Moreover, our new offerings may not receive consumer acceptance as preferences could shift rapidly to different types of fitness and wellness offerings or away from these types of offerings altogether, and our future success depends in part on our ability to anticipate and respond to these changes. Failure to anticipate and respond in a timely manner to changing consumer preferences could lead to, among other things, lower membership rates, lower sales, pricing pressure, lower gross margins, discounting of our existing CLMBR and FORME Studio equipment, and excess inventory levels. Even if we are successful in anticipating consumer preferences, our ability to adequately react to and address them will partially depend upon our continued ability to develop and introduce innovative, high-quality offerings. Development of new or enhanced products and services may require significant time and financial investment, which could result in increased costs and a reduction in our profit margins. For example, we have historically incurred higher levels of sales and marketing expenses accompanying each product and service introduction.

Moreover, we must successfully manage introductions of new or enhanced products and services, which could adversely impact the sales of our existing products and services. For instance, consumers may decide to purchase new or enhanced products and services instead of our existing products and services, which could lead to excess product inventory and discounting of our existing products and services.

Our success depends on our ability to develop and maintain the value and reputation of the Ergatta, Wattbike, CLMBR and FORME brands.

We believe that developing and maintaining our brand recognition and image is important to attracting and retaining members. Developing and maintaining our brand depends largely on the success of our marketing efforts, ability to provide consistent, high-quality products, services, features, content, and support to our members. We believe that the importance of our brand will increase as competition further intensifies and brand promotion activities may require substantial expenditures. Our brand could be harmed if we fail to achieve these objectives or if our public image were to be tarnished by negative publicity. Unfavorable publicity about us, including our products, services, technologies, customer service, content, personnel, and suppliers, or similar incidents involving our competitors in the smart home gym and smart home gym and connected fitness industry, could diminish confidence in, and the use of, our products and services. Such negative publicity also could have an adverse effect on the size, engagement and loyalty of our member base and result in decreased revenue, which could have an adverse effect on our business, financial condition, and results of operations.

We also sell Wattbike and CLMBR equipment and the FORME platform to commercial and wellness customers, which exposes us to additional business and financial risks. In addition, if we fail to successfully expand our commercial and corporate wellness business, it could negatively impact our ability to grow our business and gain market share.

We also sell Wattbike and CLMBR equipment and the FORME platform to commercial and wellness customers. For example, we are actively installing our products in hotels, resorts, and other commercial environments such as boutique hotels, luxury apartments, and private condominiums, as well businesses with which we establish corporate wellness partnerships for the benefit of their employees. For commercial customers, we typically sell our connected hardware products with a three-year content membership paid up front, plus we offer an extended warranty program. In addition, many of the risks associated with our individual members are often exacerbated or heightened in the commercial or corporate environment. For example, the equipment we install at these locations may be used more frequently and by a larger group of users, which may increase the rate of wear and tear or the risk of product malfunction or injury in connection with the use of our equipment. This in turn could expose us to liability claims, warranty expense, and damage to our brand and reputation, among other risks, any of which could harm our reputation,

business, financial condition, and results of operations. If we fail to successfully expand our commercial and corporate wellness business, it could harm our ability to grow our business, gain market share, and expand our brand.

We have limited operating experience at our current scale of operations. If we are unable to manage our growth effectively, our brand, company culture, and financial performance may suffer.

We have expanded our operations rapidly and have limited operating experience at our current scale of operations. For example, we commenced commercial delivery of the FORME Studio in July 2021, launched our Live 1:1 personal training service in July 2022, delivered our FORME Studio Lift in August 2022, completed the acquisition of CLMBR's assets in February 2024 and completed the Wattbike acquisition in July 2025. As we continue our transition from initial product development to mass production and commercial shipment of our products, we have experienced, and may in the future experience, adjustments in our business operations and headcount. For example, as a result of completing development and commencing mass production of the FORME Studio Lift and in response to economic headwinds, we reduced the size of our engineering team in 2022 and expect to continue to reallocate our personnel resources to support our ongoing product development efforts while also increasing our focus on marketing and sales and building our brand. Our headcount reduction in July of 2022 comprised approximately 26% of our full-time employee base at the time of such reduction. We had a subsequent headcount reduction in December of 2022, comprising approximately 50% of our full-time employee base at the time of such reduction. We expect our headcount to fluctuate in the near term but to grow over the longer term as we continue to grow our business and expand our target markets. Further, we expect that our business and operations will become increasingly complex as we grow our business. To effectively manage and capitalize on our growth, we must continue to expand our sales and marketing, focus on innovative product and content development, and upgrade our management information systems and other processes. Our continued growth could strain our existing resources, and we could experience ongoing operating difficulties in managing our business, including difficulties in hiring, training, and managing a diffuse and growing employee base. Failure to scale and preserve our company culture with growth could harm our future success, including our ability to retain and recruit personnel and to effectively focus on and pursue our corporate objectives. Moreover, the vertically integrated nature of our business, where we design and develop our own CLMBR and FORME Studio equipment and accessories, and software, produce original fitness and wellness programming, recruit, train, and educate personal trainers, sell our products exclusively through our own sales teams and e-commerce site, and coordinate the delivery, installation, and service of our CLMBR and FORME Studio equipment with our third-party logistics providers, exposes us to risk and disruption at many points that are critical to successfully operating our business and may make it more difficult for us to scale our business. For example, we utilize both air and ocean shipment for our CLMBR and FORME Studio equipment and our limited history with commercial shipment of our products has in the past, and may in the future, result in delays in delivery and installation. If we do not adapt to meet these evolving challenges, or if our management team does not effectively scale with our growth, we may experience erosion to our brand, the quality of our products and services may suffer, and our company culture may be harmed.

Because we have a limited history operating our business at its current scale, it is difficult to evaluate our current business and future prospects, including our ability to plan for and model future growth. Our limited operating experience at this scale, combined with the rapidly evolving nature of the market in which we sell our products and services, substantial uncertainty concerning how these markets may develop, and other economic factors beyond our control, reduces our ability to accurately forecast quarterly or annual revenue. Failure to manage our future growth effectively could have an adverse effect on our business, financial condition, and results of operations.

If our marketing efforts are not effective, our ability to grow our business and maintain or expand our market share could suffer.

Maintaining and promoting awareness of the Ergatta, Wattbike, CLMBR and FORME platforms is important to our ability to retain existing customers and to attract new ones. To facilitate our future growth and profitability, we are investing in our advertising, promotion, public relations, and marketing programs. These brand promotion activities may not yield increased revenue and the efficacy of these activities will depend on a number of factors, including our ability to do the following:

•

select the right markets, media, and media vehicles in which to advertise;

•

identify the most effective and efficient level of spending in each market, media, and media vehicle; and

•

effectively manage marketing costs, including creative and media expenses, to maintain acceptable customer acquisition costs.

We may adjust or re-allocate our advertising spend across channels, product verticals, and geographic markets to optimize the effectiveness of these activities. We expect to increase advertising spend in future periods to continue driving our growth.

Implementing new marketing and advertising strategies also could increase the risk of devoting significant capital and other resources to endeavors that do not prove to be cost effective or provide a meaningful return on investment. We also may incur marketing and advertising expenses significantly in advance of recognizing revenue associated with such expenses and our marketing and advertising expenditures may not generate sufficient levels of brand awareness or result in increased revenue. Even if our marketing and advertising expenses result in increased sales, the increase might not offset our related expenditures. If we are unable to maintain our marketing and advertising channels on cost-effective terms or replace or supplement existing marketing and advertising channels with similarly or more effective channels, our marketing and advertising expenses could increase substantially and our brand, business, financial condition, and results of operations could suffer.

Our products and services may be affected from time to time by design and manufacturing or other defects that could adversely affect our business and result in harm to our reputation.

We offer complex hardware and software products and services that can be affected by design and manufacturing or other defects, errors, and bugs. Sophisticated operating system software and applications, such as those included in our products, often have issues that can unexpectedly interfere with the intended operation of hardware or software products. Defects may also exist in components or parts that we source from third parties. Any such defects could make our products and services unsafe, create a risk of environmental or property damage and personal injury, and subject us to the hazards and uncertainties of product liability claims, regulatory investigations, and related litigation. We have in the past and may in the future experience these defects and similar issues in our products. If any of our products have reliability, quality, or safety problems, we may not be able to successfully correct these problems in a timely manner or at all.

There can be no assurance that we will be able to detect and fix all issues and defects in the products, software, and services we offer. Failure to do so could result in widespread technical and performance issues affecting our products and services, damage our reputation, result in customer warranty or return claims, and deter customers from purchasing our products. In addition, these defects, errors, or bugs could interrupt or delay sales and revenue. If any defects or issues are not discovered until after we have commenced commercial production of a new product, we may incur significant additional development costs and product recall, repair or replacement costs. In addition, from time to time we may experience outages, service slowdowns, or errors that affect our fitness and wellness programming. As a result, our services may not perform as anticipated and may not meet customer expectations. Further, quality problems could adversely affect the experience for users of our products and services, and result in harm to our reputation, loss of competitive advantage, poor market acceptance, reduced demand for our products and services, delay in new product and service introductions, and lost revenue. Any of the foregoing could harm our ability to retain existing members and attract new customers, and could adversely affect our business, financial condition, and results of operations.

Service interruptions, outages, technical or performance issues, or similar events, including those related to, or caused by, defects or similar issues in our products and services, may result in claims against us and may cause us to incur significant additional expense to address these issues, and our liability insurance may not be adequate to cover any or all such costs.

Service interruptions, outages, technical and performance issues, or similar events affecting our products and services, including those related to, or caused by, defects or similar issues in our products and services, may result in claims against us by our members or others. For example, we have received claims in the past, including in the past year, and while such claims have not had a significant impact on our results of operations, we may be subject to future claims, which could have a material and adverse impact on our business, financial condition, and results of operations.

We maintain general liability insurance; however, design and manufacturing defects, and claims related thereto, may subject us to judgments or settlements that result in damages materially in excess of the limits of our insurance

coverage. In addition, we may be exposed to recalls, product replacements or modifications, write-offs of inventory, property, plant and equipment, or intangible assets, and significant warranty and other expenses such as litigation costs and regulatory fines. If we cannot successfully defend any large claim, maintain our general liability insurance on acceptable terms, or maintain adequate coverage against potential claims, our financial results could be adversely impacted.

We may be subject to warranty claims that could result in significant direct or indirect costs, or we could experience greater returns than expected, either of which could have an adverse effect on our business, financial condition, and results of operations.

We generally provide a 12-month limited warranty on our CLMBR, FORME Studio and FORME Studio Lift. The occurrence of any defects or other warranty claims for which we have a legal obligation could make us liable for damages and warranty claims in excess of our current reserves, which could result in an adverse effect on our business prospects, liquidity, financial condition, and cash flows if warranty claims were to materially exceed anticipated levels. In addition, we could incur significant costs to correct any defects, warranty claims, or other problems, including costs related to product recalls. Any negative publicity related to the perceived quality and safety of our products could affect our brand image, decrease consumer and member confidence and demand, and adversely affect our business, financial condition, and results of operations. Moreover, certain other companies within our industry have in the past, and may in the future, received reports of injuries related to the use of their products and services and issued product recalls. Such activity by other companies within our industry, and the associated negative publicity, may be seen as characteristic of participants in our industry and may therefore harm the reputation of all participants in our industry, including us. Also, warranty claims may result in litigation, the occurrence of which could have an adverse effect on our business, financial condition, and results of operations.

In addition to warranties supplied by us, we also offer the option for members to purchase third-party extended warranty and services contracts and accidental protection coverage. Extended warranties are regulated in the United States on a state level and are treated differently by state. Outside the United States, regulations for extended warranties vary from country to country. In addition, changes in interpretation of the insurance regulations or other laws and regulations concerning warranties, whether limited, full, extended, or implied, on a federal, state, local, or international level may cause us to incur costs or have additional regulatory requirements to meet in the future. Our failure to comply with past, present, and future similar laws regarding warranties on our products, whether express or implied, could result in reduced sales of our products, reputational damage, litigation, penalties, and other sanctions, which could have an adverse effect on our business, financial condition, and results of operations.

All of our products are manufactured by independent third-party contract manufacturers. We do not have long-term contracts with our third-party contract manufacturers, and instead order from these manufacturers on a purchase order basis. Under certain circumstances, we may be required to, or may voluntarily, recall or withdraw products.

A widespread recall or withdrawal of any of our products may negatively and significantly impact our sales and profitability for a period of time and could result in significant losses depending on the costs of the recall, destruction of product inventory, reduction in product availability, and reaction of competitors and consumers. We may also be subject to claims or lawsuits, including class actions lawsuits (which could significantly increase any adverse settlements or rulings), resulting in liability for actual or claimed injuries or death. Any of these events could adversely affect our business, financial condition and results of operations. Even if a product liability claim or lawsuit is unsuccessful or is not fully pursued, the negative publicity surrounding any assertion that our products caused physical harm could adversely affect our reputation with existing and potential consumers and our corporate and brand image. Moreover, claims or liabilities of this sort might not be covered by insurance or by any rights of indemnity or contribution that we may have against others. A product liability judgment against us or a product recall could adversely affect our business, financial condition and results of operations.

If we fail to offer high-quality member support, our business and reputation will suffer.

We currently work with third-party logistics providers to handle shipment and delivery of our connected fitness hardware products, including Wattbike, CLMBR, FORME Studio and FORME Studio Lift. Our third-party logistics providers also facilitate white-glove installation services of our products. Our in-house field operations team is responsible for training our third-party logistics providers on how to safely and correctly install our products, coordinating shipment and delivery matters, and communicating with our members throughout the entire pre-installation process. We do not have any minimum or long-term binding commitments with our third-party logistics providers and are generally billed upon shipment of the freight and believe alternative third-party logistics services would be available if needed. Our members also rely on our member support services to resolve any issues related to the use of our platforms. Providing a high-quality member experience is vital to our success in generating word-of-mouth referrals to drive sales and for retaining existing members. The importance of high-quality support will increase as we expand our business and introduce new products and services. If we do not help our members quickly resolve issues and provide effective ongoing support, our reputation may suffer and our ability to retain and attract members, or to sell additional products and services to existing members, could be harmed.

Our growth will depend in part on our ability to develop and expand our strategic and commercial relationships with companies across the fitness, wellness, hospitality, fashion, sports and design industries.

We have developed, and intend to continue to develop and expand, collaborations with companies across the fitness, wellness, hospitality, fashion, sports, and design industries. Our current and potential partners include international hotel chains, celebrity trainers, interior designers, celebrity stylists, and boutique fitness clubs. These strategic relationships tend to be focused on generating awareness of our brand by accessing audiences and followings and educating them regarding our products and services. If these arrangements do not continue to result in an increase in the number of customers and revenue, our business may be harmed.

The loss of a partnership could harm our results of operations, damage our reputation, increase pricing and promotional pressures from other partners and distribution channels, or increase our marketing costs. If we are not successful in maintaining existing and creating new relationships with any of these third parties, or if we encounter technological, content licensing, or other impediments to our development of these relationships, our ability to grow our business could be adversely impacted.

If we fail to obtain and retain high-profile strategic relationships, or if the reputation of any of these parties is impaired, our business may suffer.

A principal component of our marketing program and employee retention and recruitment has been to develop relationships with highly qualified and high-profile persons to help us extend the reach of our brand. Although we have relationships with well-known individuals in this manner, we may not be able to attract and build relationships with new persons in the future. In addition, if the actions of these parties were to damage their or our reputation, our relationships may be less attractive to our current or prospective customers. Any of these failures by us or these parties could materially and adversely affect our business, financial condition, and results of operations.

We face risks, such as unforeseen costs and potential liability in connection with content we acquire, produce, license and/or distribute through our service.

As a creator and distributor of fitness and wellness content, we face potential liability for negligence, copyright and trademark infringement, or other claims based on the nature and content of materials that we acquire, produce, license and/or distribute. We also may face potential liability for content used in promoting our service, including marketing materials. We are devoting more resources toward the development, production, marketing and distribution of our fitness and wellness content. We believe that original content can help differentiate our service from other offerings, enhance our brand and otherwise attract and retain members. To the extent our fitness and wellness content does not meet our expectations, in particular, in terms of costs, usage, and popularity, our business, including our brand and results of operations, may be adversely impacted. As we expand our fitness and wellness content, we continue to be responsible for production costs and other expenses. We also take on risks associated with production, such as completion and key talent risk with respect to our trainers and fitness instructors. We also contract with third parties related to the development, production, marketing and distribution of our fitness and wellness content. We may face potential liability or may suffer significant losses in connection with such arrangements, including, but not limited to, if such third parties violate applicable law, become insolvent or engage in fraudulent behavior. To the extent we license rights of our fitness and wellness content to third parties, we could become subject to product liability, intellectual

property or other claims related to such merchandise. We may decide to remove content from our service, not to place licensed or produced content on our service, or discontinue or alter production of our original content if we believe such content might not be well received by our members, or could be damaging to our brand or business. To the extent we, in the future, do not accurately anticipate costs or mitigate risks, including for content that we produce but ultimately does not appear on or is removed from our service, or if we incur liability for content we acquire, produce, license and/or distribute, our business may suffer. Litigation to defend these claims could be costly and the expenses and damages arising from any liability or unforeseen production risks could harm our results of operations. We may not be indemnified against claims or costs of these types and we may not have insurance coverage for these types of claims.

Risks Related to Suppliers, Manufacturers, and Other Ecosystem Partners

We rely on a limited number of suppliers, manufacturers, and logistics partners for our CLMBR and FORME Studio equipment. A loss of any of these partners could negatively affect our business.

We rely on a limited number of suppliers to manufacture, transport, and install our Wattbike, CLMBR and FORME Studio equipment, which exposes us to supply chain and other risks. We have previously experienced, and may experience in the future, production, shipping, or logistical constraints that cause delays. Although we believe we have redundancy and alternatives for the manufacturers and suppliers for the key components of our products, our reliance on a limited number of manufacturers for the components and parts for our Wattbike, CLMBR and FORME Studio equipment and the geographic concentration among our suppliers increase our supply chain risk. In addition, we do not have long-term binding commitments with any of our manufacturers and suppliers and instead operate on a purchase order basis. Therefore, we have no guarantee that they will continue to manufacture or supply products or components for us on an ongoing basis. In the event of interruption from any of our manufacturers, we may not be able to replace or increase capacity from other sources or develop alternate or secondary sources without incurring material additional costs and substantial delays. Furthermore, our manufacturing partners’ primary facilities are located in Taiwan. Thus, our business could be adversely affected if one or more of our suppliers is impacted by a natural disaster or other interruption at a particular location.

Our suppliers and partners have no obligation to continue to accept purchase orders from us, and we may be unable to get them to accept additional orders or engage an alternate manufacturer on terms that are acceptable to us, which may undermine our ability to deliver our products to members in a timely manner. For example, it may take a significant amount of time to identify a manufacturer that has the capability and resources to build our CLMBR and FORME Studio equipment to our specifications in sufficient volume. Identifying suitable suppliers, manufacturers, and logistics partners is an extensive process that requires us to become satisfied with their quality control, technical capabilities, responsiveness and service, financial stability, regulatory compliance, and labor and other ethical practices. Accordingly, a loss of any of our significant suppliers, manufactures, or logistics partners could have an adverse effect on our business, financial condition, and results of operations.

We have limited control over our suppliers, manufacturers, and logistics partners, which may subject us to significant risks, including the potential inability to produce or obtain quality products and services on a timely basis or in sufficient quantity.

We have limited control over our suppliers, manufacturers, and logistics partners, which subjects us to risks, such as the following:

•

inability to satisfy demand for our Wattbike, CLMBR and FORME Studio equipment;

•

limited control over delivery timing and product reliability;

•

limited ability to monitor the manufacturing process and components or parts used in our Wattbike, CLMBR and FORME Studio equipment;

•

limited ability to develop comprehensive manufacturing specifications that take into account any materials shortages or substitutions;

•

variance in the manufacturing capability of our third-party manufacturers;

•

price increases;

•

failure of a significant supplier, manufacturer, or logistics provider to perform its obligations to us for technical, market, or other reasons;

•

variance in the quality of the delivery and installation services provided by our third-party logistics providers;

•

difficulties in establishing additional supplier, manufacturer, or logistics partner relationships if we experience difficulties with our existing suppliers, manufacturers, or logistics providers;

•

shortages of materials or components or parts included in our Wattbike, CLMBR and FORME Studio equipment;

•

misappropriation of our intellectual property;

•

exposure to natural catastrophes, political unrest, terrorism, labor disputes, and economic instability;

•

changes in local economic conditions in the jurisdictions where our suppliers, manufacturers, and logistics providers are located;

•

the imposition of new laws and regulations, including those relating to labor conditions, quality and safety standards, imports, duties, tariffs, taxes, and other charges on imports, as well as trade restrictions and restrictions on currency exchange or the transfer of funds; and

•

insufficient warranties and indemnities on components and parts supplied to or by our manufacturers or in connection with performance by our providers.

In addition, we do not have long-term binding commitments with any manufacturers and suppliers and instead operate on a purchase order basis. We also rely on our logistics partners, including our warehouse and delivery partners, to complete a substantial percentage of our deliveries to members, with the rest of the deliveries handled by our own white-glove delivery and installation team. Our primary delivery and installation partner relies on a network of independent contractors to perform delivery and installation services for us in many markets. If any of these independent contractors, or the delivery and installation partner as a whole, do not perform their obligations or meet the expectations of us or our members, our reputation and business could suffer.

The occurrence of any of these risks, especially during periods of peak demand, could cause us to experience a significant disruption in our ability to produce and deliver our products to our members.

Increases in component and equipment costs, long lead times, supply shortages, and supply changes could disrupt our supply chain and negatively impact our business, financial condition, and results of operations.

Our ability to maintain and expand our business depends on our ability to obtain timely and adequate delivery of components and parts for our Wattbike, CLMBR and FORME Studio equipment. The majority of the components and parts that go into the manufacturing of this equipment are sourced from a limited number of third-party suppliers, and some of these components or parts are provided by a single supplier based in Taiwan. In addition, the global semiconductor supply shortage is having wide-ranging effects across multiple industries. We have experienced, and may continue to experience, direct and indirect adverse impacts on our business, including delays in securing certain components, including semiconductors, for our Wattbike, CLMBR and FORME Studio equipment. Our manufacturers generally purchase these components or parts on our behalf, subject to certain approved supplier lists, and we do not have long-term arrangements with most of our component or parts suppliers. We are therefore subject to the risk of shortages and long lead times in the supply of these components or parts and the risk that our suppliers discontinue or modify components or parts used in our Wattbike, CLMBR and FORME Studio equipment. In addition, the lead times associated with certain components or parts are lengthy and preclude rapid changes in design, quantities, and delivery schedules. We may in the future experience component shortages, and the predictability of the availability of these components or parts may be limited. In the event of a component shortage or supply interruption from suppliers of these components or parts, we may not be able to develop alternate sources in a timely manner. While we believe we can obtain alternative sources of supply on commercially reasonable terms if needed, developing alternate sources of supply for these components or parts may be time-consuming, difficult, and costly and there can be no assurance that we will be able to source these components or parts on terms that are acceptable to us, or at all, which may undermine our ability to fill our orders in a timely manner. Any interruption or delay in the supply of any of these components or

parts, or the inability to obtain these components or parts from alternate sources at acceptable prices and within a reasonable amount of time, would harm our ability to meet our scheduled deliveries to our members.

Moreover, volatile global economic conditions may make it more likely that our suppliers may be unable to timely deliver supplies, or at all, and there is no guarantee that we will be able to timely locate alternative suppliers of comparable quality at an acceptable price. Several of the components or parts that go into the manufacturing of our Wattbike, CLMBR and FORME Studio equipment are sourced internationally, including from China, where the United States has imposed tariffs on specified products imported therefrom following the U.S. Trade Representative Section 301 Investigation. These tariffs have an impact on our component costs and have the potential to have an even greater impact depending on the outcome of the current trade negotiations, which have been protracted and recently resulted in increases in U.S. tariff rates on specified products from China. Increases in our component costs could have a material effect on our gross margins. The loss of a significant supplier, an increase in component costs, or delays or disruptions in the delivery of components or parts, could adversely impact our ability to generate future revenue and earnings and have an adverse effect on our business, financial condition, and results of operations.

Our ability to maintain a sufficient supply of components and raw materials for our products or to adequately control the costs thereof have been, and may be, negatively impacted by global supply chain constraints, which in turn may be impacted by geopolitical events or other factors beyond our control.

Our products incorporate various components and raw materials, such as semiconductors, and our ability to maintain a sufficient supply of such components has been, and may continue to be, impacted by global supply chain issues. Further, the availability of such components and raw materials at reasonable cost, which is essential to the successful production and sale of our products, is subject to factors beyond our control, such as geopolitical unrest, global health crises, and global economic conditions, among others. For example, Russia’s invasion of Ukraine has resulted in sanctions levied by the United States and other countries against Russia, higher energy prices, and higher prices for certain raw materials and goods and services, which in turn is contributing to higher inflation in the United States and globally, and has caused significant disruption to financial markets. While we do not currently believe our business has been significantly impacted by the Ukraine crisis to date, we could potentially be adversely impacted by any significant disruption to the global economy as a result of the ongoing crisis or any escalation thereof. For example, the conflict between Ukraine and Russia has adversely impacted, and could continue to exacerbate, global supply chain constraints and disrupt our operations or negatively impact the demand for our products and services. Any such disruption could result in an adverse impact to our financial results. Further, military, social, and political instability in a number of countries around the world, including continued hostilities and civil unrest in Ukraine and civil unrest in the Middle East, may have a negative effect on our business, financial condition, and operations as a result of any impact on our customers and manufacturing partners, the global supply chain, the volatility in the prices of components, the global economy, and the financial markets.

Further, as our products incorporate semiconductor components, our manufacturing processes are subject to risks and trends within the semiconductor industry generally, including wafer foundry manufacturing capacity, wafer prices and production yields, as well as timely delivery of semiconductors from foundries to our manufacturing partners and regulatory and geopolitical developments in various jurisdictions, including Russia, Ukraine, and Asia. If the cost of raw materials increases, or our manufacturing partners experience difficulties in obtaining sufficient components of sufficient quality for incorporation in our products, it could impact our ability to deliver products to our customers in a timely manner and adversely impact our business, financial condition, and results of operations, including our gross margins. For example, as Russia and Ukraine produce a significant portion of certain key raw materials used in semiconductor manufacturing such as neon and palladium, Russia’s invasion of Ukraine could exacerbate the ongoing semiconductor supply chain issues. Although we do not currently expect Russia’s invasion of Ukraine to materially impact us directly, we are unable at this time to predict the ultimate impact this conflict will have on our company, our supply chain, our customers, the global economy, or the financial markets. Further, future global pandemics similar to the COVID-19 pandemic may cause manufacturing and supply constraints that affect our products, and increased tensions between the United States and other countries, such as Russia or China, may negatively impact the supply of certain components incorporated in our products, which in turn could harm our business, financial condition, and results of operations.

We depend on sole source and limited source suppliers for certain components and parts used in the manufacture of our products. If we are unable to source these components on a timely basis, we will not be able to deliver our products to our customers.

We depend on sole source and limited source suppliers for certain components and parts used in the manufacture of our products. Any of the sole source and limited source suppliers upon whom we rely could stop producing our components or parts, cease operations or be acquired by, or enter into exclusive arrangements with, our competitors. We generally do not have long-term supply agreements with our suppliers, and our purchase volumes are currently too low for us to be considered a priority customer by most of our suppliers. As a result, most of these suppliers could stop selling to us at commercially reasonable prices, or at all. Any such interruption or delay may force us to seek similar components or products from alternative sources, which may not be available. Switching suppliers may require that we redesign our products to accommodate new components or parts, which would be costly and time-consuming. Any interruption in the supply of sole source or limited source components for our products would adversely affect our ability to meet scheduled product deliveries to our customers, could result in lost revenue or higher expenses and would harm our business. Although we have not experienced any significant disruption as a result of our reliance on limited or sole source suppliers, we have a limited operating history and cannot assure you that we will not experience disruptions in our supply chain in the future as a result of such reliance or otherwise.

Our manufacturing partners and suppliers are located in Taiwan and China, which exposes us to various risks, including due to tensions between Taiwan and mainland China.

As the primary facilities of our manufacturing partners and the suppliers of certain components and parts used in the manufacture of our products are located in Taiwan and China, we face risks associated with geopolitical conditions, natural disasters, and other factors. For example, Taiwan is susceptible to regional natural disasters such as earthquakes, tsunamis, and typhoons, and has experienced an increasing frequency of extreme weather events, including heavier rains and atypical heat waves. In addition, we face risks associated to changes in governmental policies, taxation, inflation, or interest rates in Taiwan and by social instability and diplomatic and social developments in or affecting Taiwan which are outside of our control. For example, since 1949, Taiwan and the Chinese mainland have been separately governed. The government for the People’s Republic of China (the “PRC” which unless the context otherwise requires, refers to mainland China) claims that it is the only legitimate government in China and that Taiwan is part of China. Although significant economic and cultural relations have been established between Taiwan and mainland China in the past few years, relations between Taiwan and mainland China remain strained. For example, the PRC government has refused to renounce the use of military force to gain control over Taiwan and, in March 2005, passed an Anti-Secession Law that authorized non-peaceful means and other necessary measures should Taiwan move to gain independence from the PRC. The PRC government has indicated that it may use military force to gain control over Taiwan if Taiwan “declares independence.” Past developments in relations between Taiwan and mainland China have on occasion depressed the market prices of the securities of companies doing business in Taiwan. If political tensions between mainland China and Taiwan were to increase further, it could negatively impact our business, financial condition, and results of operations given our reliance on manufacturing partners and a sole source supplier in Taiwan. Given the current political and military situation in China and Taiwan, if the relationship between China and the United States worsens further, or if either China or the United States imposes significant new economic sanctions or restrictions on doing business, and we are restricted or precluded from continuing our manufacturing and supplier relationships with entities in Taiwan or the ability of such parties to maintain their relationships with us is disrupted, our costs could increase, and our ability to fulfill customer orders could be significantly harmed. Furthermore, relations between Taiwan and mainland China and other factors affecting military, political, or economic conditions in Taiwan could materially and adversely affect our business, financial condition, and results of operations, as well as the market price of the Common Stock. See “- We depend on sole source and limited source suppliers for certain components and parts used in the manufacture of our products. If we are unable to source these components on a timely basis, we will not be able to deliver our products to our customers.”

Our payments system depends on third-party providers and is subject to evolving laws and regulations.

Our members pay for our products and services, including their monthly membership fees, using a variety of different payment methods, including credit and debit cards, gift cards, and online wallets. We rely on internal systems as well as those of third parties to process payment. Acceptance and processing of these payment methods are subject to certain rules and regulations and require payment of interchange and other fees. To the extent there are disruptions in our payment processing systems, increases in payment processing fees, material changes in the payment ecosystem,

such as large re-issuances of payment cards, delays in receiving payments from payment processors, or changes to rules or regulations concerning payment processing, our revenue, operating expenses and results of operation could be adversely impacted. We leverage our third-party payment processors to bill members on our behalf. If these third parties become unwilling or unable to continue processing payments on our behalf, we would have to find alternative methods of collecting payments, which could adversely impact member acquisition and retention. In addition, from time to time, we encounter fraudulent use of payment methods, which could impact our results of operation and if not adequately controlled and managed could create negative consumer perceptions of our services.

We have engaged third-party service providers to perform underlying card processing, currency exchange, identity verification, and fraud analysis services. If these service providers do not perform adequately or if they terminate their relationships with us or refuse to renew their agreements with us on commercially reasonable terms, we will need to find an alternate payment processor and may not be able to secure similar terms or replace such payment processors in an acceptable timeframe. Further, the software and services provided by our third-party payment processors may not meet our expectations, contain errors or vulnerabilities, be compromised, or experience outages. Any of these risks could cause us to lose our ability to accept online payments, or conduct other payment transactions, any of which could make our platform less convenient and attractive and harm our ability to attract and retain customers. In addition, our ability to accept orders could be negatively impacted and our business would be harmed. In addition, if these providers increase the fees they charge us, our operating expenses could increase.

The laws and regulations related to payments are complex and vary across different jurisdictions in the United States and globally. As a result, we are required to spend significant time and effort to comply with those laws and regulations. Any failure or claim of our failure to comply, or any failure by our third-party service providers to comply, could cost us substantial resources, could result in liabilities, or could force us to stop offering certain third-party payment services. As we expand the availability of new payment methods in the future, we may become subject to additional regulations and compliance requirements.

Further, through our agreement with our third-party credit card processor, we are subject to payment card association operating rules and certification requirements, including the Payment Card Industry Data Security Standard. We are also subject to rules governing electronic funds transfers. Any change in these rules and requirements could make it difficult or impossible for us to comply.

Certain of our information technology systems are designed and maintained by us and are critical for the efficient functioning of our business, including the manufacture and distribution of our Ergatta, Wattbike, CLMBR and FORME Studio equipment, online sales of our Ergatta, Wattbike, CLMBR and FORME Studio equipment, and the ability of our members to access content on our platforms. Our growth has, in certain instances, strained these systems. As we grow, we continue to implement modifications and upgrades to our systems, and these activities subject us to inherent costs and risks associated with replacing and upgrading these systems, including, but not limited to, impairment of our ability to fulfill customer orders and other disruptions in our business operations. Further, our system implementations may not result in productivity improvements at a level that outweighs the costs of implementation, or at all. If we fail to successfully implement modifications and upgrades or expand the functionality of our information technology systems, we could experience increased costs associated with diminished productivity and operating inefficiencies related to the flow of goods through our supply chain.

In addition, any unexpected technological interruptions to our systems or websites would disrupt our operations, including our ability to timely deliver and track product orders, project inventory requirements, manage our supply chain, sell our Ergatta, Wattbike, CLMBR and FORME Studio equipment online, provide services to our members, and otherwise adequately serve our members.

A portion of our units were sold through our commercial website in 2025. The operation of our direct-to-consumer e-commerce business through our website depends on our ability to maintain the efficient and uninterrupted operation of online order-taking and fulfillment operations. Any system interruptions or delays could prevent potential customers from purchasing our Ergatta, Wattbike, CLMBR and FORME Studio equipment.

Moreover, the ability of our members to access the content on our platform could be diminished by a number of factors, including members’ inability to access the internet, the failure of our network or software systems, security breaches, or variability in member traffic for our platform. Platform failures would be most impactful if they occurred during peak platform use periods, which generally occur before and after standard work hours. During these peak periods, there are a significant number of members concurrently accessing our platform and if we are unable to provide uninterrupted access, our members’ perception of our platform’s reliability may be damaged, our revenue could be reduced, our reputation could be harmed, and we may be required to issue credits or refunds, or risk losing members.

In the event we experience significant disruptions, we may be unable to repair our systems in an efficient and timely manner which could have a material adverse effect on our business, financial condition, and results of operations.

We rely heavily on third parties for most of our computing, storage, processing, and similar services. Any disruption of or interference with our use of these third-party services could have an adverse effect on our business, financial condition, and results of operations.

We have outsourced our cloud infrastructure to third-party providers, and we currently use these providers to host and stream our services and content. We are therefore vulnerable to service interruptions experienced by these providers and we expect to experience interruptions, delays, or outages in service availability in the future due to a variety of factors, including infrastructure changes, human, hardware or software errors, hosting disruptions, and capacity constraints. Outages and capacity constraints could arise from a number of causes such as technical failures, natural disasters, fraud, or security attacks. The level of service provided by these providers, or regular or prolonged interruptions in that service, could also affect the use of, and our members’ satisfaction with, our products and services and could harm our business and reputation. In addition, hosting costs will increase as membership engagement grows, which could harm our business if we are unable to grow our revenue faster than the cost of using these services or the services of similar providers.

Furthermore, our providers have broad discretion to change and interpret the terms of service and other policies with respect to us, and those actions may be unfavorable to our business operations. Our providers may also take actions beyond our control that could seriously harm our business, including discontinuing or limiting our access to one or more services, increasing pricing terms, terminating or seeking to terminate our contractual relationship altogether, or altering how we are able to process data in a way that is unfavorable or costly to us. Although we expect that we could obtain similar services from other third parties, if our arrangements with our current providers were terminated, we could experience interruptions on our platform and in our ability to make our content available to members, as well as delays and additional expenses in arranging for alternative cloud infrastructure services.

Any of these factors could further reduce our revenue, subject us to liability, and cause our members to decline to renew their memberships, any of which could have an adverse effect on our business, financial condition, and results of operations.

We face certain risks related to the interaction of our members, trainers, and fitness instructors.

The nature of our services is such that we cannot control all aspects of the interactions of our members, trainers, and fitness instructors. There is a possibility that one or more of our members, trainers, or fitness instructors could be subject to actual or perceived harm following interaction with another one of our members, trainers, or fitness instructors. For example, a verbal interaction between a member and a personal trainer may be perceived by one party as hostile, unwelcome, or causing emotional harm, unintentionally or otherwise. To the extent an unfortunate incident of this nature occurred, our reputation would be harmed and we could be exposed to liability, including through litigation. Litigation to defend these claims could be costly and the expenses and damages arising from any liability could harm our results of operations. We may not be indemnified against claims or costs of these types and we may not have insurance coverage for these types of claims.

If we experience any adverse change to, loss of, or claim that we do not hold necessary licenses to the music content included in our fitness content or otherwise accessible on our platform, it may have an adverse effect on our business, financial condition, and results of operations.

We include music in the fitness content, including our classes and on-demand and Live 1:1 personal training services, that we make available to our members. To secure the rights to use music in our content, we enter into license

agreements with and pay royalties to rights holders such as record labels, music publishers, and performing rights organizations.

The process of obtaining licenses involves identifying and negotiating with many rights holders, some of whom are unknown or difficult to identify, and implicates a myriad of complex legal issues. Rights holders also may attempt to take advantage of their market power to seek burdensome financial terms from us. Our relationship with certain rights holders may deteriorate. Artists and/or artist groups may object and may exert public or private pressure on rights holders to discontinue or to modify license terms. Additionally, there is a risk that aspiring rights holders, their agents, or legislative or regulatory bodies will create or attempt to create new rights that could require us to enter into new license agreements with, and pay royalties to, newly defined groups of rights holders, some of which may be difficult or impossible to identify.

Although we expend significant resources in an attempt to comply with our music licenses and to avoid using music for which we do not have all applicable licenses, the fragmented nature of music rights and the lack of reliable data on copyright ownership, particularly with respect to musical compositions, make it nearly impossible to do so with 100% accuracy, so we cannot guarantee that we are not infringing or violating any third-party intellectual property rights, or that we will not do so in the future.

Comprehensive and accurate ownership information for the musical compositions embodied in sound recordings is sometimes unavailable. In some cases, we obtain ownership information directly from music publishers, and in other cases we rely on the assistance of third parties to determine ownership information. If the information provided to us or obtained by such third parties does not comprehensively or accurately identify the ownership of musical compositions, or if we (or our third-party vendor) are unable to determine which musical compositions correspond to specific sound recordings, it becomes difficult or impossible to identify the appropriate rights holders to whom to pay royalties. This may make it difficult to comply with the obligations of any agreements with those rights holders or to secure the appropriate licenses with all necessary parties.

These challenges, and others concerning the licensing of music on our platforms, may subject us to liability for copyright infringement, breach of contract, or other claims.

We are a party to many music license agreements that are complex and impose numerous obligations upon us that may make it difficult to operate our business, and a breach of such agreements could adversely affect our business, financial condition, and results of operations.

Our license agreements are complex and impose numerous obligations on us, including obligations to, among other things:

•

calculate and make payments based on complex royalty structures, which requires tracking usage of content in our service that may have inaccurate or incomplete metadata necessary for such calculation;

•

provide periodic reports on the exploitation of the content in specified formats;

•

represent that we will obtain all necessary publishing licenses and consents and pay all associated fees, royalties, and other amounts due for the licensing of musical compositions;

•

comply with strict technical and content security-related rules and restrictions;

•

comply with certain marketing and advertising restrictions;

•

grant the licensor the right to audit our compliance with the terms of such agreements; and

•

comply with certain security and technical specifications.

Certain of our license agreements also contain minimum guarantees or require that we make minimum guarantee or advance payments, which are not always tied to our number of members or stream counts for music used in our services. Accordingly, our ability to achieve and sustain profitability and operating leverage in part depends on our ability to increase our revenue through increased sales of memberships on terms that maintain an adequate gross margin. Our license agreements that contain minimum guarantees typically have terms of between one and three years, but our members may cancel their memberships at any time. We rely on estimates to forecast whether such minimum guarantees and advances against royalties could be recouped against our actual content costs incurred over the term

of the license agreement. To the extent that our estimates underperform relative to our expectations, and our content costs do not exceed such minimum guarantees and advance payments, our margins may be adversely affected.

Some of our license agreements also include so-called “most-favored nations” provisions, which require that certain terms (including material financial terms) are no less favorable than those provided to any similarly situated licensor. If agreements are amended or new agreements are entered into on more favorable terms, these most-favored nations provisions could cause our payment or other obligations to escalate substantially. Additionally, some of our license agreements restrict our ability to undertake new business initiatives utilizing the licensed content (e.g., alternative distribution models), and without consent or negotiating additional licenses, our ability to undertake new business initiatives may be limited and our competitive position could be impacted.

The license agreements generally have a term of two years, with some arrangements including demonstration periods or pre-launch periods. The minimum guarantees or advances contained in the license agreements range from $20,000 to $150,000 and the royalty rates, after giving effect to “most-favored nations” provisions, are at the greater of 8.33% of gross service revenue or $3.25 per subscriber (or $6.50 per subscriber for an enterprise/commercial offering). In some arrangements, we may deduct a portion of payments (generally ranging from 2.5% to 25%) to performing rights organizations for performance rights.

If we breach any obligations in any of our license agreements, or if we use content in ways that are found to exceed the scope of such agreements, we could be subject to monetary penalties or claims of infringement, and our rights under such agreements could be terminated.

Our member engagement on mobile devices depends upon effective operation with mobile operating systems, networks, and standards that we do not control.

A significant and growing portion of our members access our platform through our Ergatta, Wattbike, CLMBR and FORME Studio apps and there is no guarantee that popular mobile devices will continue to support our Ergatta, Wattbike, CLMBR and FORME Studio apps or that mobile device users will use our CLMBR and FORME Studio apps rather than competing products. We are dependent on the interoperability of our Ergatta, Wattbike, CLMBR and FORME Studio apps with popular mobile operating systems that we do not control, such as Android and iOS devices. Additionally, in order to deliver high-quality mobile content, it is important that our digital offering is designed effectively and works well with a range of mobile technologies, systems, networks, and standards that we do not control. We may not be successful in developing relationships with key participants in the mobile industry or in developing products that operate effectively with these technologies, systems, networks, or standards.

The smaller screen size and reduced functionality associated with some mobile devices may make accessing our Live 1:1 personal training service, and our On-Demand programs, classes, and content more difficult or less appealing to customers. If we are not able to deliver a rewarding experience on mobile devices, our business may suffer. Further, although we strive to provide engaging mobile experiences for members who visit our mobile website using a browser on their mobile device, we depend on members downloading our mobile apps to provide them with the optimal mobile experience. As new mobile devices and mobile platforms are released, we may encounter problems in developing or supporting apps for them. In addition, supporting new devices and mobile device operating systems may require substantial time and resources.

The success of our mobile apps could also be harmed by factors outside our control, such as:

•

actions taken by providers of mobile operating systems or mobile app download stores;

•

unfavorable treatment received by our mobile apps, especially as compared to competing apps, such as the placement of our mobile apps in a mobile app download store;

•

increased costs in the distribution and use of our mobile apps; or

•

changes in mobile operating systems, such as iOS and Android, that degrade the functionality of our mobile website or mobile apps or that give preferential treatment to competitive products.

In the event that it is more difficult for our members to access and use our platform on their mobile devices or members find our mobile offerings do not effectively meet their needs, our competitors develop products and services that are perceived to operate more effectively on mobile devices, or if our members choose not to access or use our platform on their mobile devices or use mobile products that do not offer access to our platform, our member growth and member engagement could be adversely impacted.

We rely in part on digital advertising, including search engine marketing, to promote awareness of our brand and business and attract new members and increase engagement with existing members. In particular, we rely on search engines, such as Google, and the major mobile app stores as important marketing channels. Search engine companies change their search algorithms periodically, and our ranking in searches may be adversely impacted by those changes. Search engine companies or app stores may also determine that we are not in compliance with their guidelines and penalize us as a result. If search engines change their algorithms, terms of service, display, or the featuring of search results, determine we are out of compliance with their terms of service, or if competition increases for advertisements, we may be unable to cost-effectively add content and services to our website and apps. Our relationships with our marketing vendors are not long-term in nature and do not require any specific performance commitments. In addition, many of our online advertising vendors provide advertising services to other companies, including companies with whom we may compete. As competition for online advertising has increased, the cost for some of these services has also increased. Our digital advertising initiatives may become increasingly expensive and generating a return on those initiatives may be difficult. Even if we successfully increase revenue as a result of our paid digital advertising efforts, such increase may not offset the additional digital advertising expenses we incur.

Risks Related to Our Intellectual Property

We have in the past, and may in the future, face claims of intellectual property infringement, misappropriation or other violations, which could be time-consuming or costly to defend or settle, result in the loss of significant rights or harm our relationships with our members or reputation in the industry.

Our commercial success depends in part upon our ability, and the ability of our future collaborators, to develop, manufacture, market and sell our proprietary technologies without infringing, misappropriating or otherwise violating the intellectual property of third parties. Companies in the fitness industry, including the smart home gym and connected fitness sector, may vigorously pursue, protect and enforce their intellectual property rights. Further, companies in the fitness industry are frequently subject to litigation based on allegations of infringement or other violations of intellectual property rights. Our competitors, as well as a number of other entities and individuals, including so-called non-practicing entities, may own or claim to own intellectual property relating to our product offering. We may be unaware of the intellectual property rights that others may claim over some or all of our technologies. Because patent applications can take years to issue and are often afforded confidentiality for some period of time, there may currently be pending applications, unknown to us, that later result in issued patents that could cover one or more aspects of our technology and there is also a risk that we could adopt a technology without knowledge of a pending patent application, which technology would infringe a third-party patent once that patent is issued. From time to time, third parties have in the past and may in the future assert against us and our members their patent and other intellectual property rights to technologies that are important to our business.

We have in the past, and may in the future, particularly as a public company with an increased profile and visibility, receive communications from others alleging our infringement, misappropriation or other violation of patents, trade secrets, or other intellectual property rights. In addition, in the event that we recruit employees from other technology companies, including certain potential competitors, and these employees are involved in the development of products that are similar to the products they assisted in developing for their former employers, we may become subject to claims that such employees have improperly used or disclosed trade secrets or other proprietary information. We may also in the future be subject to claims by our suppliers, employees, consultants, or contractors asserting an ownership right in our patents or patent applications, or other intellectual property as a result of the work they performed on our behalf.

Claims that our products or technologies infringe, misappropriate or otherwise violate third-party intellectual property rights, regardless of their merit or resolution, could be time-consuming or costly to defend or settle and could divert

the efforts and attention of our management and technical personnel. Many potential litigants, including some of our competitors and patent holding companies, have the ability to dedicate substantial resources to enforcing their intellectual property rights. If such parties were to assert their intellectual property rights against us, even if we believe we would have defenses against any such assertion, there can be no assurance that any such defenses will be successful. For example, in a patent infringement claim against us, we may assert, as a defense, that we do not infringe the relevant patent claims, that the patent is invalid or both. The strength of our defenses will depend on the patents asserted, the interpretation of these patents, and our ability to invalidate the asserted patents. We may be unsuccessful in advancing non-infringement and/or invalidity arguments in our defense. In the United States, issued patents enjoy a presumption of validity, and the party challenging the validity of a patent claim must present clear and convincing evidence of invalidity, which is a high burden of proof. Conversely, the patent owner need only prove infringement by a preponderance of the evidence, which is a lower burden of proof. Further, any litigation may also involve non-practicing entities or other adverse patent owners that have no relevant solution revenue, and therefore, our patent portfolio may provide little or no deterrence as we would not be able to assert our patents against such entities or other adverse patent owners. Infringement claims also could harm our relationships with our members and might deter future customers from doing business with us. We do not know whether we would prevail in these proceedings given the complex technical issues and inherent uncertainties in intellectual property litigation. If any pending or future proceedings result in an adverse outcome, we could be required to:

•

cease the manufacture, use, sale, or importation of the infringing products, content, services, or technologies;

•

pay substantial damages for infringement, misappropriation or other violation, which could include treble damages and attorneys’ fees if we are found to willfully infringe a third party’s intellectual property rights;

•

expend significant time, expense, and resources to develop, acquire, or license alternative non-infringing products, content, services, or technologies, which may not be successful;

•

license technology from the third-party claiming infringement, which license may not be available on commercially reasonable terms, or at all;

•

cross-license our intellectual property rights to a competitor to resolve an infringement claim, which could weaken our ability to compete with that competitor; or

•

pay substantial damages to our members or end-users to discontinue their use of or to replace infringing technology sold to them with non-infringing technology, if available.

Additionally, even if successful in such proceedings, our intellectual property rights in our products, services, content, or technologies may be invalidated or narrowed. Moreover, there could be public announcements of the results of hearings, motions or other interim proceedings or developments, and if securities analysts or investors perceive these results to be negative, it could have a substantial adverse effect on the price of the Common Stock. Any of the foregoing results could have a material adverse effect on our business, financial condition, and results of operations.

In addition, certain contracts with our suppliers or customers may contain provisions whereby we indemnify, subject to certain limitations, the counterparty for damages suffered as a result of claims related to intellectual property infringement. Claims made under these provisions, even those without merit, could adversely affect our relationship with that third party as well as with new and existing customers, could be expensive to litigate and could result in significant payments. Even if we were to prevail in such a dispute, any litigation regarding our intellectual property could be costly and time-consuming and divert the attention of our management and key personnel from our business operations.

We use a significant amount of intellectual property in our business. Monitoring unauthorized use of our intellectual property can be difficult and costly and if we are unable to obtain, maintain, and protect our intellectual property, our business, financial condition, and results of operations could be adversely affected.

Our success depends in part upon our ability to obtain and maintain intellectual property rights with respect to our products and the technologies we develop. To accomplish this, we rely on a combination of intellectual property rights, including patents, copyrights, trade areas, domain name, and trademarks in the United States and in selected foreign countries where we believe filing for such protection is appropriate. We also rely on trade secret laws, as well as confidentiality and non-disclosure, licensing, and other contractual protections, to protect our intellectual property

rights. Some of our products and technologies are not covered by any patent or patent application, as we do not believe patent protection of these products and technologies is critical to our business strategy at this time.

However, our efforts to protect our intellectual property rights may not be sufficient or effective, and any of our intellectual property rights may be challenged, which could result in them being narrowed in scope or declared invalid or unenforceable. There can be no assurance that our intellectual property rights will be sufficient to protect against others offering products, services, or technologies that are substantially similar to ours and that compete with our business. Certain unauthorized use of our intellectual property may go undetected, or we may face legal or practical barriers to enforcing our legal rights even where unauthorized use is detected.

Effective protection of patents, trademarks, such as our rights to use the “FORME Life” mark, and domain names is expensive and difficult to maintain, both in terms of application and registration costs as well as the costs of defending and enforcing those rights. As we have grown, we have sought patent and trademark rights in a limited number of countries outside of the United States, a process that can be expensive and may not always be successful. For example, the U.S. Patent and Trademark Office and various foreign governmental patent agencies require compliance with a number of procedural requirements to complete the patent application process and to maintain issued patents, and noncompliance or non-payment could result in abandonment or lapse of a patent or patent application, resulting in partial or complete loss of patent rights in a relevant jurisdiction. Further, intellectual property protection may not be available to us in every country in which our products and services are available. For example, some foreign countries have compulsory licensing laws under which a patent owner must grant licenses to third parties. In addition, many countries limit the enforceability of patents against certain third parties, including government agencies or government contractors. In these countries, patents may provide limited or no benefit. Further, the laws of some countries in which we operate or intend to operate do not protect proprietary rights and intellectual property to the same extent as the laws of the United States, and mechanisms for protection and enforcement of intellectual property rights in some foreign countries may be inadequate. To the extent we expand our international activities, our exposure to unauthorized copying and use of our products and technologies may increase. Further, competitors, foreign governments, foreign government-backed actors, criminals, or other third parties may gain unauthorized access to our proprietary information and technology. Accordingly, despite our efforts, we may be unable to prevent third parties from infringing upon or misappropriating our technology and intellectual property.

Patents and Other Registered Intellectual Property

Our patent and patent application portfolio primarily relates to various hardware and software inventions that may or may not be embodied in our current or future products. The United States patents in the portfolio and issued as of December 31, 2025 are expected to expire between 2036 and 2040, without taking potential patent term extensions or adjustments into account. We cannot assure you that any patents from any pending or future patent applications will be issued, and even if our pending patent applications are granted, the scope of the rights granted to us may not be meaningful, may not provide us with a commercial advantage and may be subject to reinterpretation after issuance. The patent prosecution process is expensive, time-consuming, and complex, and we may not be able to file, prosecute, maintain, enforce, or license all necessary or desirable patent applications at a reasonable cost or in a timely manner. It is also possible that we will fail to identify patentable aspects of our research and development output in time to obtain patent protection. Failure to timely seek patent protection on products or technologies generally precludes us from seeking future patent protection on these products or technologies. Even if we do timely seek patent protection, the coverage claimed in a patent application can be significantly reduced before a patent is issued, and its scope can be reinterpreted after issuance.

We also rely on our trademarks to build name recognition and our brand in the markets in which we do business. Our registered or unregistered trademarks or trade names in the United States and in international jurisdictions may be challenged, infringed, circumvented, declared generic, lapsed, or determined to be infringing on or dilutive of other marks, and our current and future trademark applications may not be allowed or may subsequently be opposed. We may not be able to protect our rights in these trademarks and trade names, which we need in order to build name recognition with potential customers. At times, competitors may adopt trade names or trademarks similar to ours, thereby impeding our ability to build brand identity and possibly leading to market confusion. In addition, there could be potential trade name or trademark infringement claims brought by owners of other trademarks or trademarks that incorporate variations of our registered or unregistered trademarks or trade names. As a means to enforce our trademark rights and prevent infringement, we may be required to file trademark claims against third parties or initiate

trademark opposition proceedings. This can be expensive and time-consuming, and we may not be able to protect our rights to these trademarks and trade names, which we need to build name recognition among potential partners or customers in our markets of interest. Over the long term, if we are unable to establish name recognition based on our trademarks and trade names, then we may not be able to compete effectively and our business may be adversely affected.

We cannot guarantee that:

•

any of our present or future patents or patent claims will not lapse or be invalidated, narrowed, circumvented, opposed or otherwise challenged, or abandoned;

•

our intellectual property rights will provide competitive advantages to us;

•

our ability to assert our intellectual property rights against others (including potential competitors) or to settle current or future disputes will not be limited by our agreements with third parties;

•

any of our pending or future patent applications will be issued or have the coverage originally sought;

•

our intellectual property rights will be enforced in jurisdictions where competition may be intense or where legal protections may be weak;

•

all inventors or contributors to intellectual property have executed appropriate and effective invention assignment agreements assigning their inventions and contributions to us;

•

any of the trademarks, copyrights, trade secrets, or other intellectual property rights that we presently employ in our business will not lapse or be invalidated, narrowed, circumvented, challenged, abandoned or otherwise diminished or eliminated; or

•

we will not lose the ability to assert our intellectual property rights against or to license our technologies to others and collect royalties or other payments.

In addition, our competitors or others may infringe on our trademarks or patents, independently develop similar offerings, duplicate our offerings, or design around our patents or other intellectual property rights. Further legal standards relating to the validity, enforceability, and scope of protection of intellectual property rights are constantly developing, uncertain, and may be applied or interpreted in ways that limit our ability to protect and enforce our rights. Effective intellectual property protection may be unavailable or more limited in foreign jurisdictions relative to those protections available in the United States. Further, intellectual property protection may not be applied for in one or more relevant jurisdictions. Even if foreign patents are granted, effective enforcement in foreign countries may not be available. The failure of our patents to adequately protect our technologies might make it easier for our competitors to offer similar products or technologies, and our business, financial condition, and results of operations could be adversely affected.

Trade Secrets and Other Unregistered Intellectual Property

In addition to patent protection, we also rely on other proprietary rights, including protection of trade secrets and other proprietary information that is not patentable or that we elect not to patent. We rely on contractual protections with our members, suppliers, employees, consultants, and contractors, and we implement security measures designed to protect our intellectual property, and proprietary technology. For example, all employees and consultants are generally required to execute confidentiality agreements in connection with their employment and consulting relationships with us. We also require them to agree to disclose and assign to us all inventions conceived or made in connection with the employment or consulting relationship. However, we cannot guarantee that we have entered into such agreements with each party that may have or have had access to our trade secrets or proprietary technologies. Further, these agreements do not prevent our competitors or others from independently developing products or technologies that are substantially equivalent or superior to ours. The confidentiality agreements on which we rely to protect our intellectual property may be breached, may not be adequate to protect our confidential information, trade secrets, and proprietary technologies, and may not provide an adequate remedy in the event of unauthorized use or disclosure of our confidential information, trade secrets, or proprietary technologies.

Our trade secrets, know-how, and other proprietary information may be stolen, disclosed to our competitors, used in an unauthorized manner, or compromised through a direct intrusion by private parties or foreign actors, including

those affiliated with or controlled by state actors, through cyber intrusions into our computer systems, physical theft through corporate espionage, or other means, or through more indirect routes, including by licensees that do not honor the terms of the license or other parties reverse engineering our products or technologies. Others may independently develop substantially equivalent products or technologies or otherwise gain access to our trade secrets. Unauthorized copying or other misappropriation of our trade secrets and other intellectual property could enable third parties to benefit from our technologies without paying us for doing so, which could harm our business. We cannot assure you that our contractual protections and security measures have not been or will not be breached or that we will have adequate remedies for any such breach. Accordingly, we cannot guarantee that we have secured, or will be able to secure, effective protections for all of our trade secrets or other proprietary information that we use or claim rights to. We rely in part on the laws of the United States and international laws to protect our intellectual property. Intellectual property such as trade secrets are difficult to protect, and some courts inside and outside of the United States are less willing or unwilling to protect intellectual property, including trade secrets.

Monitoring Unauthorized Use of Intellectual Property

Monitoring unauthorized use of our intellectual property is difficult and costly. Although we are not aware of any material misappropriation of our intellectual property to date, unauthorized use of our intellectual property may have occurred or may occur in the future. Although we have taken steps to minimize the risk of this occurring, any such failure to identify unauthorized use and otherwise adequately protect our intellectual property would adversely affect our business. When we become aware of companies infringing on our intellectual property rights, we seek to enforce our rights through appropriate actions. From time to time, we may need to commence litigation or other legal proceedings in order to:

•

assert claims of infringement of our intellectual property rights;

•

defend our products from piracy;

•

protect our trade secrets or know-how; or

•

determine the enforceability, scope, and validity of the propriety rights of others.

Lawsuits or other proceedings that we initiate to protect or enforce our patents or other intellectual property rights could be expensive, time consuming, and unsuccessful. Any claims we assert against perceived infringers could provoke these parties to assert counterclaims against us alleging that we infringe their intellectual property or alleging that our intellectual property is invalid or unenforceable. Moreover, if we are required to commence litigation, whether as a plaintiff or defendant, we would also be forced to divert our attention and the efforts of our employees, which could, in turn, result in lower revenue and higher expenses. If we pursue litigation to assert our intellectual property rights, an adverse decision in any of these legal actions could limit our ability to assert our intellectual property rights, limit the value of our technologies or otherwise negatively impact our business, financial condition, and results of operations. Legal fees related to such litigation will increase our operating expenses and may reduce our net income.

Protection and pursuit of intellectual property rights and positions often results in protracted and expensive litigation for many companies. In the ordinary course of our business, we may become party to disputes involving intellectual property rights. We have in the past received, and we may in the future receive, communications alleging liability for damages or challenging the validity of our intellectual property or proprietary rights. We also have in the past, and may in the future receive claims of infringement or inquiries regarding possible infringement of the intellectual property rights of others, demands seeking royalty payments or other remedies, or cease and desist letters. Depending on the situation, we may defend our position, seek to negotiate a license, or engage in other acceptable resolution that is appropriate to our business.

If we encounter disputes or other issues related to the intellectual property we license from or develop with third parties, it could narrow or restrict our ability to use such intellectual property and adversely impact our ability to develop and market our current or new products and services.

Many of our products and services include intellectual property licensed from third parties, and we are party to a number of third-party intellectual property license agreements. Some of these license agreements require us to make one-time payments or ongoing royalty payments. We cannot guarantee that the technologies we license will not be licensed to our competitors or others in the fitness and wellness sector, including the smart home gym and connected

fitness industry. As a result, we may not be able to prevent competitors from developing and commercializing competitive products in territories included in all of our licenses. In the future, we may need to obtain additional licenses, renew existing license agreements, or otherwise replace existing technologies. We are unable to predict whether these license agreements can be obtained or renewed or whether the technologies can be replaced on acceptable terms, or at all. In that event, we may be required to expend significant time and resources to redesign our technologies, products or the methods for manufacturing them or to develop or license replacement technologies, all of which may not be feasible on a technical or commercial basis. Any disputes with our licensing partners with respect to such agreements could narrow what we believe to be the scope of our rights to the relevant intellectual property, increase our obligations under such agreements, or restrict our ability to develop and market our current or new products and services. Any of these events could negatively impact our business, financial condition, and results of operations.

In addition, from time to time, we enter into agreements with select customers, such as our commercial customers, to customize and otherwise develop technologies and intellectual property, and we expect to enter into new, similar arrangements from time to time in the future. Some of these agreements contain terms that allocate ownership of, and rights to use and enforce, technologies and intellectual property rights. As a result of these agreements, we may be required to limit use of, refrain from using, or co-own certain of such related technologies and intellectual property rights in parts of our business. Determining inventorship and ownership of technologies and intellectual property rights resulting from development activities can be difficult and uncertain. Certain intellectual property rights to which we claim ownership are or may be subject to co-ownership disputes with certain inventors or third parties due to unexecuted assignment agreements. Disputes may arise with customers, vendors, and other third parties regarding ownership of and rights to use and enforce these technologies and intellectual property rights or regarding interpretation of our agreements with these third parties, and these disputes may result in claims against us or claims that intellectual property rights, which we believe we own, are not owned by us, are not enforceable, or are invalid. The cost and effort to resolve these types of disputes, or the loss of intellectual property rights if we lose these types of disputes, could harm our business, financial condition, and results of operations. Further, co-ownership of intellectual property rights may allow the other owners to freely use such intellectual property rights, or license or transfer such intellectual property rights to others including our competitors. Any of these could negatively impact our business, financial condition, and results of operations.

We may be involved in lawsuits to protect or enforce our patents or our other intellectual property rights, which could be expensive, time consuming and unsuccessful.

Competitors may infringe, misappropriate or otherwise violate our patents or our other intellectual property rights. To counter infringement, misappropriation, or other violations, we may be required to file legal claims, which can be expensive and time-consuming. In addition, in an infringement proceeding, a court may decide that a patent of ours is not valid or is unenforceable, or may refuse to stop the other party from using the technology at issue on the grounds that our patents do not cover the technology in question. An adverse result in any litigation or defense proceedings could put one or more of our patents at risk of being invalidated or interpreted narrowly and could put our patent applications at risk of not being issued. Litigation or other legal proceedings relating to intellectual property claims, with or without merit, are unpredictable and, even if resolved in our favor, litigation or other legal proceedings relating to intellectual property claims may cause us to incur significant expenses and could distract our scientific and management personnel from their normal responsibilities. Any such litigation or proceedings also could substantially increase our operating losses and reduce the resources available for development activities or future sales, marketing, or distribution activities.

The initiation of a claim against a third party may also cause the third party to bring counter claims against us such as claims asserting that our patents are invalid or unenforceable. In patent litigation in the United States, defendant counterclaims alleging invalidity or unenforceability are commonplace. Grounds for a validity challenge could be an alleged failure to meet any of several statutory requirements, including lack of novelty, obviousness, non-enablement, or lack of statutory subject matter. Grounds for an unenforceability assertion could be an allegation that someone connected with prosecution of the patent withheld relevant material information from the United States Patent and Trademark Office, (the “USPTO”), or made a materially misleading statement, during prosecution. Third parties also may raise similar validity claims against our patents before the USPTO in post-grant proceedings such as ex parte reexaminations, inter partes review, or post-grant review, or oppositions or similar proceedings outside the United States, in parallel with litigation or even outside the context of litigation. The outcome following legal assertions of

invalidity and unenforceability is unpredictable. We cannot be certain that there is no invalidating prior art, of which we and the patent examiner were unaware during prosecution. For the patents and patent applications that we have licensed, we may have limited or no right to participate in the defense of any licensed patents against challenge by a third party. If a defendant were to prevail on a legal assertion of invalidity or unenforceability, we would lose at least part, and perhaps all, of any future patent protection on our current or future proprietary technologies. Such a loss of patent protection could harm our business.

Furthermore, because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some of our confidential information could be compromised by disclosure during this type of litigation. There could also be public announcements of the results of hearings, motions or other interim proceedings or developments. If securities analysts or investors perceive these results to be negative, it could have an adverse effect on the price of the Common Stock. We may not have sufficient financial or other resources to adequately conduct such litigation or proceedings. Some of our competitors or other third parties may be able to sustain the costs of such litigation or proceedings more effectively than we can because of their greater financial resources and more mature and developed intellectual property portfolios. Uncertainties resulting from the initiation and continuation of patent litigation or other proceedings could have a material adverse effect on our business, financial condition, results of operations, and prospects.

Our use of third-party open source software may pose particular risks to our proprietary software, technologies, products, and services in a manner that could harm our business.

Certain of our software, as well as that of our vendors, may use or be derived from “open source” software that is generally made available to the public by its authors and/or other third parties. Some open software is made available under license terms that may impose certain obligations on us in the event we were to distribute derivative works of the open source software. These obligations may require us to make source code for the derivative works available to the public and/or license such derivative works under a particular type of license, rather than the forms of license we customarily use to protect our intellectual property. Additionally, some open source software licenses also require those who distribute or make available across a network software and services that include open source software which may include valuable proprietary code.

While we may take steps to monitor the use of all open source software in our products and technologies, and try to ensure that no open source software is used in such a way as to require us to disclose the source code to the related product or technology when we do not wish to do so, we have not conducted a complete open source license review and such use could inadvertently occur. Additionally, if a third-party software provider has incorporated certain types of open source software into software we license from such third party for our products and technologies, we could, under certain circumstances, be required to disclose the source code to our products and technologies. This could harm our intellectual property position and have a material adverse effect on our business, financial condition, and results of operations.

In addition, although some open source vendors provide warranty and support agreements, it is common for such software to be available “as-is” with no warranty, indemnity, or support.

Furthermore, there is an increasing number of open-source software license types, almost none of which have been tested in a court of law, resulting in a dearth of guidance regarding the proper legal interpretation of such licenses. Additionally, we could face claims from third parties claiming ownership of, or demanding release of, the open source software or derivative works that we developed using such software, which could include our proprietary source code, or otherwise seeking to enforce the terms of the applicable open source license. These claims could result in litigation and could require us to make our software source code freely available, purchase a costly license, or cease offering the implicated products or services unless and until we can re-engineer them to avoid infringement. This re-engineering process could require us to expend significant additional research and development resources, and we cannot guarantee that we will be successful.

Additionally, the use of certain open source software can lead to greater risks than use of third-party commercial software, as open source licensors generally do not provide warranties or controls on the functionality or origins of software. There is typically no support available for open source software, and we cannot ensure that the authors of such open source software will implement or push updates to address security risks or will not abandon further

development and maintenance. Many of the risks associated with the use of open source software, such as the lack of warranties or assurances of title or performance, cannot be eliminated, and could, if not properly addressed, negatively affect our business. Use of open source software may also present additional security risks because the public availability of such software may make it easier for hackers and other third parties to determine how to compromise our platform. We cannot be sure that all open source software is identified, reviewed, or submitted for approval prior to use in our products and services. Any of these risks could be difficult to eliminate or manage, and, if not addressed, could have an adverse effect on our business, financial condition, and results of operations.

Risks Related to Privacy, Cybersecurity, and Infrastructure

We collect, store, process, and use personal information and other member data, which subjects us to legal obligations and laws and regulations related to security and privacy, and any actual or perceived failure to meet those obligations could harm our business.

In the ordinary course of our business, we may collect, process, transmit, disclose, store, and use a wide variety of data from current and prospective members, including personal information or personal data, such as home addresses and geolocation. Federal, state, and international laws and regulations governing privacy, data protection, and e-commerce transactions require us to safeguard our members’ personal information. Although we have established security procedures to protect member information, we may rely upon third-party service providers and technologies to operate critical business systems that process confidential and personal information in a variety of contexts, including, without limitation, third-party providers of cloud-based infrastructure, security technology, employee email, content delivery to members, and other functions. Our ability to monitor these third parties’ information security practices is limited, and these third parties may not have adequate information security measures in place. We may share or receive sensitive data with or from third parties. Further, advances in computer capabilities, new discoveries in the field of cryptography, inadequate facility security, or other developments may result in a compromise or breach of the technology we use to protect member data. Any compromise of our security, the security of our third-party service providers, or any other breach of our members’ privacy could harm our reputation or financial condition and, therefore, our business.

Cyberattacks, malicious internet-based activity, and online and offline fraud are prevalent and continue to increase. These threats are becoming increasingly difficult to detect. These threats come from a variety of sources. In addition to traditional computer “hackers,” threat actors, personnel (such as through theft or misuse), sophisticated nation-states, and nation-state-supported actors now engage in attacks. We and the third parties upon which we rely may be subject to a variety of these evolving threats, including but not limited to social-engineering attacks (including through phishing attacks), malicious code (such as viruses and worms), malware (including as a result of advanced persistent threat intrusions), denial-of-service attacks (such as credential stuffing), personnel misconduct or error, ransomware attacks, supply-chain attacks, software bugs, server malfunctions, software or hardware failures, loss of data or other information technology assets, adware, telecommunications failures, earthquakes, fires, floods, and other similar threats.

Any of the previously identified or similar threats could cause a security incident or other interruption. A security incident or other interruption could result in unauthorized, unlawful, or accidental acquisition, modification, destruction, loss, alteration, encryption, disclosure of, or access to data. A security incident or other interruption could disrupt our ability (and that of third parties upon whom we rely) to provide our services. We may expend significant resources or modify our business activities in an effort to protect against security incidents.

Depending on the nature of the information compromised, in the event of a data breach or other unauthorized access to our member data, we may also have obligations to notify members, along with administrative bodies, about the incident. We may also need to provide some form of remedy, such as a membership to a credit monitoring service, for the individuals affected by the incident. A growing number of legislative and regulatory bodies have adopted consumer notification requirements in the event of unauthorized access to or acquisition of certain types of personal data. Such breach notification laws continue to evolve and may be inconsistent from one jurisdiction to another. Complying with these obligations could cause us to incur substantial costs and could increase negative publicity surrounding any incident that compromises member data.

Furthermore, we may be required to disclose personal data pursuant to demands from individuals, privacy advocates, regulators, government agencies, and law enforcement agencies in various jurisdictions with conflicting privacy and security laws. This disclosure or refusal to disclose personal data may result in a breach of privacy and data protection policies, notices, laws, rules, court orders, and regulations and could result in proceedings or actions against us in the same or other jurisdictions, damage to our reputation and brand, and inability to provide our products and services to consumers in certain jurisdictions.

Finally, we are subject to laws and regulations that govern our collection, use, and transfer of member data. In some jurisdictions, we are subject to affirmative requirements to meet certain data privacy rights afforded to the residents of that jurisdiction (e.g., access rights, data portability rights, sales opt-out rights). These laws are numerous and complex and if we, or our third-party service provider, are accused of noncompliance, we could face penalties. Moreover, these laws and rules are changing and could therefore impose additional requirements with respect to the retention and security of member data, raise our internal compliance costs, limit our marketing activities, and/or otherwise adversely affect our business, financial condition, and results of operations.

Cybersecurity risks could adversely affect our business and disrupt our operations.

We face various cybersecurity threats, including threats to our information technology infrastructure, denial-of-service attacks, zero day attacks, phishing and spoofing attempts, fraudulent requests for money transfers, attempts to compromise proprietary information, and ransomware attacks. In addition, we face cybersecurity threats from entities that may seek to target us by exploiting our relationships with our members, vendors, subcontractors, employees, independent contractors, and other third parties with whom we do business. While the cyber threat landscape is ever-changing, the current risks may be heightened by ongoing tensions with various nation state threat actors.

Threats to our information technology assets, network, and data stored therein, are increasingly diverse and sophisticated. Despite our efforts and processes to prevent breaches, the commercial products we use, our servers, and other assets, along with those of our third party service providers, are vulnerable to cybersecurity threats, including zero day attacks, malware, phishing and spoofing exploits, denial-of-service attacks, compromise of physical assets, insider theft or misuse or mistake, and similar disruptions.

Despite our efforts to create security barriers to such threats, we may not be able to successfully guard against every threat or mitigate the resulting risks. A successful cyber-attack could lead to interruptions, delays, loss of critical data, unauthorized access to member data, and require large expenditures to investigate and remediate. This could, in turn, adversely affect consumer confidence, our business, our financial condition, and damage our reputation.

Our contracts may not contain limitations of liability, and even where they do, there can be no assurance that limitations of liability in our contracts are sufficient to protect us from liabilities, damages, or claims related to our data privacy and security obligations. Also, we cannot be sure that our insurance coverage will be adequate or sufficient to protect us from or to mitigate liabilities arising out of our privacy and security practices, that such coverage will continue to be available on commercially reasonable terms or at all, or that such coverage will pay future claims.

A breach of our information technology systems or physical security systems, or any actual or perceived violation of privacy or data protection laws, could harm our reputation, business, financial condition, and results of operations.

We rely on our information technology systems to process, transmit, and store electronic information (including sensitive data such as confidential business information, financial information, and personally identifiable information relating to employees, members, and other business partners), and to manage or support a variety of critical business processes and activities, as well as physical security systems to protect our facilities and employees. We can provide no assurance that our current information technology or physical security systems, or those of the third parties upon which we rely, are fully protected.

Although we have not experienced any known cyber or physical security events which have materially impacted our business, financial condition, operations, liquidity, or reputation to date, it is possible that we (and/or our members, vendors, partners, or others) have faced a cyber or physical security compromise that is not (yet) known. Further, future threats could, among other consequences: cause harm to our business and our reputation; disrupt our operations;

cost significant resources to address; expose us to potential liability, regulatory actions, and the loss of business; and impact our results of operations materially. Due to the evolving nature of these security threats, we cannot predict the potential impact of any future incident.

Applicable data privacy and security obligations may require us to notify relevant stakeholders of security incidents. Such disclosures are costly, and the disclosures or the failure to comply with such requirements could lead to adverse consequences. If we (or a third party upon whom we rely) experience a security incident or are perceived to have experienced a security incident, we may experience adverse consequences. These consequences may include: government enforcement actions (for example, investigations, fines, penalties, audits, and inspections); additional reporting requirements and/or oversight; restrictions on processing data (including personal data); litigation (including class claims); indemnification obligations; negative publicity; reputational harm; monetary fund diversions; interruptions in our operations (including availability of data); financial loss; and other similar harms. Security incidents and attendant consequences may negatively impact our ability to grow and operate our business.

While we take measures to protect the security of, and prevent unauthorized access to, our systems, facilities, and personal and proprietary information, the security controls for our systems and facilities, as well as other security practices we follow, may not prevent unauthorized access or damage to our systems and facilities, or prevent the disablement or encryption of, use or misuse of, disclosure of, modification of, destruction of or loss of our data or the data of others (including personally identifiable information and proprietary information). Any actual or perceived security incident could harm our business and results of operations and could result in, among other things, unfavorable publicity, governmental inquiry, oversight, and sanction, difficulty in marketing our services, allegations by our members or partners that we have not performed our contractual obligations, litigation by affected parties including our members and possible financial obligations for damages related to the theft or misuse of such information or inventory, any of which could negatively impact our business, financial condition, and results of operations.

Data privacy and security are subject to frequently changing rules and regulations, and failure to comply with these rules and regulations could materially and adversely harm our reputation, business, financial condition, and results of operations.

We are, or could become, subject to a variety of local, state, national and international laws, directives, and regulations that apply to the collection, use, retention, protection, disclosure, transfer, and other processing of personal data in the different jurisdictions, and which sometimes conflict among the various jurisdictions and countries in which we operate. If and as we expand our business internationally, we expect to become subject to data privacy and security laws in additional jurisdictions. Data privacy laws and regulations, including, but not limited to, the CCPA and the CPRA, as well as the European Union’s GDPR and its equivalent in the United Kingdom (to which we may become subject if we expand into those jurisdictions), pose increasingly complex compliance challenges, which may increase compliance costs. Any failure to comply with data privacy laws and regulations could result in significant penalties.

The CCPA requires, among other things, that covered companies provide disclosures to California consumers and affords such consumers with certain rights, including the ability to opt out of certain sales of their personal information. The CCPA prohibits discrimination against individuals who exercise their privacy rights and provides for civil penalties for violations, as well as a private right of action in certain circumstances. Additionally, the CPRA, which became effective in most material respects starting on January 1, 2023, further expands the CCPA with additional compliance requirements that may impact our business and establishes a regulatory agency dedicated to enforcing the CCPA and CPRA. Aspects of the interpretation and enforcement of the CCPA and CPRA remain uncertain and will impose additional compliance requirements that may impact our business. In addition, we may be subject to other new data privacy laws, such as the Virginia Consumer Data Protection Act, the Colorado Privacy Act, the Connecticut Data Privacy Act and the Utah Consumer Privacy Act in the United States (all of which went into effect in 2023) as well as the European Union Regulation on Privacy and Electronic Communications (or ePrivacy Regulation). Further, in the United States, emerging state data privacy laws may encourage other states and the federal government to pass comparable legislation, introducing the possibility of greater penalties and more rigorous compliance requirements.

divergent parallel regimes (and related uncertainty) exist. We cannot predict how the GDPR, the UK GDPR, or other UK or international data protection laws or regulations may develop or impact our business if and when we become subject to such laws and regulations, nor can we predict the effects of divergent laws and related guidance.

Compliance with U.S. and international data protection laws and regulations could cause us to incur substantial costs or require us to change our business practices and compliance procedures in a manner adverse to our business. Any inability to adequately address data privacy or data protection, or other information security-related concerns, even if unfounded, or to successfully negotiate privacy, data protection or information security-related contractual terms with members, or to comply with applicable laws, regulations and policies relating to privacy, data protection and information security, could result in additional cost and liability to us, harm our reputation and brand, and could negatively impact our business, financial condition, and results of operations.

Risks Related to Financial, Accounting, and Tax Matters

We may not be able to accurately predict our future capital needs, and we may not be able to obtain additional financing to fund our operations.

We will need to raise additional funds in the future, including in the short term and long term, to fund our operations and meet our obligations. Please refer to the “Liquidity and Capital Resources" section within the Management's Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this Annual Report on Form 10-K and “ – Risks Related to Our Business and Industry – Our negative cash flows from operations, history of losses, and significant accumulated deficit raise substantial doubt about our ability to continue as a ‘going concern.’” Since our inception, we have funded our operations primarily with gross proceeds from sales of our redeemable convertible preferred stock, the issuance of common stock and the issuance of convertible notes, as well as from promissory notes. Certain of our outstanding convertible notes and promissory notes provide for a security interest on our assets. If we were to default on such notes or any other secured debt instrument and such default is not waived, any secured collateral would become subject to liens or risk of forfeiture. In addition, any required additional financing may not be available on terms acceptable to us, or at all. If we raise additional funds by issuing equity securities or convertible debt, investors may experience significant dilution of their ownership interest, and the newly issued securities may have rights senior to those of the holders of our Common Stock. If we raise additional funds by obtaining loans from third parties, the terms of those financing arrangements may include security interests on our assets, negative covenants or other restrictions on our business that could impair our operational flexibility and would also require us to incur additional interest expense. If additional financing is not available when required or is not available on acceptable terms, we may have to scale back our operations, limit our production activities, or implement other cost reduction measures, including personnel costs.

We have identified material weaknesses in our internal control over financial reporting, and in the future, we may identify additional material weaknesses or fail to maintain an effective system of controls. If we do not remediate the material weaknesses in our internal control over financial reporting, or if we fail to establish and maintain effective internal control, we may not be able to accurately report our financial results or file our periodic reports in a timely manner, which may cause investors to lose confidence in our reported financial information and may lead to a decline in the market price of our Common Stock.

Effective internal control over financial reporting is necessary for us to provide reliable financial reports in a timely manner. In preparing our financial statements as of and for the year ended December 31, 2025, management identified several material weaknesses in our internal control over financial reporting. The material weaknesses we identified related to (1) the lack of a sufficient number of trained professionals with the expertise to design, implement, and execute a formal risk assessment process and formal accounting policies, procedures, and controls over accounting and financial reporting to ensure the timely and accurate recording of financial transactions while maintaining a segregation of duties; (2) certain system limitations in our accounting software and the overall control environment and (3) the lack of a sufficient number of trained professionals with the appropriate U.S. GAAP technical expertise to identify, evaluate, and account for complex transactions and review valuation reports prepared by external specialists.

We are planning on implementing measures designed to improve our internal control over financial reporting to remediate these material weaknesses, including formalizing our processes and internal control documentation and strengthening supervisory reviews by our financial management; hiring additional qualified accounting and finance

personnel and engaging financial consultants to enable the implementation of internal control over financial reporting and segregating duties amongst accounting and finance personnel.

While we are implementing these measures, we cannot assure you that these efforts will remediate our material weaknesses and significant deficiencies in a timely manner, or at all, or prevent restatements of our financial statements in the future. In particular, our material weakness related to our accounting software was not fully remediated as of December 31, 2025, as we expect to implement new software in 2026. If we are unable to successfully remediate our material weaknesses, or identify any future significant deficiencies or material weaknesses, the accuracy and timing of our financial reporting may be adversely affected, we may be unable to maintain compliance with securities law requirements regarding timely filing of periodic reports, and the market price of our common stock may decline as a result.

Ensuring that we have adequate internal financial and accounting controls and procedures in place so that we can produce accurate financial statements on a timely basis is a costly and time-consuming effort that needs to be re-evaluated frequently. We expect to incur additional costs to remediate these material weaknesses and other control deficiencies, though there can be no assurance that our efforts will be successful or avoid potential future material weaknesses. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with generally accepted accounting principles. If we are unable to successfully remediate our existing or any future material weaknesses in our internal control over financial reporting, or if we identify any additional material weaknesses, the accuracy and timing of our financial reporting may be adversely affected, we may be unable to maintain compliance with securities law requirements regarding timely filing of periodic reports in addition to applicable stock exchange listing requirements, investors may lose confidence in our financial reporting, and our stock price may decline as a result. We also could become subject to investigations by Nasdaq, the SEC, or other regulatory authorities. Failure to remedy any material weakness in our internal control over financial reporting, or to implement or maintain other effective control systems required of public companies, could also restrict our future access to the capital markets. In addition, investors’ perceptions that our internal controls are inadequate or that we are unable to produce accurate financial statements on a timely basis may harm our stock price and make it more difficult for us to effectively market and sell our products to new and existing customers.

If we fail to maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired.

As a public company, we are subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act and the rules and regulations of the applicable listing standards of Nasdaq. We expect that the requirements of these rules and regulations will continue to increase our legal, accounting, and financial compliance costs, make some activities more difficult, time-consuming and costly and place significant strain on our personnel, systems and resources. The Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures and internal control over financial reporting. We are continuing to develop and refine our disclosure controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports that we will file with the SEC is recorded, processed, summarized, and reported within the applicable time periods specified in SEC rules and forms and that information required to be disclosed in reports under the Exchange Act is accumulated and communicated to our principal executive and financial officers. We are also continuing to improve our internal control over financial reporting.

In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal control over financial reporting, we have expended, and anticipate that we will continue to expend, significant resources, including accounting-related costs and significant management oversight. Our current controls and any new controls that we develop may become inadequate because of changes in conditions in our business. In addition, changes in accounting principles or interpretations could also challenge our internal controls and require that we establish new business processes, systems and controls to accommodate such changes. We have limited experience with implementing the systems and controls necessary to operate as a public company, as well as adopting changes in accounting principles or interpretations mandated by the relevant regulatory bodies. Additionally, if these new systems, controls or standards and the associated process changes do not give rise to the benefits that we expect or do not operate as intended, it could adversely affect our financial reporting systems and processes, our ability to produce timely and accurate financial reports, or the effectiveness of internal control over financial reporting. Moreover, our business may be

harmed if we experience problems with any new systems and controls that result in delays in their implementation or increased costs to correct any post-implementation issues that may arise.

We currently have the following weaknesses as disclosed under Item 9A, “Controls and Procedures”:

•

inadequate segregation of duties;

•

system limitations in our accounting software and control environment; and

•

the lack of sufficient processes, procedures and precise review needed to ensure the proper accounting for complex transactions.

Further, weaknesses in our disclosure controls and internal control over financial reporting may be discovered in the future. Any failure to develop or maintain effective controls or any difficulties encountered in their implementation or improvement could harm our business or cause us to fail to meet our reporting obligations and may result in a restatement of our financial statements for prior periods. Any failure to implement and maintain effective internal control over financial reporting also could adversely affect the results of periodic management evaluations that we are currently required to include in our periodic reports filed with the SEC and, if applicable, annual independent registered public accounting firm attestation reports that may be required in the future regarding the effectiveness of our internal control over financial reporting that we will eventually be required to include in our periodic reports that will be filed with the SEC. Ineffective disclosure controls and procedures and internal control over financial reporting could also cause investors to lose confidence in our reported financial and other information, which would likely have a negative effect on the trading price of our Common Stock. In addition, if we are unable to continue to meet these requirements, we may not be able to remain listed on Nasdaq.

We may need to incur significant expenditures to address the additional operational and control requirements of our growth, either of which could harm our business, financial condition, and results of operations.

To effectively manage our growth, we must continue to expand our operational, engineering and financial systems, procedures and controls, and to improve our accounting and other internal management systems. This may require substantial managerial and financial resources, and our efforts in this regard may not be successful. Our current systems, procedures, and controls may not be adequate to support our future operations. In addition, in connection with operating as a public company, we have incurred, and expect to continue to incur, additional significant legal, accounting, and other expenses that we did not incur as a private company. If our revenue does not increase to offset these increases in our expenses, we may not achieve or maintain profitability in future periods. Any failure to successfully implement systems enhancements and improvements will likely have a negative impact on our ability to manage our expected growth as well as our ability to ensure uninterrupted operation of key business systems and compliance with the rules and regulations applicable to public companies.

Our ability to use our net operating loss to offset future taxable income may be subject to certain limitations.

As of December 31, 2025, we had U.S. federal net operating loss carryforwards (“NOLs”) and state NOLs of approximately $160.7 million and $94.6 million, respectively, due to prior period losses which if not utilized will begin to expire for federal and state tax purposes beginning in 2037 and 2038, respectively. Realization of these NOLs depends on future income, and there is a risk that our existing NOLs could expire unused and be unavailable to offset future income tax liabilities, which could adversely affect our results of operations.

In general, under Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), a corporation that undergoes an “ownership change” is subject to limitations on its ability to utilize its NOLs to offset future taxable income. Our initial public offering, as well as subsequent changes in our stock ownership, the causes of which may be outside of our control, could result in an additional ownership change under Section 382 of the Code. Our NOLs may also be impaired under state laws. In addition, under 2017 legislation commonly referred to as the Tax Cuts and Jobs Act, NOLs generated in taxable years beginning after December 31, 2017 may be utilized to offset no more than 80% of taxable income annually. This change may require us to pay federal income taxes in future years despite generating a cumulative loss for federal income tax purposes. There is also a risk that due to regulatory changes, such as suspensions on the use of NOLs, or other unforeseen reasons, our existing NOLs could expire or otherwise be unavailable to offset future income tax liabilities. For these reasons, we may not be able to realize a tax benefit from the use of our NOLs, whether or not we attain profitability.

Fluctuations in exchange rates between and among the currencies of the countries in which we do business could adversely affect our business, financial condition, and results of operations.

Our sales have been historically and primarily denominated in U.S. dollars. An increase in the value of the U.S. dollar relative to the currencies of the countries in which our members operate could impair the ability of our members to cost-effectively purchase or integrate our products into their product offerings, which may materially affect the demand for our products and cause these members to reduce their orders, which in turn would adversely affect our business, financial condition, and results of operations. If we increase operations in other currencies in the future, we may experience further foreign exchange gains or losses due to the volatility of other currencies compared to the U.S. dollar. Our results of operations are denominated in U.S. dollars, and the difference in exchange rates in one period compared to another may directly impact period-to-period comparisons of our results of operations. Furthermore, currency exchange rates have been especially volatile in the recent past, and these currency fluctuations may make it difficult for us to predict our results of operations.

We have not implemented any hedging strategies to mitigate risks related to the impact of fluctuations in currency exchange rates. Even if we were to implement hedging strategies, not every exposure can be hedged and, where hedges are put in place based on expected foreign exchange exposure, they are based on forecasts which may vary or which may later prove to have been inaccurate. Failure to hedge successfully or anticipate currency risks accurately could adversely affect our business, financial condition, and results of operations.

In preparing our consolidated financial statements, we make good faith estimates and judgments that may change or turn out to be erroneous, which could adversely affect our results of operations for the periods in which we revise our estimates or judgments.

In preparing our consolidated financial statements in conformity with GAAP, we must make estimates and judgments in applying our most critical accounting policies. Those estimates and judgments have a significant impact on the results we report in our consolidated financial statements. The most difficult estimates and subjective judgments that we make relate to fair value measurements, revenue recognition, inventories, internal use software, capitalized studio content, convertible notes, stock-based compensation, and income taxes. We base our estimates on historical experience, input from outside experts and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets, liabilities, equity, revenue, and expenses that are not readily apparent from other sources. We also have other key accounting policies that are not as subjective, and therefore, their application would not require us to make estimates or judgments that are as difficult, but which nevertheless could significantly affect our financial reporting. Actual results may differ materially from these estimates. If these estimates, judgments, or their related assumptions change, our results of operations for the periods in which we revise our estimates, judgments, or assumptions could be adversely and perhaps materially affected and may fall below the expectations of securities analysts and investors, resulting in a decline in the market price of the Common Stock.

Changes to financial accounting standards may affect our results of operations and could cause us to change our business practices.

We prepare our consolidated financial statements in accordance with GAAP. These accounting principles are subject to interpretation by the Financial Accounting Standards Board, the SEC, and various bodies formed to interpret and create accounting rules and regulations. Changes in accounting rules can have a significant effect on our reported financial results and may affect our reporting of transactions completed before a change is announced. Changes to those rules or the questioning of current practices may adversely affect our financial results or the way we conduct our business. The issuance of new accounting standards or future interpretations of existing accounting standards, or resulting changes in our business practices or estimates, could result in future changes in our revenue recognition or other accounting policies that could have a material adverse effect on our business, financial condition, and results of operations.

We or our members may be subject to sales and other taxes, and taxing authorities may successfully assert that we should have collected or in the future should collect sales and use, gross receipts, value added or similar taxes and may successfully impose additional obligations on us, and any such assessments or obligations could adversely affect our business, financial condition, and results of operations.

The application of indirect taxes, such as sales and use tax, value-added tax, goods and services tax, business tax, and gross receipts tax, to businesses like ours and to our members is a complex and evolving issue. Many of the fundamental statutes and regulations that impose these taxes were established before the adoption and growth of the Internet and e-commerce. Significant judgment is required on an ongoing basis to evaluate applicable tax obligations and as a result amounts recorded are estimates and are subject to adjustments. In many cases, the ultimate tax determination is uncertain because it is not clear how new and existing statutes might apply to our business or to trainers and fitness instructors’ businesses generally. In addition, local governments are increasingly looking for ways to increase revenue, which has resulted in discussions about tax reform and other legislative action to increase tax revenue, including through indirect taxes.

We are subject to indirect taxes in the United States and various foreign jurisdictions, and we may face indirect tax audits in various U.S. and foreign jurisdictions. In certain jurisdictions, we collect and remit indirect taxes. However, tax authorities have raised and may continue to raise questions about or challenge or disagree with our calculation, reporting or collection of taxes and may require us to collect taxes in jurisdictions in which we do not currently do so or to remit additional taxes and interest, and could impose associated penalties and fees. A successful assertion by one or more tax authorities requiring us to collect taxes in jurisdictions in which we do not currently do so or to collect additional taxes in a jurisdiction in which we currently collect taxes, could result in substantial tax liabilities, including taxes on past sales, as well as penalties and interest, or could otherwise harm our business, financial condition, and results of operations. Although we have provided for potential payments of possible past tax liabilities in our financial statements, if these liabilities exceed such accruals, our financial condition could be harmed.

Additionally, one or more states, the federal government, other localities or other taxing jurisdictions may seek to impose additional reporting, record-keeping or indirect tax collection obligations on businesses like ours. For example, taxing authorities in the United States and other countries have identified e-commerce as a means to calculate, collect and remit indirect taxes for transactions taking place over the Internet, and are considering related legislation. After the U.S. Supreme Court decision in South Dakota v. Wayfair Inc., certain states have enacted laws that would require tax reporting, collection or tax remittance on items sold online. This new legislation could require us or trainers and fitness instructors to incur substantial costs in order to comply, including costs associated with tax calculation, collection, and remittance and audit requirements, which could make our offerings less attractive and could adversely affect our business, financial condition, and results of operations.

As a result of these and other factors, the ultimate amount of tax obligations owed may differ from the amounts recorded in our financial statements and any such difference may adversely impact our results of operations in future periods in which we change our estimates of our tax obligations or in which the ultimate tax outcome is determined.

Changes in our tax rates or exposure to additional tax liabilities or assessments could affect our profitability, and audits by tax authorities could result in additional tax payments.

We are affected by various taxes imposed in different jurisdictions, including direct and indirect taxes imposed on our global activities. Significant judgment is required in determining our provisions for taxes, and there are many transactions and calculations where the ultimate tax determination is uncertain. The amount of income tax we pay is subject to ongoing audits by tax authorities. If audits result in payments or assessments, our future results may include unfavorable adjustments to our tax liabilities, and we could be adversely affected. Any significant changes to the tax system in the jurisdictions where we operate could adversely affect our business, financial condition, and results of operations.

New or future changes to U.S. and non-U.S. tax laws could materially adversely affect us.

New or future changes in tax laws, regulations, and treaties, or the interpretation thereof, in addition to tax regulations adopted but not in effect, tax policy initiatives and reforms under consideration in the United States or in international jurisdictions, and other initiatives could have an adverse effect on the taxation of international businesses. Furthermore, countries where we are subject to taxes, including the United States, are independently evaluating their tax policy and we may see significant changes in legislation and regulations concerning taxation. Certain countries may enact tax legislation which could affect international businesses, and other countries have become more aggressive in their approach to audits and enforcement of their applicable tax laws. We are unable to predict what future tax changes may be proposed or enacted or the potential impact any such changes would have on our business, but any changes, to the extent they are brought into tax legislation, regulations, policies, or practices, could increase

our effective tax rates in the United States, as well as in countries in the event we expand our international operations, and have an adverse effect on our overall tax effective rate, along with increasing the complexity, burden, and cost of tax compliance, all of which could impact our business, financial condition, and results of operations.

Tax regulatory authorities may disagree with our positions and conclusions regarding certain tax positions resulting in unanticipated costs or non-realization of expected benefits.

A tax authority may disagree with tax positions that we have taken. For example, a tax authority may take the position that material income tax liabilities, interest, and penalties are payable by us, in which case, we expect that we might contest such assessment. Contesting such an assessment may be lengthy and costly and if we were unsuccessful in disputing the assessment, the implications could be materially adverse to us and affect our anticipated effective tax rate or operating income, and we could be required to pay substantial penalties and interest where applicable.

Risks Related to Our International Operations

Our business, financial condition, and results of operations could be adversely affected by worldwide economic conditions, as well as political and economic conditions in the countries in which we conduct business.

Our business, financial condition, and results of operations are impacted by worldwide economic conditions. Uncertainty about current global economic conditions may cause businesses to postpone spending in response to tighter credit, unemployment or negative financial news. This in turn could have a material adverse effect on the demand for our products or the systems into which our products are incorporated. Multiple factors relating to our international operations and to particular countries in which we operate, or plan to operate, could negatively impact our business, financial condition, and results of operations. These factors include:

•

difficulty establishing and managing international operations and the increased operations, travel, infrastructure, including establishment of local delivery service and customer service operations, and legal compliance costs associated with locations in different countries or regions;

•

the need to vary pricing and margins to effectively compete in international markets;

•

the need to adapt and localize products and services for specific countries, including obtaining rights to third-party intellectual property, including music, used in each country;

•

increased competition from local providers of similar products and services;

•

the need to offer content and customer support in various languages;

•

compliance with anti-bribery laws, such as the U.S. Foreign Corrupt Practices Act (“FCPA”), and the U.K. Bribery Act 2010 (“U.K. Bribery Act”), by us, our employees, and our business partners;

•

complexity and other risks associated with current and future legal requirements in other countries, including legal requirements related to consumer protection, consumer product safety, and data privacy frameworks, such as the E.U. and UK GDPR;

•

varying levels of internet technology adoption and infrastructure, and increased or varying network and hosting service provider costs;

•

fluctuations in currency exchange rates and the requirements of currency control regulations, which might restrict or prohibit conversion of other currencies into U.S. dollars; and compliance with local laws and regulations, such as content rules, and unanticipated changes in local laws and regulations, including tax laws and regulations;

•

reduced protection of intellectual property rights and heightened exposure to intellectual property theft;

•

trade and foreign exchange restrictions and higher tariffs, including any trade tensions between the United States and foreign countries that may result in higher tariffs on our products or components or parts of our products;

•

timing and availability of import and export licenses and other governmental approvals, permits and licenses, including export classification requirements;

•

restrictions imposed by the U.S. government or foreign governments on our ability to do business with certain companies or in certain countries as a result of international political conflicts, and the complexity of complying with those restrictions;

•

transportation delays and other consequences of limited local infrastructure, and disruptions, such as large scale outages or interruptions of service from utilities or telecommunications providers;

•

the effects of adverse economic conditions in the markets in which we sell our products, including inflationary pressures, which has or may result in increased interest rates, fuel prices, wages, and other costs;

•

difficulties in staffing international operations;

•

changes in immigration policies which may impact our ability to hire personnel;

•

local business and cultural factors that differ from our normal standards and practices;

•

differing employment practices and labor relations;

•

heightened risk of terrorist acts, civil disturbances or political instability;

•

regional health issues and the impact of public health epidemics on employees and the global economy;

•

power outages and natural disasters;

•

changes in political, regulatory, legal, or economic conditions;

•

disruptions of capital and trading markets; and

•

difficulty in obtaining distribution and support.

These risks could harm our international operations, delay new product releases, increase our operating costs and hinder our ability to grow our operations and business and, consequently, our business, financial condition, and results of operations could suffer.

We have limited experience with international regulatory environments and market practices and may not be able to penetrate or successfully operate in the markets we choose to enter. In addition, we may incur significant expenses as a result of our international expansion, and we may not be successful. We may face limited brand recognition in certain parts of the world that could lead to non-acceptance or delayed acceptance of our products and services by consumers in new markets. We may also face challenges to acceptance of our fitness and wellness content in new markets. Our failure to successfully manage these risks could harm our international operations and have an adverse effect on our business, financial condition, and results of operations.

Expansion of our business internationally exposes us to numerous legal and regulatory requirements and failure to comply with such requirements, including unexpected changes to such requirements, could adversely affect our results of operations.

We intend to expand our business internationally and as a result, we will be increasingly subject to numerous, and sometimes conflicting, legal regimes of the United States and foreign national, state and provincial authorities on matters as diverse as anti-corruption, trade restrictions, tariffs, taxation, sanctions, immigration, internal and disclosure control obligations, securities regulation, anti-competition, data security, privacy, labor relations, wages and severance, and health care requirements. For example, our operations in the United States are, and our operations outside of the United States may also be, subject to U.S. laws on these diverse matters. U.S. laws may be different in significant respects from the laws of jurisdictions where we seek to expand, such as Canada and the United Kingdom. We also may seek to expand operations in emerging market jurisdictions where legal systems are less developed or familiar to us. Our exposure for potential violations of international legal and regulatory requirements will increase to the extent we expand our international operations.

In addition, there can be no assurance that the laws or administrative practices relating to taxation (including the current position as to income and withholding taxes), foreign exchange, export controls or economic sanctions in the jurisdictions where we have operations will not change. Changes in tax laws in some jurisdictions may also have a

retroactive effect and we may be found to have paid less tax than required in such regions. Compliance with diverse legal requirements is costly, time consuming, and requires significant resources. Violations of one or more of these regulations in the conduct of our business could result in significant fines, criminal sanctions against us or our officers, prohibitions on doing business, and damage to our reputation. Violations of these regulations in connection with the performance of our obligations to our members also could result in liability for significant monetary damages, fines or criminal prosecution, unfavorable publicity and other reputational damage, and allegations by our members that we have not performed our contractual obligations. Due to the varying degrees of development of the legal systems of the countries in which we operate, local laws might be insufficient to protect our rights. New legislation or regulation, the application of laws from jurisdictions whose laws do not currently apply to our business, or the application of existing laws and regulations to the fitness and wellness industry generally could result in significant additional compliance costs and responsibilities for our business.

Enhanced United States fiscal, tax and trade restrictions and executive and legislative actions could adversely affect our business, financial condition, and results of operations.

There is currently significant uncertainty about the future relationship between the United States and various other countries with respect to trade policies, treaties, tariffs and taxes. Recent U.S. administrations have implemented substantial changes to U.S. foreign trade policy with respect to China and other countries, including significant new and increased tariffs on goods imported into the United States. The current U.S. administration has announced increased tariffs and may put additional tariffs in place in the future. Our business may also be affected by tariffs set by countries into which we sell our products, whether as a response to U.S. foreign trade policy or otherwise. In addition, changes in international trade agreements, regulations, restrictions and tariffs, including new tariffs, may increase our operating costs, reduce our margins and make it more difficult for us to compete in the U.S. and overseas markets, and our business, financial condition and results of operations could be adversely impacted.

We may take actions to mitigate the impact of such tariffs, however, there is no assurance that all such efforts will be successful. The inability to mitigate the impact of the recently enacted tariffs would increase our costs, and our business, financial condition and results of operations could be adversely affected.

Tariffs and other trade restrictions may have an adverse impact on our business, operations and financial results.

We source materials from, and manufacture products in, foreign countries, including countries in Asia, and we also sell products in foreign countries. As a result, the price and availability of our products is susceptible to international trade risks and other international conditions. For example, any economic and political uncertainty caused by the tariffs imposed on goods from other countries by the current administration of the United States, and any corresponding tariffs or currency devaluations from other countries in response, may negatively impact demand and/or increase the cost for certain of our products. Furthermore, the imposition of additional tariffs, duties, border adjustment taxes or other trade restrictions by the United States could result in the adoption of additional or increased tariffs or other trade restrictions by other countries. Tariffs may in the future increase our cost of materials and may cause us to increase prices to our customers, which we believe may reduce demand for our products. Our price increases may not be sufficient to fully offset the impact of tariffs and may result in lowering our margin on products sold. In sum, if the United States increases or implements additional tariffs, or if additional tariffs or trade restrictions are implemented by other countries, the resulting trade barriers could have a significant adverse impact on our suppliers, our customers and on our business. The volatility and unpredictability of international trade policies and conditions add further complexity to our operations, making it challenging to forecast and plan effectively. We are not able to predict future trade policy of the United States or of any foreign countries in which we operate or purchase goods, or the terms of any trade agreements or their impact on our business. The adoption and expansion of trade restrictions and tariffs, quotas and embargoes, the occurrence or threat of a trade war or other governmental action related to tariffs or trade agreements or policies, has the potential to adversely impact demand for our products, our costs, our customers, our suppliers and the world and U.S. economies, which in turn could have a material adverse effect on our business, operating results and financial condition.

Our acquisition of Wattbike exposes us to distinct international trade and potential supply chain risks associated with its UK-based operations.

Wattbike, which we acquired in July 2025 and which accounted for approximately 71% of our revenue for the year ended December 31, 2025, is headquartered in the United Kingdom. Therefore our business is subject to trade, regulatory, and currency risks that differ from those associated with our US-based operations.

In addition, changes in the trade relationship between the United States and the United Kingdom, including the potential imposition of US tariffs on UK-origin goods, could increase the cost of importing Wattbike products into the United States or reduce demand from US-based customers. Similarly, any retaliatory trade measures imposed by the UK or EU in response to US trade policy could affect our ability to sell products in those markets at competitive prices.

Wattbike's revenues and costs are primarily denominated in British pounds sterling. Fluctuations in the exchange rates between British pounds sterling and the US dollar can affect the reported value of Wattbike's revenues, expenses, and assets in our consolidated financial statements. We may not be able to fully hedge against these currency risks, and significant adverse currency movements could have a material impact on our results of operations and financial condition.

If any of these risks materialize, they could have a disproportionate effect on our overall business given Wattbike's current contribution to our revenue, and our business, financial condition, and results of operations could be materially adversely affected.

Wattbike's operations are based in the United Kingdom and expose us to distinct legal, regulatory, employment, and operational risks that materially differ from those of our U.S.-based businesses.

Wattbike operates primarily from its facility in the UK, and as of December 31, 2025, 47 of our 72 full-time employees were employed at our Wattbike subsidiary. Operating a business in the United Kingdom subjects us to a distinct regulatory and legal environment, including:

•

Employment law. UK employment law provides employees with materially greater statutory protections than U.S. law, including rights relating to unfair dismissal, redundancy payments, and working time regulations. Any restructuring, headcount reduction, or change in working conditions at Wattbike would need to comply with UK employment law requirements, which may be more costly and time-consuming than comparable actions in the United States. Although we are not currently party to any collective bargaining agreements, we may still be impacted by changes in UK labor regulations or workforce organization.

•

Data protection. Wattbike's operations are subject to the UK GDPR and the Data Protection Act 2018, which impose obligations regarding the collection, storage, and processing of personal data. These requirements may diverge from U.S. data protection standards over time, creating additional compliance complexity as we operate across jurisdictions. Non-compliance could result in regulatory investigations, fines, or enforcement actions by the UK Information Commissioner's Office.

•

UK regulatory environment. Wattbike's products sold in the United Kingdom and European Union must comply with applicable product safety, conformity, and labeling standards, including UK Conformity Assessed and CE marking requirements. Post-Brexit divergence between UK and EU regulatory frameworks may require Wattbike to maintain separate compliance processes for the UK and EU markets, increasing the cost and complexity of product compliance.

•

Post-Brexit trade dynamics. The UK's exit from the European Union has introduced customs requirements, tariff-rate quotas, and regulatory divergence in UK-EU trade flows. To the extent Wattbike sells into or sources from EU member states, it is subject to these additional frictions, which may increase costs, extend lead times, and create operational complexity that did not exist prior to Brexit.

If we are unable to manage these UK-specific regulatory and operational requirements effectively, or if changes in applicable UK law or regulation increase our compliance burden, our business, financial condition, and results of operations could be adversely affected.

Risks Related to Regulatory Matters

Our business is subject to a wide range of laws and regulations, many of which are evolving, and failure to comply with such laws and regulations could harm our business, financial condition, and results of operations.

We are subject to a wide variety of laws, regulations, and standards in the United States and other jurisdictions governing issues such as worker classification, labor and employment, anti-discrimination, automatically renewing subscription payments, gift cards, whistleblowing and worker confidentiality obligations, product liability, warranties, product defects, maintenance and repairs, personal injury, membership services, intellectual property, consumer protection, taxation, privacy, data security, competition, terms of service, mobile application accessibility, insurance, payment processing, environmental, health and safety, background checks, public health, anti-corruption, anti-bribery, import and export restrictions, trade and economic sanctions, foreign ownership and investment, foreign exchange controls, and delivery and installation of goods are often complex and subject to varying interpretations, in many cases due to their lack of specificity. As a result, their application in practice may change or develop over time through judicial decisions or as new guidance or interpretations are provided by regulatory and governing bodies, such as federal, state, and local administrative agencies.

Fitness equipment sold for home use, such as our CLMBR, FORME Studio and FORME Studio Lift products, is regulated in the United States by the Consumer Product Safety Commission (“CPSC”) under the Consumer Product Safety Act (“CPSA”). Safety-related information that we learn about our CLMBR, FORME Studio and FORME Studio Lift from any source-including, but not limited to, internal testing, third-party testing, our customer service channels, our social media accounts, customer reviews, investigative and news reports, and direct notices from the CPSC may trigger reporting obligations under the CPSA that could lead to product safety investigations, corrective actions including consumer-level recalls, enforcement actions, and civil or criminal penalties. The outcome of any such actions mandated by or entered into voluntarily with CPSC may have adverse business, financial, legal, reputational, and other consequences to our business.

The smart home gym and connected fitness industry and our business model are relatively nascent and rapidly evolving. New laws and regulations and changes to existing laws and regulations continue to be adopted, implemented and interpreted in response to our industry and related technologies. As we expand our business into new markets or introduce new offerings into existing markets, regulatory bodies or courts may claim that we or users on the CLMBR and FORME platforms are subject to additional requirements, or that we are prohibited from conducting our business in certain jurisdictions, or that users on the CLMBR and FORME platforms are prohibited from using the FORME platform, either generally or with respect to certain offerings.

Recent financial, political, and other events have increased the level of regulatory scrutiny on larger companies, technology companies in general and companies engaged in dealings with independent contractors. Regulatory bodies may enact new laws or promulgate new regulations that are adverse to our business, or, due to changes in our operations and structure or partner relationships as a result of changes in the market or otherwise, they may view matters or interpret laws and regulations differently than they have in the past or in a manner adverse to our business. See “- Challenges to independent contractor classification of certain personnel, including content production personnel, may have adverse business, financial, tax, legal, and other consequences to our business.” Such regulatory scrutiny or action may create different or conflicting obligations from one jurisdiction to another, and may have a negative outcome that could adversely affect our business, operations, financial condition, and results of operations. Additionally, we have invested and from time to time we will continue to invest resources in an attempt to influence or challenge legislation and other regulatory matters pertinent to our operations. These activities may not be successful, and any negative outcomes could adversely affect our business, operations, financial condition, and results of operations.

Challenges to independent contractor classification of certain personnel, including content production personnel, may have adverse business, financial, tax, legal, and other consequences to our business.

We may become subject to claims, lawsuits, arbitration proceedings, administrative actions, government investigations, and other legal and regulatory proceedings at the federal, state and municipal levels challenging the classification of our fitness instructors or other content production providers with whom we work as independent

contractors. Our use of independent contractors for content production activities fluctuates depending on production volume and schedule. The tests governing whether an individual is an independent contractor or an employee vary by governing law and are typically highly fact sensitive. Laws and regulations that govern the status and misclassification of independent contractors are subject to changes and divergent interpretations by various authorities which can create uncertainty and unpredictability for us. For example, Assembly Bill 5 (as codified in part at Cal. Labor Code sec. 2750.3) codified and extended an employment classification test in Dynamex Operations West, Inc. v. Superior Court, which established a new standard for determining employee or independent contractor status. A determination that classifies our independent contractors as “employees,” could harm our business, financial condition, and results of operations, including as a result of:

•

monetary exposure arising from or relating to failure to withhold and remit taxes, unpaid wages and wage and hour laws and requirements (such as those pertaining to failure to pay minimum wage and overtime, or to provide required breaks and wage statements), expense reimbursement, statutory and punitive damages, penalties, including related to the California Private Attorneys General Act, and government fines;

•

injunctions prohibiting continuance of existing business practices;

•

claims for employee benefits, social security, workers’ compensation, and unemployment;

•

claims of discrimination, harassment, and retaliation under civil rights laws;

•

claims under new or existing laws pertaining to unionizing, collective bargaining, and other concerted activity;

•

other claims, charges, or other proceedings under laws and regulations applicable to employers and employees, including risks relating to allegations of joint employer liability or agency liability; and

•

harm to our reputation and brand.

In addition to the harms listed above, a determination in, or settlement of, any legal proceeding that classifies an independent contractor as an employee may require us to alter our existing business model or operations, which may increase our costs and may negatively impact our ability to add qualified fitness instructors and other content production personnel and grow our business. This in turn would likely have a material adverse effect on our business, financial condition, and results of operations and our ability to achieve or maintain profitability in the future.

We are subject to economic sanctions, export control, and similar laws. Non-compliance with such laws can subject us to criminal or civil liability and harm our business, financial condition, and results of operations.

The United States and various foreign governments have imposed controls, export license requirements, restrictions on the import or export of certain technologies, and economic sanctions measures administered by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) and other agencies. Our products are subject to U.S. export controls, which may require submission of a product classification request and submission of periodic reports. Compliance with applicable regulatory requirements regarding the export of our products and services may create delays in the introduction of our products and services in international markets, prevent our international members from accessing our products and services, and, in some cases, prevent the export of our products and services to some countries altogether. As a U.S. company, we are subject to U.S. sanctions restrictions in our U.S. and foreign activities.

Furthermore, U.S. export control laws and economic sanctions prohibit the provision of products and services to countries, governments, and persons targeted by U.S. sanctions. We are in the process of implementing policies and procedures to prevent transacting with or allowing our products to be provided to targets of U.S. sanctions, our products and services, including our firmware updates, could be inadvertently provided to those targets or to prohibited or blocked persons. Any such provision or prohibited transactions could have negative consequences for us, including government investigations, penalties, and reputational harm. Our failure to obtain required import or export approval for our products could harm our international and domestic sales and adversely affect our revenue. In addition, we could be subject to future enforcement action with respect to compliance with governmental export and import controls and economic sanctions laws that result in penalties, costs, and restrictions on export privileges that could have an adverse effect on our business, financial condition, and results of operations.

In addition, various countries regulate the import and export of certain encryption and other technology, including import and export permitting and licensing requirements. While we do not currently incorporate any encryption technology in our products and services, if and when such laws become applicable to us it could limit our ability to distribute our products or could limit our users’ ability to access our products in those countries. Further, if changes in our products and services result in such laws becoming applicable to us (for example, if we were to incorporate encryption technology into our products and services), future changes in the export and import control regulations of the United States or other countries may prevent members from utilizing our products globally or, in some cases, prevent the export or import of our products to certain countries, governments, or persons altogether.

Any future change in export or import regulations, economic sanctions, or related legislation, or change in the countries, governments, persons, or technologies targeted by such regulations, could also result in decreased use of our products by, or in our decreased ability to export or sell products to, existing or potential users. Any decreased use of our products or limitation on our ability to export or sell our products would likely adversely affect our business, financial condition, and results of operations. Additionally, supply chain and ethical sourcing rules in the United States, such as the Uyghur Forced Labor Prevention Act, and similar rules in other countries may impact outsourcing, manufacturing, sales, and ability to import or export our products and services.

We cannot predict whether any material suits, claims, or investigations relating to these laws may arise in the future. Regardless of the outcome of any future actions, claims, or investigations, we may incur substantial defense costs and such actions may cause a diversion of management time and attention. Also, it is possible that we may be required to pay substantial damages or settlement costs which could have a material adverse effect on our business, financial condition, and results of operations.

We could be adversely affected by violations of applicable anti-corruption laws or violations of our internal policies designed to ensure ethical business practices.

We are subject to the risk that we, our U.S. employees or our employees located in other jurisdictions or any third parties that we engage to do work on our behalf in foreign countries may take action determined to be in violation of anti-corruption laws in any jurisdiction in which we conduct business, including the FCPA and the U.K. Bribery Act, as well as other similar anti-bribery and anti-kickback laws and regulations. These laws prohibit companies and their employees and third-party intermediaries from corruptly promising, authorizing, offering, or providing, directly or indirectly, improper payments or anything of value to government officials, political parties, public international organizations, and private-sector recipients for the purpose of obtaining or retaining business, directing business to any person, or securing any improper advantage. In addition, U.S. public companies are required to maintain records that accurately and fairly represent their transactions and accounts and have an adequate system of internal accounting controls. In many foreign countries, including countries in which we may conduct business, it may be a local custom that businesses engage in practices that are prohibited by the FCPA or other applicable laws and regulations. We face significant risks if we or any of our directors, officers, employees, agents or other partners or representatives fail to comply with these laws.

We have begun to implement an anti-corruption compliance program, including policies and procedures designed to foster compliance with these laws. However, despite such precautions, our employees, contractors, agents, and companies to which we outsource certain of our business operations may take actions in violation of our policies or applicable law. Any such violation could have an adverse effect on our reputation, business, financial condition, results of operations, and prospects.

Any violation of the FCPA, other applicable anti-corruption laws, or anti-money laundering laws could result in whistleblower complaints, adverse media coverage, investigations, loss of export privileges, substantial fines, sanctions, civil penalties, criminal penalties, and curtailment of operations in certain jurisdictions and, in the case of the FCPA, suspension or debarment from U.S. government contracts, any of which could have a materially adverse effect on our reputation, business, financial condition, results of operations, and prospects. In addition, responding to any enforcement action may result in a significant diversion of management’s attention and resources and significant defense costs and other professional fees.

Changes to U.S. or foreign trade policy, tariff, or similar regulations may have a material adverse effect on our business, financial condition, and results of operations.

Changes in U.S. or foreign international, social, political, regulatory, and economic conditions or in laws and policies governing foreign trade, supply chain sourcing and transparency, manufacturing, development, and investment in the territories or countries where we currently sell our products or conduct our business have in the past and could in the future adversely affect our business. Although we do not currently expect Russia’s invasion of Ukraine or the related current or future export and other business sanctions on Russia and Belarus to materially impact us directly due to our limited sales to Russia, we are unable at this time to predict the ultimate impact this conflict will have on our company, the global economy or the stock markets.

Successive U.S. presidential administrations and Congress have instituted or proposed changes in trade policies that included the negotiation or termination of trade agreements, the imposition of higher tariffs on imports into the U.S., economic sanctions on individuals, corporations or countries, and other government regulations affecting trade between the U.S. and other countries where we conduct our business. Any new tariffs and other changes in U.S. trade policy could trigger retaliatory actions by affected countries, and certain foreign governments have instituted or are considering imposing trade sanctions on certain U.S. goods. U.S. presidential administrations and Congress also have focused on policy reforms that discouraged corporations from outsourcing manufacturing and production activities to foreign jurisdictions, including through tariffs or penalties on goods manufactured outside the United States, which have required us to change the way we conduct business. The current U.S. presidential administration has continued certain import tariffs and export restrictions against certain foreign manufacturers initiated by prior administrations.

Political changes and trends such as populism, protectionism, economic nationalism, and sentiment toward multinational companies and resulting changes to trade, tax or other laws and policies may be disruptive to our businesses. These changes in U.S. and foreign laws and policies have the potential to adversely impact the U.S. economy or certain sectors thereof, our industry, and the global demand for our products, and as a result, could have a material adverse effect on our business, financial condition, and results of operations.

Changes in legislation in U.S. and foreign taxation of international business activities or the adoption of other tax reform policies, as well as the application of such laws, could adversely impact our financial position and results of operations.

Recent or future changes to U.S., U.K. and other tax laws could impact the tax treatment of our foreign earnings. We generally conduct our international operations through wholly owned subsidiaries, branches, or representative offices and report our taxable income in various jurisdictions worldwide based upon our business operations in those jurisdictions. Further, we are in the process of implementing an international structure that aligns with our financial and operational objectives as evaluated based on our international markets, expansion plans, and operational needs for headcount and physical infrastructure outside the United States. The intercompany relationships between our legal entities are subject to complex transfer pricing regulations administered by taxing authorities in various jurisdictions. Although we believe we are compliant with applicable transfer pricing and other tax laws in the United States, the United Kingdom, and other relevant countries, due to changes in such laws and rules, we may have to modify our international structure in the future, which will incur costs, may increase our worldwide effective tax rate, and may adversely affect our financial position and results of operations. In addition, significant judgment is required in evaluating our tax positions and determining our provision for income taxes.

During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. For example, our effective tax rates could be adversely affected by earnings being lower than anticipated in countries where we have lower statutory rates and higher than anticipated in countries where we have higher statutory rates, by changes in foreign currency exchange rates, or by changes in the relevant tax, accounting, and other laws, regulations, principles, and interpretations. As we operate in numerous taxing jurisdictions, the application of tax laws can be subject to diverging and sometimes conflicting interpretations by tax authorities of these jurisdictions. It is not uncommon for taxing authorities in different countries to have conflicting views with respect to, among other things, the manner in which the arm’s-length standard is applied for transfer pricing purposes, or with respect to the valuation of intellectual property.

If U.S., U.K., or other tax laws further change, if our current or future structures and arrangements are challenged by a taxing authority, or if we are unable to appropriately adapt the manner in which we operate our business, we may have to undertake further costly modifications to our international structure and our tax liabilities and results of operations may be adversely affected.

We and our third-party manufacturers and suppliers are, or could become, subject to environmental, health, and safety laws, which could increase our costs, restrict our operations and require expenditures that could have a material adverse effect on our business, financial condition, and results of operations.

We and our third-party manufacturers and suppliers are, and could become, subject to a wide range of international, federal, state, provincial, and local governmental regulations directed at preventing or mitigating environmental harm, as well as to the storage, discharge, handling, generation, disposal and labeling of toxic or other hazardous substances. Although we outsource our manufacturing, the manufacturing of our products by our third-party manufacturers and suppliers require the use of hazardous materials that similarly subject these third parties, and therefore our business, to such environmental laws and regulations. Our failure or the failure of these third parties to comply with these laws or regulations can result in regulatory, civil, or criminal penalties, fines, and legal liabilities, suspension of production, alteration of manufacturing processes, including for our products, reputational damage, and negative impact on our operations or sales of our products and services. Failure to comply with environmental regulations could also subject us or our third-party manufacturing partners to property damage or personal injury claims. Compliance with current or future environmental laws and regulations could restrict our ability to expand our business or require us or our third-party manufacturing partners to incur other substantial expenses, which could harm our business. Increased compliance costs by our third-party manufacturing partners may also result in increased costs to our business. Our business and operations are also subject to health and safety laws and regulations adopted by government agencies such as the Occupational Safety and Health Administration (“OSHA”). Although we believe we are in material compliance with applicable law concerning matters relating to health, safety, and the environment, the risk of liability relating to these matters cannot be eliminated completely.

Risks Related to Being a Public Company

We have incurred increased costs and become subject to additional regulations and requirements as a result of being a public company, which could have a material adverse effect on our business, financial condition, and results of operations, and make it more difficult to run our business or divert management’s attention from our business.

As a public company, we are required to commit significant resources and management time and attention to the requirements of being a public company, which have caused us to incur significant legal, accounting and other expenses that we did not incur as a private company, including costs associated with public company reporting requirements. We also incur costs associated with the Sarbanes-Oxley Act and related rules implemented by the SEC and Nasdaq, and compliance with these requirements place significant demands on our legal, accounting and finance staff and on our accounting, financial and information systems. In addition, we might not be successful in implementing these requirements. The expenses incurred by public companies generally for reporting and corporate governance purposes have been increasing. These laws and regulations could also make it more difficult for us to attract and retain qualified persons to serve on our board of directors, our board committees, or as our executive officers. Furthermore, if we are unable to satisfy our obligations as a public company, we could be subject to the delisting of our Common Stock, fines, sanctions and other regulatory action and potentially civil litigation, any of which could have a material adverse effect on our business, financial condition, and results of operations.

We intend to hire additional accounting and finance personnel with system implementation experience and expertise regarding compliance with the Sarbanes-Oxley Act. We may be unable to locate and hire qualified professionals with requisite technical and public company experience when and as needed. In addition, new employees will require time and training to learn our business and operating processes and procedures. If we are unable to recruit and retain additional finance personnel or if our finance and accounting team is unable for any reason to respond adequately to the increased demands that will result from being a public company, the quality and timeliness of our financial reporting may suffer, which could result in the identification of additional material weaknesses in our internal control over financial reporting. Any consequences resulting from inaccuracies or delays in our reported financial statements could cause our stock price to decline and could harm our business, financial condition, and results of operations.

We are an emerging growth company and a smaller reporting company, and any decision on our part to comply only with certain reduced reporting and disclosure requirements applicable to emerging growth companies and smaller reporting companies could make our Common Stock less attractive to investors.

We are an “emerging growth company,” as defined in the JOBS Act, and, for as long as we continue to be an emerging growth company, we may choose to take advantage of exemptions from various reporting requirements applicable to other public companies but not to emerging growth companies, including:

•

not being required to have our independent registered public accounting firm audit our internal control over financial reporting under Section 404 of the Sarbanes-Oxley Act;

•

reduced disclosure obligations regarding executive compensation in our periodic reports and annual report on Form 10-K; and

•

exemptions from the requirements of holding non-binding advisory votes on executive compensation and stockholder approval of any golden parachute payments not previously approved.

We could be an emerging growth company through 2028. Our status as an emerging growth company will end as soon as any of the following takes place:

•

the last day of the fiscal year in which we have more than $1.235 billion in annual revenue (subject to adjustment for inflation from time to time, pursuant to SEC rules);

•

the date we qualify as a “large accelerated filer,” with at least $700.0 million of equity securities held by non-affiliates;

•

the date on which we have issued, in any three-year period, more than $1.0 billion in non-convertible debt securities; or

•

December 31, 2028 (the last day of the fiscal year ending after the fifth anniversary of the completion of our initial public offering).

We currently intend to take advantage of the available exemptions described above.

Under the JOBS Act, emerging growth companies can also delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have elected to avail ourselves of this provision of the JOBS Act. As a result, we will not be subject to new or revised accounting standards at the same time as other public companies that are not emerging growth companies. Therefore, our consolidated financial statements may not be comparable to those of companies that comply with new or revised accounting pronouncements as of public company effective dates. In addition, for as long as we are an “emerging growth company” under the JOBS Act, our independent registered public accounting firm will not be required to attest to the effectiveness of our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act. Even if our management concludes that our internal controls over financial reporting are effective, however, our independent registered public accounting firm may still issue a report that is qualified if it is not satisfied with our controls or the level at which our controls are documented, designed, operated or reviewed, or if it interprets the relevant requirements differently from us.

Even after we no longer qualify as an emerging growth company, we may still qualify as a “smaller reporting company,” which would allow us to take advantage of many of the same exemptions from disclosure requirements including exemption from compliance with the auditor attestation requirements of Section 404 and reduced disclosure obligations regarding executive compensation in our annual report on Form 10-K and our periodic reports and proxy statements.

We cannot predict if investors will find our Common Stock less attractive if we choose to rely on any of the exemptions afforded emerging growth companies or smaller reporting companies. If some investors find our Common Stock less attractive because we rely on any of these exemptions, there may be a less active trading market for our Common Stock and the market price of our Common Stock may be more volatile.

Our management team has limited experience managing a public company.

Most members of our management team have limited experience managing a publicly traded company, interacting with public company investors, and complying with the increasingly complex laws pertaining to public companies. Our management team may not successfully or efficiently manage our transition to being a public company subject to significant regulatory oversight and reporting obligations under the federal securities laws and the continuous scrutiny

of securities analysts and investors. These new obligations and constituents require significant attention from our senior management and could divert their attention away from the day-to-day management of our business, which could adversely affect our business, financial condition, and results of operations.

Risks Related to Our Common Stock

Sales of our currently issued and outstanding stock may become freely tradable pursuant to Rule 144 and may dilute the market for your shares and have a depressive effect on the price of the shares of our common stock.

A substantial minority of our outstanding shares of common stock are “restricted securities” within the meaning of Rule 144 under the Securities Act. In addition, we have issued notes that are convertible into shares of our common stock in connection with financing transactions and certain employment, director and consultant agreements, which shares of common stock, upon conversion, would also be considered “restricted securities.” As restricted securities, these shares may be resold only pursuant to an effective registration statement or under the requirements of Rule 144 or other applicable exemptions from registration under the Act and as required under applicable state securities laws. Rule 144 provides in essence that an Affiliate (as such term is defined in Rule 144(a)(1)) of an issuer who has held restricted securities for a period of at least six months may, under certain conditions, sell every three months, in brokerage transactions, a number of shares that does not exceed the greater of 1% of a company’s outstanding shares of common stock or the average weekly trading volume during the four calendar weeks prior to the sale. Rule 144 also permits, under certain circumstances, the sale of securities, without any limitation, by a person who is not an Affiliate of the company and who has satisfied a one-year holding period. The resale of significant amounts of our common stock under Rule 144 or under any other exemption from the registration requirements of the Securities Act, if available, or pursuant to subsequent registrations of our shares of common stock, could cause the market price of our shares of common stock to decline significantly.

An active trading market for the Common Stock may not develop or be sustained and stockholders may not be able to sell their shares at or above the price paid for such shares, or at all.

There was no public market for our Common Stock prior to our initial public offering. Although our Common Stock is currently listed on Nasdaq, an active market for our Common Stock may not develop or, if it does develop, it may not be sustainable or liquid enough for stockholders to sell their shares at or above the purchase price paid for such shares, or at all.

Our share price and trading volume have been, and are likely to continue to be, volatile and an active trading market for our Common Stock may not develop or be sustained and stockholders may not be able to sell their shares at or above the price paid for such shares, or at all.

Although our Common Stock is currently listed on Nasdaq, an active market in the Common Stock may not develop or, if it does develop, it may not be sustainable or liquid enough for stockholders to sell their shares at or above the purchase price paid for such shares, or at all. Our common stock is currently trading well below the initial public offering price per share.

The trading price and volume of our Common Stock has been, and will likely continue to be, volatile and has fluctuated, and will likely continue to fluctuate, significantly in response to numerous factors, many of which are beyond our control, including but not limited to:

•

actual or anticipated fluctuations in our results of operations and financial and non-financial metrics due to, among other things, changes in customer demand, product life cycles, pricing, ordering patterns, and unforeseen operating costs;

•

the financial projections we may provide to the public, any changes in these projections, our practice of providing projections, if any, or our failure to meet these projections;

•

our ability to raise additional capital sufficient to fund our operations and to execute our growth strategy;

•

failure of securities analysts to initiate or maintain coverage of us, changes in financial estimates or ratings by any securities analysts who follow us, or our failure to meet these estimates or the expectations of investors;

•

announcements related to key management, founders, key management, directors, or key investors;

•

announcements by us of changes to our product offerings, business plans, or strategies;

•

announcements by us or our competitors of significant technical innovations, acquisitions, strategic partnerships, joint ventures, or capital commitments;

•

changes in operating performance and stock market valuations of companies in our industry or our target markets;

•

negative publicity related to problems in our manufacturing or the real or perceived quality of our products, as well as the failure to timely launch new products or services that gain market acceptance;

•

rumors and market speculation involving us or other companies in our industry;

•

developments or disputes concerning our or other parties’ products, services, or intellectual property rights;

•

timing and seasonality of the end-market demand;

•

cyclical fluctuations, trends, and changes in the economic conditions in our industry or target markets;

•

price and volume fluctuations in the overall stock market from time to time, including as a result of trends in the economy as a whole;

•

actual or anticipated developments in our business or our competitors’ businesses or the competitive landscape generally;

•

new laws or regulations or new interpretations of existing laws, or regulations applicable to our business;

•

changes in our management;

•

lawsuits or investigations threatened, filed, or initiated against us;

•

the expiration of contractual lock-up or market standoff agreements;

•

sales of shares of our Common Stock by us or our stockholders, or the perception that such sales may occur; and

•

other events or factors, including those resulting from macroeconomic conditions, geopolitical crises, outbreak of hostilities or acts of war such as the Russian invasion of Ukraine and the Israel-Hamas war, incidents of terrorism, global pandemics such as the COVID-19 pandemic and similar events, as well as responses to these or similar events.

The stock markets in general have experienced extreme price and volume fluctuations. Stock prices of many companies, including companies in the fitness and wellness industry, have fluctuated in a manner unrelated or disproportionate to the operating performance of those companies. In the past, stockholders have instituted securities class action litigation following periods of market volatility. If we were to become involved in securities litigation, it could subject us to substantial costs, divert resources and the attention of management from our business and adversely affect our business, financial condition, and results of operations.

Moreover, because of these fluctuations, comparing our results of operations on a period-to-period basis may not be meaningful. You should not rely on our past results as an indication of our future performance. This variability and unpredictability could also result in our failing to meet the expectations of industry or financial analysts or investors for any period. If our net revenue or results of operations fall below the expectations of analysts or investors or below any forecasts we may provide to the market, or if the forecasts we provide to the market are below the expectations of analysts or investors, the price of our Common Stock could decline substantially. Such a share price decline could occur even when we have met any previously publicly stated net revenue or earnings forecasts that we may provide.

Our focus on delivering a high-quality and engaging member experience may not maximize short-term financial results, which may yield results that conflict with the market’s expectations and could result in our stock price being negatively affected.

We focus on driving long-term member engagement through innovation, frictionless, cost-effective and immersive programs, classes and content, technologically advanced and customizable connected fitness hardware products, and community support, which may not necessarily maximize short-term financial results. We may make business decisions that may reduce our short-term financial results if we believe that the decisions are consistent with our goals to improve the member experience, which we believe will improve our financial results over the long term. For example, our decision to use real, human trainers to deliver our coaching offering may increase operating expenses, but we believe these decisions will drive higher member satisfaction, retention, profit, and ultimately lifetime value. These decisions may not be consistent with the short-term expectations of our stockholders and may not produce the long-term benefits that we expect, in which case our membership growth and member engagement, business, financial condition, and results of operations could be harmed.

If our shares are delisted from Nasdaq and become subject to the penny stock rules, it would become more difficult to trade our shares.

The SEC has adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks are generally equity securities with a price of less than $5.00, other than securities registered on certain national securities exchanges or authorized for quotation on certain automated quotation systems, provided that current price and volume information with respect to transactions in such securities is provided by the exchange or system. The price of our Common Stock has been volatile and has declined significantly since our initial public offering and has traded at prices as high as $34,000.00 per share to as low as $0.95 per share. If we do retain a listing on Nasdaq and if the price of our Common Stock is less than $5.00, the Common Stock will be deemed a penny stock. The penny stock rules require a broker-dealer, before a transaction in a penny stock not otherwise exempt from those rules, to deliver a standardized risk disclosure document containing specified information. In addition, the penny stock rules require that before effecting any transaction in a penny stock not otherwise exempt from those rules, a broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive (i) the purchaser’s written acknowledgment of the receipt of a risk disclosure statement; (ii) a written agreement to transactions involving penny stocks; and (iii) a signed and dated copy of a written suitability statement. These disclosure requirements may have the effect of reducing the trading activity in the secondary market for the Common Stock, and therefore stockholders may have difficulty selling their shares.

Substantial future sales of our Common Stock could cause the market price of the Common Stock to decline.

The market price of the Common Stock could decline as a result of the substantial sales of the Common Stock by the below selling stockholders.

During the year ended December 31, 2025, we issued 8,215 shares of Common Stock and in January and February of 2026 we issued 290,000 shares of Common Stock with an aggregate value of $3.2 million pursuant to an At The Market Offering Agreement with H.C. Wainwright & Co., LLC, dated as of May 17, 2024.

During the year ended December 31, 2025 we issued 234,407 shares of Common Stock in connection with the conversion of convertible notes and settlement of other debt and accounts payable. In January and February of 2026, we issued 1,436,900 shares of Common Stock in connection with the conversion of convertible notes and other indebtedness.

If securities analysts or industry analysts downgrade our Common Stock, publish negative research or reports, or fail to publish reports about our business, our ordinary share price and trading volume could decline.

The market price and trading market for the Common Stock will be influenced by the research and reports that industry or securities analysts publish about us, our business and our market. If one or more analysts adversely change their recommendation regarding our shares or change their recommendation about our competitors’ shares, our share price would likely decline. If one or more analysts cease coverage of us or fail to regularly publish reports on us, we could lose visibility in the financial markets which in turn could cause our share price or trading volume to decline. In addition, if our results of operations fail to meet the expectations created by securities analysts’ reports, our share price could decline.

Our actual results of operations may not meet our guidance and investor expectations, which would likely cause our share price to decline.

From time to time, we may release guidance in our earnings releases, earnings conference calls, or otherwise, regarding our future performance that represent our management’s estimates as of the date of release. If given, this guidance, which will include forward-looking statements, will be based on projections prepared by our management. Projections are based upon a number of assumptions and estimates that, while presented with numerical specificity, are inherently subject to significant business, economic, and competitive uncertainties and contingencies, many of which are beyond our control. The principal reason that we release such information is to provide a basis for our management to discuss our business outlook with analysts and investors. With or without our guidance, analysts and investors may publish expectations regarding our business, financial condition, and results of operations. We do not accept any responsibility for any projections or reports published by any such third parties. Guidance is necessarily speculative in nature, and it can be expected that some or all of the assumptions of the guidance furnished by us will not materialize or will vary significantly from actual results. If our actual performance does not meet or exceed our guidance or investor expectations, the trading price of the Common Stock is likely to decline.

We do not expect to declare or pay any dividends on our Common Stock for the foreseeable future.

We do not intend to pay cash dividends on our Common Stock for the foreseeable future. Consequently, investors must rely on sales of their shares after price appreciation, which may never occur, as the only way to realize any future gains on their investment. Investors seeking dividends should not purchase our Common Stock. Any future determination to pay dividends will be at the discretion of our board of directors and subject to, among other things, our compliance with applicable law, and depending on, among other things, our business prospects, financial condition, results of operations, cash requirements and availability, capital expenditure needs, the terms of any preference equity securities we may issue in the future, covenants in the agreements governing any current or future indebtedness, other contractual restrictions, industry trends, and any other factors or considerations our board of directors may regard as relevant.

Certain provisions in our charter documents and under Delaware law could make an acquisition of our company more difficult, limit attempts by our stockholders to replace or remove our current management, and limit the market price of the Common Stock.

Provisions in our certificate of incorporation and bylaws may have the effect of delaying or preventing a change of control or changes in our management. Our amended and restated certificate of incorporation and bylaws include provisions that:

•

authorize our board of directors to issue, without further action by the stockholders, shares of undesignated preferred stock with terms, rights, and preferences determined by our board of directors that may be senior to our Common Stock, which could be used by our board of directors to implement a stockholder rights plan;

•

require that any action to be taken by our stockholders be effected at a duly called annual or special meeting and not by written consent;

•

specify that special meetings of our stockholders can be called only by our board of directors, the Chairperson of our board of directors (“Chairperson”), or our Chief Executive Officer and eliminating the ability of our stockholders to call special meetings of stockholders;

•

establish an advance notice procedure for stockholder proposals to be brought before an annual meeting, including proposed nominations of persons for election to our board of directors;

•

establish that our board of directors is divided into three classes, with each class serving three-year staggered terms;

•

prohibit cumulative voting in the election of directors;

•

provide that our directors may be removed “for cause” and only with the approval of at least 66 2/3% of the voting power of our outstanding shares of capital stock;

•

provide that vacancies on our board of directors may be filled by a majority of directors then in office, even if less than a quorum;

•

permit our board of directors to establish the number of directors and fill any vacancies and newly created directorships;

•

provide that our board of directors is expressly authorized to make, alter, or repeal our bylaws; and

•

require the approval of our board of directors or the holders of at least 66 2/3% of our outstanding shares of capital stock to amend our bylaws and certain provisions of our certificate of incorporation.

These provisions may frustrate or prevent any attempts by our stockholders to replace or remove our current management by making it more difficult for stockholders to replace members of our board of directors, which is responsible for appointing the members of our management. In addition, because we are incorporated in Delaware, we are governed by the provisions of Section 203 of the Delaware General Corporation Law, which generally prohibits a Delaware corporation from engaging in a broad range of business combinations with any interested stockholder for a period of three years following the date on which such stockholder became an interested stockholder. See “Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.” Any delay or prevention of a change of control transaction or changes in our management could cause our stock price to decline or could prevent or deter a transaction that you might support.

Our amended and restated certificate of incorporation and amended and restated bylaws designate the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, and provides that federal district courts will be the sole and exclusive forum for Securities Act claims, which could limit our stockholders’ ability to obtain what they believe to be a favorable judicial forum for disputes with us or our directors, officers, or other employees.

Our amended and restated certificate of incorporation and our amended and restated bylaws provide that, unless we consent in writing to the selection of an alternative forum, to the fullest extent permitted by law, the Court of Chancery of the State of Delaware (or, if that court lacks subject matter jurisdiction, another federal or state court situated in the State of Delaware) shall be the sole and exclusive forum for (a) any derivative action or proceeding brought on our behalf, (b) any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers, or other employees to us or our stockholders, (c) any action asserting a claim arising pursuant to any provision of the Delaware General Corporation Law, our certificate of incorporation or our bylaws, or (d) any action asserting a claim against us governed by the internal affairs doctrine (collectively, the “Delaware Forum Provision”). Our amended and restated certificate of incorporation and our amended and restated bylaws further provide that, unless we consent in writing to the selection of an alternative forum, the federal district courts are the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act (the “Federal Forum Provision”).

Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder. As a result, the enforceability of this provision is uncertain, and a court may determine that such provision will not apply to suits brought to enforce any duty or liability created by the Securities Act or any other claim for which the federal and state courts have concurrent jurisdiction. Further, compliance with the federal securities laws and the rules and regulations thereunder cannot be waived by investors in our Common Stock.

Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. As a result, the exclusive forum provision will not apply to suits brought to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. Accordingly, the Delaware Forum Provision does not designate the Court of Chancery as the exclusive forum for any derivative action arising under the Exchange Act, as there is exclusive federal jurisdiction in such instances.

Any person or entity purchasing or otherwise acquiring any interest in our capital stock shall be deemed to have notice of and consented to the Delaware Forum Provision and the Federal Forum Provision of our bylaws described above. These choice of forum provisions may impose additional litigation costs on stockholders in pursuing any such claims. Additionally, these choice of forum provisions may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, or other employees, which may discourage such lawsuits against us and our directors, officers, or other employees. Alternatively, if a court were to find these provisions of our bylaws inapplicable to, or unenforceable in respect of, one or more of the specified types of actions

or proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions, which could adversely affect our business, financial condition, and results of operations and result in a diversion of the time and resources of our management and board of directors.

In addition, while the Delaware Supreme Court ruled in March 2020 that federal forum selection provisions purporting to require claims under the Securities Act be brought in federal court are “facially valid” under Delaware law, there is uncertainty as to whether other courts will enforce our Federal Forum Provision. If the Federal Forum Provision is found to be unenforceable, we may incur additional costs associated with resolving such matters. The Federal Forum Provision may also impose additional litigation costs on stockholders who assert that the provision is not enforceable or invalid. The Court of Chancery of the State of Delaware and the federal district courts of the United States may also reach different judgments or results than would other courts, including courts where a stockholder considering an action may be located or would otherwise choose to bring the action, and such judgments may be more or less favorable to us than our stockholders.

General Risk Factors

We face risks related to recession, inflation, weak growth, and other economic conditions.

Customer demand for our products may be impacted by weak economic conditions, inflation, weak growth, recession, equity market volatility, or other negative economic factors in the United States or other nations. For example, under these conditions, potential customers may delay or cancel purchases of our products. Further, in the event of a recession our manufacturing partners, suppliers, and other third-party partners, as well as our commercial and corporate wellness customers, may suffer their own financial and economic challenges and as a result they may demand pricing accommodations, delay payment, or become insolvent, which could harm our ability to meet our customer demands or collect revenue or otherwise could harm our business, financial condition, and results of operations. Similarly, disruptions in financial and credit markets may impact our ability to manage normal commercial relationships with our customers, suppliers, and lenders and might cause us to not be able to access sources of liquidity, and our borrowing costs could increase. If general macroeconomic conditions deteriorate, our business, financial condition, and results of operations could be materially and adversely affected.

In addition, we are also subject to risk from inflation and increasing market prices of certain components, parts, supplies, and commodity raw materials, which are incorporated into our products or used by our suppliers to manufacture our products. These components, parts, supplies, and commodities may from time to time become restricted, or general market factors and conditions may affect pricing of such components, parts, supplies and commodities, such as inflation or supply chain constraints.

The ongoing inflationary pressures in the United States could increase our operating costs as well as our manufacturing and component costs, among others, which in turn could negatively affect our business, financial condition, and results of operations.

The United States has previously experienced high levels of inflation. If inflation rates begin to increase once again, it will likely affect our expenses, including, but not limited to, employee compensation expenses, increased manufacturing and supplier costs, and increasing market prices of certain components, parts, supplies, and commodity raw materials, which are incorporated into our products or used by our suppliers to manufacture our products. As a result of inflationary pressures, we have experienced general price increases in the cost of components and parts used in our products and in our manufacturing and logistical costs, which in turn has increased our overall operating costs. We have not taken any specific measures to mitigate inflationary pressures to date; however, we may in the future consider or implement such measures, including price increases for our products and services, changes to our pricing model, or reducing other operating and personnel costs. We cannot predict the impact of any actions we may take in response to such pressures on our business, financial condition, and results of operations. Any attempts to offset cost increases with price increases may result in reduced sales, increased customer dissatisfaction, or otherwise harm our reputation. Moreover, to the extent inflation results in rising interest rates, reduces discretionary spending, and has other adverse effects on the markets, it may adversely affect our business, financial condition and results of operations. Given our limited operating history, we cannot predict how ongoing recessionary or inflationary pressures may impact our business, financial condition, and results of operations in the future, including with respect to our manufacturing and logistics costs, our pricing models, and our customers’ ability to obtain financing for the purchase of our products. If our costs become subject to significant inflationary pressures, we may not be able to fully offset such higher costs

through price increases. Our inability or failure to do so could harm our business, financial condition, and operating results. See “- Risks Related to Suppliers, Manufacturers, and Other Ecosystem Partners - Our manufacturing partners and our sole supplier are located in Taiwan, which exposes us to various risks, including due to tensions between Taiwan and mainland China.”

An economic downturn or economic uncertainty may adversely affect consumer discretionary spending and demand for our products and services.

Our products and services may be considered discretionary items for consumers. Factors affecting the level of consumer spending for such discretionary items include general economic conditions, including inflation, and other factors, such as consumer confidence in future economic conditions, fears of recession, the availability and cost of consumer credit, levels of unemployment, and tax rates. In recent years, the United States and other significant economic markets have experienced cyclical downturns and worldwide economic conditions remain uncertain. As global economic conditions continue to be volatile or economic uncertainty remains, trends in consumer discretionary spending also remain unpredictable and subject to reductions and fluctuations. Due in part to our limited operating history, we cannot predict the extent to which we may be affected by recessionary conditions. Unfavorable economic conditions may lead consumers to delay or reduce purchases of our products and services and consumer demand for our products and services may not grow as we expect. As we have a very limited history selling our connected fitness hardware products, we do not have sufficient basis with which to assess the impact of the current uncertain economic conditions on the sales of our products and services. However, we expect that ongoing economic uncertainty may result in reduced consumer demand for our connected fitness products and services in the future. Our sensitivity to economic cycles and any related fluctuation in consumer demand for our products and services could have an adverse effect on our business, financial condition, and results of operations.

Adverse developments affecting the financial services industry, including events or concerns involving liquidity, defaults or non-performance by financial institutions, could adversely affect our business, financial condition or results of operations.

Events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, could adversely affect our liquidity. The failure of financial institutions may increase the possibility of a sustained deterioration of financial market liquidity, or illiquidity at clearing, cash management and/or custodial financial institutions. The distress or failure of one or more banks with which we have a commercial relationship could adversely affect, among other things, our ability to pursue key strategic initiatives, our ability to access funds, or our ability to borrow from financial institutions on favorable terms. In addition, our deposits will be at risk to the extent they exceed available FDIC insurance limits. If a bank with which we have a commercial relationship has failed or is otherwise distressed (including for example, as a result of large scale depositor withdrawals), or if market activity leads to threat of distress resulting in regulator control, the loss or restriction of access to our cash and liquidity resources could, among other things, adversely impact our ability to meet our operating expenses and financial obligations, or fulfill other obligations, and result in breaches of our contractual obligations or violations of federal or state wage and hour laws. Our ability to spread banking relationships among multiple institutions may be limited by practical considerations or our lender’s suitability requirements for deposit and custodial account institutions. Any of these effects could have a material adverse effect on our financial condition and results of operations.

Increasing scrutiny and evolving expectations from customers, partners, regulators, investors, and other stakeholders with respect to our environmental, social and governance practices may impose additional costs on us, expose us to new or additional risks, or harm our reputation.

Companies are facing increasing scrutiny from customers, partners, regulators, investors, and other stakeholders related to their environmental, social, and governance (“ESG”) practices and disclosure. Investor advocacy groups, investment funds, and influential investors are also increasingly focused on these practices, especially as they relate to the environment, health and safety, diversity, labor conditions, and human rights.

For example, an increasing number of investors are also requiring companies to disclose corporate social and environmental policies, practices, and metrics. Legal and regulatory requirements, as well as investor expectations, on corporate social responsibility practices and disclosure, are subject to change, can be unpredictable, and may be difficult and expensive for us to comply with, given the complexity of our supply chain and our significant outsourced

manufacturing. Increased ESG related compliance costs could result in increases to our overall operational costs. If we are unable to adapt to or comply, or are unable to cause our suppliers to comply, with such regulatory requirements, policies, or provisions or meet the expectations or standards of our customers, investors, and other stakeholders, a customer may stop purchasing products from us or an investor may sell their shares or take legal action against us, our reputation may suffer, and the price of the Common Stock may decline. Any of the foregoing could harm our reputation, revenue, business, financial condition, and results of operations.

Further, our current ESG disclosures, and any standards we may set for ourselves or a failure to meet these standards, may influence our reputation and the value of our brand. For example, we have elected to share publicly certain information about our ESG initiatives and information, and our commitment to the recruitment, engagement, and retention of a diverse workforce. Our business may face increased scrutiny related to these activities, including from the investment community, and our failure to achieve progress in these areas on a timely basis, or at all, could adversely affect our reputation, business, and financial performance.

Climate change may have an adverse impact on our business.

Risks related to rapid climate change may have an increasingly adverse impact on our business in the longer term. Any of our primary locations and the locations of our members and third-party partners, such as our manufacturing partners, may be vulnerable to the adverse effects of climate change. For example, our California locations have historically experienced, and are projected to continue to experience, climate-related events at an increasing frequency, including drought, water scarcity, heat waves, wildfires and resultant air quality impacts, and power shutoffs associated with wildfire prevention. In addition, some of our employees and our manufacturing partners are located in Taiwan, which is susceptible to regional natural disasters including, for example, earthquakes, tsunamis, and typhoons, and has experienced an increasing frequency of extreme weather events, including heavier rains and atypical heat waves. Changing market dynamics, global policy developments, and the increasing frequency and impact of extreme weather events on critical infrastructure in the U.S. and elsewhere have the potential to disrupt our business and the business of our members and third-party partners, and may cause us to experience higher attrition, losses and additional costs to maintain our operations. Further, the effects of climate change may negatively impact regional and local economic activity, which could lead to an adverse effect on our members and third-party partners and impact the communities in which we operate. Overall, climate change, its effects, and the resulting, unknown impact could have a material adverse effect on our business, financial condition, and results of operations.

If we acquire businesses, enter into licensing arrangements, or make investments in other companies or technologies, it may disrupt our business, create integration issues, impair our results of operations, dilute our stockholders’ ownership, cause us to incur debt, divert management resources, or cause us to incur significant expense.

We may pursue in the future acquisitions of businesses and assets, as well as technology licensing arrangements, that we believe will complement our products or technologies. For example, in October 2023, we entered into the Asset Purchase Agreement with CLMBR and CLMBR1, LLC (the "Sellers") to purchase and acquire substantially all of the assets and assume certain liabilities of the Sellers, which was amended and restated on January 22, 2024 (see Note 24 to our consolidated financial statements included elsewhere in this annual report on Form 10-K). We also may pursue strategic alliances that leverage our core technologies and industry experience to expand our product offerings or distribution, or make investments in other companies. Any acquisition involves a number of risks, many of which could harm our business, or materially impact our stock price, including:

•

difficulty in integrating the operations, technologies, products, existing contracts, accounting and personnel of the acquired company or business;

•

not realizing the anticipated benefits of any acquisition;

•

difficulty in transitioning and supporting customers of the acquired company;

•

difficulty in transitioning and collaborating with suppliers of the acquired company;

•

diversion of financial and management resources from existing operations;

•

the risk that the price we pay, costs we incur, or other resources that we devote to the acquisition may exceed the value we realize, or the value we could have realized if we had allocated the purchase price or other resources to another opportunity;

•

unanticipated costs and expenses or accounting impacts of an acquisition, licensing arrangement, or other strategic investments;

•

potential loss of key employees, customers and strategic alliances from either our current business or the acquired company’s business;

•

inability to successfully bring newly acquired products to market or achieve design wins with such products;

•

fluctuations in industry trends that change the demand or purchasing volume of newly acquired products;

•

assumption of unanticipated problems or latent liabilities, such as problems with the quality of the acquired products or technology;

•

inability to generate sufficient revenue to offset acquisition costs;

•

market or investor reaction to, or perception of, the anticipated benefits, costs, or other consequences of any proposed or consummated acquisition;

•

the incurrence of significant costs and diversion of management resources in connection with any potential acquisition, irrespective of whether an acquisition is successfully completed;

•

the dilutive effect on our Common Stock resulting from any acquisitions financed through the issuance of equity;

•

inability to successfully complete transactions with a suitable acquisition candidate; and

•

in the event of international acquisitions, risks associated with accounting and business practices or regulatory requirements that are different from applicable U.S. practices and requirements.

Acquisitions also frequently result in the recording of goodwill and other intangible assets that are subject to potential impairments, which could harm our financial results. If we fail to properly evaluate acquisitions or investments, it may impair our ability to achieve the anticipated benefits of any such acquisitions or investments, and we may incur costs in excess of what we anticipate. The failure to successfully evaluate and execute acquisitions or investments or otherwise adequately address these risks could materially harm our business, financial condition, and results of operations.

To finance any acquisitions or investments, we may choose to issue equity or equity-linked securities as consideration, which could dilute the ownership of our stockholders, with such dilution being potentially material. If the price of our Common Stock is low or volatile, we may not be able to acquire other companies for equity or equity-linked consideration. In addition, newly issued securities may have rights, preferences or privileges senior to those of existing stockholders. If we raise additional funds by obtaining loans from third parties, the terms of those financing arrangements may include negative covenants or other restrictions on our business that could impair our operating flexibility, and would also require us to incur interest expense. Additional funds for acquisitions also may not be available on terms that are favorable to us, or at all.

We depend on our executive officers and other key employees, and the loss of one or more of these employees or an inability to attract or retain highly skilled employees could adversely affect our business.

Our success depends largely upon the continued services of our executive officers and other officers and key personnel, including Trent A. Ward, our co-founder and Chief Executive Officer, who are critical to the development of our business, future vision, and strategic direction. Mr. Ward is our principal executive officer and is expected to continue to hold for the foreseeable future, primary and ultimate responsibility, authority, and operational decision-making functions over the principal operations, business units, and functions of the Company, including all significant policymaking authority. As a result, the loss of Mr. Ward’s services for any reason would likely materially and adversely affect or business. We also heavily rely on the continued service and performance of our senior management team, which provides leadership, contributes to the core areas of our business and helps us to efficiently execute our

business. We also are dependent on the continued service of our existing software engineers because of the complexity of our products and platform capabilities. If the senior management team, including any new hires that we make, fails to work together effectively and to execute our plans and strategies on a timely basis then our business and future growth prospects could be harmed. From time to time, there may be changes in our executive management team or other key personnel, which could disrupt our business. We do not have employment agreements with our executive officers or other key personnel that require them to continue to work for us for any specified period and, therefore, they could terminate their employment with us at any time and with little or no notice. The loss of one or more of our executive officers or other key employees could have an adverse effect on our business, financial condition, and results of operations.

We have not entered into non-competition agreements with our executive officers and other key personnel during the course of their employment with us. As a result, such personnel are not contractually prohibited from working with or for our competitors after leaving our employment or from engaging in other business endeavors which are, may be perceived as, or may become, competitive to our business. The loss of the services of our executive officers and other officers and key personnel to our competitors may harm our reputation, brand, our competitive position, and our business. Furthermore, members of our management team or other personnel may engage in other business endeavors in addition to and outside of their employment with us. As a result, although members of our management team are full-time employees of ours and have been, and are expected to be, fully committed and focused on our business, they are not obligated to commit their time and attention exclusively to our business. Accordingly, their attention to our business may be diverted from time to time or they may encounter conflicts of interest in allocating their time and resources between us and other business endeavors in which they are engaged.

In addition, to execute our growth plan, we must attract and retain highly qualified personnel. Competition for these personnel in Southern California, where we produce much of our On-Demand content, and in other locations where we have a substantial presence, is intense, especially for qualified and highly skilled personnel, including senior management, engineers, producers, designers, product managers, logistics and supply chain personnel, retail managers, trainers, and fitness instructors. In addition, we have not historically conducted background checks on our employees or independent contractors. Although we conduct customary identity verification checks for employees and intend to implement additional background screening, and may conduct additional identify verification processes, for personnel generally as we deem necessary or appropriate, there can be no assurance that such processes will enable us to identify any potential risks or issues or otherwise be sufficient or accurate. The implementation of additional screening processes could make it more difficult for us to hire additional personnel. We have from time to time experienced, and we expect to continue to experience, difficulty in hiring and retaining employees with appropriate qualifications. Many of the companies with which we compete for experienced personnel have greater resources than we have. If we hire employees from competitors or other companies, their former employers may attempt to assert that these employees or we have breached legal obligations, resulting in a diversion of our time and resources. In addition, job candidates and existing employees often consider the value of the equity awards they receive in connection with their employment. If the perceived value of our equity awards declines, it may adversely affect our ability to recruit and retain highly skilled employees. In addition, we may periodically change our equity compensation practices, which may include reducing the number of employees eligible for equity awards or reducing the size of equity awards granted per employee. If we are unable to attract, integrate, or retain the qualified and highly skilled personnel required to fulfill our current or future needs, our business, financial condition, results of operations, and future growth prospects could be adversely affected.

Our officers and directors may encounter conflicts of interest involving us and other entities with which they may be affiliated, including matters that involve corporate opportunities.

Many of our directors are, and any future directors may be, affiliated with other entities, including venture capital or private equity funds or businesses that may be complementary, competitive, or potentially competitive to our company. They may also in the future become affiliated with entities that are engaged in business or other activities similar to our business. Additionally, all of our officers and directors, in the course of their other business activities, may become aware of or involved in investments, business opportunities, or information which may be appropriate for presentation to us as well as to other entities to which they owe a fiduciary duty. As a result, directors and officers may encounter perceived or actual conflicts of interest involving us and other entities with which they are or become affiliated, including matters that involve corporate opportunities. For example, a portfolio company of a director-affiliated venture fund may become a competitor of ours or a potential strategic partner. In addition, in the event we

consider potential acquisitions, it is possible an entity affiliated with one of our directors could be an acquisition target or a competitive acquiror. Further, to the extent we engage in transactions with any director-affiliated entity, it could create actual, or the perception of, additional conflicts of interest, including with respect to our ability to negotiate terms equivalent to those that could be obtained in an arms’-length negotiation with an unaffiliated third party. As a result of the foregoing, our directors and officers may have conflicts of interest in determining to which entity particular opportunities or information should be presented. If, as a result of such potential conflicts, we are deprived of investment, business, or information, the execution of our business plan and our ability to effectively compete may be adversely affected. Our directors are also not obligated to commit their time and attention exclusively to our business and accordingly, they may encounter conflicts of interest in allocating their time and resources between us and other entities with which they are affiliated.

Claims for indemnification by our directors and officers may reduce our available funds to satisfy successful third-party claims against us and may reduce cash resources.

Our directors and executive officers may be subject to litigation for a variety of claims or disputes. Delaware law provides that directors of a corporation will not be personally liable for monetary damages for any breach of fiduciary duties as directors, except liability for:

•

any transaction from which the director derives an improper personal benefit;

•

any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;

•

any unlawful payment of dividends or redemption of shares; or

•

any breach of a director’s duty of loyalty to the corporation or its stockholders.

Such limitation of liability does not apply to liabilities arising under federal securities laws and does not affect the availability of equitable remedies such as injunctive relief or rescission. Our amended and restated bylaws provide that we are required to indemnify our directors and officers to the fullest extent permitted by Delaware law and may indemnify our other employees and agents. Our amended and restated bylaws also provide that, on satisfaction of certain conditions, we will advance expenses incurred by a director or officer in advance of the final disposition of any action or proceeding, and permit us to secure insurance on behalf of any officer, director, employee, or other agent for any liability arising out of his or her actions in that capacity regardless of whether we would otherwise be permitted to indemnify him or her under the provisions of Delaware law. We have entered into, and intend to enter into, agreements to indemnify our directors and executive officers. With certain exceptions, these agreements provide for indemnification for related expenses, including attorneys’ fees, judgments, fines, and settlement amounts incurred by any of these individuals in connection with any action, proceeding, or investigation. Such provisions in our amended and restated bylaws and our indemnification agreements may discourage stockholders from bringing a lawsuit against our directors and executive officers for breach of their fiduciary duties. Such provisions may also reduce the likelihood of derivative litigation against our directors and executive officers, even though an action, if successful, might benefit us and other stockholders. See “Management-Indemnification and Insurance.”

While we maintain directors’ and officers’ liability insurance, such insurance may not be adequate to cover all liabilities that we may incur, which may reduce our available funds to satisfy third-party claims and could harm our business, results of operations, and financial condition. Further, a stockholder’s investment may be harmed to the extent that we pay the costs of settlement and damage awards against our directors and executive officers as required by these indemnification provisions.

Litigation and other legal proceedings may adversely affect our business, financial condition, and results of operations.

From time to time we may become involved in legal proceedings, claims, government investigations, and other proceedings relating to patent and other intellectual property matters, product liability, labor and employment, competition or antitrust, commercial, tort or contract, privacy, consumer protection, tax, federal regulatory investigations, securities (including class action litigation), and other legal proceedings or investigations, which could have an adverse impact on our business, financial condition, and results of operations and divert the attention of our management from the operation of our business. Litigation is inherently unpredictable and can result in excessive or unanticipated verdicts and/or injunctive relief that affect how we operate our business. We could incur judgments or

enter into settlements of claims for monetary damages or for agreements to change the way we operate our business, or both. There may be an increase in the scope of these matters or there may be additional lawsuits, claims, proceedings or investigations in the future, which could have a material adverse effect on our business, financial condition, and results of operations. Adverse publicity about regulatory or legal action against us could damage our reputation and brand image, undermine our members’ confidence and reduce long-term demand for our products, even if the regulatory or legal action is unfounded or not material to our operations.

Catastrophic events may disrupt our business.

We and our manufacturing partners have operations located in areas that are in active earthquake zones or are subject to wildfires, floods, hurricanes, and other natural disasters. For example, we engage in content production activities in Southern California and our manufacturing partners are located in Taiwan. In addition, man-made actions or other events, such as power outages, acts of war, terrorism, or other outbreak of hostilities, malicious computer viruses and pandemics or other widespread public health crises and disease outbreaks could cause disruptions in our business.

In the event of any such catastrophic event, we may be unable to continue our operations and may endure system interruptions, reputational harm, delays in our product development, breaches of data security or loss of critical data, any of which could have an adverse effect on our business, financial condition, and results of operations. For example, a significant natural disaster, such as an earthquake, fire, or flood, could have an adverse effect on our business, financial condition, and results of operations, and our insurance coverage may be insufficient to compensate us for losses that may occur. Acts of terrorism, which may be targeted at metropolitan areas that have higher population density than rural areas, could also cause disruptions in our or our suppliers’ and manufacturers’ businesses or the economy as a whole. We may not have sufficient protection or recovery plans in some circumstances, such as natural disasters affecting locations that store significant inventory of our products, that house our servers, or from which we generate content. As we rely heavily on our computer and communications systems and the internet to conduct our business and provide high-quality customer service, these disruptions could negatively impact our ability to run our business and either directly or indirectly disrupt our suppliers’ and manufacturers’ businesses, which could have an adverse effect on our business, financial condition, and results of operations.

Regulations related to conflict minerals may cause us to incur additional expenses and could limit the supply and increase the costs of certain metals used in the manufacturing of our products.

We are subject to requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which will require us to conduct due diligence on and disclose whether or not our products contain conflict minerals. The implementation of these requirements could adversely affect the sourcing, availability, and pricing of the materials used in the manufacture of components or parts used in our products. In addition, we will incur additional costs to comply with the disclosure requirements, including costs related to conducting diligence procedures to determine the sources of minerals that may be used or necessary to the production of our products and, if applicable, potential changes to products, processes, or sources of supply as a consequence of such due diligence activities. It is also possible that we may face reputational harm if we determine that certain of our products contain minerals not determined to be conflict free or if we are unable to alter our products, processes, or sources of supply to avoid such materials.

Item 1B. Unresolved Staff Comments.

None.

Item 1C. Cybersecurity

Risk Management and Strategy

The Company relies on information systems and the data stored on them to conduct its operations. Our cybersecurity risk management program is designed to allow us to identify, assess, and manage cybersecurity risks. Our Chief Technology Officer, with the support of our IT Manager, assesses and manages cybersecurity risk, including preventing, mitigating, detecting, and addressing cybersecurity incidents, if any. Our Chief Technology Officer has 30+ years of experience leading and managing consumer facing services at scale. He has a Bachelor of Science in Computer Science and has led and managed both engineering and Enterprise IT teams across large scale organizations focused on delivering secure and performant consumer products. Our Chief Technology Officer also works closely with other management positions to ensure that the Company understands its cybersecurity risk management responsibilities.

To operate our business, we utilize third-party service providers to perform various functions, such as outsourced business-critical functions, professional services, SaaS platforms, cloud-based infrastructure, content delivery to third parties, and other functions. We engage reliable, reputable service providers that maintain cybersecurity programs and we conduct upfront cybersecurity reviews as part of our onboarding process for partners.

Governance

The Company reports on its information security program to the Audit Committee of the Board of Directors (the “Audit Committee”). The Audit Committee is responsible for overseeing the Company’s cybersecurity and information security procedures. The Audit Committee reports matters to the Board of Directors as needed. Our cybersecurity risks are identified and addressed through a comprehensive, cross-functional approach. Key security, risk, and compliance stakeholders meet regularly to develop strategies for preserving the confidentiality, integrity and availability of Company and customer information, identifying, preventing, and mitigating cybersecurity threats, and effectively responding to cybersecurity incidents.

We have not identified any cybersecurity incidents or threats that have materially affected us or are reasonably likely to materially affect us. However, like other companies in our industry, we and our third-party vendors have from time-to-time experienced threats to and security incidents relating to our information systems. For more information, please see the section entitled “Risk Factors” in this Annual Report on Form 10-K.

Item 2. Properties.

Our corporate headquarters is located in Austin, Texas, where we hold a lease that has a monthly fee of $99 and variable cost based on usage. This facility is primarily used for engineering, sales and marketing, and other general business purposes. We also have a small office in Taiwan that is primarily used for supply chain and manufacturing purposes. Wattbike leases approximately 9,556 square feet of office space in Nottingham, UK with annual rent of approximately $68,000. The lease term for our CLMBR studio in Denver, CO that was primarily used to facilitate live classes on a weekly basis expired in January 2026 and was not renewed.

We believe that our existing facilities are sufficient for our current needs. We may in the future add new facilities or expand our existing facilities as we continue to add employees and grow our business. We believe that new spaces will be available at reasonable terms in the future in order to meet our needs.

Item 3. Legal Proceedings.

The Company purchased substantially all of the assets of CLMBR, Inc. (“CLMBR, Inc.”) in February 2024. On March 7, 2024, a petition was filed by Tung Keng Enterprise Co., Ltd. d/b/a DK City Co., Ltd. (“DK City”) against CLMBR, Inc. and the Company in the United States District Court for the District of Colorado to enforce a monetary arbitration award of approximately $2.25 million against CLMBR, Inc. (the “Petition”). The Company was not involved in that

prior arbitration, which involved alleged breaches of an equipment manufacturing agreement between CLMBR, Inc. and DK City and was resolved prior to the Company’s purchase of CLMBR, Inc. On June 25, 2024, CLMBR, Inc. and the Company collectively resolved the dispute via a Confidential Settlement Agreement and Mutual Release with DK City. Pursuant to that agreement, the Company was required to make certain payments to DK City, CLMBR, Inc. and the Company would be released from liability, and the Petition would be voluntarily dismissed without prejudice. The Company subsequently defaulted on this agreement due to not complying with the payment plan, and on September 22, 2025 a new petition was filed alleging breach of the negotiated settlement. The complaint seeks damages in the amount of $2.0 million, plus statutory interest and attorneys' fees. The Company has admitted liability, and the parties have requested a Magistrate Judge settlement conference. The plaintiff has filed a motion for summary judgment, but the parties are engaged in settlement discussions.

Total remaining payments as of December 31, 2025 of $2.1 million, including accrued interest, are reflected in Accrued Expenses and other current liabilities in the accompanying consolidated balance sheet.

On or about February 20, 2025, the Company was sued in the Superior Court of Massachusetts, Suffolk County, by one of its former financial services consultants (“the Plaintiff”), alleging a breach of an agreement between the parties for financial services Plaintiff allegedly provided to the Company. The dispute was fully and amicably resolved and on June 12, 2025, the parties filed a joint stipulation of dismissal with prejudice and settlement amount was $2.2 million. The current portion of the total remaining payments as of December 31, 2025 of $0.3 million is included in accrued expenses and other current liabilities and the non-current portion of $1.8 million is included in other long term liabilities in the condensed consolidated balance sheet.

From time to time, we may become involved in additional regulatory investigations or legal proceedings arising in the ordinary course of our business. With respect to the matters described above, and in particularly the DK City matter in which the Company has acknowledged a payment default, we cannot provide assurance as to the ultimate outcome. An adverse disposition of any pending matter could have a material adverse effect on our business, financial condition or results of operations because of defense and settlement costs, diversion of management resources, and other factors.

Item 4. Mine Safety Disclosures.

Not Applicable.

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Our common stock began trading on the Nasdaq Stock Market on April 28, 2023 under the symbol “TRNR.” Prior to that time, there was no established public trading market for our common shares.

Authorized Capital

As of December 31, 2025, the Company is authorized by its Certificate of Incorporation to issue an aggregate of 900,000,000 shares of Common Stock, and 200,000,000 shares of blank check preferred, of which 10,000,000 shares are designated as Series A Convertible Preferred Stock, 1,500,000 shares are designated as Series B Preferred Stock, 5,000,000 shares are designated as Series C Preferred Stock and 1,300,000 shares are designated as Series E Preferred Stock. As of December 31, 2025, 307,516 shares of Common Stock were issued and outstanding, 4,414,775 shares of Series A Convertible Preferred stock were issued and outstanding, 408,775 shares of Series B Preferred Stock were issued and outstanding, 1,534,921 shares of Series C Preferred Stock are issued and outstanding and 1,300,000 shares of Series E Preferred Stock are issued and outstanding.

Holders of Our Common Stock

As of December 31, 2025, there were approximately 20 registered holders of our common stock. This number does not include stockholders for whom shares are held in “nominee” or “street” name.

Dividend Policy

We have never declared or paid cash dividends on our common stock. We do not anticipate declaring or paying any cash dividends on our common stock in the foreseeable future. We currently intend to retain all available funds and any future earnings to support our operations and finance the growth and development of our business. Any future determination related to our dividend policy will be made at the discretion of our board of directors and will depend upon, among other factors, our results of operations, financial condition, capital requirements, contractual restrictions, business prospects, and other factors our board of directors may deem relevant. Series A Preferred Stock and Series C Preferred Stock, are entitled to dividends which would be accrued as set forth in the certificate of designations for Series A Preferred Stock and Series C Preferred Stock. Further, our current and any future debt facilities we may enter into may contain restrictions on our ability to pay dividends or make distributions, and any new credit facilities we may enter into may contain similar restrictions.

Recent Sales of Unregistered Securities

There were no sales of unregistered securities by the Company during the fiscal year ended December 31, 2025 that were not previously disclosed in a quarterly report on Form 10-Q or a current report on Form 8-K.

Item 6. [Reserved]

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and notes thereto for the years ended December 31, 2025 and 2024 included elsewhere in this annual report on Form 10-K. Historic results are not necessarily indicative of future results. Some of the information contained in this discussion and analysis or set forth elsewhere in this annual report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements based upon current plans, expectations and beliefs that involve risks and uncertainties. As a result of many factors, including those factors set forth in the “Risk Factors” section of this annual report on Form 10-K, our actual results could differ materially from the results described in or implied by these forward-looking statements. You should carefully read the “Risk Factors” section to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section of this annual report on Form 10-K titled “Special Note Regarding Forward-Looking Statements.”

Interactive Strength Inc. is the parent company of three leading brands serving the commercial and at-home markets with specialty fitness equipment and virtual training; Wattbike, CLMBR and FORME. Wattbike, acquired in July of 2025, offers a range of high-performance indoor bikes that set the global standard in cycling. Known for unmatched accuracy, realistic ride feel, and advanced performance tracking, Wattbike is trusted by elite athletes, national teams, and fitness enthusiasts around the world. CLMBR offers a premium vertical climbing experience through its patented open-frame design and immersive touchscreen, delivering a high-intensity, low-impact workout that’s both efficient and effective. FORME delivers strength, mobility, and recovery training through immersive content, performance-grade hardware, and expert coaching. Its wall-mounted systems include the Studio, a smart fitness mirror for guided programming and live 1:1 personal training, and the Lift, which adds smart resistance cable training—ideal for high-performance environments and sport-specific development. The combination of technology with expert training leads to better outcomes for both consumers and trainers alike. Wattbike, CLMBR and FORME each offer unique fitness solutions for both the commercial and at-home markets.

Key milestones in our growth history include:

•

May 2017 – Interactive Strength Inc. founded

•

July 2021 – Commenced commercial delivery of FORME Studio (fitness mirror), our first connected fitness hardware product

•

July 2022 – Live 1:1 personal training service launched

•

August 2022 – Commenced commercial delivery of FORME Studio Lift (fitness mirror and cable-based digital resistance)

•

April 2023 – Interactive Strength went public on NASDAQ with ticker symbol "TRNR"

•

February 2024 – Acquired substantially all of the assets of CLMBR, Inc.

•

July 2025 - Acquired all of the outstanding equity interests of Wattbike (Holdings) Limited ("Wattbike").

•

March 2026 - Acquired all of the outstanding equity interests of Ergatta, Inc. ("Ergatta")

Our revenue is primarily generated from the sale of our connected fitness hardware products and associated recurring membership revenue.

During the years ended December 31, 2025 and 2024, we generated total revenue of $11.5 million and $5.4 million, respectively, and incurred net losses of $24.0 million and $34.9 million, respectively. As we generated recurring net losses and negative operating cash flow since inception, we have funded our operations primarily with gross proceeds from the issuance of convertible notes, the issuance of promissory notes to unrelated and related parties, and the issuance of common stock.

Business Model and Growth Strategy

Acquire complementary businesses that generate attractive synergies

We acquired CLMBR, Inc. in February 2024 and Wattbike on July 1, 2025. In addition, on March 11, 2026, we completed the acquisition of Ergatta, a connected fitness company that is considered a pioneer in game-based connected fitness. We expect that we will be able to acquire additional revenue-generating businesses, which would generate higher earnings and cashflows through synergies with our existing business. Our team brings significant experience with M&A transactions and we are one of the few companies in our industry with publicly traded equity securities, which we believe makes us an attractive acquirer.

Leverage well established equipment distributors to scale in commercial channels

We have high value partnerships with numerous fitness equipment distributors around the world, including Woodway, to sell CLMBR, FORME and Wattbike products into a variety of commercial environments. These relationships allow us to leverage the sales knowledge, relationships and specialization of third parties to accelerate our sales initiatives. Importantly, this construct allows us to make the vast majority of our sales related expenses variable, as we typically pay commissions only when units are sold.

Expand into new geographies

We intend to expand the international reach of our existing brands by leveraging in-market relationships and sales infrastructure across the brands in our portfolio. For example, with Wattbike, which is based in the United Kingdom, we are currently evaluating potential expansion of that brand in the US, where FORME, CLMBR and Ergatta have well established routes to market in both commercial and residential markets, although we have not yet made any definitive plans regarding such expansion or the potential timing thereof. We plan to pursue disciplined international expansion by targeting countries with sound macroeconomic conditions, favorable growth trends and stable regulatory environments, and importantly, those where we have footholds and low risk routes to market through our existing brand relationships and in market presence.

Build out partnership ecosystem

We intend to continue to build our strategic partner ecosystem with a focus on relationships that enable us to extend our platform to new audiences. We are pursuing opportunities in a number of attractive verticals, including sports, physical therapy and rehabilitation, and telemedicine. We are continuously identifying and evaluating opportunities to apply our coaching know-how in new and innovative ways to expand our reach and impact.

Expand B2B Channel

We intend to expand our sales and marketing efforts into a variety of light commercial settings, including multifamily buildings, hotels, country clubs, universities and performance centers.

Our financial condition and results of operations have been, and will continue to be, affected by a number of factors, including the following:

•

Our membership revenue is largely dependent on our ability to sell our Ergatta, Wattbike, CLMBR and FORME Studio equipment and if sales of such equipment decline, our membership revenue would decline, and it would materially and negatively affect our future revenue and results of operations. Similarly, we may be unable to attract and retain members, which could have an adverse effect on our business and rate of growth.

•

The sufficiency of our liquidity and capital resources, and our ability to obtain additional funding as needed for our operations and to execute on our strategy.

•

Our ability to execute or realize the anticipated benefits of any strategic acquisition or transaction.

We have experienced, and expect to continue to experience, some disruptions to parts of our supply chain, including procuring necessary components or parts in a timely fashion, with suppliers increasing lead times or placing products on allocation and raising prices. In addition, disruptions to commercial transportation infrastructure have increased delivery times for materials and components or parts for our fitness equipment, and has impacted, and could in the future impact, our ability to timely deliver our products to customers. While these supply chain disruptions have resulted in operational challenges, including extended customer order lead times and periodic product allocation, they have not had a material adverse effect on our revenue or liquidity or capital resources for the year ended December 31, 2025, and we have not implemented any significant mitigation efforts to date as a result. However, we cannot predict the impact to us of any future or prolonged supply chain disruptions or any mitigation efforts we may take going forward. For example, as a result of these supply chain disruptions, we may be required to increase customer order lead times and place some products on allocation. In addition, we may consider additional or alternative third-party manufacturing and logistics providers or suppliers. Such mitigation efforts may result in cost increases and any attempts to offset such increases with price increases may result in reduced sales, increased customer dissatisfaction, or otherwise harm our reputation. Further, if we were to elect to transition or add manufacturing or logistics providers or suppliers, it may result in temporary or additional delays in product delivery or risks related to consistent product quality or reliability. This in turn may limit our ability to fulfill customer orders and we may be unable to satisfy all of the demand for our products. We may in the future also purchase components further in advance, which in return can result in less capital being allocated to other activities such as marketing and other business needs. We cannot quantify the impact of such disruptions at this time or predict the impact of any mitigation efforts we may take in response to supply chain disruptions on our business, financial condition, and results of operations.

In addition, customer demand for our products may be impacted by weak economic conditions, inflation, weak growth, recession, equity market volatility, or other negative economic factors in the United States or other nations. The United States has recently experienced historically high levels of inflation. If the inflation rate continues to increase, it will likely affect our expenses, including, but not limited to, employee compensation expenses, increased manufacturing and supplier costs, and increasing market prices of certain components, parts, supplies, and commodity raw materials, which are incorporated into our products or used by our suppliers to manufacture our products. These components, parts, supplies, and commodities may from time to time become restricted, or general market factors and conditions may affect pricing of such components, parts, supplies and commodities, such as inflation or supply chain constraints. Given our limited operating history, we cannot predict how ongoing or increasing recessionary or inflationary pressures may impact our business, financial condition, and results of operations in the future.

RESULTS OF OPERATIONS

This Management’s Discussion and Analysis of Financial Condition and Results of Operations is based on our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. On an ongoing basis, we evaluate these estimates and assumptions, including those described below. We base our estimates on our historical experience and on various other assumptions that we believe to be reasonable under the circumstances. These estimates and assumptions form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Because of the uncertainty inherent in these matters, actual results may differ from these estimates and could differ based upon other assumptions or conditions.

Some of the estimates and assumptions we have to make under U.S. GAAP require very difficult, subjective and/or complex judgments about matters that are inherently uncertain and, as a result, we have identified those as critical accounting estimates, which are considered critical to an understanding of our historical financial condition and results

of operations and are reasonably likely to have a material impact on our future results of operations and financial condition. Critical accounting estimates include those used in estimating the fair value of our convertible notes, warrants issued in conjunction with the issuance of such convertible notes, assumptions used in determining the valuation allowance for our deferred tax assets and the impairment of goodwill and intangible assets and estimates and assumptions used in determining the fair value of consideration paid and liabilities assumed in business combinations. For a description of our significant accounting policies, see Note 2 to the Consolidated Financial Statements.

The critical accounting policies that reflect our more significant judgments and estimates used in the preparation of our consolidated financial statements include those noted below.

Fair Value Measurements

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Subsequent changes in fair value of these financial assets and liabilities are recognized in earnings when they occur. Our financial instruments that are carried at fair value in our consolidated financial statements consist of convertible notes, warrants and embedded derivative liabilities associated with the issuance of convertible notes and contingent consideration related to acquisition transactions. The fair value of these instruments that are measured at each accounting period are generally determined using Monte Carlo simulations or discounted cash flow analyses and are largely based on unobservable inputs to the valuation methodology (Level 3 inputs - see Note 13 to the Consolidated Financial Statements).

Goodwill and Intangible Assets

Our annual goodwill impairment assessment at December 31, 2025 was performed based on our determination that Wattbike, CLMBR and FORME comprise a single reporting unit based on the guidance provided in Accounting Standards Codification ("ASC") 350, and we performed a quantitative analysis using a combination of income and market approaches. Our reporting unit had fair values in excess of their carrying values, resulting in no impairment of goodwill.

We estimate the fair value of intangible assets acquired in business combinations based on an income approach. Where applicable, we utilize the relief-from-royalty method, which assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to exploit the related benefits of these types of assets. This approach is dependent on a number of factors, including estimates of future growth and trends, royalty rates for this category of intellectual property, discount rates and other variables. For the periods presented, we did not recognize any impairment of intangible assets.

Contingent Consideration

In accordance with ASC 805, Business Combinations, a liabilities for contingent consideration assumed in business acquisitions are recorded at fair value at the date of acquisition, with changes in the fair value recorded through earnings at each reporting period. We assess the fair value of this liability based on our estimate of the likelihood that sales projections will be achieved and that the contingent payment will be earned. For the years ended December 31, 2025 and 2024, we recorded gains on changes in fair value of contingent consideration of $0.2 million and $1.3 million, respectively.

Convertible Notes

As permitted under ASC Topic 825, Financial Instruments, we have elected the fair value option to account for some of our convertible notes that were issued in 2025 and 2024 (see Note 11 to the Consolidated Financial Statements). In accordance with ASC Topic 825, we record these convertible notes at fair value with changes in fair value recorded as a component of other income (expense), net in the accompanying consolidated statements of operations and comprehensive loss. The convertible notes for which we elected the fair value option are valued using a discounted cash flow analysis or Monte Carlo Simulation model, and the assumptions used therein are discussed in Note 13 to the Consolidated Financial Statements. For the years ended December 31, 2025 and 2024, we recognized a gain (loss) on changes in fair value of convertible notes of $28.6 million and ($0.1 million), respectively.

Warrants and Derivative Liabilities

In connection with convertible notes that we issued in 2025 for which we did not elect the fair value option, we issued warrants to purchase our Common Stock which did not meet the requirements for equity classification, and are therefore classified as long-term liabilities in the accompanying consolidated balance sheets with changes in fair value recognized in earnings at each reporting period. We generally utilize a Black-Scholes option pricing model to determine the fair value of these liabilities, and for the years ended December 31, 2025 and 2024, we recognized gains on changes in fair value of warrants of $2.8 million and $9.3 million, respectively.

We also recognized derivative liabilities related to these convertible notes for the embedded conversion options contained in the notes, which are also measured at fair value with changes in fair value recorded in earnings in each reporting period. The fair value of these liabilities are generally determined using a Monte Carlo Simulation model, and the key inputs into the model are disclosed in Note 13 to the consolidated financial statements. For the years ended December 31, 2025 and 2024, we recognized a gain and loss on changes in fair value of derivatives of $0.5 million and $0.5 million, respectively.

Income Taxes

We maintain a full valuation allowance against all of our net deferred tax assets, and as a result we have historically not recorded an income tax benefit in the accompanying consolidated financial statements despite continued losses since inception. This valuation allowance reflects our assessment of whether it is more likely than not that we will generate sufficient taxable income in the future to be able to utilize our deferred tax assets. In determining whether a valuation allowance is warranted, we evaluate factors such as prior earnings history, expected future earnings, carryback and carryforward periods and tax strategies. Evaluation of these factors requires our management to make certain estimates, assumptions and judgments. We consider all positive and negative evidence to estimate if sufficient future taxable income will be generated to realize our deferred tax assets, and we consider cumulative losses in recent years to be a significant type of negative evidence. As of December 31, 2025 and 2024, we determined that it is more-likely-than-not that our federal and state deferred tax assets will not be realized.

Recent Accounting Pronouncements

See Note 2, Summary of Significant Accounting Policies, of the notes to our consolidated financial statements included elsewhere in this annual report on Form 10-K for recently adopted accounting pronouncements and recently issued accounting pronouncements not yet adopted as of the dates of the statement of financial position included in this annual report on Form 10-K.

Emerging Growth Company and Smaller Reporting Company Status

Under Section 107(b) of the Jumpstart Our Business Startups Act of 2012, or the JOBS Act, an “emerging growth company” can delay the adoption of new or revised accounting standards until such time as those standards would apply to private companies. We have elected this exemption to delay adopting new or revised accounting standards until such time as those standards apply to private companies. Where allowable, we have early adopted certain standards as described in Note 2 to our consolidated financial statements included elsewhere in this Annual Report on Form 10-K. As a result, our consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. We will continue to remain an “emerging growth company” until the earliest of the following: (i) the last day of the fiscal year following the fifth anniversary of the date of the completion of our initial public offering; (ii) the last day of the fiscal year in which our total annual gross revenue is equal to or more than $1.235 billion; (iii) the date on which we have issued more than $1 billion in nonconvertible debt during the previous three years; or (iv) the date on which we are deemed to be a large accelerated filer under the rules of the SEC. We are also a “smaller reporting company,” meaning that the market value of our stock held by non-affiliates is less than $700.0 million and our annual revenue is less than $100.0 million during the most recently completed fiscal year. We may continue to be a smaller reporting company if either (i) the market value of our stock held by non-affiliates is less than $250.0 million or (ii) our annual revenue is less than $100.0 million during the most recently completed fiscal year and the market value of our stock held by non-affiliates is less than $700.0 million. If we are a smaller reporting company at the time we cease to be an emerging growth company, we may continue to rely on exemptions from certain disclosure requirements that are available to smaller

reporting companies. Specifically, as a smaller reporting company we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report on Form 10-K and, similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations regarding executive compensation.

Revenue

Connected Fitness Products

Connected Fitness Product revenue consists of sales of our connected fitness products and related accessories, delivery and installation services, and extended warranty agreements offered through a third-party. Fitness Product revenue is recognized at the time of delivery, except for extended warranty revenue which is recognized over the warranty period. For the third-party extended warranty service sold along with the connected fitness products, we do not obtain control of the warranty before transferring it to the customers. Therefore, we account for revenue related to the fees paid to the third-party extended warranty provider on a net basis, by recognizing only the net commission we retain. Connected fitness product revenue represented 90% and 74% of total revenue for the years ended December 31, 2025 and 2024, respectively.

Membership

Membership revenue consists of revenue generated from our monthly Connected Fitness membership. Membership revenue represented 6% and 15% of total revenue for the years ended December 31, 2025 and 2024, respectively.

Training

Training revenue consists of sales of our personal training services delivered through our connected fitness products, in-person classes and third-party mobile devices. Training revenue is recognized at the time of delivery. Training revenue represented 4% and 12% of total revenue for the years ended December 31, 2025 and 2024, respectively.

Cost of Revenue

Connected Fitness Product cost of revenue consists of Wattbike, CLMBR, Studio and Studio Lift and accessories product costs, including manufacturing costs, duties and other applicable importing costs, shipping and handling costs, packaging, warranty replacement costs, fulfillment costs, warehousing costs, and certain allocated costs related to management and facilities expenses associated with supply chain logistics.

Membership cost of revenue includes costs associated with personnel related expenses, filming and production costs, hosting fees, music royalties, amortization of capitalized content and amortization of capitalized software development costs.

Training cost of revenue includes costs associated with personnel related expenses and rent expense.

Operating Expenses

Research and development expense primarily consists of personnel and facilities-related expenses, engineering costs, consulting and contractor expenses, tooling and prototype materials, and software platform expenses. We capitalize certain qualified costs incurred in connection with the development of internal-use software and software to be sold or marketed which may also cause research and development expenses to vary from period to period.

Sales and marketing expense consists of performance marketing media spend, asset creation, other brand creative expenses, all showroom expenses and related lease payments and sales and marketing personnel-related expenses.

General and administrative expenses include personnel-related expenses and facilities-related costs primarily for our executive, finance, accounting, legal, human resources, and IT functions. General and administrative expenses also include fees for professional services principally comprised of legal, audit, tax and accounting services, and insurance.

We expect to incur additional general and administrative expenses as a result of operating as an acquisition-focused public company, including expenses related to compliance and reporting obligations required of public companies, and increased costs for insurance, investor relations expenses, and professional services. As a result, we expect that our general and administrative expenses will increase in absolute dollars in future periods and vary from period to period as a percentage of revenue, but we expect to leverage these expenses over time as we grow our revenue and member base.

Other (expense) income, net consists of expenses associated with the issuance of convertible notes that were recognized at fair value, unrealized currency gains and losses, loss on exchange of warrants for equity, and fair value of issuance of Loss Restoration Agreement derivative.

Interest expense consists of interest associated with our convertible notes and loans payable.

(Gain) loss upon extinguishment of debt and accounts payable

(Gain) loss on debt extinguishment and accounts payable is primarily the result of gains or losses incurred upon conversion of convertible notes and loans payable into equity, or an exchange of debt instruments.

Loss on issuance of warrants consists of fair value of issuance of warrants issued in connection with Registered Direct Offering and Best Efforts Offering.

The change in fair value of convertible notes consists of the change in the fair value of the outstanding convertible notes since the previous reporting period.

Change in Fair Value of Earn Out

The change in fair value of earn out consists of the change in the fair value of outstanding contingent consideration liabilities since the previous reporting period.

Change in Fair Value of Derivatives

The change in fair value of derivatives consists of the change in the fair value of the outstanding derivatives since the previous reporting period.

The change in fair value of warrants consists of the change in the fair value of the outstanding warrants notes since the previous reporting period.

Change in Fair Value of Digital Assets

Change in fair value of digital assets consists of the subsequent remeasurement of our digital assets measured at fair value based on quoted prices on active exchanges (see Note 7 to the Consolidated Financial Statements).

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

The following tables set forth our consolidated results of operations for the periods presented.

Results of Operations for the Years Ended December 31, 2025 and 2024


	Year Ended December 31,						Change
	2025			2024			Amount			%
Revenue:	(in thousands)						(in thousands)
Fitness product revenue	$	10,338		$	3,973		$	6,365			160	%
Membership revenue		731			783			(52	)		(7	%)
Training revenue		461			624			(163	)		(26	%)
Total revenue		11,530			5,380			6,150			114	%
Cost of revenue:
Cost of fitness product revenue (2)		(7,898	)		(3,798	)		(4,100	)		108	%
Cost of membership (2)		(1,517	)		(3,318	)		1,801			(54	%)
Cost of training		(1,202	)		(1,042	)		(160	)		15	%
Total cost of revenue		(10,617	)		(8,158	)		(2,459	)		30	%
Gross profit (loss)		913			(2,778	)		3,691			(133	%)
Operating expenses:
Research and development (1)		2,918			6,988			(4,070	)		(58	%)
Sales and marketing (1) (2)		2,268			1,080			1,188			110	%
General and administrative (1) (2)		15,585			18,339			(2,754	)		(15	%)
Total operating expenses		20,771			26,407			(5,636	)		(21	%)
Loss from operations		(19,858	)		(29,185	)		9,327			(32	%)
Other income (expense), net:
Other expense, net:		(1,004	)		(956	)		(48	)		5	%
Interest expense		(11,781	)		(7,727	)		(4,054	)		52	%
Interest income		1,552			—			1,552			100	%
Loss on issuance of warrants		—			(5,551	)		5,551			(100	%)
Gain (loss) upon extinguishment of debt and accounts payable		2,702			(1,527	)		4,229			(277	%)
Change in fair value of convertible notes		28,628			(128	)		28,756			(22,466	%)
Change in fair value of earn out		241			1,300			(1,059	)		(81	%)
Change in fair value of derivatives		482			(460	)		942			(205	%)
Change in fair value of digital assets		(27,743	)		—			(27,743	)		(100	%)
Change in fair value of warrants		2,813			9,300			(6,487	)		(70	%)
Total other income (expense), net		(4,110	)		(5,749	)		1,639			(29	%)
Loss before provision for income taxes		(23,968	)		(34,934	)		10,966			(31	%)
Income tax benefit (expense)		—			—			—			-
Net loss	$	(23,968	)	$	(34,934	)	$	10,966			(31	%)

(1)

Includes stock-based compensation expense as follows:


	Year Ended December 31,				Change
	2025		2024		Amount			%
	(in thousands)				(in thousands)
Research and development	$	894	$	3,805	$	(2,911	)		(77	%)
Sales and marketing		—		26		(26	)		(100	%)
General and administrative		2,185		6,421		(4,236	)		(66	%)
Total stock-based compensation expense	$	3,079	$	10,252	$	(7,173	)		(70	%)

For the years ended December 31, 2025 and 2024, $0.4 million and $0.6 million, respectively, of stock-based compensation was capitalized as internally developed software costs.

(2)

Includes depreciation and amortization expense as follows:


	Year Ended December 31,				Change
	2025		2024		Amount			%
	(in thousands)				(in thousands)
Cost of membership	$	1,517	$	3,311	$	(1,794	)		(54	%)
Cost of fitness product revenue		599		567		32			6	%
General and administrative		646		2,122		(1,476	)		(70	%)
Sales and marketing		655		480		175			36	%
Total depreciation and amortization expense	$	3,417	$	6,480	$	(3,063	)		(47	%)

Revenue


	Year Ended December 31,
	2025			2024			Amount			% Change
Revenue:	(in thousands)
Fitness product	$	10,338		$	3,973		$	6,365		160%
Membership		731			783			(52	)	(7%)
Training		461			624			(163	)	(26%)
Total revenue		11,530			5,380			6,150		114%
Percentage of revenue
Fitness product		90	%		74	%
Membership		6	%		15	%
Training		4	%		12	%
Total		100	%		100	%

Our consolidated revenue increased by $6.2 million, or 114%, for the year ended December 31, 2025 as compared to the year ended December 31, 2024. The increase was mainly due to the acquisition of Wattbike on July 1, 2025. Wattbike revenues from the acquisition date totaled $8.2 million, or 71% of our consolidated revenue for fiscal 2025.

Fitness product revenue increased by $6.4 million, or 160%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was primarily attributable to the acquisition of Wattbike.

Membership revenue decreased by $0.1 million, or 7%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The decrease was primarily attributable to a focus on connected hardware product sales in the commercial channel where subscription attach rates tend to be lower. We expect significant increases in membership revenue in 2026 as a result of the Ergatta acquisition.

Training revenue decreased by $0.2 million, or 26%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The decrease was primarily attributable to declines training revenue associated with Forme Connected Fitness products.

Cost of Revenue and Gross Profit (Loss)


	Year Ended December 31,
	2025			2024			Amount			% Change
Cost of Revenue:	(in thousands)
Fitness product	$	7,898		$	3,798		$	4,100		108%
Membership		1,517			3,318			(1,801	)	(54%)
Training		1,202			1,042			160		15%
Total cost of revenue		10,617			8,158			2,459		30%
Gross Profit (Loss):
Fitness product		2,440			175			2,265		1294%
Membership		(786	)		(2,535	)		1,749		(69%)
Training		(741	)		(418	)		(323	)	77%
Total gross profit (loss)		913			(2,778	)		3,691		(133%)
Gross Margin:
Fitness product		24	%		4	%
Membership		(108	%)		(324	%)
Training		(161	%)		(67	%)
Total		8	%		(52	%)

Fitness product cost of revenue for the year ended December 31, 2025 increased by $4.1 million, or 108%, compared to the year ended December 31, 2024. The increase is due to the acquisition of Wattbike.

Membership cost of revenue for the year ended December 31, 2025 decreased by $1.8 million, or 54%, compared to the year ended December 31, 2024. The decrease is primarily related to the reduction in amortization of content costs and capitalized software.

Training cost of revenue for the year ended December 31, 2025 increased by $0.2 million, or 15%, compared to the year ended December 31, 2024. The increase is primarily attributable to increased compensation expense for our trainers and higher rent expense.

For the year ended December 31, 2025, we had gross profit of $0.9 million, as compared to a gross loss of $2.8 million for the year ended December 31, 2024. The improvement is due to the acquisition of Wattbike, which accounted for 71% of our fiscal 2025 revenue despite having been acquired on July 1, 2025. We expect further improvements in gross profit and gross margin in 2026 with a full year of Wattbike operations and the Ergatta acquisition completed in early 2026, which we expect to be accretive to earnings.

Operating Expenses

Interactive Strength, Inc. 10-K