OUR NEW PROFILE IS:   (NASDAQ: TRNR)

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IN MAY, FORME ANNOUNCED A PARTNERSHIP WITH AETHOS, A HOTEL BRAND WITH LOCATIONS IN PORTUGAL, SPAIN AND ITALY THAT WILL PUT FORME’S CONNECTED FITNESS MIRRORS IN ALL OF ITS HOTELS AND MEMBER CLUBS.

ANNUALIZED RECURRING REVENUE PER HOUSEHOLD IN Q1 2023 MORE THAN TRIPLES YOY TO $1,650

LAST MONTH, THE COMPANY ANNOUNCED A DISTRIBUTION PARTNERSHIP WITH THE RISHER COMPANIES, A LEADING FITNESS CENTER CONSULTANT AND EQUIPMENT PROCUREMENT FIRM SERVICING OFFICE BUILDINGS, MULTIFAMILY PROPERTIES AND OTHER LARGE-SCALE CUSTOMERS – OPENING FORME UP TO A WORLDWIDE COMMERCIAL DISTRIBUTION CHANNEL

WITH A RECENT MASSIVE ACQUISITION, TRNR’S COMBINED BUSINESS IS ANTICIPATED TO GENERATE MORE THAN $20 MILLION IN REVENUE IN 2024 AND BE CASH FLOW POSITIVE

NEW COLLABORATION INCENTIVIZES U.S. CUSTOMERS TO SPEND FUNDS FROM HSA (HEALTH SAVINGS ACCOUNTS) AND FSA (FLEXIBLE SPENDING ACCOUNTS) PROGRAMS TO PURCHASE FORME’S PERSONAL TRAINING AND SMART HOME GYMS WITH PRE-TAX DOLLARS

CHECK OUT THE INVESTOR PRESENTATION HERE

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Hello Everyone,

We have a profile that we want you to research for Thursday’s session.

Earlier this year they completed a successful $12Mill IPO and listed on the Nasdaq.

Pull up TRNR right away.

More and more people are getting interested in personal fitness, especially after covid.  One of the few positives to come out of the pandemic is that it got people to focus on their health and wellness.  Exercise is a remedy for countless ailments, including mental health which also has a lot of focus on it right now.

This one has some recent major news worth researching.

The most important catalyst for this one is a brand new acquisition that should turn this company from an early stage growth company to a company that is doing $20Mill + in revenues and be profitable on a run rate basis by the end of 2024.  

The CLMBR acquisition completely changes that valuation of the company and that is something that needs to be considered.  We will be interested to see what the next few sets of financials will look like on paper.  This could put a lot of new eyes on the company.

The acquisition is stock based and it is restricted.  This means that the CLMBR management team rolled their equity into TRNR and have a vested interest in seeing the share price climb.

CLMBR has already sold a few thousand units to the public and are in select Planet Fitness and Crunch Fitness being considered for rollout to the entire portfolio.

TRNR is now a B2B and B2C company and their equipment is being installed in new developments and high end hotel chains and are even in a handful of the Four Seasons.

FORME EYES SUSTAINABLE GROWTH THROUGH CLMBR ACQUISITION USING A B2B/B2C MULTI-CHANNEL STRATEGY TO ‘AVOID MISTAKES OF PELOTON, OTHER STRUGGLING CONNECTED FITNESS COMPANIES’

OCT 13, 2023 9:00AM EDT. AUSTIN, TX / ACCESSWIRE / October 13, 2023 / It’s been a rough couple of years for connected fitness as the pandemic-era bubble burst leaving once shining growth stocks like Peloton grappling with waning demand and high production costs. However, some companies had the agility and foresight to pivot and diversify their revenue as consumer demand fell. Interactive Strength Inc. (NASDAQ:TRNR) – doing business as FORME – is one of those companies. The connected fitness company went public earlier this year and has announced significant updates on its B2B and B2C growth strategy.

The Company’s core product portfolio is sold as the brand FORME, offering premium connected fitness mirrors along with a differentiated offering through virtual one-on-one training sessions and guidance from highly qualified personal trainers. The company recently announced a transformative acquisition of CLMBR, the maker of the first-to-market connected vertical climber. The combined business is anticipated to generate more than $20 million in revenue in 2024 and be cashflow positive and adjusted EBITDA profitable potentially as early as the fourth quarter of 2024. The combined business is expected to be driven primarily by B2B revenue supported by the acquired sales and distribution partnership with WOODWAY, a leading domestic and international equipment supplier with a reputation for the highest quality equipment in the industry.

Trent Ward, Co-Founder and CEO of FORME, commented within the press release: “We believe this will be a transformational acquisition that can accelerate the Company’s commercialization path. We expect this transaction can help us achieve immediate scale across all of our cost centers, resulting in a high-growth, profitable platform that sells connected fitness equipment and digital fitness services across B2B and B2C channels. Our executive team has significant experience with M&A from my decade in finance, to the numerous acquisitions that our CTO, Deepak Mulchandani, effected while at Peloton, and of course, to the roll-up story at XPO, from where our CFO, Mike Madigan, joined. This transaction is a great example of checking all the boxes – accretive financials driven by cost synergies, strategic benefits such as gaining a very strong route to market with WOODWAY and shifting the business to be primarily B2B, and a complementary product with an attractive patent portfolio.”

The Rise And Fall Of Connected Home Fitness Equipment

After soaring to a $45 billion valuation in 2020, Peloton Interactive Inc. has been in an almost relentless freefall since 2021 as demand for its high-priced exercise equipment dropped after economies began reopening. The connected fitness brand had scaled its manufacturing so rapidly on the assumption that pandemic-era levels of demand would continue even after gyms reopened that it became bloated with high operation costs and unsold inventory. After burning cash for nine consecutive quarters, it finally reported positive free cash flow in its fourth quarter for the 2023 fiscal year, but Peloton CEO Barry McCarthy said the company didn’t expect cash flow to remain positive in a letter to shareholders last month.

As the recently appointed CEO attempts to turn the company around, Peloton is shifting its focus to a software-first business model. That includes an attempt to revive subscription revenue with a new low-cost monthly plan that lets subscribers access Peloton fitness classes from anywhere so they don’t have to buy into the expensive exercise equipment that’s suffered a major reputation hit after multiple recalls.

Similarly, Lululemon Atheltica Inc. bought Mirror, a connected fitness platform, in the summer of 2020, at the height of the pandemic-era boom for $500 million. The poorly-timed deal seems to have been a heavy burden on the company’s balance sheets ever since. This spring, the fitness brand took $443 million in impairment and other charges as a result of the declining value of the acquisition and there are now rumors that Lululemon is trying to sell the connected fitness acquisition.

Italy-based Technogym S.p.A. also faced a post-pandemic decline in home sales for its connected fitness equipment, with revenue from its B2C segment dropping 9% year-over-year in 2022. In the first half of 2023, B2C revenue declined another 4.6%.

But the key difference for the Italy-based connected fitness company is that it didn’t put all of its eggs in the B2C basket. Even at the height of the pandemic, home sales only made up 30% of Technogym’s total revenue. The rest of its earnings come from B2B sales to hotels, gyms, fitness clubs, health centers and other enterprise customers. So even as B2C revenue fell 4.6% in the first half of this year, the company still pulled off a 13.8% increase in revenue driven entirely by B2B sales which grew more than 20%.

FORME Reports Focus On Disciplined And Sustainable Growth In Connected Fitness

FORME is transitioning to a B2B-led business model similar to the one that helped Technogym weather the post-pandemic drop in demand for home fitness equipment. The connected strength company has developed a portfolio of premium connected hardware along with a unique virtual training membership that allows users to get live one-on-one training sessions through their Forme studio or through any mobile device.

The base monthly membership offers custom workouts and training programs along with on-demand content designed by a personal trainer. Then, members have the option to buy live one-on-one virtual sessions with that personal trainer.

The option to pay for a membership without having to buy the equipment upfront substantially lowers the barrier to entry that other brands face. Consumers can try out the membership first before committing to the FORME equipment – or they can stick with the mobile-only plan indefinitely.

But FORME isn’t planning to make the same mistakes that Peloton made by relying solely on B2C demand. Instead, the company’s commercialization strategy includes a pivot into the B2B space to further diversify its revenue streams.

In May, FORME announced a partnership with Aethos, a hotel brand with locations in Portugal, Spain and Italy that will put Forme’s connected fitness mirrors in all of its hotels and member clubs.

Last month, the company announced a distribution partnership with The Risher Companies, a leading fitness center consultant and equipment procurement firm servicing office buildings, multifamily properties and other large-scale customers – opening FORME up to a worldwide commercial distribution channel.

Now, with the acquisition of CLMBR complete, the company plans to expand its B2B vertical while creating cross-selling opportunities in its existing B2C vertical as it gains access to the target company’s customer base and product portfolio.

Mr. Ward, CEO, commented on the transaction: “We believe this will be a transformational acquisition that can accelerate the Company’s commercialization path. Further, we believe the combination of these businesses can create tremendous value for all of our shareholders. We expect this transaction can help us achieve immediate scale across all of our cost centers, resulting in a high-growth, profitable platform that sells connected fitness equipment and digital fitness services across B2B and B2C channels.”

To watch a video with the product in action, CLICK HERE

To learn more about CLMBR, CLICK HERE

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BRADLEY WICKENS

Notable hedge fund manager Bradley Wickens made a series of insider purchases adding to his position of more than a 10% holder in TRNR earlier this year.  Wickens, a UK-based hedge fund manager and founder of Broad Reach Investment Management, started with a 10% ownership stake in TRNR.   Wickens has made a series of share purchases since Interactive Strength’s IPO, and he increased his number of TRNR shares to over 1.7Mill this year all between 3.50 and 7.50.

Right now it is sitting under 1.10 and Mr. Wickens continues to hold his position.

INTERACTIVE STRENGTH, INC. D/B/A FORME ANNOUNCES STRATEGIC PARTNERSHIP WITH HSA/FSA PAYMENT PROVIDER TRUEMED

• Collaboration incentivizes U.S. customers to spend funds from HSA (Health Savings Accounts) and FSA (Flexible Spending Accounts) programs to purchase FORME’s personal training and smart home gyms with pre-tax dollars
• Partnership enhances FORME’s B2C positioning as a growth driver to complement the B2B initiative of acquiring CLMBR that was announced on October 11

AUSTIN, TX, Oct. 13, 2023 (GLOBE NEWSWIRE) — via NewMediaWire – Interactive Strength Inc. d/b/a FORME (Nasdaq: TRNR), maker of premium smart home gyms and provider of virtual personal training services, announces a strategic partnership with Truemed (True Medicine), a leading healthcare payment provider. This pioneering collaboration enables U.S. customers to spend funds from their HSA (Health Savings Account) and FSA (Flexible Spending Account) programs to access FORME’s cutting-edge wellness solutions, resulting in average after-tax savings between 30% and 40%.

With a shared commitment to help customers invest in their health and wellness, FORME and Truemed have joined forces to provide aligned incentives and access to expert trainers and premium equipment. Users can now conveniently purchase FORME’s innovative smart gym, the Lift, or 1:1 personal training from FORME’s website at checkout, and existing FORME members could potentially benefit from reimbursement for purchases.

Trent Ward, Co-founder and CEO of FORME, commented: “This collaboration represents an important milestone for FORME, as the partnership materially improves the affordability of our offerings, by helping customers benefit from after-tax savings through HSA and FSA programs. Exercise is medicine and I am inspired by the Truemed team’s tireless advocacy of supporting appropriate incentives to help our society achieve and maintain their health. We have doubled down on keeping people healthy through our pending acquisition of CLMBR, and having partners like Truemed makes a big difference.”

How Existing FORME Members Can Benefit: Members who already have a FORME membership can benefit from the Truemed partnership and get reimbursed for future payments for your eligible membership purchases. By using their HSA and FSA funds for FORME membership or personal training, current members are investing in their well-being while enjoying the convenience of a single, integrated payment solution.

How New FORME Members Can Participate: Customers purchasing FORME fitness equipment, such as the Lift, should add desired products to the cart, select Truemed as your payment option at checkout, enter your HSA or FSA debit card details, and complete a brief health survey to determine your eligibility. Once your eligibility is approved, you are all set. Should you prefer to checkout using a credit card and reimburse later, follow the on-screen instructions.

TRNR (Forme), is a digital fitness platform that combines premium connected fitness hardware products with personal training and coaching (from real humans) to deliver an immersive experience and better outcomes for both consumers and trainers. They believe they are the pioneer brand in the emerging sector of virtual personal training and health coaching and that their products and services are accelerating a powerful shift towards outcome-driven fitness solutions.

The Forme platform delivers an immersive and dynamic at-home fitness experience through our VOD content, curated personalized fitness programming, Live 1:1 personal training, and other health coaching services, which are accessible via download or streaming through our connected fitness hardware products and via streaming through the Forme Studio app, which is available through iOS mobile devices and most iOS tablets and computers.

They offer two connected fitness hardware products, the Forme Studio (fitness mirror) and the Forme Studio Lift (fitness mirror and cable-based digital resistance). Both products are designed to provide a more integrated and immersive experience than similar connected fitness 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, and two front-facing 12 megapixel (“MP”), wide angle cameras designed to facilitate seamless live interaction with a trainer. The Forme Studio Lift also features two cable-based resistance arms that can provide up to 100 pounds of resistance per arm. Sales of their connected fitness hardware products have accounted for the substantial portion of revenue to date.

In addition to their connected fitness hardware products, they offer video on-demand (“VOD”) classes, personal training, and expert health coaching. Their health coaching services encompass guidance and coaching on nutrition, recovery, sleep, and other health and lifestyle categories. Personal training currently comprises the majority of our health coaching services.   All members who purchase the Forme Studio and Forme Studio Lift are able to access our VOD content library by creating a Forme account and signing up for their monthly membership. Once on the platform, each member is matched with a Fitness Concierge who works to understand specific needs and goals and then curates weekly fitness plans, comprised of On-Demand classes from our VOD content library. Their VOD content library includes hundreds of On-Demand classes spanning a wide range of modalities, including strength, recovery, barre, mind, Pilates, yoga, and other specialty categories.

For members who desire additional personalization, they recently launched our Custom Training offering which connects members with their personal trainers and is an upgrade to the VOD membership. This offering is currently charged at $149 per month and includes full access to the VOD content library.

INVESTMENT HIGHLIGHTS

Business Stage and Model offers high potential returns

Commercialization Opportunity

●  Development complete

●  Incremental capital leverages significant historical investment

Attractive Business Model

●  High value recurring revenues embedded in Hardware drives higher return on capital

●  Defensive growth profile

●  Marketplace opportunity to consolidate virtual training market due to quality

Market and Product provides growth and barriers to entry

Attractive Market and Consumer

● Connected Strength category is underpenetrated and larger than Cardio market

● Customer profile is affluent (>$200k HHI), and fitness spending is a relative staple in household budget

Differentiated Product

● Best smart home gym awards in 2023 from major publications

● Strength product and technology platform has high barrier to entry due to significant upfront capital investment required

● Unique trainer talent pool

Shareholder Profile for Long-Term Success

Strong Investor Support

● Invested $100M+ in developing technology platform

● Continued support from base of 400+ investors

Long-term Shareholders

● 18-month lockup for Company employees and certain existing investors

● After 6 months, early release upon 30 day VWAP reaching

• ○  150% of IPO price (1⁄3 released)
• ○  200% of IPO price (1⁄3 released)
• ○  250% of IPO price (1⁄3 released)

Home Fitness Market Statistics

• Global home fitness market value was USD 11.3 Billion in 2021 and expected to grow at CAGR of 4.9% from 2022 to 2030
• North America home fitness market revenue gathered more than 45% market share in 2021
• According to our analysis, 54% of the exercising Americans purchased fitness equipment
• Asia-Pacific home fitness market growth will record noteworthy CAGR during the forecast timeframe from 2022 to 2030
• Among application, female fertility segment accounted for over 70% of the overall market share in 2021
• Advent of COVID-19 pandemic is a primary driver for home fitness equipment market growth
• Surge in online sales for fitness equipment fuels the home fitness devices market

Home Fitness Market Growth Factors

• Rising prevalence of obesity
• Increasing consiousness among youth about healthy lifestyle
• Growth in government initiatives regarding healthy and fit lifestyles

INTERACTIVE STRENGTH INC. (NASDAQ: TRNR D/B/A “FORME”) ANNOUNCES NON-BINDING LETTER OF INTENT AND EXCLUSIVITY AGREEMENT TO ACQUIRE A CONNECTED FITNESS EQUIPMENT BUSINESS

• The combined Company is projected to generate more than $25 million in gross revenue in 2024 and be cashflow positive and adjusted EBITDA profitable by the fourth quarter of 2024
• It is currently anticipated that all of the equity of the target company will be exchanged for TRNR equity and be subject to a “lock-up” until the end of October 2024, similar to pre-IPO shareholders
• The transaction is expected to close as early as the fourth quarter of 2023

AUSTIN, TX, Aug. 15, 2023 (GLOBE NEWSWIRE) — via NewMediaWire — Interactive Strength Inc.(Nasdaq: TRNR d/b/a “FORME”), maker of premium smart home gyms and provider of virtual personal training services, is excited to announce that it has entered into a non-binding letter of intent and exclusivity agreement to acquire a connected fitness equipment business.

The potential transaction, if consummated, is expected to accelerate FORME’s commercialization path, result in immediate scale across all functions and create a high-growth and profitable platform that sells connected fitness equipment and digital fitness services across B2B and B2C channels.

Based on internal management projections of the target, the 2023 combined gross revenues are projected to exceed $10 million and 2024 combined gross revenues are projected to exceed $25 million. By the fourth quarter of 2024, the combined business is projected to be cashflow positive and achieve positive adjusted EBITDA, based on identified cost synergies. The proposed acquisition is currently expected to be completed as early as the fourth quarter of 2023.

“We believe this will be a transformational acquisition that can accelerate our commercialization path. Further we believe the combination of these businesses will create tremendous value for both groups of shareholders,” said Trent Ward, co-founder and CEO of FORME. “We expect this transaction can help us achieve immediate scale across all of our cost centers, resulting in a high-growth, profitable platform that sells connected fitness equipment and digital fitness services across B2B and B2C channels.”

This strategic move is also expected to provide FORME and the target company with enhanced cross-selling opportunities and improved penetration into new end markets.

“We are excited about what we are seeing in the B2B channel in our own business. In fact, the strength of the performance in the B2B channel, as well as our belief that the FORME business would benefit from further investment in this area, were key reasons for our interest in the potential acquisition. This transaction sets the stage for FORME to become an industry leader across a range of modalities.”

FORME’s due diligence review of the target acquisition has already commenced, and upon satisfactory completion, the Company intends to proceed towards executing a definitive acquisition agreement and closing the transaction as soon as all closing conditions are met by all parties involved.

Proposed Transaction Highlights:

The proposed acquisition is expected to yield several strategic and financial benefits, positioning the combined entity for further growth:

• Rationale
  • Provides immediate scale in all functions (Sales, Engineering, Logistics, Supply Chain, Corporate Overhead)
  • Generates material and near-term cashflow for FORME
  • Diversifies revenue (products and channels), with significant growth in B2B channel
  • Opportunity for strong B2B distribution partner for FORME hardware products
  • Solidifies position as the premium platform in the Connected fitness industry
• Pro forma financials
  • Combined Gross revenues in 2023 are projected to exceed $10 million
  • Combined Gross revenues in 2024 are projected to exceed $25 million
  • Cashflow positive and adjusted EBITDA positive by the fourth quarter of 2024

• Consideration
  • All of the equity of the target company is anticipated to be exchanged for TRNR equity at close of transaction, and with the same shareholder “lock-up” as pre-IPO shareholders (end of October 2024)
  • Earn-out potential for 2024 paid in TRNR equity, with Enterprise Value / 2024 Gross Revenue multiple of approximately 1.2x remaining constant
  • Minimal cash for working capital
  • Assumption of target debt
• Valuation
  • Approximately 1.2x Enterprise Value / 2024 Gross Revenues
  • Between 5x and 6x Enterprise Value / EBITDA pro-forma for projected synergies
• Timing
  • Close as early as the fourth quarter of 2023

The letter of intent described above is non-binding, and as such, there can be no assurance that the Company will enter into a definitive acquisition agreement or that the terms of any such agreement will not change, or that the proposed acquisition will be consummated at all.

NEWS

PUBLISHED

1 DAY AGO

INTERACTIVE STRENGTH, INC. D/B/A FORME (NASDAQ: TRNR) TO PRESENT AT THE WEBULL LIVE! WITH CORPORATE CONNECT: VIRTUAL CONSUMER TECH WEBINAR

PUBLISHED

4 DAYS AGO

INTERACTIVE STRENGTH, INC. D/B/A FORME ANNOUNCES STRATEGIC PARTNERSHIP WITH HSA/FSA PAYMENT PROVIDER TRUEMED

PUBLISHED

4 DAYS AGO

FORME EYES SUSTAINABLE GROWTH THROUGH CLMBR ACQUISITION USING A B2B/B2C MULTI-CHANNEL STRATEGY TO ‘AVOID MISTAKES OF PELOTON, OTHER STRUGGLING CONNECTED FITNESS COMPANIES’

PUBLISHED

6 DAYS AGO

INTERACTIVE STRENGTH, INC. D/B/A FORME (NASDAQ: TRNR) TO ACQUIRE CLMBR, CREATING A HIGH-GROWTH, B2B FOCUSED, CONNECTED FITNESS PLATFORM

PUBLISHED

AUG 17, 2023

CORRECTION BY SOURCE: GOLDMAN SMALL CAP RESEARCH PUBLISHES NEW RESEARCH REPORT ON INTERACTIVE STRENGTH, INC.

PUBLISHED

AUG 17, 2023

GOLDMAN SMALL CAP RESEARCH PUBLISHES NEW RESEARCH REPORT ON INTERACTIVE HEALTH, INC.

PUBLISHED

AUG 15, 2023

INTERACTIVE STRENGTH INC. (NASDAQ: TRNR D/B/A “FORME”) ANNOUNCES NON-BINDING LETTER OF INTENT AND EXCLUSIVITY AGREEMENT TO ACQUIRE A CONNECTED FITNESS EQUIPMENT BUSINESS

PUBLISHED

AUG 15, 2023

INTERACTIVE STRENGTH INC. D/B/A FORME REPORTS SECOND QUARTER 2023 RESULTS

PUBLISHED

AUG 3, 2023

INTERACTIVE STRENGTH INC. (NASDAQ: TRNR D/B/A “FORME”) ANNOUNCES DISTRIBUTION PARTNERSHIP WITH INDUSTRY LEADING INTEGRATED FITNESS SERVICES COMPANY, THE RISHER COMPANIES

PUBLISHED

AUG 2, 2023

STUDY CONFIRMS FORME’S APPROACH TO FITNESS: A DEEPER LOOK INTO A DIGITAL FITNESS COMPANY THAT RECENTLY REPORTED TRIPLING ITS AVERAGE ANNUALIZED RECURRING REVENUE PER HOUSEHOLD

PUBLISHED

JUL 14, 2023

AS ANNUALIZED RECURRING REVENUE PER HOUSEHOLD IN Q1 2023 MORE THAN TRIPLES YOY TO $1,650, ANALYST FIRM ISSUES BUY RATING FOR INTERACTIVE STRENGTH INC. (NASDAQ: TRNR – “FORME”)

PUBLISHED

JUL 12, 2023

INTERACTIVE STRENGTH INC. (NASDAQ: TRNR – “FORME”) SECURES TWO EUROPEAN PARTNERSHIP AS THE FITNESS COMPANY LAUNCHES ITS EXPANSION PLAN

UBLISHED

JUL 6, 2023

INSIDER BUYING: HEDGE FUND LEGEND MAKES A SERIES OF STOCK PURCHASES IN PREMIUM DIGITAL SMART HOME FITNESS COMPANY INTERACTIVE STRENGTH (NASDAQ: TRNR – “FORME”)

PUBLISHED

JUN 12, 2023

INTERACTIVE STRENGTH INC. SECURES $15M CREDIT FACILITY TO SUPPORT INCREASED DEMAND

PUBLISHED

JUN 8, 2023

INTERACTIVE STRENGTH INC. D/B/A FORME REPORTS FIRST QUARTER 2023 RESULTS

PUBLISHED

JUN 1, 2023

TRNR (INTERACTIVE STRENGTH INC. D/B/A FORME) TO PRESENT AT LD MICRO CONFERENCE ON JUNE 7, 2023 IN LOS ANGELES

PUBLISHED

JUN 1, 2023

IS FORME (NASDAQ: TRNR) THE NEXT GENERATION OF AT-HOME FITNESS TECH, COMBINING THE BEST PERSONAL TRAINING WITH ON-THE-GO FITNESS – AT THE RIGHT PRICE?

PUBLISHED

MAY 26, 2023

HOW THIS DIGITAL FITNESS COMPANY (NEW IPO ON NASDAQ) IS DIFFERENTIATED THROUGH DELIVERING THE INDUSTRY’S FIRST AT-HOME PERSONAL TRAINING OFFERING

PUBLISHED

MAY 25, 2023

INTERACTIVE STRENGTH INC. D/B/A FORME TO PRESENT AT THE INVESTOR SUMMIT ON JUNE 1ST

PUBLISHED

MAY 24, 2023

INTERACTIVE STRENGTH INC. D/B/A FORME LAUNCHES EUROPEAN EXPANSION PLAN BY FOCUSING ON STRATEGIC PARTNERSHIP WITH SIGNA SPORTS UNITED

MANAGEMENT TEAM

TRENT A. WARD CHIEF EXECUTIVE OFFICER

Trent A. Ward is our co-founder and has served as our Chief Executive Officer and as a member of our board of directors since our inception in May 2017. Prior to founding Interactive Strength Inc., Mr. Ward served as an associate, analyst, and portfolio manager at Citadel LLC, a financial services company, from July 2006 to February 2014. From February 2014 to May 2017, Mr. Ward left Citadel LLC to begin investing in start-ups and pursuing various entrepreneurial endeavors, including starting the research and development for the precursor entity to us in October 2015. Mr. Ward holds a Bachelor of Science degree in Economics and a Bachelor of Applied Science degree in Engineering from the University of Pennsylvania.

DEEPAK M. MULCHANDANI CHIEF TECHNOLOGY OFFICER

Deepak M. Mulchandani has served as our Chief Technology Officer and as a member of our board of directors since December 2021. Prior to joining Interactive Strength Inc., Mr. Mulchandani served as the Chief Product Officer and Executive Vice President of Engineering at Emerge Now Inc. (“Emerge”), a computer and electronic manufacturing company, from January 2020 to December 2021. Prior to joining Emerge, Mr. Mulchandani served as the Senior Vice President of Product Engineering at Peloton Interactive, Inc. (Nasdaq: PTON) from June 2017 to July 2019. Mr. Mulchandani holds a Bachelor of Science degree in Computer Science from Purdue University.

MICHAEL J. MADIGAN CHIEF FINANCIAL OFFICER

Michael J. Madigan has served as our Chief Financial Officer since February 2023, and previously served as our Senior Director of Finance from September 2022 to February 2023. Prior to joining Interactive Strength Inc. Mr. Madigan served in various roles at XPO Last Mile, Inc. (“XPO Last Mile”), a third party logistics company, including (i) Senior Director of Financial Planning and Analysis from October 2019 to September 2022, (ii) Senior Vice President of Finance from November 2016 to October 2019, and (iii) Vice President of Finance from 2013 to 2016. Prior to joining XPO Last Mile, Mr. Madigan served as Vice President of Finance at 3PD, Inc. and held various roles at PricewaterhouseCoopers. Mr. Madigan holds a Bachelor of Science degree in Accounting from Le Moyne College.

STUART BRYAN SENIOR DIRECTOR OF ACCOUNTING

Stuart Bryan has served as our Senior Director of Accounting since September 2022 and previously served as our Senior Director of Accounting & Finance from May 2022 to September 2022. Prior to joining Interactive Strength Inc., Mr. Bryan served as Senior Finance & Accounting Director at Vertiv Holdings Co. (NYSE: VRT) (“Vertiv”), a global infrastructure company, from March 2018 to May 2022. Prior to joining Vertiv, Mr. Bryan served in various roles at General Motors Company (NYSE: GM) (“GM”), an automobile manufacturing company, including (i) Assistant Finance Director from June 2014 to May 2018, (ii) Controller of a wholly owned subsidiary from May 2010 to June 2014, and (iii) Technical Accountant from October 2007 to May 2010. Prior to joining GM, Mr. Bryan was a Manager at Ernst & Young within the US Capital Markets group in London, England from April 2006 to October 2007, and as an auditor for Deloitte & Touche from January 1999 to April 2006. Mr. Bryan holds a Bachelor of Commerce – Honors degree (Accounting & Auditing) from the University of KwaZulu-Natal and a Bachelor of Commerce – Accounting Science degree from the University of South Africa.

SINCERELY,

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