Executive Summary

Q4 revenue was $2.383M, up from $2.014M in Q3 and $0.182M in Q4’23; Adjusted EBITDA loss improved to $(1.896)M, meeting prior guidance for a loss below $2.0M and marking the company’s highest quarterly revenue to date .
GAAP net loss narrowed to $(5.762)M ($7.26 diluted EPS) from $(7.141)M in Q3 and $(11.402)M in Q4’23; stockholders’ equity improved to $7.115M at year-end from $5.792M at Q3-end .
Management affirmed pending acquisitions remain on track and guided to >$50M 2025 pro forma revenue, positioning M&A execution as the primary near-term stock catalyst .
Wall Street consensus (S&P Global) for Q4’24 EPS and revenue was unavailable; comparisons vs estimates are not provided. Results were evaluated vs company guidance and sequential/YoY trends instead (consensus unavailable in S&P Global at time of analysis).*

What Went Well and What Went Wrong

What Went Well

Delivered revenue in line with prior guidance ($2.4M expected; $2.383M reported) and achieved the highest quarterly revenue to date; Adjusted EBITDA loss improved to $(1.896)M (42% YoY and 19% sequential improvement) .
Balance sheet and equity position improved through 2024; stockholders’ equity reached $7.115M at year-end, up from $(5.552)M at 12/31/23 and $5.792M at Q3-end 2024 .
Management reiterated a constructive 2025 setup, citing pending acquisitions and >$50M 2025 pro forma revenue: “2024 ended on a high note…laying a strong foundation for execution against our acquisition strategy in 2025” (CEO Trent Ward) .

What Went Wrong

The business remains loss-making: Q4 GAAP net loss of $(5.762)M and gross loss of $(0.410)M reflect negative gross margin and ongoing scale challenges in hardware/services mix .
Cash was limited at year-end ($0.138M), underscoring continued reliance on external financing and working-capital management amid growth initiatives .
While sequential improvements continued, the company’s path to sustained profitability still depends on B2B ramp, international distribution, and execution of acquisitions/integration—areas that previously experienced delays (e.g., CLMBR component upgrades/slower ramp noted earlier in 2024) .

Financial Results

Consolidated P&L Summary (oldest → newest)

Metric	Q4 2023	Q2 2024	Q3 2024	Q4 2024
Revenue ($)	$182,000	$621,000	$2,014,000	$2,383,000
Gross Loss ($)	$(1,618,000)	$(880,000)	$(288,000)	$(410,000)
Operating Expenses ($)	$9,639,000	$7,002,000	$7,466,000	$3,699,000
Net Loss ($)	$(11,402,000)	$(10,637,000)	$(7,141,000)	$(5,762,000)
Diluted EPS ($)	$(3,214.88)	$(17.48)	$(1.53)	$(7.26)
Adjusted EBITDA ($)	$(3,293,000)	$(2,894,000)	$(2,348,000)	$(1,896,000)

Notes: YoY revenue growth in Q4’24 vs Q4’23 derived from cited figures (approx +1,210%); sequential growth vs Q3’24 was approx +18%—both implied by the revenue values shown .

Revenue Breakdown by Type

Revenue Type	Q2 2024	Q3 2024	Q4 2024
Fitness Product Revenue ($)	$258,000	$1,617,000	$2,046,000
Membership Revenue ($)	$207,000	$224,000	$197,000
Training Revenue ($)	$156,000	$173,000	$140,000
Total Revenue ($)	$621,000	$2,014,000	$2,383,000

Balance Sheet and Liquidity

KPI	Q2 2024	Q3 2024	Q4 2024
Cash & Equivalents ($)	$156,000	$2,269,000	$138,000
Total Assets ($)	$37,765,000	$37,753,000	$34,170,000
Stockholders’ Equity ($)	$413,000	$5,792,000	$7,115,000

Consensus vs Actuals

S&P Global consensus estimates for Q4’24 revenue and EPS were unavailable; the database returned only actuals. Therefore, vs-estimate comparisons are not provided (consensus unavailable in S&P Global at time of analysis).*

Guidance Changes

Metric	Period	Previous Guidance	Current/Actual	Change
Revenue ($)	Q4 2024	~$2.4M (guided on 11/14/24)	$2.383M	Met (in line)
Adjusted EBITDA ($)	Q4 2024	Loss < $2.0M (guided on 11/14/24)	$(1.896)M	Met (better than threshold)
Pro Forma Revenue ($)	FY 2025	N/A	>$50M (pending acquisitions)	New (initiated)

Earnings Call Themes & Trends

Note: A Q4’24 earnings call transcript was not found in the filings database; management directed investors to a shareholder letter and filings for additional color . Themes below reflect Q2–Q4 disclosures.

Topic	Previous Mentions (Q2 and Q3)	Current Period (Q4)	Trend
Acquisition Strategy / M&A	Actively working on additional acquisitions; will communicate more when appropriate .	“Pending acquisitions remain on track; expects >$50M 2025 pro forma revenue” .	Accelerating (visibility improving)
B2B Focus (Commercial)	Shift to B2B; retired DTC KPIs; pilots with key chains (Crunch, Gold’s) .	“Highest quarterly revenue to date”; continued build-out of sales network .	Improving (commercial traction)
Product Reliability/Execution	CLMBR component upgrades caused shipping delays in Q2; slower revenue ramp vs plan .	No new delays disclosed; growth as projected in Q4 .	Stabilizing
International Distribution	Initial orders; EU certifications and distributor demand were key to timing (Q2/Q3) .	“Kept building international distribution and sales network” .	Improving
Capital Markets / Listing	Q2: Nasdaq compliance actions; equity improves pro forma .	Stockholders’ equity $7.115M at year-end, “further stabilizing our listing” .	Improving
Profitability Trajectory	Expected adjusted EBITDA profitability timeline shifted to 2025 .	Adjusted EBITDA loss narrowed to $(1.896)M; sequential/YoY improvement .	Improving but not yet profitable

Management Commentary

“2024 ended on a high note with revenues growing as projected and losses shrinking—laying a strong foundation for execution against our acquisition strategy in 2025. We continued to improve our balance sheet and stockholders’ equity, further stabilizing our listing. We also kept building our international distribution and sales network, driving organic revenue growth during the quarter.” — Trent Ward, CEO .
Q3 set the stage: “We achieved the revenue guidance of $2.0 million and reduced the adjusted EBITDA loss to $2.3 million. We expect to improve on both those figures in the fourth quarter, with revenue expected to be $2.4 million and adjusted EBITDA loss to be below $2.0 million.” — Trent Ward, CEO (prior quarter) .

Q&A Highlights

An earnings call transcript for Q4’24 was not available in the filings/news corpus reviewed; management referenced a shareholder letter and the 10-K for additional color . No Q&A themes to report.

Estimates Context

S&P Global consensus for TRNR Q4’24 revenue and EPS was unavailable; the dataset returned actuals only and no consensus figures or estimate counts for the quarter, so we cannot assess beat/miss vs the Street. We evaluate vs company guidance and sequential/YoY trends instead (consensus unavailable in S&P Global at time of analysis).*

Key Takeaways for Investors

Delivery vs guidance: Q4 revenue essentially matched the $2.4M target and Adjusted EBITDA loss was better than the “< $2.0M” threshold, reinforcing execution credibility on near-term goals .
Momentum building: Highest quarterly revenue to date with sequential and YoY improvements; operating expenses reduced materially vs Q3, narrowing GAAP loss .
Capital position improved but tight liquidity: Equity rose to $7.115M at year-end, but cash was $0.138M—financing and working-capital management remain central to the risk/reward .
2025 narrative hinges on M&A: Management’s >$50M 2025 pro forma revenue outlook elevates deal execution and integration as primary stock drivers near term .
Commercial and international: B2B channel and international distribution are the growth engines; continued distributor orders and certifications should be monitored for conversion into shipments .
Profitability path intact but unproven: Adjusted EBITDA trending better, yet gross losses persist; scale, mix, and operational leverage in CLMBR/FORME will determine sustainable margin improvement .
Absent Street estimates, traders should anchor to internal milestones (revenue/EBITDA guidance, acquisition closings, equity/liquidity updates) for catalysts and risk checks (consensus unavailable in S&P Global).*

Footnote: Consensus estimates unavailable in S&P Global for TRNR Q4’24 at time of analysis; only actuals were returned. Values and comparisons vs estimates are therefore not provided. [GetEstimates via S&P Global]

Sources:

Q4 2024 8-K and press release (financials, management quotes, guidance and reconciliations) .
Q3 2024 8-K and press release (trend analysis, prior guidance) .
Q2 2024 8-K and press release (trend analysis, operational context) .
Company website posting of the Q4 2024 press release (redundant source corroboration) .

Interactive Strength, Inc. (TRNR)·Q4 2024 Earnings Summary