First comprehensive sell-side report on TRNR cites more than 800% growth in expected 2025 revenue

Valuation driven by stock-for-stock M&A model and potential crypto-treasury upside

AUSTIN, TEXAS / ACCESS Newswire / July 9, 2025 / Interactive Strength Inc. (Nasdaq:TRNR) ("TRNR" or the "Company"), maker of innovative specialty fitness equipment under the Wattbike, CLMBR and FORME brands and pending acquirer of Sportstech, today announced that Maxim Group LLC, a leading New-York-based investment bank, has initiated equity research coverage on TRNR with a "Buy" recommendation and a price target of $15.00 per share, based on its independent assessment of the Company's potential operating performance and valuation relative to peers.

The inaugural report was authored by Thomas Forte, CFA, Managing Director & Senior TMT Analyst, following several months of due diligence on TRNR's specialty-fitness roll-up strategy and AI-focused Digital Asset Treasury Strategy. Forte wrote in the 12-page initiation note that:

"Interactive Strength's acquisition of Wattbike and the pending purchase of Sportstech take the company to a much larger scale for sales and adjusted-EBITDA earnings potential. We expect revenue to ramp from $5.4 M in 2024…to $105 M in 2026, and we are initiating coverage with a Buy rating and a $15 price target."

Trent Ward, TRNR Co-Founder & CEO, commented that "Maxim Group's coverage marks our entry into the formal sell-side research ecosystem and validates the increased investor interest we're seeing in TRNR. Analyst coverage is often the first step toward greater liquidity and more appropriate valuation for emerging public companies, and we're pleased to have a seasoned TMT analyst recognize the strength of our model."

Highlights from Maxim's initiation

• Buy rating; $15 target - implies ~130 % upside from the July 8th, 2025 closing price.

• Key drivers: Wattbike & Sportstech contributions, margin expansion as scale builds within a large and growing addressable market, and upside optionality from the AI-focused $FET Digital Asset Treasury Strategy.

• Catalysts: Sportstech closing, international expansion, new partnerships and corporate wellness offerings.

Access to the report

Maxim Group research is available only to the firm's clients. Interested investors should contact their Maxim Group sales representative directly or reach out to ir@interactivestrength.com in order to be introduced in order to access the report.

TRNR Investor Contact
ir@interactivestrength.com

About Maxim Group

Maxim Group LLC is a full-service investment bank and wealth-management firm headquartered in New York City, providing a range of financial services to emerging-growth companies and institutional investors. The firm is a member of FINRA, SIPC and Nasdaq.

About Interactive Strength Inc.:

Interactive Strength Inc. produces innovative specialty fitness equipment and digital fitness services under two main brands: 1) CLMBR and 2) FORME. Interactive Strength Inc. is listed on NASDAQ (symbol:TRNR).

CLMBR is a vertical climbing machine that offers an efficient and effective full-body strength and cardio workout. CLMBR's design is compact and easy to move - making it perfect for commercial or in-home use. With its low impact and ergonomic movement, CLMBR is safe for most ages and levels of ability and can be found at gyms and fitness studios, hotels, and physical therapy facilities, as well as available for consumers at home. www.clmbr.com.

FORME is a digital fitness platform that combines premium smart gyms with live virtual personal training and coaching to deliver an immersive experience and better outcomes for both consumers and trainers. FORME delivers an immersive and dynamic fitness experience through two connected hardware products: 1) The FORME Studio Lift (fitness mirror and cable-based digital resistance) and 2) The FORME Studio (fitness mirror). In addition to the company's connected fitness hardware products, FORME offers expert personal training and health coaching in different formats and price points through Video On-Demand, Custom Training, and Live 1:1 virtual personal training. www.formelife.com.

Forward Looking Statements:
This press release includes certain statements that are "forward-looking statements" for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements do not relate strictly to historical or current facts and reflect management's assumptions, views, plans, objectives and projections about the future. Forward-looking statements generally are accompanied by words such as "believe", "project", "expect", "anticipate", "estimate", "intend", "strategy", "future", "opportunity", "plan", "may", "should", "will", "would", "will be", "will continue", "will likely result" or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the comments made by the Maxim analyst, including, achieving a $15 share price, more than 800% growth in 2025 revenue, having potential crypto-treasury upside, completing the pending acquisition of Sportstech, achieving much larger scale for sales and adjusted-EBITDA earnings, achieving revenue of $105 million in 2026, as well as having increased investor interest, greater liquidity and more appropriate valuation in the future or the relative strength of the Company's business model, margin expansion and growing addressable market. The reader is cautioned not to rely on these forward-looking statements.

These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of the Company. Risks and uncertainties include but are not limited to: demand for our products; competition, including technological advances made by and new products released by our competitors; our ability to accurately forecast consumer demand for our products and adequately maintain our inventory; and our reliance on a limited number of suppliers and distributors for our products. A further list and descriptions of these risks, uncertainties and other factors can be found in filings with the Securities and Exchange Commission. To the extent permitted under applicable law, the Company assumes no obligation to update any forward-looking statements.

# # #

SOURCE: Interactive Strength Inc.