TRNR Stock Sees A Volatile Morning — Why Interactive Strength Is So Bullish On The STEPR Acquisition

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According to the firm, STEPR is expected to generate more than $15 million in revenue in 2026, driven by increased demand from US retailers.

  • The company raised its 2026 pro forma revenue guidance to over $50 million.
  • Interactive Strength will acquire the whole company through a combination of cash, debt and contingent stock consideration, including working capital to support growth.
  • The firm noted that the base transaction value is $6.7 million, comprising $2.2 million in cash and debt refinancing at close, $1.5 million in debt for working capital, and $3.0 million in TRNR equity locked until Sept. 30, 2027.

Shares of Interactive Strength Inc. (TRNR) witnessed a volatile morning session on Tuesday after the company announced a definitive agreement to acquire STEPR, Inc. 

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According to the firm, STEPR, a hardware-first fitness company focused on connected stair-climbing for home and commercial training, is expected to generate more than $15 million in revenue in 2026, driven by increased demand from U.S. retailers.

Interactive Strength highlighted that the acquisition aligns with its strategy of “building a global, multi-brand fitness equipment platform through opportunistic acquisitions and disciplined operations.”

As a result of the deal, the company raised its 2026 pro forma revenue guidance to over $50 million and expects the group to achieve adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) profitability in the fourth quarter (Q4) of 2026.

TRNR shares rose as much as 10% in early trade before paring the gains and trading over 17% lower.

Contours Of The Deal

Interactive Strength will acquire the whole company through a combination of cash, debt, and contingent stock consideration, including working capital to support growth. 

The firm noted that the base transaction value is $6.7 million, comprising $2.2 million in cash and debt refinancing at close, $1.5 million in debt for working capital, and $3.0 million in TRNR equity locked until Sept. 30, 2027.

Additional Milestones

Moreover, STEPR could earn $3.0 million in additional TRNR equity if it achieves $4.0 million in EBITDA in the period from July 2026 to June 2027. This equity would be locked up until Sept. 30, 2027, the firm said.

STEPR could also earn up to $10.5 million in additional TRNR equity if it achieves $7.0 million in EBITDA in the period from July 2027 to June 2028. 

“A final $2.5 million could be earned through various quantitative synergies, and this tranche of equity would be locked up until Sept. 30, 2028, as well,” the firm said.

Retail sentiment on Stocktwits turned ‘bearish’ from ‘neutral’ a day ago, with moderate chatter surrounding the stock. The stock has lost over 94% of its value since the beginning of this year.

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