TRNR acquires STEPR for up to $22.7M; raises 2026 pro forma revenue guidance to >$50M

Interactive Strength, Inc.

Base consideration $6.7M (cash, debt, equity) plus up to $16M in performance-based equity tied to EBITDA milestones.
STEPR expected >$15M revenue in 2026; TRNR pro forma revenue >$50M.
Deal expected to close Q4 2026; STEPR founders to continue leading.
TRNR expects adjusted EBITDA profitability in Q4 2026 after closing.
EV/EBITDA multiple expected <4.0x on 2027 EBITDA.

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