Exhibit 99.1

INTERACTIVE STRENGTH INC.

Interactive Strength Inc. (Nasdaq: TRNR) Reports Fourth Quarter 2023 Results

Net Loss and Earnings per Diluted Share of $11.4 million and $0.80

Adjusted EBITDA was a $3.5 million loss, a $5.5 million improvement versus fourth quarter of 2022

The Company confirms it expects to be run-rate Adjusted EBITDA positive as early as the fourth quarter of 2024

Austin, Texas - April 1, 2024 - Interactive Strength Inc. (NASDAQ: TRNR) (the "Company", or “TRNR”), maker of innovative specialty fitness equipment and provider of virtual personal training services, today announced its financial results for the fourth quarter of 2023.

The Company incurred a net loss of $11.4 million for the fourth quarter of 2023, or a loss of $0.80 per diluted share, as compared with a net loss of $18.8 million, or a loss of $27.80 per diluted share for the same period in 2022.

Adjusted EBITDA, a non-GAAP financial measure, was a $3.5 million loss for the quarter. Adjusted EBITDA for the fourth quarter reflects $6.2 million of non-cash stock-based compensation. For more information regarding the non-GAAP financial measures discussed in this press release, please see "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial Measures" below.

CEO Comments

Trent Ward, Co-Founder and CEO of TRNR, said: “The fourth quarter of 2023 showed continued improvement in expense control, with total operating expenses, less the non-cash items of stock-based compensation and depreciation and amortization, of $2.8 million in the quarter, a decrease of $0.5 million when compared to the third quarter of 2023. We expect to see a further reduction in adjusted operating expenses in 2024 despite the acquisition of CLMBR, which was completed in February. As a result of the expected revenue from CLMBR, and the lower adjusted operating expenses, we expect to reach run-rate Adjusted EBITDA positive as early as in the 4th quarter of 2024.”

Mr. Ward continued, “In addition to the completion of the CLMBR acquisition, and the resulting large purchase order from WOODWAY that could result in more than $7 million in net revenue, the Company was also able to convert nearly $10 million in liabilities into equity during the first quarter of 2024, which significantly improves the stockholder’s equity and better positions the business to achieve financial stability.”

The Company will announce financial results that also include the CLMBR business on a pro forma basis later this month.

About Interactive Strength Inc.

Interactive Strength Inc. (NASDAQ: TRNR) 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. We believe we are the pioneer brand in the emerging sector of virtual personal training and health coaching and that our products and services are accelerating a powerful shift towards outcome-driven fitness solutions. The company is headquarters in Austin, Texas, USA. Visit formelife.com for more information, and connect with Forme on Facebook, and Instagram.

Channels for Disclosure of Information

In compliance with disclosure obligations under Regulation FD, we announce material information to the public through a variety of means, including filings with the Securities and Exchange Commission (“SEC”), press releases, company blog posts, public conference calls, and webcasts, as well as via our investor relations website. Any updates to the list of disclosure channels through which we may announce information will be posted on the investor relations page on our website. The inclusion of our website address or the address of any third-party sites in this press release are intended as inactive textual references only.

Non-GAAP Financial Measures

In addition to our results determined in accordance with accounting principles generally accepted in the United States, or GAAP, we believe the following non-GAAP financial measures are useful in evaluating our operating performance.

The Company's non-GAAP financial measure in this press release consist of Adjusted EBITDA, which we define as net (loss) income, adjusted to exclude: other expense (income), net; income tax expense (benefit); depreciation and amortization expense; stock-based compensation expense; gain on debt extinguishment; vendor settlements; transaction related expenses; and IPO readiness costs and expenses.

The Company believes the above adjusted financial measures help facilitate analysis of operating performance and the operating leverage in our business. We believe that these non-GAAP financial measures are useful to investors for period-to-period comparisons of our business and in understanding and evaluating our operating results for the following reasons:

▪Adjusted EBITDA is widely used by investors and securities analysts to measure a company’s operating performance without regard to items such as stock-based compensation expense, depreciation and amortization expense, other expense (income), net, and provision for income taxes that can vary substantially from company to company depending upon their financing, capital structures, and the method by which assets were acquired;

▪Our management uses Adjusted EBITDA in conjunction with financial measures prepared in accordance with GAAP for planning purposes, including the preparation of our annual operating budget, as a measure of our core operating results and the effectiveness of our business strategy, and in evaluating our financial performance; and

▪Adjusted EBITDA provides consistency and comparability with our past financial performance, facilitate period-to-period comparisons of our core operating results, and may also facilitate comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results.

Our use of Adjusted EBITDA, or any other non-GAAP financial measures we may use in the future, is presented for supplemental informational purposes only and should not be considered as a substitute for, or in isolation from, our financial results presented in accordance with GAAP. Further, these non-GAAP financial measures have limitations as analytical tools. Some of these limitations are, or may in the future be, as follows:

•Although depreciation and amortization expense are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;

•Adjusted EBITDA excludes stock-based compensation expense, which has recently been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy;

•Adjusted EBITDA does not reflect: (1) changes in, or cash requirements for, our working capital needs; (2) interest expense, or the cash requirements necessary to service interest or principal payments on our debt, which reduces cash available to us; or (3) tax payments that may represent a reduction in cash available to us;

•Adjusted EBITDA does not reflect impairment charges for fixed assets and capitalized content, and gains (losses) on disposals for fixed assets;

•Adjusted EBITDA does not reflect gains associated with debt extinguishments.

•Adjusted EBITDA does not reflect gains associated with vendor settlements.

•Adjusted EBITDA does not reflect IPO readiness costs and expenses that do not qualify as equity issuance costs.

•Adjusted EBITDA does not reflect transaction related expenses from CLMBR acquisition.

•Adjusted EBITDA does not reflect non cash fair value gains (losses) on convertible notes, warrants and unrealized currency gains (losses).

•Adjusted EBITDA does not reflect expenses related to the Asset Purchase Agreement and potential acquisition;

Further, the non-GAAP financial measures presented may not be comparable to similarly titled measures reported by other companies due to differences in the way that these measures are calculated. For example, the expenses and other items that we exclude in our calculation of Adjusted EBITDA may differ from the expenses and other items, if any, that other companies may exclude from Adjusted EBITDA when they report their operating results. Because companies in our industry may calculate such measures differently than we do, their usefulness as comparative measures is limited. Because of these limitations, Adjusted EBITDA should be considered along with other operating and financial performance measures presented in accordance with GAAP.

Cautionary Statement Regarding Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target,” “trajectory” or the negative of these terms or other comparable terms. However, the absence of these words does not mean that the statements are not forward-looking. Forward-looking statements include, but are not limited to, statements regarding: the expected or potential impact and benefits thereof (such as the ability to achieve immediate scale across all functions and create a high-growth and profitable platform, and the anticipated impact on FORME's operating results and financial position, including statements regarding internal management projections of the target and the potential transaction, including that, by the fourth quarter of 2024, the combined business is expected to have positive adjusted EBITDA based on identified cost synergies if the gross revenue projections are achieved; the Company’s expectations as to decreasing operating expenses in the fourth quarter and its belief that this will help position the Company to potentially reach profitability toward the end of 2024; the anticipated timing of availability of inventory, statements regarding estimates and forecasts of revenue and other financial and performance metrics and projections of market opportunity and expectations, projections about the number of units of the Company’s products that will be sold, the predictions about when new inventory of the Company’s products will be produced, and the Company's belief that the conversion of liabilities to equity will improve the financial position to achieve financial stability, the utility of non-GAAP financial measures; and the anticipated features and benefits of our product and service offerings. These forward-looking statements are subject to risks and uncertainties which may cause actual results to differ materially from those expressed or implied in such forward-looking statements. These risk and uncertainties include, but are not limited to, the following: our ability to achieve or maintain profitability; our future capital needs and ability to obtain additional financing to fund our operations; our ability to continue as a “going concern”; the growth rate, if any, of our business and revenue and our ability to manage any such growth; risks related to our subscription or any future revenue model; our limited operating history; our ability to compete successfully; fluctuations in our operating results and factors affecting the same; our reliance on sales of our Forme Studio equipment; our ability to sustain competitive pricing levels; the growth rate, if any, of our target markets and our industry; the ability of our customers to obtain financing to purchase our products; our ability to forecast demand for our products and services, anticipate consumer preferences, and manage our inventory; our ability to attract and retain members, personal trainers, health coaches, and fitness instructors; our ability to expand our commercial and corporate wellness business; unforeseen costs and potential liability in connection with our products and services; our dependence on third-party systems and services; and risks related to potential acquisitions, intellectual property, litigation, dependence on key personnel, privacy, cybersecurity, and other regulatory, tax, and accounting matters, and international operations (including the impact of any geopolitical risks such as regional unrest or outbreak of hostilities or war), as well as the risks and uncertainties discussed in our most recently filed periodic reports on Form 10-Q and subsequent filings and as detailed from time to time in our SEC filings. Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. All forward-looking statements set forth in this release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequence to or effects on the Company or its business or operations. These forward-looking statements reflect our management’s beliefs and views with respect to future events and are based on estimates and assumptions as of the date of this press release. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur. Accordingly, you should not rely upon forward-looking statements as predictions of future events. Forward-looking statements set forth in this release speak only as of the date hereof, and we do not undertake any obligation to update forward-looking statements to reflect subsequent events or circumstances, changes in expectations or the occurrence of unanticipated events, except to the extent required by law.

TRNR Investor Contactir@formelife.com

INTERACTIVE STRENGTH INC. AND SUBSIDIARIES

KEY PERFORMANCE AND BUSINESS METRICS

(unaudited)

(In thousands)

	Three Months Ended December 31,						Year Ended December 31,
	2023			2022			2023			2022
Total Households (at end of period)		224			184			224			184
Total Members (at end of period)	305			199			305			199
Annual Recurring Revenue	$	493,690		$	291,129		$	493,690		$	291,129
Average Annualized Recurring Revenue per Household	$	1,954		$	1,479		$	1,725		$	1,020
Net Dollar Retention Rate		73	%	NM				181	%	NM
Net Loss (in thousands)	$	(11,402	)	$	(18,810	)	$	(51,373	)	$	(58,225	)
Adjusted EBITDA (in thousands)	$	(3,467	)	$	(9,001	)	$	(16,999	)	$	(38,809	)

NM - Not meaningful.

Adjusted EBTIDA - Please refer to the reconciliation table titled "Reconciliation of Non-GAAP Financial Measures"

Households

We believe our ability to expand the number of households is an indicator of our market penetration and growth. Total households are defined as individuals or entities with an active paid membership and training.

Members

Our total member count is a key indicator of the size of our future revenue opportunity. We define a member as someone who has a unique profile on our platform, either as the primary membership owner or an associated user within the household.

ARR

Given the recurring nature of usage on our platform, we view annual recurring revenue as an important indicator of our progress towards growth targets and of the overall health of the member base. We calculate ARR at a point in time by multiplying the latest monthly period’s subscription and training revenue by 12.

ARPH

We believe that our average recurring revenue per household, which we refer to as ARPH, is a strong indication of our ability to deliver value to our members and we use this metric to track expanding usage on our platform by our existing members. We calculate ARPH on a monthly basis as our total revenue in that period divided by the number of households determined as of the last day of that period. For a quarterly or annual period, ARPH is determined as the weighted average monthly ARPH over such three or 12-month period.

Net Dollar Retention Rate

Our ability to maintain long-term revenue growth and achieve profitability is dependent on our ability to retain and grow revenue from our existing members. To help us measure our performance in this area, we monitor our net dollar retention rate. We calculate net dollar retention rate monthly by starting with the revenue from the cohort of all members during the corresponding month 12 months prior, or the Prior Period Revenue. We then calculate the revenue from these same members as of the current month, or the Current Period Revenue, including any expansion and net of any contraction or attrition from these members over the last 12 months. The calculation also includes revenue from members that generated revenue before, but not in, the corresponding month 12 months prior, but subsequently generated revenue in the current month and are therefore reflected in the Current Period Revenue. We include this group of re-engaged members in this calculation because our members may use our platform for workouts that stop and start over time. We then divide the total Current Period Revenue by the total Prior Period Revenue to arrive at the net dollar retention rate for the relevant month. For a quarterly or annual period, the net dollar retention rate is determined as the average monthly net dollar retention rates over such three or 12-month period.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

INTERACTIVE STRENGTH INC. AND SUBSIDIARIES

CONSOLIDATED RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(unaudited)

(In thousands)

	Three Months Ended December 31,						Year Ended December 31,
	2023			2022			2023			2022
	(in thousands)						(in thousands)
Net Loss	$	(11,402	)	$	(18,810	)	$	(51,373	)	$	(58,225	)
Adjusted to exclude the following:
Total other expense (income), net		145			2,891			(512	)		4,403
Income tax benefit (expense)		—			—			—			—
Depreciation and amortization expense		1,596			1,551			6,527			6,218
Stock-based compensation expense (1)		6,170			2,397			29,943			6,348
Gain on extinguishment of debt (2)		—			—			—			(523	)
Vendor settlements (3)		—			—			(2,595	)		—
IPO related expenses (4)		—			695			817			695
Impairment write off (5)		—			2,275			—			2,275
Transaction related expenses (6)		24			—			194			—
Adjusted EBITDA (7)	$	(3,467	)	$	(9,001	)	$	(16,999	)	$	(38,809	)

(1) Stock based compensation

(2) Gain forgiveness of debt from PPP Loan.

(3) Gain on forgiveness of debt of $2.6 million related to the third-party Content Provider.

(4) Adjusts for IPO readiness costs and expenses that do not qualify as equity issuance costs.

(5) Impairment of capitalized content related to the third-party Content Provider.

(6) Adjusts for transaction costs related to CLMBR acquisition.

(7) Please refer to the "Non-GAAP Financial Measures" section of the press release.

INTERACTIVE STRENGTH INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(In thousands, except share and per share amounts)

	Year Ended December 31,
	2023			2022
Revenue:
Fitness product revenue	$	574		$	530
Membership revenue		142			74
Training revenue		246			77
Total revenue		962			681
Cost of revenue:
Cost of fitness product revenue		(2,287	)		(2,402	)
Cost of membership		(3,807	)		(5,693	)
Cost of training		(396	)		(1,454	)
Total cost of revenue		(6,490	)		(9,549	)
Gross loss		(5,528	)		(8,868	)
Operating expenses:
Research and development		10,044			19,960
Sales and marketing		1,631			6,219
General and administrative		37,277			19,298
Total operating expenses		48,952			45,477
Loss from operations		(54,480	)		(54,345	)
Other income (expense), net:
Other income (expense), net		1			(4,036	)
Interest (expense)		(1,588	)		(952	)
Gain upon debt forgiveness		2,595			523
Change in fair value of convertible notes and bridge notes		(306	)		107
Change in fair value of warrants		2,405			478
Total other income (expense), net		3,107			(3,880	)
Loss before provision for income taxes		(51,373	)		(58,225	)
Income tax expense		—			—
Net loss attributable to common stockholders	$	(51,373	)	$	(58,225	)
Net loss per share - basic and diluted		(4.15	)		(119.49	)
Weighted average common stock outstanding—basic and diluted		12,367,974			487,276

INTERACTIVE STRENGTH INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(In thousands, except share and per share amounts)

	December 31,			December 31,
	2023			2022
Assets
Current assets:
Cash and cash equivalents	$	—		$	226
Accounts receivable, net of allowances		1			—
Inventories, net		2,607			4,567
Vendor deposits		1,815			3,603
Prepaid expenses and other current assets		933			1,426
Total current assets		5,356			9,822
Property and equipment, net		444			1,326
Right-of-use-assets		283			110
Intangible assets, net		2,254			3,834
Long-term inventories, net		2,908			—
Vendor deposits long term		309			—
Deferred offering costs		—			2,337
Other assets		5,248			7,018
Total Assets	$	16,802		$	24,447
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	10,562		$	7,743
Accrued expenses and other current liabilities		906			5,304
Operating lease liability, current portion		54			106
Deferred revenue		77			29
Loan payable		5,806			6,708
Senior secured notes		3,096			—
Income tax payable		7			7
Embedded derivatives		122			—
Convertible note payable		904			4,270
Total current liabilities		21,534			24,167
Operating lease liability, net of current portion		229			9
Warrant liabilities		591			3,004
Total liabilities	$	22,354		$	27,180
Commitments and contingencies (Note 14)
Stockholders' equity
Common stock, par value $0.0001; 900,000,000 and 369,950,000 shares    authorized as of December 31, 2023 and December 31, 2022,    respectively; 14,192,083 and 2,450,922 shares issued and outstanding    as of December 31, 2023 and December 31, 2022, respectively.		7			4
Additional paid-in capital		161,252			112,436
Accumulated other comprehensive income		100			365
Accumulated deficit		(166,911	)		(115,538	)
Total stockholders' (deficit)		(5,552	)		(2,733	)
Total liabilities and stockholders' (deficit)	$	16,802		$	24,447

INTERACTIVE STRENGTH INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited)

(In thousands)

	Year Ended December 31,
	2023			2022
Cash Flows From Operating Activities:
Net loss	$	(51,373	)	$	(58,225	)
Adjustments to reconcile net loss to net cash used in operating activities:
Foreign currency		265			422
Depreciation		882			1,143
Amortization		5,644			4,999
Non-cash lease expense		79			590
Inventory valuation loss		825			904
Stock-based compensation		29,943			6,347
Fair value of warrants issued with bridge and convertible notes		270			3,482
Gain upon debt forgiveness		(2,595	)		(523	)
Loss on property and equipment disposal		—			181
Interest expense		194			952
Impairment write-off		—			2,275
Amortization of debt discount		1,394			—
Change in fair value of convertible notes		306			(107	)
Warrants issued to service providers and warrant issuance expense		497			—
Change in fair value of derivatives		(52	)		—
Change in fair value of warrants		(2,405	)		(478	)
Changes in operating assets and liabilities
Accounts receivable		(1	)		—
Inventories		(1,791	)		(2,435	)
Prepaid expenses and other current assets		493			(261	)
Vendor deposits		1,479			341
Other assets		(9	)		3
Accounts payable		2,084			3,926
Accrued expenses and other current liabilities		(1,521	)		1,490
Deferred revenue		48			14
Operating lease liabilities		(83	)		(585	)
Net cash used in operating activities		(15,427	)		(35,545	)
Cash Flows From Investing Activities:
Purchase of property and equipment		—			(577	)
Acquisition of internal use software		(272	)		(2,743	)
Acquisition of software and content		(1,149	)		(4,287	)
Net cash used in investing activities		(1,421	)		(7,607	)
Cash Flows From Financing Activities:
Proceeds from issuance of related party loans		465			425
Payments of related party loans		(942	)		(1,324	)
Proceeds from issuance of common stock upon initial public offering, net of offering costs		10,820			—
Payments of offering costs and issuance of convertible notes		(2,378	)		—
Proceeds from senior secured notes		4,863			—
Payments of senior secured notes		(2,000	)		—
Proceeds from issuance of Preferred Stock - Series A, net of issuance costs		—			29,996
Proceeds from issuance of convertible notes		2,000			10,106
Proceeds from the issuance of common stock A		4,247			2,626
Proceeds from the exercise of common stock options		30			12
Repayment Bounce Back Loan		—			(69	)
Net cash provided by financing activities		17,105			41,772
Effect of exchange rate on cash		(483	)		(91	)
Net Change In Cash and Cash Equivalents		(226	)		(1,471	)
Cash and restricted cash at beginning of year		226			1,697
Cash and restricted cash at end of year	$	—		$	226
Supplemental Disclosure Of Cash Flow Information:
Property & equipment in Accounts Payable		18			18
Inventories in Accounts Payable and accrued expenses		815			1,007
Capitalized software and content in Accounts Payable		—			75
Issuance of Series A preferred stock in connection with convertible notes payable		—			5,926
Deferred offering costs		—			2,337
Offering costs and debt issuaance costs in Accounts Payable and accrued expenses		2,781			—
Exercise of stock warrants		2,468			—
Right-of-use assets obtained in exchange for new operating lease liabilities		313			411
Right-of-use assets obtained in exchange for new operating lease liabilities upon ASC 842 adoption		—			289
Issuance of Class A common stock through conversion of preferred stock		—			65,655
Conversion of convertible notes into common stock		4,521			—
Issuance of convertible note in conversion of outstanding loan payable		—			161
Issuance of convertible note in conversion of Accounts Payable		—			36
Decrease in right-of-use asset and operating lease liabilities due to lease termination		61			—
Issuance of Common Stock from Rights Offering		202			—
Net exercise of options		323			—
Stock-based compensation capitalized in software		883			—