TRNR News & Events

Stock indexes retreated amid losses for the heavyweight chip sector, making the Nasdaq the laggard, while the Dow pulled back from a record high reached in morning trading. Memory producers sank even though Samsung posted a 19-fold surge in profit last quarter. The surge was in line with the sector's rally this year, but markets appear to be growing increasingly skeptical on whether AI hyperscalers can justify elevated levels of capital expenditure on infrastructure. Yields edged higher after attacks on an LNG tanker in the Middle East tempered hopes of lower energy inflation.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. v1. STOCK NEWS:Walmartsaid it would cut prices on many summer staplesfrom President Trump saying the retail giant was doing so at his requestChina's DeepSeek is developing its own AI chip in a push to reduce reliance on Nvidiaand Huawei chips,Vertex Pharmaceuticalsto acquire Crinetics Pharmaceuticalsfor $85 per share in cash, for a total equity value of approximately $10BSamsung Electronicsreported, but the AI-fueled earnings still failed to meet high investor expectationsMetadebuted its, saying it will help power image generation in Meta Advantage+ creative "in the coming weeks"2. WALL STREET CALLS:Wall Streetof SpaceX, including Raymond James starting the stock with a Strong Buy rating and $800 price targetScotiabankCloudflareto OutperformBofAAdobeat Underperform with a $190 price target, down from the Buy rating the firm previously heldDeutsche BankFirst Solarto BuyMelius ResearchAmerican Airlinesto Hold3. AROUND THE WEB:Big banks have held talks in recent months to buy a card network owned by Fiserv, Reuters and WSJ reportMicrosoftwill replace OpenAI and Anthropic with its own AI in some apps, Bloomberg saysMetasaid four states are seeking $1.4T in penalties over accusations it designed its social media platforms to addict young users and misled the public on their safety, Reuters reportsAmazonis seeking to raise at least $25B through a U.S. dollar bond sale to fund investments in artificial intelligence infrastructure, Bloomberg reportsPresident Trump is expected to support a potential sale of Lockheed Martin'sF-35 Lightning II jets to Turkey during a visit to Ankara, Reuters says4. MOVERS:Digital Oceangained afterit expects Q2 RPO to exceed $800MRedwood Trustwas higher after highlightingFigmaincreased after BofAcoverage with a Buy ratingRivianwas lower after75M shares of stockUnited States Antimonyfell after announcing the5. EARNINGS/GUIDANCE:Interactive Strengthraised itsCosmos HealthreportedShellissued anAbbVieprovided itsand cut its guidance for FY26Sealsqreportedand backed its guidance for FY26INDEXES:The Dow fell 130.76, or 0.25%, to 52,925.15, the Nasdaq lost 302.47, or 1.16%, to 25,818.69, and the S&P 500 declined 33.58, or 0.45%, to 7,503.85.

With the addition of STEPR, TRNR is raising its 2026 pro forma revenue guidance to more than $50 million and expects the group to achieve Adjusted EBITDA profitability in Q4 2026 as a result of closing the transaction.

Interactive Strength signed a definitive agreement to acquire STEPR. STEPR is a hardware-first fitness company that has built the leading position in connected stair climbing, profitably and bootstrapped with only the founders' capital. It sells both direct to consumers and through major national retail partners, including Dick's Sporting Goods, Rogue Fitness, Johnson Fitness and Scheels, and its machines are used by everyday consumers, elite athletes and commercial facilities. STEPR is growing quickly and is expected to generate more than $15M in revenue in 2026, with immediate earnings accretion to TRNR after closing. The acquisition advances TRNR's strategy of building a global, multi-brand fitness equipment platform through opportunistic acquisitions and disciplined operations. TRNR uses its Nasdaq listing to acquire profitable, cash-flow-generative, premium fitness equipment brands and to operate them together on a shared platform of content, technology, distribution and commercial relationships. STEPR is the latest brand to join a portfolio that already includes Wattbike, CLMBR, FORME and Ergatta, each a leader in its category. TRNR will acquire 100% of STEPR through a combination of cash, debt and contingent stock consideration, including working capital to support growth. TRNR expects to close the transaction in Q4 2026, subject to customary closing conditions, including completing an audit of financial statements. The consideration is structured as follows: The base transaction value is $6.7M, comprising $2.2M cash and debt re-financing at close, $1.5M in debt for working capital and $3M in TRNR equity locked up until September 30, 2027. Up to $3M in additional TRNR equity could be earned by STEPR achieving $4M in EBITDA in the period from July 2026 to June 2027. This equity would be locked up until September 30, 2027. Up to $10.5M in an additional TRNR equity could be earned based on achieving $7M in EBITDA in the period from July 2027 to June 2028. A final $2.5M could be earned through various quantitative synergies and this tranche of equity would be locked up until September 30, 2028 as well. It is expected that the EV/EBITDA multiple will be less than 4.0x on 2027 EBITDA, given most of the valuation is tied to the EBITDA achieved in the next two years. Consistent with TRNR's acquisition strategy, the deal structure detailed above demonstrates that a substantial portion of the consideration is contingent on STEPR's future performance, and is also designed to minimize near-term dilution and protect downside. The initial cash consideration at closing will be funded through TRNR's existing financing facilities. STEPR's founders have agreed to employment arrangements and are expected to continue leading the business post-acquisition.

Interactive Strength Inc trading halted, news pending