Interactive Strength Inc. (TRNR) Balance Sheet
TRNR balance sheet, 2025
December 31, 2025 · U.S. dollars$46.8M assets = $40.5M liabilities + $6.4M equity
Both columns are drawn to the same scale: what TRNR owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TRNR financial health
Descriptive bands, not a rating. Fiscal 2025.
TRNR balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $5.9M2020 | $46.8M2025 | +51.6%/yr | |
| Total liabilities | $19.3M2020 | $40.5M2025 | +16.0%/yr | |
| Shareholders’ equity | −$13.4M2020 | $6.4M2025 | — | |
| Cash & short-term investments | $11,0002020 | $512,0002025 | +115.6%/yr | |
| Total debt | $9.3M2020 | $20.6M2025 | +17.2%/yr | |
| Net cash (debt) | −$9.3M2020 | −$20.1M2025 | −$10.8M | |
| Working capital | −$12.5M2020 | −$16.6M2025 | −$4.1M | |
| Current ratio | 0.142020 | 0.472025 | +0.33 | |
| Debt / equity | 1.652024 | 3.222025 | +1.57 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TRNR assets
TRNR liabilities and equity
TRNR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TRNR balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $512,000 | $138,000 | −$66,000 | $226,000 | $1.7M | $11,000 |
| Cash & equivalents | $512,000 | $138,000 | −$283,000 | $226,000 | $1.7M | $11,000 |
| Receivables | $9.5M | $1.9M | $537,000 | $750,000 | −$7,000 | −$2,000 |
| Inventory | $3.7M | $3.9M | $2.6M | $4.6M | $2.1M | $44,000 |
| Other current assets | $963,000 | $2.3M | $2.3M | $4.3M | $5.1M | $2.0M |
| Total current assets | $14.7M | $8.2M | $5.4M | $9.8M | $8.9M | $2.1M |
| Property, plant & equipment (net) | $696,000 | $531,000 | $727,000 | $1.4M | $2.2M | $674,000 |
| Goodwill & intangible assets | $23.4M | $19.3M | $10.4M | $10.8M | $11.0M | $3.0M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $8.0M | $6.1M | $321,000 | $2.3M | $9,000 | $63,000 |
| Total assets | $46.8M | $34.2M | $16.8M | $24.4M | $22.1M | $5.9M |
| Liabilities | ||||||
| Accounts payable | $9.0M | $11.2M | $10.6M | $7.7M | $2.1M | $4.1M |
| Short-term debt | $15.9M | $11.6M | $9.9M | $11.1M | $6.9M | $9.3M |
| Deferred revenue | $1.3M | $77,000 | $123,000 | $29,000 | $15,000 | $790,000 |
| Total current liabilities | $31.3M | $26.9M | $21.5M | $24.2M | $11.5M | $14.6M |
| Long-term debt | $4.5M | $0 | $0 | $0 | $520,000 | $0 |
| Lease obligations | $330,000 | $431,000 | $283,000 | $115,000 | $0 | — |
| Other long-term liabilities | $4.6M | $174,000 | $820,000 | $3.0M | $29.7M | $4.7M |
| Total liabilities | $40.5M | $27.1M | $22.4M | $27.2M | $41.7M | $19.3M |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | — | $8,000 | $7,000 | $4,000 | $3,000 | $1,000 |
| Retained earnings (deficit) | −$227.5M | −$202.6M | −$166.9M | −$115.5M | −$57.3M | −$24.5M |
| Accumulated other comprehensive income | $113,000 | $183,000 | $100,000 | $365,000 | −$159,000 | $20,000 |
| Total shareholders' equity | $6.4M | $7.1M | −$5.6M | −$2.7M | −$19.7M | −$13.4M |
| Key figures | ||||||
| Total debt | $20.6M | $11.8M | $10.1M | $11.1M | $7.4M | $9.3M |
| Net cash (debt) | −$20.1M | −$11.6M | −$10.2M | −$10.9M | −$5.8M | −$9.3M |
| Working capital | −$16.6M | −$18.7M | −$16.2M | −$14.3M | −$2.6M | −$12.5M |
| Tangible book value | −$17.0M | −$12.2M | −$15.9M | −$13.6M | −$30.7M | −$16.4M |
| Current ratio | 0.47 | 0.31 | 0.25 | 0.41 | 0.77 | 0.14 |
| Quick ratio | 0.32 | 0.07 | 0.02 | 0.04 | 0.15 | 0.00 |
| Debt / equity | 3.22 | 1.65 | — | — | — | — |
| Equity / assets | 13.6% | 20.8% | −33.0% | −11.2% | −89.1% | −229.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $959,000 | $4.7M | $512,000 | $845,000 | $582,000 | $2.2M | $138,000 | $2.3M | $156,000 | −$670,000 | $0 | $30,000 |
| Cash & equivalents | $959,000 | $4.7M | $512,000 | $845,000 | $582,000 | $2.2M | $138,000 | $2.3M | $156,000 | −$670,000 | $0 | $30,000 |
| Receivables | $3.4M | $2.7M | $9.5M | $9.2M | $7.9M | $4.3M | $1.9M | $983,000 | $723,000 | $713,000 | $1,000 | $451,000 |
| Inventory | $4.2M | $4.5M | $3.7M | $6.2M | $2.6M | $3.2M | $3.9M | $4.8M | $5.4M | $7.9M | $2.6M | $4.7M |
| Other current assets | $1.7M | $2.0M | $963,000 | $1.1M | $3.9M | $1.8M | $2.3M | $2.2M | $2.0M | $932,000 | $2.7M | $518,000 |
| Total current assets | $10.2M | $14.0M | $14.7M | $17.4M | $15.0M | $11.4M | $8.2M | $10.2M | $8.3M | $8.9M | $5.4M | $5.7M |
| Property, plant & equipment (net) | $879,000 | $720,000 | $696,000 | $697,000 | $326,000 | $418,000 | $531,000 | $656,000 | $804,000 | $1.0M | $727,000 | $879,000 |
| Goodwill & intangible assets | $36.6M | $37.7M | $23.4M | $26.2M | $66.1M | $21.2M | $19.3M | $20.7M | $22.0M | $24.6M | $5.2M | $5.7M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $8.8M | $8.1M | $8.0M | $41.1M | $4.9M | $4.7M | $6.1M | $6.2M | $6.7M | $5.0M | $5.6M | $6.0M |
| Total assets | $56.5M | $60.6M | $46.8M | $85.4M | $86.2M | $37.8M | $34.2M | $37.8M | $37.8M | $39.6M | $16.8M | $18.3M |
| Liabilities | ||||||||||||
| Accounts payable | $8.2M | $9.4M | $9.0M | $8.9M | $4.7M | $7.7M | $11.2M | $12.9M | $13.6M | $13.3M | $10.6M | $8.9M |
| Short-term debt | $21.5M | $16.4M | $15.9M | $12.6M | $10.1M | $9.2M | $11.6M | $10.4M | $17.5M | $19.4M | — | $7.4M |
| Deferred revenue | $4.4M | $4.5M | $1.3M | $391,000 | $159,000 | $257,000 | $77,000 | $104,000 | $704,000 | $567,000 | — | $118,000 |
| Total current liabilities | $49.1M | $36.5M | $31.3M | $30.8M | $22.2M | $21.3M | $26.9M | $26.5M | $35.6M | $38.5M | $21.5M | $18.3M |
| Long-term debt | $0 | $4.6M | $4.5M | $34.0M | $45.2M | $1.9M | $0 | $4.0M | $0 | $0 | $0 | $0 |
| Lease obligations | $264,000 | $295,000 | $330,000 | $386,000 | $265,000 | $348,000 | $431,000 | $512,000 | $592,000 | $670,000 | $283,000 | $296,000 |
| Other long-term liabilities | $4.0M | $11.6M | $4.6M | $3.2M | $2.6M | $921,000 | $174,000 | $1.4M | $1.8M | $4.0M | $820,000 | $243,000 |
| Total liabilities | $53.2M | $52.7M | $40.5M | $68.0M | $70.0M | $24.1M | $27.1M | $32.0M | $37.4M | $42.5M | $22.4M | $18.5M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $2,000 | $2,000 | — | $10,000 | $10,000 | $9,000 | $8,000 | $8,000 | $7,000 | $7,000 | — | $7,000 |
| Retained earnings (deficit) | −$245.4M | −$238.3M | −$227.5M | −$217.2M | −$212.0M | −$209.4M | −$202.6M | −$196.6M | −$188.9M | −$178.3M | −$166.9M | −$155.5M |
| Accumulated other comprehensive income | −$2,000 | −$24,000 | $113,000 | $247,000 | $227,000 | $204,000 | $183,000 | −$105,000 | $137,000 | $139,000 | — | $286,000 |
| Total shareholders' equity | $3.3M | $8.0M | $6.4M | $17.5M | $16.3M | $13.8M | $7.1M | $5.8M | $413,000 | −$2.9M | −$5.6M | −$274,000 |
| Key figures | ||||||||||||
| Total debt | $21.6M | $21.1M | $20.6M | $46.8M | $55.4M | $11.3M | $11.8M | $14.6M | $17.8M | $19.7M | — | $7.6M |
| Net cash (debt) | −$20.7M | −$16.4M | −$20.1M | −$46.0M | −$54.8M | −$9.0M | −$11.6M | −$12.3M | −$17.6M | −$20.4M | — | −$7.6M |
| Working capital | −$38.9M | −$22.4M | −$16.6M | −$13.4M | −$7.2M | −$9.8M | −$18.7M | −$16.3M | −$27.3M | −$29.7M | −$16.2M | −$12.6M |
| Tangible book value | −$33.2M | −$29.8M | −$17.0M | −$8.8M | −$49.8M | −$7.5M | −$12.2M | −$14.9M | −$21.6M | −$27.6M | −$10.7M | −$6.0M |
| Book value per share | $8.18 | $7.60 | — | — | — | — | $8.96 | — | — | — | — | — |
| Shares outstanding | 409K | 1.0M | — | — | — | — | 794K | — | — | — | — | — |
| Current ratio | 0.21 | 0.39 | 0.47 | 0.56 | 0.67 | 0.54 | 0.31 | 0.39 | 0.23 | 0.23 | 0.25 | 0.31 |
| Quick ratio | 0.09 | 0.20 | 0.32 | 0.33 | 0.38 | 0.31 | 0.07 | 0.12 | 0.02 | 0.00 | 0.00 | 0.03 |
| Debt / equity | 6.47 | 2.65 | 3.22 | 2.68 | 3.40 | 0.82 | 1.65 | 2.52 | 43.06 | — | — | — |
| Equity / assets | 5.9% | 13.2% | 13.6% | 20.4% | 18.9% | 36.4% | 20.8% | 15.3% | 1.1% | −7.4% | −33.0% | −1.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 31, 2026); data from EODHD.
TRNR financial position
At the end of fiscal 2025 (December 31, 2025), Interactive Strength had total assets of $46.8 million (up 37.1% from a year earlier), total liabilities of $40.5 million and shareholders' equity of $6.4 million. It held $0.5 million in cash and short-term investments against $20.6 million of debt, net debt of $20.1 million. Its current ratio was 0.47. In the latest quarter (ended June 30, 2026) total assets were $56.5 million and equity $3.3 million.
Related: TRNR income statement, TRNR cash flow statement, TRNR key metrics. See the TRNR stock overview for the latest quote and news.
TRNR balance sheet FAQ
What are Interactive Strength's total assets?
Interactive Strength reported total assets of $46.8 million at the end of fiscal 2025 (December 31, 2025), compared with $34.2 million a year earlier.
How much debt does Interactive Strength have?
Interactive Strength had $20.6 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 3.22.
How much cash does Interactive Strength have?
Interactive Strength held $0.5 million in cash and short-term investments at the end of fiscal 2025; with $20.6 million of debt that is net debt of $20.1 million.
What is Interactive Strength's book value?
Interactive Strength's shareholders' equity (book value) was $6.4 million at the end of fiscal 2025.
What is Interactive Strength's current ratio?
Interactive Strength had current assets of $14.7 million and current liabilities of $31.3 million, a current ratio of 0.47 (current liabilities exceed current assets).
How much goodwill does Interactive Strength have?
Interactive Strength carried $23.4 million of goodwill and intangible assets, 50.0% of total assets, at the end of fiscal 2025.