Interactive Strength Inc. (TRNR) announced a new contract with Fitness First’s premium Black Label facilities in Germany, ordering 85 next‑generation Wattbike AIR‑PRO units at a value exceeding $200,000. The deal will be fulfilled through Woodway GmbH and is expected to begin deliveries in late Q1 2026.
The order follows a larger $1 million+ purchase from Woodway for the U.S. market earlier in 2025, underscoring a growing demand for Wattbike’s high‑performance indoor‑bike platform across the continent. Fitness First, part of the LifeFit Group, is expanding from roughly 100 to nearly 220 locations and may reach 300 sites under a system‑wide rebrand, creating a steady pipeline for commercial fitness equipment.
While the $200,000 order is smaller than the previous U.S. deal, it adds a significant revenue stream to TRNR’s European sales pipeline and signals continued momentum for the Wattbike brand. Investors, however, reacted negatively, with the stock falling 7.14% after the announcement, reflecting concerns about the company’s overall financial health and capital‑structure outlook rather than the incremental revenue from this contract.
CEO Trent Ward said the order “reflects the continued momentum we are seeing across the Wattbike brand and reinforces its position as the global standard in performance cycling.” He also noted confidence in completing the pending Sportstech acquisition, which is expected to further scale the company’s portfolio.
The market’s muted response highlights that, despite the positive order, investors are weighing broader risks such as net losses, a small market capitalization, and the relative size of the deal compared to prior orders. Nonetheless, the contract supports TRNR’s 2025 pro‑forma revenue guidance of $80 million+, driven largely by the Sportstech acquisition and expanding demand for Wattbike products.
Overall, the new German order strengthens Interactive Strength’s European presence and adds to its revenue mix, but the company’s financial trajectory remains under scrutiny as it navigates growth and capital‑structure challenges.
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