Interactive Strength, Inc. (TRNR) - Dilution Analysis
Visualizing historical and potential share dilution over time
Dilution Analysis
Risk Assessment Details
Summary
TRNR currently has 2.06M outstanding shares. with significant dilution risk as 13M authorized shares could dilute existing holders by 631.0%. The company has significantly diluted shareholders by 195295.73% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 5 stock splits (positive for accessibility) and 6 reverse splits (concerning signal).
Share Structure Timeline
Historical Data Points
| Date | Event | Outstanding | Supply |
|---|---|---|---|
| Apr 03, 2026 |
8-K filing: Interactive Strength Inc. issued 1,088,255 shares of Series C Preferred Stock to Vertical Investors, LLC as payment of $2,176,509 Net Trade Value on March 31, 2026. ($2.18M proceeds) |
2.1M | 13M |
| Mar 31, 2026 |
10-K filing | 2.1M shares outstanding |
2.1M | 13M |
| Jan 07, 2026 |
8-K filing: Interactive Strength Inc. issued 28,400 shares of common stock to Vertical Investors, LLC in exchange for a $156,202 reduction of the loan amount at a price of $5.50 per share, and issued 16,875 shares of Series C Preferred Stock as payment of the $33,749.81 Net Trade Value. ($0.16M proceeds) |
2.7M | 13M |
| Dec 12, 2025 |
8-K filing: Interactive Strength Inc. issued 115,000 shares of common stock to Vertical Investors, LLC in exchange for reducing the loan amount by $632,500. |
2.7M | 13M |
| Nov 14, 2025 |
10-Q filing | 2.4M shares outstanding |
2.4M | 13M |
| Oct 02, 2025 |
S-3/A filing: Interactive Strength Inc. is offering 12,978,869 shares of common stock by selling stockholders. |
2.1M | 13M |
| Aug 14, 2025 |
10-Q filing | 1.5M shares outstanding |
1.5M | 740K |
| Aug 08, 2025 |
8-K filing: Interactive Strength Inc. issued 60,000 shares of common stock to Vertical Investors, LLC at $5.50 per share in exchange for reducing the loan amount by $330,000, and also issued 195,732 shares of Series C Preferred Stock to Vertical Investors, LLC as part of a settlement agreement. ($0.33M proceeds) |
1.5M | 740K |
| Aug 04, 2025 |
S-3/A filing: Interactive Strength Inc. may offer and sell up to $250 million in various securities, including common stock, preferred stock and debt securities, from time to time in one or more offerings, as described in this prospectus and any applicable prospectus supplement. |
1.5M | 740K |
| Jul 25, 2025 |
Stock Split
8-K filing: Interactive Strength Inc. issued Class A Incremental Common Warrants to an investor to purchase 304,428 shares of common stock at $12.46 per share, following a 1-for-10 reverse stock split on June 27, 2025, as part of the exercise of Class A Incremental Warrants. |
1.4M | 7.4M |
| Jul 15, 2025 |
S-3 filing: This S-3 filing relates to the offering and resale of 7,343,179 shares of common stock by selling stockholders, issuable pursuant to senior secured convertible exchangeable notes. |
1.4M | 7.4M |
| Jul 11, 2025 |
Stock Split
8-K filing: Interactive Strength Inc. entered into an inducement offer letter agreement with a warrant holder, resulting in the exercise of warrants for 18,450 shares of common stock at $5.42 per share. ($0.1M proceeds) |
14M | 110K |
| Jul 08, 2025 |
8-K filing: Interactive Strength Inc. issued 1,300,000 shares of Series E Convertible Preferred Stock to Noteholders in connection with the closing of the acquisition of Wattbike on July 1, 2025. |
14M | 1.1M |
| Jul 02, 2025 |
Stock Split
8-K filing: Interactive Strength Inc. enacted a 1-for-10 reverse stock split, reducing shares outstanding from 14,091,197 to 1,409,047, effective June 26, 2025, and designated 1,300,000 shares of Series E Convertible Preferred Stock, all of which were issued on July 1, 2025 in connection with the acquisition of Wattbike (Holdings) Limited. |
14M | 1.1M |
| Jun 27, 2025 |
Stock Split
8-K filing: Stock split 1-for-10 | Outstanding: 10,068,435 → 1,006,843 |
1M | 110K |
| Jun 20, 2025 |
8-K filing: Interactive Strength Inc. issued 1,250,000 shares of Series LTI Convertible Preferred Stock to executive officers and board members, appointed Benjamin Bartlett as Chief Operating Officer and President, and issued 50,000 shares of LTI Preferred Stock to each of the non-employee directors. |
10M | 11M |
| Jun 12, 2025 |
8-K filing: Interactive Strength Inc. filed the Certificate of Designation of Series LTI Convertible Preferred Stock, designating 5,000,000 shares of preferred stock as Series LTI Convertible Preferred Stock, convertible at a price of $1.06 per share after June 6, 2026, subject to adjustments for stock splits and other recapitalizations. |
10M | 11M |
| Jun 05, 2025 |
8-K filing: Interactive Strength Inc. issued 47,332 shares of Series A Preferred Stock and 21,584 shares of Series C Preferred Stock as dividends in kind on June 3, 2025, pursuant to the Certificates of Designations of Series A and Series C Preferred Stock, respectively. Following the issuance, there are 4,799,867 shares of Series A Preferred Stock and 1,210,155 shares of Series C Preferred Stock outstanding. |
10M | 11M |
| May 27, 2025 |
8-K filing: Interactive Strength Inc. issued a warrant to Woodway USA, Inc. to purchase up to 400,000 shares of common stock at an exercise price of $1.25 per share in consideration for a $2,000,000 promissory note. |
10M | 11M |
| May 19, 2025 |
10-Q filing | 10.1M shares outstanding |
10M | 11M |
| Apr 23, 2025 |
8-K filing: Interactive Strength Inc. issued 81,464 shares of Series A Preferred Stock and 46,727 shares of Series C Preferred Stock as dividends in kind on April 17, 2025, exempt from registration under Section 4(a)(2) of the Securities Act of 1933. |
8M | 11M |
| Apr 16, 2025 |
S-1 filing: This prospectus relates to the offering and resale by TR Opportunities I LLC of up to 6,846,970 shares of common stock of Interactive Strength Inc. |
8M | 11M |
| Apr 04, 2025 |
8-K filing: Interactive Strength Inc. issued 1,188,571 shares of Series C Preferred Stock to a lender as payment of $2,377,141.75 net trade value. ($2.38M proceeds) |
8M | 3.8M |
| Mar 31, 2025 |
10-K filing | 8.0M shares outstanding |
8M | 3.8M |
| Mar 12, 2025 |
8-K filing: Interactive Strength Inc. sold Class A Incremental Common Warrants to purchase 829,876 shares of Common Stock for $3.06 per share, resulting in gross proceeds of approximately $3,600,000 before deducting legal fees and other estimated expenses. ($3.6M proceeds) |
6.9M | 3.8M |
| Mar 07, 2025 |
8-K filing: Interactive Strength Inc. issued 471,750 shares of common stock on March 3rd and 4th, 2025, upon conversion of $1,212,400 of debt held by TR Opportunities II LLC. |
6.9M | 3.8M |
| Feb 12, 2025 |
S-1/A filing: This S-1/A filing relates to the offering and resale by TR Opportunities I LLC of 3,778,008 shares of common stock of Interactive Strength Inc. |
3.5K | 3.8M |
| Feb 07, 2025 |
S-1 filing: This is an S-1 filing for INTERACTIVE STRENGTH INC. The filing includes financial statements for Interactive Strength Inc. and CLMBR, details an equity line of credit, and discusses the potential issuance of common and preferred stock. |
3.5K | 790 |
| Feb 03, 2025 |
8-K filing: Interactive Strength Inc. completed a convertible note financing on January 29, 2025, selling a senior secured convertible note for approximately $2,925,000, along with warrants to purchase common stock, Class A incremental warrants, and Class B incremental warrants. |
1.4M | 36 |
| Jan 29, 2025 |
8-K filing: Interactive Strength Inc. issued 496,246 shares of Series C Preferred Stock to Vertical Investors, LLC as payment of $992,492 Net Trade Value and issued 126,515 shares of Series C Preferred Stock as a dividend in kind. The Company also issued 112,334 shares of Series A Preferred Stock as a dividend in kind. |
1.4M | 36 |
| Dec 19, 2024 |
Stock Split
8-K filing: Interactive Strength Inc. reports the conversion of Series A preferred stock into common stock, the issuance of common stock due to rounding up of fractional shares after a 1-for-100 reverse stock split, and conversion of a convertible note into common stock, resulting in 1,377,873 shares of common stock outstanding as of December 17, 2024. |
1.4M | 36 |
| Nov 21, 2024 |
8-K filing: Interactive Strength Inc. sold common stock through the conversion of convertible notes and Series A preferred stock. Specifically, $400,000 of principal was converted into 83,508 shares of common stock, and 288,438 shares of Series A were converted into 82,176 shares of common stock. |
900K | 3.8K |
| Nov 19, 2024 |
Stock Split
8-K filing: Interactive Strength Inc. reduced its loan amount by $512,500 in exchange for the issuance of 31,538 shares of common stock to Vertical Investors, LLC at a price of $16.25 per share, adjusted for the company's 1-for-100 reverse stock split. ($0.51M proceeds) |
630K | 3.8K |
| Nov 15, 2024 |
8-K filing: Interactive Strength Inc. sold shares of common stock through the conversion of convertible notes and preferred stock. |
630K | 3.8K |
| Nov 14, 2024 |
10-Q filing | 0.6M shares outstanding |
630K | 380K |
| Oct 30, 2024 |
8-K filing: Interactive Strength Inc. issued 1,500,000 shares of Common Stock to Vertical Investors, LLC in exchange for reducing the loan amount by $243,750 at a price of $0.1625 per share, resulting in an outstanding principal amount of $1,756,250, and the company had 28,576,916 shares of Common Stock outstanding as of October 24, 2024. ($0.24M proceeds) |
29M | 380K |
| Oct 04, 2024 |
8-K filing: Interactive Strength Inc. issued shares of Series A and Series C Preferred Stock in connection with an Exchange and Settlement Agreement with Vertical Investors, LLC, and also issued shares of Series A Preferred Stock as a dividend in kind. |
17M | 380K |
| Oct 01, 2024 |
8-K filing: Interactive Strength Inc. issued 586,957 shares of common stock to Vertical Investors, LLC at a price of $0.46 per share, in exchange for a reduction of $270,000 in the principal amount owed pursuant to a February 2024 term loan, resulting in 17,172,926 shares of Common Stock outstanding as of September 27th, 2024. ($0.27M proceeds) |
17M | 380K |
| Sep 17, 2024 |
8-K filing: Interactive Strength Inc. issued 250,000 shares of common stock to Vertical Investors, LLC in exchange for a $115,000 reduction in loan amount, with a price per share of $0.46. Following the issuance, the Company had 5,359,383 shares of Common Stock outstanding. ($0.12M proceeds) |
5.4M | 380K |
| Sep 10, 2024 |
8-K filing: Interactive Strength Inc. issued 200,000 shares of common stock to Vertical Investors, LLC in exchange for a $100,000 reduction in the principal amount of a loan. ($0.1M proceeds) |
4M | 380K |
| Aug 14, 2024 |
10-Q filing | 4.0M shares outstanding |
4M | 380K |
| Jul 02, 2024 |
8-K filing: Interactive Strength Inc. issued 253,205 shares of Series A Convertible Preferred Stock upon conversion of promissory notes and filed a Certificate of Amendment to increase the authorized number of Series A Preferred Stock from 7,000,000 to 10,000,000 shares. |
910K | 380K |
| Jul 02, 2024 |
8-K filing: Interactive Strength Inc. completed a public offering of common stock, pre-funded warrants, and warrants on July 2, 2024, raising approximately $3.4 million in net proceeds for working capital and general corporate purposes. ($3.4M proceeds) |
910K | 380K |
| Jun 28, 2024 |
Stock Split
8-K filing: Interactive Strength Inc. exchanged 288,900 shares of Common Stock issuable pursuant to a warrant for 375,000 shares of Series A Convertible Preferred Stock with the December Lender. |
910K | 15M |
| Jun 27, 2024 |
S-1/A filing: The company is offering up to 3,571,429 shares of common stock, pre-funded warrants to purchase up to 3,571,429 shares of common stock, Series A-1 warrants to purchase up to 3,571,429 shares of common stock and Series A-2 warrants to purchase up to 3,571,429 shares of common stock and placement agent warrants to purchase up to 267,857 shares of common stock. |
910K | 15M |
| Jun 24, 2024 |
Stock Split
8-K filing: Interactive Strength Inc. adjusts the conversion price of a convertible note and exercise price of a warrant with an accredited investor, resulting in the issuance of common stock and warrant shares following a 1-for-40 reverse stock split. ($0.09M proceeds) |
910K | 460K |
| Jun 21, 2024 |
S-1 filing: The company is offering shares of common stock together with Series A-1 and Series A-2 warrants. The assumed combined public offering price for each share of common stock and accompanying warrants is $3.00. |
910K | 460K |
| May 24, 2024 |
8-K filing: Interactive Strength Inc. entered into an At The Market Offering Agreement to sell shares of its common stock and issued 1,309,765 shares of Series A Preferred Stock upon conversion of liabilities and promissory notes to accredited investors. ($1.5M proceeds) |
20M | 18M |
| May 22, 2024 |
8-K filing: Interactive Strength Inc. sold 5,861,820 shares of common stock at $0.176 per share in a registered direct offering, along with warrants to purchase an additional 5,861,820 shares, with net proceeds estimated at $750,000 for general corporate purposes. |
20M | 18M |
| May 20, 2024 |
10-Q filing | 19.9M shares outstanding |
20M | 18M |
| May 01, 2024 |
S-3 filing: Interactive Strength Inc. files an S-3 registration statement to offer and sell up to $25 million in common stock, preferred stock, and debt securities from time to time, and has an equity line with Tumim for up to $20 million in common stock. |
20M | 18M |
| Apr 26, 2024 |
8-K filing: Interactive Strength Inc. entered into a Loan Modification Agreement and a Loan Restoration Agreement with Vertical Investors, LLC, modifying the terms of a previous credit agreement. ($3.0M proceeds) |
20M | 18M |
| Apr 04, 2024 |
8-K filing: Interactive Strength Inc. issued 2,553,637 shares of Series A Preferred Stock upon conversion of liabilities on March 29, 2024. ($9.4M proceeds) |
20M | 18M |
| Apr 01, 2024 |
10-K filing | 19.5M shares outstanding |
20M | 18M |
| Feb 26, 2024 |
8-K filing: Interactive Strength Inc. issued a warrant to WOODWAY USA, INC. for 800,000 shares of common stock at an exercise price of $1.25 per share in consideration for an Exclusive Distribution Agreement. |
14M | 18M |
| Feb 16, 2024 |
8-K filing: Interactive Strength Inc. issued 2,377,258 shares of Series A Convertible Preferred Stock to four accredited investors upon the conversion of outstanding promissory notes with an aggregate amount of approximately $4.3 million. ($4.3M proceeds) |
14M | 18M |
| Feb 07, 2024 |
8-K filing: Interactive Strength Inc. issued 750,000 shares of common stock and warrants to purchase up to 3,000,000 shares of common stock to Treadway Holdings LLC, and issued 250,000 shares of common stock to the December Lender and Equity Line Investor for a waiver. |
14M | 18M |
| Jan 11, 2024 |
S-1 filing: This prospectus relates to the possible resale from time to time by the selling stockholder of any or all of the shares of our common stock that may be issued by us to Tumim under the Equity Line Purchase Agreement. |
14M | 18M |
| Jan 08, 2024 |
8-K filing: Interactive Strength Inc. approved the Series A Convertible Preferred Stock and designated 5,000,000 shares of preferred stock as Series A Preferred Stock, which can be converted into common stock under certain conditions. |
14M | 14M |
| Dec 22, 2023 |
S-1 filing: This S-1 filing relates to the resale of up to 12,480,480 shares of common stock by the selling stockholder, consisting of shares issuable upon conversion of a convertible note and upon exercise of a common stock purchase warrant. |
14M | 14M |
| Dec 13, 2023 |
8-K filing: Interactive Strength Inc. completed a convertible note financing for $2,000,000 gross proceeds and entered into an equity line of credit agreement for up to $20,000,000. |
14M | 1.6M |
| Nov 14, 2023 |
10-Q filing | 14.2M shares outstanding |
14M | 1.6M |
| Aug 14, 2023 |
10-Q filing | 13.3M shares outstanding |
13M | 1.6M |
| Jun 09, 2023 |
10-Q filing | 14.3M shares outstanding |
14M | 1.6M |
| Apr 19, 2023 |
S-1/A filing: This is an initial public offering of the common stock of Interactive Strength Inc. d/b/a Forme (Forme). We are offering 1,500,000 shares of our common stock. |
14M | 1.6M |
| Apr 12, 2023 |
S-1/A filing: This is an S-1/A filing for an initial public offering of common stock of Interactive Strength Inc. d/b/a Forme, offering 2,000,000 shares of common stock with an anticipated price between $6.00 and $8.00 per share. |
15M | 2.1M |
| Mar 29, 2023 |
S-1/A filing: This is an S-1/A filing for an initial public offering of Interactive Strength Inc.'s common stock, offering 2,000,000 shares with an anticipated price between $6.00 and $8.00 per share. |
15M | 2.1M |
| Feb 06, 2023 |
S-1/A filing: This is an S-1/A filing for a proposed initial public offering of common stock. It includes an option for the underwriter to purchase additional shares and warrants to purchase common stock as compensation for the underwriter's services. |
14M | 2.4M |
| Feb 01, 2023 |
S-1/A filing: This S-1/A filing relates to a proposed offering of common stock, including an underwriter's option to purchase additional shares, and the issuance of warrants to the underwriter. |
14M | 2.1M |
| Jan 17, 2023 |
S-1 filing: This is an initial public offering of the common stock of Interactive Strength Inc. d/b/a Forme. |
1.4M | 0 |