Interactive Strength, Inc. (TRNR) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: April 03, 2026

Risk Assessment Details

Potential Dilution: 631.01% of current shares
Recent Dilution: 195295.73% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
2.1M
Potential Supply
13M
Additional shares possible
Splits
5 Splits 6 Reverse
Past 2 years

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

Outstanding Shares
Total Supply

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
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