Interactive Strength, Inc., owner of the CLMBR and FORME specialty fitness equipment brands and pending acquirer of Sportstech, has completed its previously announced all-stock acquisition of Wattbike.

The closing follows the approval on June 18, 2025, from the UK Financial Conduct Authority and the satisfaction of all material conditions of the binding transaction agreement signed in April 2025.

Wattbike, which has cumulatively sold over 100,000 bikes, will have its results consolidated into TRNR’s results immediately and will be reported in TRNR’s third-quarter financials.

“Today’s acquisition marks the latest milestone in the transformational strategy that we have outlined to investors and should provide increased confidence in our ability to execute against our plan,” said Trent Ward, co-founder and CEO, Interactive Strength, Inc. “Wattbike is now officially part of TRNR, and we look forward to being able to announce the completion of the Sportstech acquisition in the near-term.”

Ward continued: “As a result of those transactions, we expect to generate more than $75 million of pro forma 2025 revenue and achieve profitability in the fourth quarter. When combined with the $55 million we raised a few weeks ago for our innovative Digital Asset Treasury strategy, and the fact that we are actively investing in AI-focused $FET, we believe that TRNR has significant, under-appreciated upside.”

Ward said Wattbike’s operations, customer gyms and brand give the company meaningful assets and scale in the UK, which is the world’s second-largest fitness market. “Its differentiated range of products for both elite and mainstream athletes also creates big potential opportunities in the U.S., EU and Asia,” he said.

“TRNR’s unique portfolio of operating assets, combined with its Nasdaq listing and increasing focus on using cost-effective technology, is expected to unlock new levels of growth for Wattbike,” said company CEO Stephen Loftus. “We’re thrilled to start building the next chapter together.”

Transaction highlights include:

  • 100 percent of Wattbike acquired in an all-stock deal, with up to 60 percent of total consideration subject to performance-based hurdles to align business performance with shareholder returns.
  • The consideration shares are locked up until at least June 2026, with no cash consideration paid to previous Wattbike shareholders.
  • Wattbike’s projected performance is expected to be immediately accretive to TRNR’s 2025 results, and combined with the pending Sportstech transaction, is expected to result in over $75 million of pro forma 2025 revenue and profitability in Q4 2025.
  • Creates a diversified connected hardware portfolio spanning cycling (Wattbike), vertical climbing (CLMBR) and digital strength (FORME).

In terms of next steps, TRNR anticipates continuing with integration planning and execution, including optimizing its global distribution networks and channels, which it already shares with Wattbike, such as with entities like Woodway, as well as its manufacturing and supply chain partnerships to drive rapid cost synergies and working capital optimization.

In addition, joint teams are working on ways to leverage Wattbike’s differentiated dataset for performance training, including AI-focused training experiences developed with Fetch.ai and powered by TRNR’s recently announced strategy, which includes a $FET Digital Asset Treasury of up to $500 million. Finally, the Sportstech acquisition remains on track to close in the third quarter.

Image courtesy Watt Bike