| Segment Reporting |
3. Segment Reporting The Company is organized into one operating and one reportable segment that engages in the development and sales of specialty fitness equipment and virtual training and is managed on a consolidated basis. The CODM regularly reviews financial information at the operating segment level to allocate resources and to assess performance. The CODM evaluates segment profit (loss) based on net loss, which is reported in the condensed consolidated statements of operations and comprehensive loss. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets. The CODM uses net loss to allocate resources, including property and equipment and financial or capital resources, and to assess performance by monitoring budget-to-actual and year-over-year variances. The following table presents revenue and significant segment expenses that are included within net loss:
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Three Months Ended March 31, |
|
|
(in thousands) |
|
2026 |
|
|
2025 |
|
|
Total Revenues |
|
$ |
5,141 |
|
|
$ |
1,356 |
|
|
Less: |
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|
|
|
|
|
|
Cost of fitness product revenue (excluding depreciation and amortization) |
|
|
2,898 |
|
|
|
759 |
|
|
Cost of membership (excluding depreciation and amortization) |
|
|
37 |
|
|
|
— |
|
|
Cost of training |
|
|
124 |
|
|
|
320 |
|
|
Research and development (excluding stock based compensation) |
|
|
383 |
|
|
|
572 |
|
|
General and administrative (excluding stock based compensation, depreciation and amortization) |
|
|
2,806 |
|
|
|
2,040 |
|
|
Interest expense |
|
|
1,530 |
|
|
|
1,764 |
|
|
Interest income |
|
|
— |
|
|
|
(158 |
) |
|
Change in fair value of earnout |
|
|
26 |
|
|
|
— |
|
|
(Gain) loss upon extinguishment of debt and accounts payable |
|
|
1,710 |
|
|
|
(3,037 |
) |
|
Change in fair value of convertible notes |
|
|
1,350 |
|
|
|
573 |
|
|
Change in fair value of derivatives |
|
|
327 |
|
|
|
1,487 |
|
|
Change in fair value of warrants |
|
|
(667 |
) |
|
|
(449 |
) |
|
Depreciation and amortization expense |
|
|
854 |
|
|
|
1,012 |
|
|
Stock-based compensation expense |
|
|
394 |
|
|
|
2,089 |
|
|
Transaction related expenses (1) |
|
|
801 |
|
|
|
299 |
|
|
Vendor Settlements |
|
|
115 |
|
|
|
458 |
|
|
Other segment items (2) |
|
|
3,196 |
|
|
|
230 |
|
|
Net loss |
|
$ |
(10,743 |
) |
|
$ |
(6,603 |
) |
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|
|
|
|
|
|
|
|
Reconciliation of net loss |
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|
|
|
|
|
|
Adjustments and reconciling items |
|
|
— |
|
|
|
— |
|
|
Consolidated net loss |
|
$ |
(10,743 |
) |
|
$ |
(6,603 |
) |
|
(1) Transaction costs related to acquisition of Ergatta, Wattbike and Sportstech. (2) Other segment items included in consolidated net loss includes sales and marketing (excluding stock based compensation, depreciation and amortization) and other expense, net. The following tables present a summary of revenues by geographic area:
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Three Months Ended March 31, 2026 |
|
|
(in thousands) |
|
CLMBR |
|
|
FORME |
|
|
Wattbike |
|
|
Ergatta |
|
|
Total |
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fitness Product Revenue |
|
$ |
23 |
|
|
$ |
109 |
|
|
$ |
358 |
|
|
$ |
104 |
|
|
$ |
594 |
|
|
Membership Revenue |
|
|
102 |
|
|
|
43 |
|
|
|
- |
|
|
|
407 |
|
|
|
552 |
|
|
Training and other revenue |
|
|
2 |
|
|
|
49 |
|
|
|
- |
|
|
|
32 |
|
|
|
83 |
|
|
Total |
|
|
127 |
|
|
|
201 |
|
|
$ |
358 |
|
|
|
543 |
|
|
|
1,229 |
|
|
Europe |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fitness Product Revenue |
|
|
- |
|
|
|
- |
|
|
|
3,074 |
|
|
|
- |
|
|
|
3,074 |
|
|
Membership Revenue |
|
|
- |
|
|
|
- |
|
|
|
43 |
|
|
|
7 |
|
|
|
50 |
|
|
Total |
|
|
- |
|
|
|
- |
|
|
|
3,117 |
|
|
|
7 |
|
|
|
3,124 |
|
|
Asia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fitness Product Revenue |
|
|
- |
|
|
|
- |
|
|
|
361 |
|
|
|
- |
|
|
|
361 |
|
|
Total |
|
|
- |
|
|
|
- |
|
|
|
361 |
|
|
|
- |
|
|
|
361 |
|
|
Other |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fitness Product Revenue |
|
|
- |
|
|
|
- |
|
|
|
424 |
|
|
|
- |
|
|
|
424 |
|
|
Membership Revenue |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3 |
|
|
|
3 |
|
|
Total |
|
|
- |
|
|
|
- |
|
|
|
424 |
|
|
|
3 |
|
|
|
427 |
|
|
Total Revenue |
|
$ |
127 |
|
|
$ |
201 |
|
|
$ |
4,260 |
|
|
$ |
553 |
|
|
$ |
5,141 |
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|
|
|
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Three Months Ended March 31, 2025 |
|
|
(in thousands) |
|
CLMBR |
|
|
FORME |
|
|
Wattbike |
|
|
Ergatta |
|
|
Total |
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fitness Product Revenue |
|
$ |
989 |
|
|
$ |
61 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,050 |
|
|
Membership Revenue |
|
|
138 |
|
|
|
38 |
|
|
|
- |
|
|
|
- |
|
|
|
176 |
|
|
Training and other revenue |
|
|
90 |
|
|
|
40 |
|
|
|
- |
|
|
|
- |
|
|
|
130 |
|
|
Total |
|
|
1,217 |
|
|
|
139 |
|
|
|
- |
|
|
|
- |
|
|
|
1,356 |
|
|
Europe |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fitness Product Revenue |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Total |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Asia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fitness Product Revenue |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Total |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total Revenue |
|
$ |
1,217 |
|
|
$ |
139 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,356 |
|
|
|