Annualized Recurring Revenue Per Household In Q1 2023 More Than Triples YOY to $1,650
FORME recently announced partnerships with the luxury hotel chain Aethos and sports retail company SIGNA Sports United. Aethos has hotels and clubs across Europe, while SIGNA is based in Germany and serves over 80 online sites. These partnerships will give FORME entry into a new market plus access to an established customer base
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Hello Everyone,
It has been a pretty stagnant market over the past few months. However, there have been opportunities to research.
Our profile from exactly a month ago today on the 28th opened at 1.89 and saw an average trade of 2.06 on the session. Today it got some incredible news and hit highs of 6.41 on record breaking interest for a 200%+ move in exactly one month.
Thursday's profile saw highs of .79 and closed up over 5% after bouncing off of the days low 0f .64 and close up 15% from those levels after releasing impressive news.
We have a profile that we want you to research for Today's session.
Earlier this year they completed a successful $12Mill IPO and listed on the Nasdaq.
Pull up TRNR right away.
Notable hedge fund manager Bradley Wickens made a series of insider purchases adding to his position of more than a 10% holder in TRNR earlier this year. Wickens, a UK-based hedge fund manager and founder of Broad Reach Investment Management, started with a 10% ownership stake in TRNR. Wickens has made a series of share purchases since Interactive Strength’s IPO, and he increased his number of TRNR shares to over 1.7Mill this year all between 3.50 and 7.50.
Right now it is sitting under 1.40 and Mr. Wickens continues to hold his position.
TRNR (Forme), is a digital fitness platform that combines premium connected fitness hardware products with personal training and coaching (from real humans) to deliver an immersive experience and better outcomes for both consumers and trainers. They believe they are the pioneer brand in the emerging sector of virtual personal training and health coaching and that their products and services are accelerating a powerful shift towards outcome-driven fitness solutions.
The Forme platform delivers an immersive and dynamic at-home fitness experience through our VOD content, curated personalized fitness programming, Live 1:1 personal training, and other health coaching services, which are accessible via download or streaming through our connected fitness hardware products and via streaming through the Forme Studio app, which is available through iOS mobile devices and most iOS tablets and computers.
NTERACTIVE STRENGTH INC. (NASDAQ: TRNR D/B/A “FORME”) ANNOUNCES NON-BINDING LETTER OF INTENT AND EXCLUSIVITY AGREEMENT TO ACQUIRE A CONNECTED FITNESS EQUIPMENT BUSINESS
- The combined Company is projected to generate more than $25 million in gross revenue in 2024 and be cashflow positive and adjusted EBITDA profitable by the fourth quarter of 2024
- It is currently anticipated that all of the equity of the target company will be exchanged for TRNR equity and be subject to a “lock-up” until the end of October 2024, similar to pre-IPO shareholders
- The transaction is expected to close as early as the fourth quarter of 2023
AUSTIN, TX, Aug. 15, 2023 (GLOBE NEWSWIRE) — via NewMediaWire — Interactive Strength Inc.(Nasdaq: TRNR d/b/a “FORME”), maker of premium smart home gyms and provider of virtual personal training services, is excited to announce that it has entered into a non-binding letter of intent and exclusivity agreement to acquire a connected fitness equipment business.
The potential transaction, if consummated, is expected to accelerate FORME’s commercialization path, result in immediate scale across all functions and create a high-growth and profitable platform that sells connected fitness equipment and digital fitness services across B2B and B2C channels.
Based on internal management projections of the target, the 2023 combined gross revenues are projected to exceed $10 million and 2024 combined gross revenues are projected to exceed $25 million. By the fourth quarter of 2024, the combined business is projected to be cashflow positive and achieve positive adjusted EBITDA, based on identified cost synergies. The proposed acquisition is currently expected to be completed as early as the fourth quarter of 2023.
“We believe this will be a transformational acquisition that can accelerate our commercialization path. Further we believe the combination of these businesses will create tremendous value for both groups of shareholders,” said Trent Ward, co-founder and CEO of FORME. “We expect this transaction can help us achieve immediate scale across all of our cost centers, resulting in a high-growth, profitable platform that sells connected fitness equipment and digital fitness services across B2B and B2C channels.”
This strategic move is also expected to provide FORME and the target company with enhanced cross-selling opportunities and improved penetration into new end markets.
“We are excited about what we are seeing in the B2B channel in our own business. In fact, the strength of the performance in the B2B channel, as well as our belief that the FORME business would benefit from further investment in this area, were key reasons for our interest in the potential acquisition. This transaction sets the stage for FORME to become an industry leader across a range of modalities.”
FORME’s due diligence review of the target acquisition has already commenced, and upon satisfactory completion, the Company intends to proceed towards executing a definitive acquisition agreement and closing the transaction as soon as all closing conditions are met by all parties involved.
Proposed Transaction Highlights:
The proposed acquisition is expected to yield several strategic and financial benefits, positioning the combined entity for further growth:
- Rationale
- Provides immediate scale in all functions (Sales, Engineering, Logistics, Supply Chain, Corporate Overhead)
- Generates material and near-term cashflow for FORME
- Diversifies revenue (products and channels), with significant growth in B2B channel
- Opportunity for strong B2B distribution partner for FORME hardware products
- Solidifies position as the premium platform in the Connected fitness industry
- Pro forma financials
- Combined Gross revenues in 2023 are projected to exceed $10 million
- Combined Gross revenues in 2024 are projected to exceed $25 million
- Cashflow positive and adjusted EBITDA positive by the fourth quarter of 2024
- Consideration
- All of the equity of the target company is anticipated to be exchanged for TRNR equity at close of transaction, and with the same shareholder “lock-up” as pre-IPO shareholders (end of October 2024)
- Earn-out potential for 2024 paid in TRNR equity, with Enterprise Value / 2024 Gross Revenue multiple of approximately 1.2x remaining constant
- Minimal cash for working capital
- Assumption of target debt
- Valuation
- Approximately 1.2x Enterprise Value / 2024 Gross Revenues
- Between 5x and 6x Enterprise Value / EBITDA pro-forma for projected synergies
- Timing
- Close as early as the fourth quarter of 2023
The letter of intent described above is non-binding, and as such, there can be no assurance that the Company will enter into a definitive acquisition agreement or that the terms of any such agreement will not change, or that the proposed acquisition will be consummated at all.
Please Read the Full Profile Here: https://insiderfinancial.com/newalert
Sincerely,
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