Interactive Strength Agrees $6.7M Base Deal for STEPR, Raises 2026 Guidance Above $50M
TRNR•Interactive Strength will acquire profitable STEPR for a $6.7 million base price plus up to $16 million in contingent equity linked to 2026–2028 EBITDA targets. The deal raises 2026 revenue guidance above $50 million, with STEPR expected to contribute over $15 million and reach adjusted EBITDA profitability in Q4.
1. Acquisition Details
Interactive Strength has signed a definitive agreement to acquire STEPR, a profitable connected stair-climbing brand, for a base consideration of $6.7 million. The transaction will close in Q4 2026 and comprises $2.2 million in cash, $1.5 million of debt refinancing, and $3 million in equity at closing.
2. Financial Guidance
With STEPR included, Interactive Strength has raised its 2026 revenue guidance above $50 million on a pro forma basis. STEPR is projected to generate more than $15 million in revenue in 2026, and the combined group is expected to achieve adjusted EBITDA profitability in Q4 following closing.
3. Contingent Consideration
STEPR’s founders can earn up to $16 million in additional equity based on performance milestones: $3 million for $4 million of EBITDA in July 2026–June 2027, $10.5 million for $7 million of EBITDA in July 2027–June 2028, and $2.5 million linked to quantitative synergies. All contingent equity vests and remains locked until September 30, 2027–2028 depending on the tranche.
4. Strategic Rationale
The acquisition advances Interactive Strength’s strategy of building a multi-brand fitness equipment platform by adding a category leader with strong U.S. retail partnerships. Combining STEPR’s direct-to-consumer and retail distribution channels is expected to generate revenue and cost synergies across Interactive Strength’s portfolio of premium fitness brands.
