TRNR

AUSTIN, TX / ACCESS Newswire / May 21, 2026 / Interactive Strength Inc. (Nasdaq:TRNR) ("TRNR" or the "Company"), maker of innovative specialty fitness equipment under the Wattbike, CLMBR, FORME and Ergatta brands, today published a shareholder letter providing additional CEO commentary on its strong first quarter results for 2026, increased guidance for its second quarter and its increasing operational momentum. There is further discussion on other positive developments such as increased M&A pipeline activity, $4.7 million in cash and cash equivalents at the end of March 2026, and more than 105,000 shares acquired under the Company's share repurchase program in the letter. The full shareholder letter is available on the Company's website. Shareholders may register for updates at interactivestrength.com/updates or contact the Company at [email protected]. About Interactive Strength Inc.: Interactive Strength Inc. (Nasdaq:TRNR) is an operationally focused acquirer that has established a leading portfolio of premium fitness brands - Wattbike, CLMBR, FORME and Ergatta - that combine advanced hardware, smart technology, and immersive content to deliver exceptional training experiences for both commercial and home use. Wattbike offers a range of high-performance indoor bikes that set the global standard in cycling. Known for unmatched accuracy, realistic ride feel, and advanced performance tracking, Wattbike is trusted by elite athletes, national teams, and fitness enthusiasts around the world. CLMBR redefines the next-generation vertical climbing experience through its patented open-frame design and immersive touchscreen, delivering a high-intensity, low-impact workout that's both efficient and effective. FORME delivers strength, mobility, and recovery training through immersive content, performance-grade hardware, and expert coaching. Its wall-mounted systems include the Studio, a smart fitness mirror for guided programming and live 1:1 personal training, and the Lift, which adds smart resistance cable training - ideal for high-performance environments and sport-specific development. Ergatta is a connected fitness company recognized as a pioneer in game-based rowing. Its connected rowing equipment combines competitive, game-based workouts with a premium hardware experience, generating industry-leading engagement and retention metrics. From elite perform...

Q1 2026 Reported Revenue of $5.1 Million, with Pro Forma Revenue of $7.7 Million and Pro Forma Adjusted EBITDA (non-GAAP) Loss of $1.1 Million Company Provides Q2 2026 Guidance Of Approximately $8 Million In Revenue With Adjusted EBITDA (non-GAAP) Loss Of Less Than $1 Million; Confirms 2026 Pro Forma Revenue Guidance Of More Than $30 Million Stock Repurchase Program Active in May with Approximately 105,000 Shares Repurchased at an average of $0.92 per share; No ATM usage since February as $4.7 Million in Cash on hand at end of Q1 Increase in M&A Activity with two LOIs submitted in May and Analyzing Additional Targets AUSTIN, TX / ACCESS Newswire / May 20, 2026 / Interactive Strength Inc. (Nasdaq:TRNR) ("TRNR" or the "Company"), maker of innovative specialty fitness equipment under the Wattbike, CLMBR, FORME and Ergatta brands, today announced financial results for its first quarter ended March 31, 2026. Q1 2026 Financial Highlights Q1 2026 revenue was $5.1 million, a 279% increase compared to $1.4 million in Q1 2025. Reported revenue reflects 21 days of Ergatta consolidation following the March 11, 2026 acquisition close. On a pro forma basis that includes Ergatta for the full quarter, Q1 2026 revenue was approximately $7.7 million. Q1 2026 Adjusted EBITDA (non-GAAP) loss was approximately $1.8 million, compared to an Adjusted EBITDA loss of $2.5 million in Q1 2025. On a pro forma basis, including Ergatta for the full quarter, Q1 2026 Adjusted EBITDA (non-GAAP) loss was approximately $1.1 million. Cash and cash equivalents at March 31, 2026 were $4.7 million, compared to $0.5 million at December 31, 2025. Trent Ward, CEO of TRNR, stated: "Q1 2026 is the clearest demonstration to date of our strategy of accretive M&A and operating discipline delivering on both ends of the income statement in the same quarter, with pro forma revenue growing 87% as compared to Q4 2025, and pro forma adjusted EBITDA loss improving by 57%. Our Q2 2026 guidance of approximately $8 million in revenue and Adjusted EBITDA loss of less than $1 million should demonstrate to investors that the group's strong improvements should continue." Mr. Ward continued: "The pro forma Q1 figures, and Q2 guidance highlight the positive impact of Wattbike and Ergatta, two successful acquisitions that reflect the model the Company has been employing. These results underpin the Company's guidance of mo...

TRNR Preliminary Pro Forma Q1 26 Revenue is Expected to be approximately $7.7 million; Preliminary Reported Q1 2026 Revenue Expected to be More Than $5.0 Million, Reflecting 21 Days of Ergatta Consolidation; TRNR May 12 Form 8-K/A Discloses Ergatta Full-Year 2025 Net Revenue of $12.4 Million, Income from Operations of $1.1 Million, and Net Income of $0.7 Million Pro forma combined 2025 revenue of Interactive Strength and Ergatta, as if the acquisition had been completed on January 1, 2025, was $24.0 million AUSTIN, TX / ACCESS Newswire / May 13, 2026 / Interactive Strength Inc. (Nasdaq:TRNR) ("TRNR" or the "Company"), maker of innovative specialty fitness equipment under the Wattbike, CLMBR, FORME and Ergatta brands, today announced that it expects to report its first quarter 2026 financial results on May 20, 2026, due to additional time required to incorporate the financials of the most recent acquisition, Ergatta. In connection with today's announcement, the Company is providing a preliminary preview of Q1 2026 top-line results. It is also highlighting the May 12 Form 8-K/A, which provides Ergatta, Inc.'s audited, historical financial statements for the fiscal years ended December 31, 2025 and 2024 and unaudited pro forma combined financial information of Interactive Strength and Ergatta. Trent Ward, CEO of TRNR, stated: "We are excited to report the first set of financials that begin to consolidate Ergatta, and we wanted to provide notice that we would be utilizing the automatic five-day extension and are expecting to report Q1 on May 20. There is additional work when integrating an acquisition into our reporting and we want to ensure we have sufficient time to complete the work." "We are expecting to report Q1 2026 revenue of more than $5.0 million, reflecting the 21 days of Ergatta's performance that are included in the quarter. On a pro forma basis, which demonstrates the group performance as if Ergatta were included for the full quarter, we expect to have generated approximately $7.7 million in Q1 revenue. We expect to provide complete Q1 financials, summary Q2 forward guidance, and updated commentary on our acquisition pipeline and stock repurchase program on May 20." "Lastly, we filed the 8-K/A for the Ergatta transaction on May 12 and this reports Ergatta's audited 2025 financials and the pro forma combined financial information of Interactive Stre...

AUSTIN, TX / ACCESS Newswire / April 1, 2026 / Interactive Strength Inc. (Nasdaq:TRNR) ("TRNR" or the "Company"), maker of innovative specialty fitness equipment under the Wattbike, CLMBR and FORME brands, today published a shareholder letter providing additional CEO commentary on 2025's record results. The full shareholder letter is available on the Company's website. Shareholders may register for updates at interactivestrength.com/updates or contact the Company at [email protected]. About Interactive Strength Inc. Interactive Strength Inc. (NASDAQ:TRNR) has established a leading portfolio of premium fitness brands - Wattbike, CLMBR, and FORME - that combine advanced hardware, smart technology, and immersive content to deliver exceptional training experiences for both commercial and home use. Wattbike offers a range of high-performance indoor bikes that set the global standard in cycling. Known for unmatched accuracy, realistic ride-feel, and advanced performance tracking, Wattbike is trusted by elite athletes, national teams, and fitness enthusiasts around the world. CLMBR redefines the next-generation vertical climbing experience through its patented open-frame design and immersive touchscreen, delivering a high-intensity, low-impact workout that's both efficient and effective. FORME delivers strength, mobility, and recovery training through immersive content, performance-grade hardware, and expert coaching. Its wall-mounted systems include the Studio, a smart fitness mirror for guided programming and live 1:1 personal training, and the Lift, which adds smart resistance cable training-ideal for high-performance environments and sport-specific development. From elite performance to everyday wellness, our ecosystem of performance-focused solutions delivers data-driven outcomes for athletes, fitness enthusiasts, and commercial operators. For more information about Interactive Strength, please visit www.interactivestrength.com. Investor Contact: [email protected] Forward-Looking Statements This press release includes certain statements that are "forward-looking statements" for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements do not relate strictly to historical or current facts and reflect management's assumptions, views, plans, objectives and projecti...

Full-Year Net Loss of $24.0 Million; Full Year Adjusted EBITDA Loss of Approximately $9.6 Million 2025 Revenue would have been $20.7 Million if Wattbike had been Consolidated for the Full Year (Acquisition Closed July 1, 2025) Revenue and Earnings from the Acquisition of Ergatta Will Be Reported Starting in Q1 2026 AUSTIN, TX / ACCESS Newswire / March 31, 2026 / Interactive Strength Inc. (Nasdaq:TRNR) ("TRNR" or the "Company"), maker of innovative specialty fitness equipment under the Wattbike, CLMBR, FORME and Ergatta brands, today announced financial results for its fourth quarter and full year ended December 31, 2025. Annual Financial Highlights For the full year, TRNR reported record revenue of $11.5 million, representing 114% year-over-year growth versus $5.4 million in 2024, a net loss of $24.0 million - a 31% improvement from 2024 - and an adjusted EBITDA loss of approximately $9.6 million (non-GAAP). Full year gross margin increased to 7.9%, which is an improvement of approximately 60% in gross margin from 2024. Fourth quarter revenue of $4.1 million was the highest revenue quarter of the year, with a gross margin of 14.1%. Full year revenue would have been $20.7 million if Wattbike had been consolidated for the entire year as opposed to the partial year, as the acquisition was closed on July 1, 2025. No financials from Ergatta have been included as that acquisition closed after the fiscal year ended. Outlook TRNR confirmed its 2026 full year guidance of more than $30 million in pro forma revenue, driven by the full-year consolidation of Wattbike and the addition of Ergatta, which closed March 11, 2026. Ergatta is expected to generate more than $10 million in 2026 revenue at approximately a 30% EBITDA margin and monthly net revenue retention of more than 98%. The Company's 2026 guidance does not assume any additional acquisitions, which would be expected to result in an increase in guidance. TRNR's $0.5 million Stock Repurchase Program would represent approximately 19% of the 2.1 million shares outstanding at the most recent closing price. TRNR CEO, Trent Ward, stated that: "While 2025's record results have started to show some of the progress we have made, the developments of the first few months of 2026 have accelerated the groundwork required for TRNR's transformation. Three weeks ago, we acquired Ergatta, which we expect will generate cashflow fo...

Quarterly Results Reflect First Full Quarter Including Wattbike (Acquisition Closed July 1) Company Reports Record Quarterly Revenue of $4.8 Million; Net Loss and Loss per Diluted Share of $5.2 Million and $3.11; Quarterly Adjusted EBITDA Loss of $2.9 million, Due to Low Inventory Availability Sportstech Acquisition Expected to Close in 2025 Based on Key Closing Milestone Achievements Reiterates 2025 Pro Forma Revenue Guidance of more than $80 million and Fourth Quarter Profitability Guidance AUSTIN, TEXAS / ACCESS Newswire / November 14, 2025 / Interactive Strength Inc. (Nasdaq:TRNR) ("TRNR" or the "Company"), maker of innovative specialty fitness equipment under the Wattbike, CLMBR and FORME brands, and pending acquirer of Sportstech, today announced financial results for its third quarter ended September 30, 2025. Quarterly Financial Highlights For the quarter, TRNR reported record revenue of $4.8 million, representing 139% YoY growth, a net loss of $5.2 million - or $3.11 per diluted share - and an adjusted EBITDA loss of $2.9 million (non-GAAP). Results this quarter include Wattbike (closed July 1), but not Sportstech, which is still in the closing process. However, if Sportstech had been included in the third quarter, TRNR revenue would have been approximately $18 million. Outlook TRNR is reiterating its full‑year 2025 pro forma revenue guidance of more than $80 million, driven by the stronger-than-expected-performance at Sportstech year-to-date and the expectation that the acquisition will close this year. TRNR is also reiterating its guidance that it expects to achieve pro forma Adjusted EBITDA profitability in the fourth quarter. TRNR's new CFO, Caleb Morgret, will succeed Mike Madigan as of the filing of the Company's 10-Q after market close today. Sportstech Performance and Acquisition Based on achieving certain key closing milestones this month, TRNR expects that the Sportstech acquisition will successfully close this year. Further details will be shared with investors over the next few weeks as both Companies work towards completing this transformational combination. Sportstech previously announced third quarter revenue of approximately $13 million and a third-quarter EBITDA margin increase of more than 200bps YoY, leading to an LTM EBITDA margin of more than 10%. Trent Ward, Co-Founder and CEO stated: "Q3 revenue growth of 139% is starting to d...

Sportstech Revenue Growth Accelerated from 18% YoY in Second Quarter, and is Expected to Surpass 30% YoY in Fourth Quarter Current FX Rates Indicate that Sportstech's LTM September 2025 Revenue Would Be Approximately $58M with $6M in LTM EBITDA TRNR Confirms that All Parties Working Diligently on Completing Acquisition Closing Requirements AUSTIN, TEXAS / ACCESS Newswire / November 5, 2025 / Interactive Strength Inc. (Nasdaq:TRNR) ("TRNR" or the "Company"), maker of innovative specialty fitness equipment under the Wattbike, CLMBR and FORME brands, today provided an update to its shareholders about the recently released results of Sportstech Brands Holding GmbH ("Sportstech"), its pending acquisition target. Earlier today, Sportstech announced third quarter 2025 revenue of more than $13M at current FX rates, representing 24% YoY growth, an acceleration from 18% YoY in the second quarter. Sportstech shared that it expects a further acceleration in revenue growth in the fourth quarter, its highest-revenue quarter, to expected growth of more than 30% YoY. Sportstech noted that this acceleration in its revenue growth is directly driven by increased inventory availability as a result of ongoing coordination with, and working capital from ,TRNR. The target company indicated that last twelve months ("LTM") performance was approximately $58M in revenue, with $6M in positive EBITDA at current FX rates (reported in local currency as €50M in LTM Revenue and more than €5M in LTM EBITDA). Sportstech third quarter EBITDA margin increased by more than 200bps YoY to leading to LTM EBITDA margin of more than 10%. Ali Ahmad, Founder and CEO of Sportstech, said in the press release that the "continued monthly and YoY momentum shows just how much demand there is for our products and fitness content, when we're coordinated with the larger TRNR platform and have better access to working capital." Mr. Ahmad also shared that: "The addition of Caleb Morgret to the TRNR team is helping us also accelerate the completion of the closing requirements. Our big ambitions remain, and we expect the post-closing period to be even more exciting than our growth is currently." Trent Ward, Co-Founder and CEO of TRNR, commented that: "We remain pleased by Sportstech's strong performance - which validates our investments in it to date, and confirms the potential of the pending acquisition. With our...

Revenue Growth Accelerated from 18% YoY in Second Quarter, and is expected to Surpass 30% YoY in Fourth Quarter Third Quarter EBITDA margin increased by more than 200bps YoY, leading to LTM EBITDA margin of more than 10% LTM Revenue Surpasses €50M with More than €5M in LTM EBITDA Company is Working on Completing Acquisition Closing Requirements BERLIN, DE / ACCESS Newswire / November 5, 2025 / Sportstech Brands Holding GmbH ("Sportstech" or the "Company"), a leading provider of connected fitness equipment and digital content in Europe, today provided an update on its continued top-line momentum and positive EBITDA improvements as it works to finalize the closing of its pending acquisition by Interactive Strength Inc. (Nasdaq:TRNR). Sportstech reported that revenue in the third quarter of 2025 was 24% higher than the same period last year, coming in at almost €12 million. This is an acceleration from the 18% growth achieved in the second quarter of 2025. Given its fourth-quarter performance to date and planned new product releases, Sportstech expects that its revenue growth for the fourth quarter, its highest-revenue quarter, will accelerate still further and exceed 30% YoY. This acceleration continues to be driven by working capital from pending acquirer TRNR that increases inventory availability, enabling Sportstech to better meet consumer and market demands. For the last twelve months (LTM) through September, Sportstech has generated more than €50 million in revenue and more than €5 million in EBITDA. "Our continued monthly and YoY momentum shows just how much demand there is for our products and fitness content, when we're coordinated with the larger TRNR platform and have better access to working capital," said Ali Ahmad, Founder and CEO of Sportstech. "The addition of Caleb Morgret to the TRNR team also is helping us also accelerate the completion of the closing requirements. Our big ambitions remain, and we expect the post-closing period to be even more exciting than our growth is currently." The pending acquisition by TRNR is expected to close as soon as all approvals are received, and the partnership will combine Sportstech's strong European presence with TRNR's premium connected fitness brands, Wattbike, CLMBR and FORME, creating a more diverse and scalable international platform in the digital fitness and equipment category. About Sportst...

AUSTIN, TEXAS / ACCESS Newswire / October 24, 2025 / Interactive Strength Inc. (Nasdaq:TRNR) ("TRNR" or the "Company"), maker of innovative specialty fitness equipment under the CLMBR, FORME and Wattbike brands and pending acquirer of Sportstech, today announced it will release financial results for its third quarter ended September 30, 2025 as the market opens on Friday, November 14, 2025. Following the filing of its Form 10-Q, the Company as usual will publish a shareholder letter that discusses the results and business outlook. For more commentary, information and details of TRNR's strategy, as well as to sign up for direct updates, see the Company's investor website, latest FAQs and required filings with the US Securities & Exchange Commission (SEC). TRNR Investor Contact [email protected] About Interactive Strength Inc. (Nasdaq:TRNR): Interactive Strength Inc. has established a leading portfolio of premium fitness brands - Wattbike, CLMBR, and FORME - that combine advanced hardware, smart technology, and immersive content to deliver exceptional training experiences for both commercial and home use. Wattbike offers a range of high-performance indoor bikes known for unmatched accuracy, realistic ride feel, and advanced performance tracking-trusted by elite athletes, national teams, and fitness enthusiasts worldwide. CLMBR redefines the next-generation vertical climbing experience through its patented open-frame design and immersive touchscreen, delivering a high-intensity, low-impact workout that's both efficient and effective. FORME delivers strength, mobility, and recovery training through immersive content, performance-grade hardware, and expert coaching. Its wall-mounted systems include the Studio, a smart fitness mirror for guided programming and live 1:1 personal training, and the Lift, which adds smart resistance cable training-ideal for high-performance environments and sport-specific development. Learn more at www.interactivestrength.com. Forward Looking Statements: This press release includes certain statements that are "forward-looking statements" for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements do not relate strictly to historical or current facts and reflect management's assumptions, views, plans, objectives and projections about the future...

Company Reports Quarterly Revenue of $1.2 Million; Net Loss and Loss per Diluted Share of $2.2 Million and $2.13 Quarterly Adjusted EBITDA Loss of $1.7 Million Reflects 40% YOY Improvement TRNR held 29.6 Million FET tokens as of June 30, 2025 and 67.4 Million FET tokens as of August 13, 2025, with a value in excess of $50 million, representing the largest publicly traded AI-focused Digital Asset Treasury Stockholders' Equity Was $16.3 Million at Quarter End 2025 Pro Forma Revenue Guidance Increased to more than $80 Million, driven by Sportstech's Stronger-Than-Expected Performance, and Fourth Quarter Profitability Guidance Reiterated AUSTIN, TEXAS / ACCESS Newswire / August 14, 2025 / Interactive Strength Inc. (Nasdaq:TRNR) ("TRNR" or the "Company"), maker of innovative specialty fitness equipment under the Wattbike, CLMBR and FORME brands, and the pending acquirer of Sportstech, today announced financial results for its second quarter ended June 30, 2025. Quarterly Financial Highlights For the quarter, TRNR reported revenue of $1.2 million, a net loss of $2.2 million - or $2.13 per diluted share - and an Adjusted EBITDA loss of approximately $1.7 million (non‑GAAP). Results do not include Wattbike (closed July 1, 2025) or Sportstech (pending) for the period. However, if both businesses were included in the second quarter, revenue would have been approximately $17 million. Digital Asset Treasury Strategy TRNR also closed a very significant investment in the quarter to begin to execute its Digital Asset Treasury Strategy, and was able to acquire 29.6 million FET tokens by the end of the Q2. TRNR has since completed the cumulative purchase of 67.4 million FET tokens, at an average token price of $0.70, currently worth in excess of $50 million. Outlook TRNR is increasing its full‑year 2025 pro forma revenue guidance to more than $80 million, driven by Sportstech's stronger-than-expected-performance, and by continued momentum across the TRNR + Wattbike platform. TRNR is also reiterating its guidance that it expects to achieve Adjusted EBITDA profitability in the fourth quarter. Sportstech The Sportstech acquisition continues to proceed and all parties are working to satisfy the remaining items to close the acquisition and look forward to being able to update investors with more specific guidance on the transaction as soon as possible. Founder and CEO Trend Ward...

AUSTIN, TEXAS / ACCESS Newswire / August 5, 2025 / Interactive Strength Inc. (Nasdaq:TRNR) ("TRNR" or the "Company"), maker of innovative specialty fitness equipment under the CLMBR, FORME and Wattbike brands and pending acquirer of Sportstech, today announced it will release financial results for its second quarter ended June 30, 2025 before the market opens on Thursday, August 14, 2025. Following the filing of its Form 10-Q, the Company as usual will publish a shareholder letter that discusses the results and business outlook. In addition to customary quarterly disclosures, management expects to provide an update on the pending Sportstech acquisition and the Company's previously announced purchase of $FET tokens for its AI-focused Digital Asset Treasury Strategy. For more commentary, information and details of TRNR's strategy, as well as to sign up for direct updates, see the Company's investor website, latest FAQs and required filings with the US Securities & Exchange Commission (SEC). TRNR Investor Contact [email protected] About Interactive Strength Inc. (Nasdaq: TRNR): Interactive Strength Inc. has established a leading portfolio of premium fitness brands-Wattbike, CLMBR, and FORME-that combine advanced hardware, smart technology, and immersive content to deliver exceptional training experiences for both commercial and home use. Wattbike offers a range of high-performance indoor bikes known for unmatched accuracy, realistic ride feel, and advanced performance tracking-trusted by elite athletes, national teams, and fitness enthusiasts worldwide. CLMBR redefines the next-generation vertical climbing experience through its patented open-frame design and immersive touchscreen, delivering a high-intensity, low-impact workout that's both efficient and effective. FORME delivers strength, mobility, and recovery training through immersive content, performance-grade hardware, and expert coaching. Its wall-mounted systems include the Studio, a smart fitness mirror for guided programming and live 1:1 personal training, and the Lift, which adds smart resistance cable training-ideal for high-performance environments and sport-specific development. Learn more at www.interactivestrength.com. Forward Looking Statements: This press release includes certain statements that are "forward-looking statements" for purposes of the safe harbor provisions under the Unit...

Company reports quarterly revenue of $1.4 million; net loss and earnings per diluted Share of $6.6 million and $1.74 Quarterly adjusted EBITDA loss of $2.5 million reflects 29% YOY improvement Stockholders' equity was $13.8 million at quarter end Increases 2025 pro forma revenue guidance to more than $75 million based on strong first quarter across TRNR, Sportstech and Wattbike AUSTIN, TEXAS / ACCESS Newswire / May 19, 2025 / Interactive Strength Inc. (Nasdaq:TRNR) ("TRNR" or the "Company"), maker of innovative specialty fitness equipment under the CLMBR and FORME brands and pending acquirer of Sportstech and Wattbike, today announced its financial results for the first quarter of 2025. The Company reported revenue of $1.4 million, a nearly 4x increase from the prior-year period. Net loss for the quarter was $6.6 million, or $1.74 per diluted share, compared with a net loss of $11.4 million and $2,681.82 per share in the same period last year. These figures do not include the pending acquisitions of Sportstech and Wattbike. Adjusted EBITDA, a non-GAAP financial measure, was a loss of $2.5 million, reflecting improved operational efficiency. Stockholders' equity increased to $13.8 million, up from $7.1 million at year-end 2024, strengthening compliance with a key Nasdaq continued-listing requirement. As a result of strong Q1 performance across TRNR and the pending acquisitions of Sportstech, and Wattbike - which all together generated more than $20 million in pro forma revenue during the first quarter - the Company is raising its full-year 2025 pro forma revenue guidance to more than $75 million, a greater than 15% increase from the April guidance of $65 million. Trent Ward, CEO and Co-Founder of TRNR, said: "Our acquisition activity in the past few months and our improved shareholder's equity are expected to result in a transformational year. While our Sportstech and Wattbike deals are not yet closed, and therefore not reflected in our reported financials yet, we are operating as one group and our pro forma Q1 shows more than $20M in revenues when including those acquisitions. As a result, we are increasing our 2025 pro forma revenue guidance to more than $75M and we expect that we will generate positive adjusted EBITDA in Q4 given that we would have been close to this milestone on a pro forma basis in Q1. We're focused on closing the transactions in the nea...