Segment Reporting

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

3. Segment Reporting

We are organized into one operating and one reportable segment that engages in the development and sales of specialty fitness equipment and virtual training and are managed on a consolidated basis. Our chief operating decision maker (“CODM”) is our chief executive officer. Our CODM regularly reviews financial information at the operating segment level to allocate resources and to assess performance. Our CODM evaluates segment profit (loss) based on net loss, which is reported on the condensed consolidated statement of operations and comprehensive loss as net loss. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets. Our CODM uses net loss to allocate resources, including property and equipment and financial or capital resources, to the segments and to assess their performance by monitoring budget-to-actual and year-over-year variances.

The following tables present revenue and significant segment expenses that are included within net income (loss):

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2025			2024			2025			2024
Total Revenues	$	1,219		$	621		$	2,576		$	984
Less:
Cost of fitness product revenue (excluding depreciation and amortization)		559			285			1,318			623
Cost of membership (excluding depreciation and amortization)		(1	)		6			1			7
Cost of training		297			172			617			337
Research and development (excluding stock based compensation)		406			1,384			978			2,176
General and administrative (excluding stock based compensation, depreciation and amortization)		1,615			1,613			3,653			4,039
Interest expense		4,490			2,919			6,254			4,919
Interest income		(229	)		—			(387	)		—
Change in fair value of earnout		—			(1,300	)		—			(1,300	)
(Gain) loss upon extinguishment of debt and accounts payable		(1,423	)		666			(4,459	)		1,732
Change in fair value of convertible notes		(7,202	)		—			(6,629	)		316
Change in fair value of derivatives		462			809			1,949			755
Change in fair value of warrants		(544	)		(1,448	)		(993	)		(3,246	)
Change in fair value of digital assets		(125	)		—			(125	)		—
Depreciation and amortization expense		891			1,853			1,901			3,715
Stock-based compensation expense		2,804			2,925			4,893			6,291
Transaction related expenses (1)		434			210			733			974
Vendor Settlements (2)		(42	)		—			417			—
Other segment items (3)		1,007			1,164			1,237			1,677
Net loss	$	(2,180	)	$	(10,637	)	$	(8,782	)	$	(22,031	)
Reconciliation of net loss
Adjustments and reconciling items		—			—			—			—
Consolidated net loss	$	(2,180	)	$	(10,637	)	$	(8,782	)	$	(22,031	)

(1) Transaction costs related to acquisition of CLMBR, Inc, Wattbike and Sportstech.

(2) Costs (income) related to vendor settlements.

(3) Other segment items included in consolidated net loss includes sales and marketing (excluding stock based compensation, depreciation and amortization) and other expense.

See Note 4. Revenues for details of revenue from external customers by geography an