- Company Continues Business-To-Business Commercial Strategy to Strengthen Multi-Year Subscription Opportunities
- FORME Selected as a Preferred Equipment Supplier for Industry Leading Fitness Center Consulting and Procurement Firm
AUSTIN, TX, Aug. 03, 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 continuing its expansion into the commercial market through a partnership with The Risher Companies (“TRC”), one of the largest fitness center consulting and equipment procurement firms servicing multi-family properties, real estate development and management companies, master-planned communities, and office buildings nationwide. TRC distributes over 20 commercial brands of fitness equipment and is a top 10 national distributor for Matrix, Woodway, Stages Cycling, Octane and FreeMotion Fitness.
“The Risher Companies is trusted by several of the top property developers in the country to manage fitness center design and buildout for new and existing projects across the US, including nearly 200 projects last year,” said Trent Ward, co-founder and CEO of FORME. “Partnering with the Risher team as a preferred equipment supplier allows FORME to bring its products and services to new properties and tenants around the country. We are pleased with the first installations that have been completed and are excited about the Risher project pipeline.”
“FORME’s equipment is best-in-class and we are very excited to offer it to our clients in support of our focus on curating differentiated and value-added on-property amenities,” said Josh Mann, Partner and Vice President of TRC. “FORME’s offering checks the three most important boxes for us - attractive and high-quality design, versatile functionality, and an engaging user experience, making it a great fit for many of our projects.”
The commercial channel represents many significant, multi-year opportunities for FORME, given the size of the addressable market, the consistency of the demand and favorable competitive dynamics. FORME already installs its smart home gyms in a number of commercial settings, including luxury hotels internationally, multi-family developments and office buildings.
“The commercial channel is one of the most impactful routes to market given the higher average recurring revenue, multi-year contracts, larger volumes and lower acquisition costs,” continues Trent Ward. “Given these dynamics, we believe having a strong commercial business is a key to a profitable hardware business.”
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About FORME:
FORME is a digital fitness platform that combines premium smart home gyms with live virtual personal training and coaching to deliver an immersive experience and better outcomes for both consumers and trainers. FORME delivers an immersive and dynamic at-home fitness experience through two connected hardware products: 1. The FORME Studio (fitness mirror) and 2. The FORME Studio Lift (fitness mirror and cable-based digital resistance). The Studios uniquely transform to host a variety of workouts and activities, returning to an elegant, full-length mirror when not in use. In addition to the company’s connected fitness hardware products, FORME offers expert personal training and health coaching in different formats and price points through Video On-Demand, Custom Training, and Live 1:1 virtual personal training. FORME is listed on NASDAQ (symbol: TRNR).
About The Risher Companies:
The Risher Companies (TRC) is a privately held, Houston-based company offering a full array of integrated fitness services, products, and solutions. Since 1994, TRC has been focused on developing a tailored plan for each client by addressing the entire spectrum of the fitness center from both a facility and user perspective. TRC is a single source provider for Fitness Center Design, Equipment Sales, Installation and Programming. TRC has designed over 2.5 Million square feet of fitness centers in 23 states and have the expertise of how a fitness center should flow and be scaled. Additionally, TRC manages and staffs 21 fitness centers with over 30,000 members.
Forward Looking Statements:
This press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar expressions are intended to identify forward-looking statements. These forward-looking statements include any statements regarding the commencement of trading of FORME’s common stock on The Nasdaq Global Market and the closing of the offering. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under “Risk Factors” in FORME’s registration statement relating to the offering. Except as required by law, FORME has no obligation to update any of these forward-looking statements to conform these statements to actual results or revised expectations.
