Business Context and Reporting Period
This Form 8-K Current Report was filed by Interactive Strength, Inc. (Nasdaq: TRNR) on October 31, 2025, covering events occurring on October 27 and October 28, 2025. The filing addresses significant changes in the Company's executive leadership, specifically the departure of the Chief Financial Officer and the appointment of a successor.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on personnel changes and employment terms.
Material Changes
- Departure of CFO: Michael J. Madigan resigned as Chief Financial Officer, effective November 14, 2025. He stated there was no disagreement regarding the Company's operations, policies, or practices.
- Appointment of CFO: The Board appointed Caleb Morgret as the new Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer, effective November 15, 2025.
- Executive Profile: Mr. Morgret brings over 20 years of finance experience, including roles as CFO at Centenara Labs AG, Lucero Energy, and White Star Petroleum, alongside a background in investment banking at J.P. Morgan.
Guidance, Outlook, and Compensation
The filing does not provide updated financial guidance, outlook, or discuss specific risks and contingencies beyond the leadership transition. However, it details the compensatory arrangements for the new CFO:
- Base Salary: $300,000 annually.
- Performance Bonus: Eligible for a bonus of up to 50% of the Base Salary, subject to the Company's annual performance bonus plan.
- Related Party Transactions: No reportable related party transactions exist regarding Mr. Morgret.
Investor Verification Checklist
- Verify the transition timeline between Mr. Madigan's departure (Nov 14) and Mr. Morgret's start date (Nov 15) to ensure no gap in financial oversight.
- Review the full text of the Employment Agreement (Exhibit 10.1) for details on severance, equity grants, or other benefits not summarized in the 8-K.
- Confirm Mr. Morgret's prior regulatory history and any potential conflicts of interest given his board service at other life sciences companies.
- Monitor upcoming earnings calls for management commentary on how the leadership change impacts strategic financial planning.