Listing

• FORME , a connected smart mirror manufacturer, raised USD 12 million through an initial public offering (IPO) listing 1,500,000 shares of its common stock at USD 8.00 per share. FORME’s shares under the ticker symbol “TRNR” began trading on April 28, 2023, in the Nasdaq stock exchange. (May 02, 2023; Press release )

Earnings/results

• Peloton reported a loss per share of USD 0.79 for Q3 FY2023, significantly better than the loss per share of USD 2.27 recorded a year ago. The company reported total revenue of USD 748.8 million for Q3 FY2023, down by 22.3% YoY compared to Q2 FY2022. The decline in total revenue was mainly due to a drop in connected fitness product revenue (USD 324.1 million in Q3; down by 45.5% YoY), partially offset by the increase in subscription revenue (USD 424.7 million in Q3; up by 14.8% YoY). In Q3 FY2023, Peloton's subscription revenue accounted for 56.7% of its total revenue with the remainder derived from connected fitness products, marking the fourth consecutive quarter in which Peloton's subscriptions revenue exceeded that of connected fitness product revenue. The company expects to generate total revenue for Q4 FY2023 in the range of USD 630 million–650 million (implying a 4.2%–7.2% YoY decline) and an adjusted EBITDA loss in the range of USD 10 million–25 million (compared to an adjusted EBITDA loss of USD 288.7 million recorded in Q4 FY2022). (May 04, 2023; Company press release )

• Nautilus reported a loss per share of USD 0.66 for Q4 FY2023, higher than the loss per share of USD 0.58 recorded in Q4 FY2022. The company reported total revenue of USD 68.4 million for Q4 FY2023, down 42.9% YoY compared to USD 119.7 million in Q4 FY2022. It reported a 30.4% YoY decline in the direct sales segment of both cardio (down 28.8% YoY) and strength (down 33.3% YoY) categories during the quarter. Revenue from the retail segment also dropped 55.5% YoY due to a decline in cardio product sales (down 35.4% YoY) and strength product sales (down 68.4% YoY) in Q4 FY2023. For the full-year FY2023, the company reported total revenue of USD 286.3 million, a decline of 51.4% YoY compared to FY2022. The decline in revenue was due to a drop in both direct and retail sales due to demand returning to pre-pandemic levels. The company expects to generate total revenue in the range of USD 270 million–300 million for FY2024 (compared to total revenue of USD 286.8 million for FY2023). (May 23, 2023; Company press release )

Partnership

• FORME , a connected smart mirror manufacturer, has partnered with SIGNA Sports United , a sports ecommerce company focusing on fitness equipment and products, to support its European expansion plans. Through this partnership, FORME plans to leverage SIGNA Sports United’s 80 online sites and 500 partnering shops to support the marketing and logistics of its products across Europe. (May 24, 2023; Press release )