Interactive Strength Inc. TRNR shares are trading higher premarket on Tuesday. The company, which makes specialty fitness equipment under the CLMBR and FORME brands, disclosed that Armah Sports Group‘s B_FIT is installing CLMBRs in three of its nine locations in Saudi Arabia.
Armah Sports Group, which is expanding its two brands—premium brand B_Fit and high-end concept Optimo—has secured a $48 million credit facility to support further club expansion in key Saudi cities.
Trent Ward, Co-Founder and CEO of TRNR, said, “Armah Sports Group and the Al Hagbani family are pioneers of the fitness market in Saudi Arabia, and we are honored that that they have selected to install CLMBRs in key B_FIT locations.”
”In the five years since Fahad Al Hagbani founded Armah, they have already opened twelve locations across their two brands and we are excited to grow with them.”
Al Hagbani, Armah Sports Group’s Co-Founder and CEO, added, “Saudi has a great potential, the fitness market has doubled since 2017 and is expected to double again by 2027. There are so many drivers behind this growth.”
This month, Interactive Strength reported a third-quarter loss per share of $1.53, with sales of $2 million.
Price Action: TRNR shares are up 62.1% at $4.10 premarket at the last check Tuesday.
Image via Unsplash.
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