Award-winning fitness Innovator FORME (NASDAQ: TRNR) is Taking the Smart Home Gym Industry and Wall Street by Storm
After completing product development with $100M+ from over 400 investors in its technology platform, FORME (NASDAQ: TRNR) is ready to commercialize it’s game changing at home fitness offering
There is a big innovation push within the made for consumer fitness equipment market. The evolution of fitness machines has been taken to new heights by the tech sector and smart home gym connected hardware have been the latest rage.
On-demand content through fitness apps is yesterday’s news. Imagine having the perfect gym and your own, real personal trainer (not AI). And what if that gym wasn’t across town, but in your living room. . FORME is offering just that and this emerging company is connecting consumers with personal trainers and introducing a new way to train from home.
The company has created an all-in-one smart home gym designed to connect people with real, elite coaches in all areas of fitness and wellness, including personal training and specialized sport instruction, nutrition, sleep, mindfulness, and injury rehabilitation.
FORME’s smart home gyms have been recognized by major fitness publications in 2023, such as Men’s Health, Shape, and Good Housekeeping as the best in at-home fitness.
The company recently went into mass production of its smart home gym products and is raising capital to fund commercialization and rapid growth.
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Peloton revolutionized the fitness industry by bringing the cardio gym to the home… newly traded FORME (NASDAQ: TRNR) is creating a brand-new health and fitness evolution!
Greetings Investors,
The U.S. health and fitness industry is booming and is showing no signs of slowing down anytime soon.Staying healthy and looking good will never go out of style and the pandemic forced more people to take their health routines at home. This evolution changed the at home fitness market considerably and created a market for FORME to thrive in.
This puts the spotlight on FORME (NASDAQ: TRNR),
a newly public digital fitness company that combines award-winning smart home gyms with 1:1 personal training (from real humans).
The company has a goal to deliver an immersive experience and better outcomes for BOTH consumers and trainers.
The combination of stay-at-home exercise and socially distanced socializing has led to a “new normal” in health and fitness. The home-fitness equipment business grew by 170%, and fitness app downloads grew by 46% worldwide.
The Peloton (NASDAQ: PTON) brand (which has a $5B+ market cap) became a household name, and other similar products like the Mirror, Hydrow, and Tonal also entered the market, backed by celebrity endorsers.
There have always been proponents of at-home workouts, but the justification for many to avoid the gym is now more profound than ever since the pandemic. This will undeniably affect the popularity of gyms moving forward and emphasize the growing at-home workout arena.
This Has Created a Large Opportunity for FORME (NASDAQ: TRNR) to Become a New Household Name in the Multi-Billion-Dollar Fitness Space!
THE TOP REASONS TO HAVE TRNR ON YOUR RADAR:
Through years of research and development, FORME has developed the smartest business model compared to its peers that is designed to generate high annual recurring revenue.
FORME began mass production of its smart home gyms at the end of 2022 and is already sold out.
The company’s current product portfolio, which consists of FORME Studio, FORME Studio Lift, and health coaching services, including a VOD membership, and Live 1:1 personal training, addresses a large consumer base.
The Company’s management includes industry leaders who bring strength in finance and fitness: Trent Ward, Chief Executive Officer, who had a successful career in finance having worked at Citadel, Deepak Mulchandani, Chief Technology Officer, who was on the management team of Peloton.
FORME is differentiated as the only company to offer live 1:1 and asynchronous coaching memberships from the industry’s highest quality personal trainers.
According to the 2021 Global Wellness Institute, total global spending in the wellness industry in 2020 was $4.4 trillion, of which approximately $740 billion was spent on fitness and other categories of wellness, including yoga, barre, and Pilates.
Online/digital fitness, fitness apps, fitness equipment, and fitness tracker markets all experienced significant growth due to the pandemic.
One of the best ways to protect, improve and transform your health is to work with an expert and FORME has hired a team of world-class trainers in the fitness and wellness industry.
FORME designed their product portfolio to be modular and customizable so that their product and service offerings can be tailored to a broad range of fitness goals, budgets, and needs, thereby accessing a larger addressable market.
According to the company’s research, they believe their total addressable market includes nearly 10 million households, representing total potential revenue of $18 billion, all of which is in the United States.
Company Overview
The company offers Live 1:1 personal training as a monthly membership starting at $399, which includes four Live 1:1 training sessions per month, unlimited custom workouts (through the Company’s Custom Training offering), and access to their VOD library. They have additional plans available for members who want to train live more frequently and/or need more customization from a health coach.
FORME's services are accessible via download, streaming through their connected fitness hardware products, or streaming through the FORME Studio app, which is available through iOS mobile devices and most iOS tablets and computers.
FORME’s Quality is being validated by key industry gatekeepers!
The company also has an impressive and experienced management team including a CTO who worked at Peloton!
This is an exciting time to pay attention to FORME’s stock (Nasdaq: TRNR), as the company is now ready to commercialize after a recent IPO
In the last five years, FORME has raised $120M from investors during development. The money from its IPO will help the company transition to rapid growth as it forges ahead with its commercialization efforts.
High-quality personal trainers -
50 in-house and growing
High-quality trainers – Better value and availability through virtual sessions
Wellness services are gaining share
and coaching services are just starting to digitize.
In fitness, nearly 70% of spending has historically been weighted toward products rather than services, according to McKinsey. However, wellness services and apps are gaining ground. According to McKinsey, in 2022, approximately 45% of consumers intend to spend more on wellness services or app-based wellness services over the next year, while approximately 25% intend to spend more on fitness products.
Health coaching can often result in optimal fitness outcomes because coaches offer expert guidance, accountability, and motivation, but the Company believes that these services have historically been inaccessible to many due to cost and lack of convenience. The company believes digitization can lower the cost of personal training and health coaching, primarily due to lower distribution costs relative to gyms. Further, digitization can increase peak capacity and utilization for service providers, and increase convenience for clients.
Studio Connected Fitness Hardware Products
The company’s connected fitness hardware products include the Studio, launched in 2021, the Studio Lift, launched in 2022, and various accessories, including the Barre attachment that can be used with both products. The Studio and Studio Lift were both designed to provide an immersive workout experience delivered through innovative hardware, software, and VOD content.
- Two smart home gym products - the Studio (fitness mirror) and the Studio Lift (fitness mirror + digital weight system)
- Designed by renowned industrial designer, Yves Behar
- Life-like 43” 4K reflective display (largest and highest res display on the market), Easy to use, touchscreen display, Automated weight adjustment during classes & live sessions, Variable resistance of up to 100 lbs per arm
- Recipient of multiple Smart Home Gym awards in 2023 from major fitness publications, including Men’s Health, Shape, and Good Housekeeping
The Studio (fitness mirror) $2,495
The Studio is the company’s base product and features a 43-inch 4K ultra high definition (“UHD”) touchscreen display, which is among the largest and highest definition screens in the connected fitness equipment market, and two front-facing 12 megapixel (“MP”), wide angle cameras designed to facilitate seamless live interaction with a trainer.
The Studio Lift (fitness mirror and cable-based digital resistance) $5,995
- The Studio Lift also features two cable-based resistance arms that can provide up to 100 pounds of resistance per arm.
- The products ship with a set of premium accessories that are included with purchase. FORME also offers add-on accessories, including barre, a unique accessory that attaches to the Studio or Studio Lift and enables members to incorporate a wooden ballet barre into their barre routines.
Go-to-market strategy focused on efficient customer acquisition
The design and technology of the platform enables members to engage in a virtual yet truly immersive training experience, whether through On-Demand classes or through Live 1:1 personal training services.
The company’s VOD content library and instruction and health coaching services are accessible via download or streaming through its connected fitness hardware products, as well as via streaming through the Studio app.
They are offered at different price points depending on format and, in the case of Live 1:1 training, personal training services, depending on the needs of the member and the experience level of the personal trainer.
Demand for convenient fitness options.
Household trends, work from home, and the rise of mobile technology make it challenging to balance time between family, work, and personal health and wellness, resulting in increasing demand for convenient fitness options. Digitization increases convenience of fitness options for consumers, enabling them to train from home and increasing flexibility to schedule with trainers from different time zones. Trainers are increasingly becoming attracted to digital platforms as well. Digital platforms reduce the time spent on traveling to clients, while value-added tech tools increase efficiency and effectiveness. According to the Personal Trainer Development Center, nearly 83% of trainers plan to offer virtual services compared to 40% of trainers prior to the COVID-19 pandemic.
Growth strategies - Increase uptake of add-on services through compelling member experience.
The company intends to increase uptake of its add-on memberships and services by providing a compelling member experience focused on introducing members to the variety of services available on its platform and specifically, the value-added benefits of its coaching and personal training offering. believes their ability to provide service offerings at several price points will serve as a valuable lever for growth by increasing overall service revenues over time.
Business model - attractive recurring revenue combined with hardware
The company’s financing programs have successfully broadened their base of members by attracting consumers from a wider spectrum of ages and income levels.
A Big Addressable Market
Over the five years to 2022, revenue for the Personal Trainers industry is estimated to rise at an annualized rate of 1.9% to $12.3 billion, including a 0.2% increase in 2022 alone.
At-home fitness has really expanded its reach in the last two years, with 85% of those surveyed by GoodFirms emphasizing "the importance of emotional, mental, and spiritual health to promote overall physical wellness and quality of life."
Successful brands should seek ways to incorporate their products into a broader scope of wellness, looking at all forms of healing.
Companies like (NASDAQ: TRNR) with the vision to adapt, innovate and diversify health and fitness, stand to gain loyalty by bringing consumers more choice, more flexibility and more direction in how to train.
Growth Opportunity - Strength is Bigger than Cardio and Just Beginning
Sales and Marketing and Member Support
FORME’s goal is to increase brand awareness and purchase intent for its products and services. The company markets its products through various paid channels including Facebook and Google, as well as through unpaid channels driven by referrals and public relations initiatives.
Direct to Consumer, Multi-Channel Sales Mode
The company sells its products directly to customers through a multi-channel sales platform that includes e-commerce, inside sales, and retail locations and showrooms. Sales associates use customer relationship management tools to deliver a personalized and educational purchase experience.
IN SUMMARY
There’s now widespread availability of tech-inspired home gym equipment that’s creating a new culture of fitness and redefining what it means to work out from home.
Home gym systems have become more popular in the last year, and many consumers are opting to stick with at-home workouts instead of flocking to public gyms even as the pandemic winds down. Exercising at home appears here to stay and makes (NASDAQ: TRNR) a very exciting narrative to keep a close eye on!
Recently debuted on the NASDAQ with a current market cap of (...), this fitness company may be on the precipice of garnering major market attention!
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