Financial Performance - Total revenue for Q2 2024 reached 621,000,a96.4316,000 in Q2 2023[5] - Membership revenue surged to 207,000inQ22024,comparedto32,000 in Q2 2023, marking a 546.9% increase[5] - Net loss for Q2 2024 was 10,637,000,animprovementfromanetlossof13,602,000 in Q2 2023[6] - The company reported a total comprehensive loss of 10,639millionforQ22024,comparedto13,738 million in Q2 2023[6] - The net loss for the six months ended June 30, 2024, was 22,031thousand,animprovementfromanetlossof29,563 thousand for the same period in 2023, representing a 25.5% reduction[11] - The net loss attributable to common stockholders for the six months ended June 30, 2024 was 22.0million,comparedtoalossof29.6 million for the same period in 2023[150] Assets and Liabilities - Total assets increased to 37,765,000asofJune30,2024,upfrom16,802,000 at the end of 2023[3] - Current liabilities rose to 35,599,000inQ22024,comparedto21,534,000 in Q4 2023, reflecting a 65.3% increase[3] - Total liabilities rose to 37,352,000asofJune30,2024,from22,354,000 as of December 31, 2023[3] - The total outstanding debt as of June 30, 2024, was approximately 17.2million,allclassifiedascurrentliabilities[19]−AsofJune30,2024,theCompanyhadanaccumulateddeficitof188.9 million[19] Cash Flow and Financing - Cash and cash equivalents stood at 156,000asofJune30,2024,comparedto0 at the end of 2023[3] - Net cash used in operating activities decreased to 5,160thousandforthesixmonthsendedJune30,2024,comparedto11,200 thousand for the same period in 2023, indicating a 53.9% improvement[11] - The company’s cash flows from financing activities provided 6,673thousandforthesixmonthsendedJune30,2024,comparedto13,687 thousand in the same period of 2023, indicating a 51.2% decrease[11] - The Company incurred offering costs amounting to 4.6millionthroughtheIPOand0.3 million related to a Public Offering completed in July 2024[26] Stockholder Equity - Total stockholders' equity improved to 413,000inQ22024fromadeficitof5,552,000 at the end of 2023[4] - As of June 30, 2023, total stockholders' equity was 5,011,000,withanaccumulateddeficitof145,101,000[8] - The balances at March 31, 2023, showed total stockholders' equity at (131,490,000)[8]−AsofMarch31,2024,totalstockholders′equity(deficit)standsat(178,300) thousand[10] Expenses - Total operating expenses decreased to 7,002,000inQ22024from10,800,000 in Q2 2023, a reduction of 35.5%[5] - Research and development expenses for Q2 2024 were 2,474,000,slightlyupfrom2,326,000 in Q2 2023[5] - Stock-based compensation for the quarter was 4,510,000[8]−Thecompanyreportedstock−basedcompensationof6,291 thousand for the six months ended June 30, 2024, a decrease from 18,938thousandinthesameperiodof2023,reflectinga66.816.1 million, which included cash, common stock, preferred stock, and the retirement of senior debt[17] - The acquisition of CLMBR is expected to accelerate the Company's commercialization path and enhance its growth in connected fitness equipment and digital fitness services[162] - The Company recorded a gain of 1.3millionrelatedtothechangeinfairvalueoftheearn−outliabilityassociatedwiththeCLMBRacquisition[166]ComplianceandRegulatory−ThecompanywasnotifiedbyNasdaqthatitdidnotcomplywiththeminimum2,500,000 stockholders' equity requirement for continued listing[20] - The company has until November 14, 2024, to demonstrate compliance with Nasdaq listing requirements[20] - The company regained compliance with Nasdaq Listing Rule 5550(a)(2) regarding minimum bid price of $1.00 as of July 8, 2024[173] Market and Operations - The Company operates in the United States, the United Kingdom, and Taiwan, with substantially all long-lived assets held in the United States[24] - The Company has one operating segment focused on the development and sale of its at-home fitness technology platform[23]
