NANO-CAP RISK ALERT: TRNR — 99/100 ON THE DILUTION SCALE

Interactive Strength Inc. (TRNR) is in nano-cap territory. DilutionScore: 99/100.

Nano-caps operate differently. The margin for error in capital structure is basically zero. A single bad raise can permanently impair the float.

Why nano-caps get flagged more aggressively:

• Any offering is a large % of outstanding shares
• Institutional participation is rare, so terms are usually worse
• Reverse splits often follow failed raises
• Management incentive alignment is lower

This score reflects the structural conditions. Whether the underlying business has merit is a separate conversation.

DW analysis: https://dilutionwatch.com/ticker/TRNR

In nano-caps, capital structure isn't a detail. It's the ballgame.