U.S. consumer discretionary company · listed on Nasdaq · sells a hardware device paired with a subscription service.
Clue 2 · The Numbers
Revenue peaked near $4 billion during the pandemic boom, then cratered — the stock fell over 90% from its all-time high, becoming a cautionary tale of pandemic darlings.
Clue 3 · The History
Founded in 2012 in New York City, the company raised money on Kickstarter to build its first product and went public in 2019.
Clue 4 · The Secret
The real moneymaker was never the hardware — it's the monthly subscription that locks customers into live and on-demand fitness classes led by celebrity instructors.
Clue 5 · The Lore
A 2019 holiday ad sparked a cultural firestorm when viewers called it tone-deaf, and the brand got a second wave of bad press after a major TV character died on one of its bikes.
Clue 6 · The Giveaway
You've seen it in living rooms across America: a stationary bike with a screen where an enthusiastic instructor screams encouragement while you pedal nowhere at $44 a month.