• Loading stock data...
Thursday, June 26, 2025

Connected Fitness Giant Tonal to Cut 35% of Workforce

  • The fitness company currently employs roughly 750 people.
  • It also plans to cut back on advertising to alleviate customer acquisition costs.
Someone working out with a Tonal machine.
Tonal

Smart home gym-maker Tonal is slashing 35% of its workforce — adding to a growing list of connected fitness companies restructuring their businesses, according to CNBC. 

Tonal — backed by a star-studded group of investors including Serena Williams, LeBron James, Steph Curry, and others — is cutting its workforce to become profitable as it aims to go public. 

  • The fitness company currently employs roughly 750 people.
  • Before the pandemic, its workforce stood at just over 110 employees.
  • The company has yet to become profitable since its launch in 2015.
  • It also plans to cut back on advertising to alleviate customer acquisition costs. 

Tonal benefited from high demand for connected fitness equipment during the pandemic. In March 2021, it completed a $250 million Series E funding round at a $1.6 billion valuation

Led by Dragoneer Investment Group, the round included L Catterton, Sapphire Ventures, Cobalt Capital, and athletes Drew Brees, Mike Tyson, Sue Bird, and Maria Sharapova.

To date, Tonal has raised $450 million in fresh capital. 

Connected Cuts 

Tonal joins Peloton in connected fitness companies cutting jobs. On Tuesday, Peloton announced it will suspend operations at its Tonic Fitness Technology, Inc. facility. Around 600 Tonic employees will be laid off as part of the transaction, according to Bloomberg.

Peloton acquired the Taiwan-based equipment manufacturer in 2019 for $47.4 million.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

exclusive

LeBron James’s Growing Amazon Ties Could Lead to Prime Role

James has praised Prime’s NBA talent hires for the 2025–26 season.
Jun 5, 2025; Oklahoma City, Oklahoma, USA; Indiana Pacers guard Tyrese Haliburton (0) passes the ball past Oklahoma City Thunder guard Shai Gilgeous-Alexander (2) during the second quarter during game one of the 2025 NBA Finals at Paycom Center.

Is the Lack of Star Power Fueling the Decline in NBA Finals..

NBA Finals ratings have declined steadily in recent years.
Jun 6, 2024; Boston, Massachusetts, USA; Shaquille O'Neal looks on before the game between the Boston Celtics and the Dallas Mavericks in game one of the 2024 NBA Finals at TD Garden.

Shaq’s $1.8M FTX Settlement May Be a Great Deal in the Long..

Tom Brady, Steph Curry, and others still face billions in potential damages.

Featured Today

Mar 15, 2025; Fort Worth, TX, USA; UAB Blazers forward Yaxel Lendeborg (3) dribbles the ball upcourt against the North Texas Mean Green during the first half at Dickies Arena

NIL Is Shrinking the Pool of NBA Draft Entrants

Agents are now advising many players to stay in school.
Apr 24, 2025; Green Bay, WI, USA; Penn State Nittany Lions defensive end Abdul Carter on the red carpet before the 2025 NFL Draft at Lambeau Field
June 21, 2025

‘More Is More’: The Elite Luxury Jewelers Decking Out Athletes

Meet the elite group of luxury designers crafting the biggest statement pieces.
Dec 5, 2024; Miami, FL, USA; FIFA president Gianni Infantino presents the FIFA Club World Cup trophy during the Club Word Cup draw at Telemundo Studios.
June 15, 2025

Revamped Club World Cup Is FIFA’s Billion-Dollar Gamble

The revamped soccer event debuts amid controversy.
Jun 10, 2025; Nashville, Tennessee, USA; United States head coach Mauricio Pochettino stands during the anthem against the Switzerland during the first at Geodis Park
June 14, 2025

Gold Cup Is Complicated for USMNT—but U.S. Soccer Has Its Eyes on..

Uncertain tournament success isn’t fazing forward-looking U.S. soccer.
Sponsored

Win. Advance. Repeat: The Professional Fighters League’s Rise to Prominence 

As of 2025, PFL has introduced a World Tournament format, where every fighter must battle through a high-stakes bracket to reach a championship.
Sponsored

How On Location is Redefining the Olympic Winter Games Hospitality Experience

As the Olympic Winter Games Milano Cortina 2026 approaches, On Location—the Official Hospitality Provider—is redefining luxury hospitality.
The 2018 Ragin' Crossfit Games are held at Blackham Coliseum in Lafayette.
March 14, 2025

CrossFit for Sale After Years of Drama and Attrition

The intense fitness workout got popular in the early 2000s.
Sponsored

Hottest Matchups Following NFL Schedule Release

The NFL released the 2025 regular-season schedule, and anticipation is already building in the ticket marketplace with four months to go.
Sponsored

How On Location is Redefining the Olympic Winter Games Hospitality Experience

As the Olympic Winter Games Milano Cortina 2026 approaches, On Location—the Official Hospitality Provider—is redefining luxury hospitality.
Sponsored

The Surprising Ingredient That Can Improve Your VO2 Max

In the high-stakes world of sports, VO2 max—or maximum oxygen consumption—has emerged as a critical marker of endurance and performance.
Peloton Bike
October 31, 2024

Peloton Earnings Beat Expectations As It Still Loses Subscribers

Peloton tapped Peter Stern, former Ford executive and cofounder of Apple Fitness+, to be its new CEO.
September 4, 2024

Under Armour Sells MapMyFitness Back to Founders 11 Years Later

The founders sold the tracking app to the apparel giant in 2013.