Peloton Is Ready To Row

Peloton has officially teased its new rowing machine, adding to its lineup of bikes and treadmills.

The announcement comes one week after the fitness company released third-quarter earnings, reporting $964.3 million in revenue but missing analysts’ estimates of $972.9 million.

Official details of the launch weren’t disclosed, only that the machine is “coming soon.” 

Reports of a Peloton rowing machine have been surfacing since 2018.

Peloton has been trying to turn its business around since CEO Barry McCarthy took over in February.

• Earlier this month, the company signed an agreement with JPMorgan and Goldman Sachs — the companies that led Peloton’s IPO — to borrow $750 million in long-term debt.
• Peloton announced in April it would be raising its subscription prices in the U.S. and Canada while lowering its hardware prices.
• McCarthy also said during the company’s earnings call that third-party retailers would likely be in the mix soon.

New Fitness Trend?

With the details of its new rowing machine, Peloton is dipping its toes into a space that could boast major financial potential.

Peloton joins Hydrow, for example, in the connected rowing space. In March, Hydrow raised $55 million in a Series D funding round led by Constitution Capital. The company now has more than $255 million in total funding.