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.