Peloton opened preorders in the United States for its new $3,195 rowing machine. The move marks the latest portfolio expansion by the exercise equipment and media company.
A new product may help Peloton achieve its goal of breakeven cash flow on a quarterly basis in the second half of fiscal 2023 and help the company's stock. Shares are down more than 70% year to date.
PELOTON INTERACTIVE INC.
PELOTON CO-FOUNDERS JOHN FOLEY, HISAO KUSHI RESIGN IN LEADERSHIP SHAKEUP
The Peloton Row will deliver highly-personalized workouts that will allow members to tailor each routine to their specific abilities, needs and fitness goals. According to Peloton, rowing is known for being an efficient, low-impact exercise, working 86% of muscles in as little as 15 minutes.
"Peloton Row will introduce more people to this incredibly efficient and effective discipline and keep them motivated no matter where they are on their fitness journey," said co-founder and chief product officer Tom Cortese said in a statement.