Nautilus (NLS) Announces Strategic Review, Including Potential Sale

Nautilus, Inc. (NYSE: NLS) (“Nautilus” or the “Company”), an innovation leader in home fitness for over 30 years, today announced that its Board of Directors (the “Board”), with the support of management, has launched a comprehensive review of strategic alternatives, which may include a potential sale of the Company, to identify opportunities to accelerate the Company’s digital transformation under its previously announced North Star plan and enhance shareholder value.

“We have made tremendous progress executing our North Star strategy and transforming Nautilus from a product-led hardware company to a consumer-led, digitally connected company,” said Anne Saunders, Chairman of the Board. “Given the dynamic market environment and growth of the home fitness sector, as well as the potential we see to accelerate North Star, the Board felt the time was right to review strategic options.”

CEO Jim Barr said, “With a portfolio of innovative products and leading brands, and a wide and growing omni-channel distribution network, Nautilus is well-positioned to deliver long-term growth and profitability. Further, we continue to expand our digital fitness platform, JRNY®, which exceeded 360,000 members as of June 30, 2022.”

Mr. Barr continued, “Regardless of the outcome of this process, the future is bright for Nautilus. Our recent investments have allowed us to reach more of our target customers, grow our member base, add new retailer partners, and expand our supply chain capacity. Given the state of the at-home fitness ecosystem, we believe the timing is right to comprehensively assess any opportunities that may accelerate our transformation and enhance value for our shareholders, while also benefitting our customers, employees, and vendors.”

The Board has engaged Evercore as a financial advisor to assist in the process. The Board has not set a timetable for the conclusion of this review and there can be no assurance that the review will result in any transaction or other strategic change. Nautilus does not intend to comment regarding developments in the process, unless it determines that further disclosure is appropriate or necessary.

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