Peloton Interactive (NASDAQ: PTON) is making great progress in capturing its addressable market. Connected fitness subscribers more than doubled to 1.09 million last quarter. Peloton has estimated its serviceable addressable market to be 14 million, but management discussed three things on the recent earnings call that could raise that number.
Peloton primarily makes money from selling connected fitness products (the Peloton Bike and Tread) and subscriptions to workout programs. It's likely Peloton will expand its product portfolio with other exercise equipment over time, but right now, there seems to be plenty of opportunity in just improving the existing lineup.
Image source: Peloton Interactive.