NexerSys Shark Tank Update | NexerSys after the Shark Tank Pitch
What is NexerSys?
NexerSys is a next-generation exercise system designed specifically for boxing and mixed martial arts (MMA).
It’s a hybrid of an interactive gaming platform with a fitness-related intelligence component.
With motion-sensitive punching and kicking pads, it provides a quick, entertaining, and efficient exercise for people of all ages and abilities—ideal for the weekend warrior fitness enthusiast or professional athlete.
Users choose an activity, and then a virtual personal trainer takes them through fitness regimens, rewarding them along the way with rewards, much like a video game.
At launch, there were two versions, one smaller in size for home usage and one larger for gym use, priced at $2995 and $7000, respectively.
NexerSys was founded and is led by Terry Jones. He earned a bachelor’s degree in business from Texas A&M University.
Terry has a history in sales and marketing, having held senior roles at a number of firms.
He continues to serve as Chief Executive Officer today, in addition to holding the post of Managing Director for a manufacturing and distribution firm.
Terry has always had a passion for exercise and fitness.
He was seeking for a fun and participatory approach to include an mixed martial arts /Boxing exercise into his home routine; sadly, nothing on the market met his criteria.
As a result, Terry founded the holding firm XFit Inc, which serves as the parent business for NexerSys, and chose to start his own.
He attempted to raise funds via Kickstarter in the spring of 2013 but was only able to raise $13K of his $150K goal.
While the Kickstarters were critical of NexerSys, their testimonial page is replete with glowing praise from satisfied customers.
After patenting and manufacturing the product, he promoted it on television shopping channels and via digital and print media marketing.
He generated $4.2 million in sales in the first 18 months after introduction. Nonetheless, the firm was not successful due to high production expenses and advertising expenditures; he also had a sizable shareholder obligation to repay.
Who is the Founder of NexerSys?
What happen to NexerSys at the Shark Tank Pitch?
Terry Jones appears on Shark Tank season 5 episode 16 in exchange for $2 million and a 10% stake in the NexerSys firm. This indicates a valuation of $20 million.
Jones invites Olympic athlete Marlen Esparza to demonstrate his method, which consists of a series of pads affixed to a frame shaped like a human.
The user enters their data into the computer, and the computer creates a customized exercise for them.
The device displays a succession of lights that indicate the location of the user’s strike on the pads. After that, the system provides input to the computer for analysis in preparation for future exercises.
Jones invites the Sharks to test out the system, saying that he’s included a “unique” avatar.
Kevin O’Leary expresses admiration, describing him as a “nice looking guy.” Naturally, the avatar is Mr. Wonderful himself, and Mark Cuban is quick to volunteer to beat up the digital counterpart.
Although O’Leary finds the avatar amusing, he is curious about the valuation. Over the last 18 months, sales have totalled $4.2 million.
The business is not lucrative currently, but he intends to turn a profit within a few months.
Mark requests the cost of production; the commercial unit costs little less than $2,000 to manufacture.
Kevin observes that the NexerSys is really a digital punching bag and inquires about the pricing – $7,000 for the commercial model, $2,995 for the personal model.
Daymond John is inquiring about debt. At the time of the broadcast, shareholder debt was at $7.5 million, a figure that alarms the Sharks.
Jones controls around 35% of the corporation. O’Leary doubts the $20 million valuation in light of the present debt load. Jones is optimistic about his ability to repay the loan.
Shark Guests “Excellent product, but far too much debt,” Steve Tisch comments. I’m leaving.”
O’Leary believes stockholders will force him into bankruptcy and seize his equity. He has departed.
Mark Cuban – claims they are aiming to drive him into bankruptcy and take all he has. Mark is perplexed as to how he has spent $7.5 million developing this equipment. He has departed.
Daymond John – believes he is in a third-round battle with Mike Tyson and is on the verge of knocking you out. He has departed.
Lori Greiner believes Jones will pay off his debts, but she “doesn’t want to put herself in that position.” She is no longer present, and Jones exits the Tank without a Shark deal.
NexerSys after the Shark Tank Pitch
NexerSys reports a 450 percent increase in sales. The boost in revenue enabled the firm to achieve profitability months ahead of schedule.
Numerous Convertible Subordinated Notes have been converted to stock, decreasing the business’s debt load, while the company continues to service the debt through cash flow.
Jones boasts a significant social media presence and sales expansion into various foreign regions.
NexerSys looks to be doing fairly well in its own right.
They introduced many goods, including a boxing trainer and a low-cost cross fit trainer ($295).
They continue to sell “industrial” versions for use in gyms. Annual sales will be $5 million in August 2021.
NexerSys Net Worth
At the Shark Tank the company was valued at $20 million.
Top Competitors of NexerSys Corporations
Pro Fitness, Yowza Fitness, TRUE Fitness, Advanced Fitness Group, ProMaxima Manufacturing, Stamina Products, Horizon Fitness and At Home Fitness.
What is NexerSys?
NexerSys is a fitness product that enables people to design their own workout routines. The system uses beams of light that show the user where to place a kick or a punch.
Who is the founder of NexerSys?
How much was he asking in the Shark Tank Pitch?
He was seeking $2 million investment for 10% stake in the company.
Did he get a deal from the Sharks?
Is NexerSys still in debt?
They have continued to grow and remain debt-free over the last few years, all while focusing on their primary objective of customer satisfaction. Additionally, they have launched their NEW N3 SERIES.
Was NexerSys successful?
He generated $4.2 million in sales in the first 18 months.
Does Terry Jones still own NexerSys?
At the time of the broadcast, shareholder debt was at $7.5 million, a figure that alarms the Sharks. Jones controls around 35% of the corporation.
Where is NexerSys located?
The Company is headquartered in Austin, Texas.
What is the company’s website?
The Company’s website is www.nexersys.com.
Who is the CEO of NexerSys?
How many difficulty levels are there?
The course is divided into three levels: beginner, intermediate, and advanced.
How many rounds can they do in a workout?
A workout may have a maximum of 15 rounds.
How many different types of workouts can they do with NexerSys?
With NexerSys, there are hundreds of possible training scenarios.
What program should they use for their workouts?
They advise everyone to begin at the beginning level. They can always go to the intermediate or advanced levels if necessary.
A minimum of five rounds will provide them with the most comprehensive workout experience, but they should adjust the number of rounds to their degree of comfort or the amount of time available for that activity.
How often should they use their NexerSys?
Active individuals should engage in at least 150 minutes of moderate-intensity aerobic physical exercise or 75 minutes of vigorous-intensity aerobic physical activity every week, according to experts.
NexerSys training regimens are high-intensity activities, thus 5 rounds, 5 days a week is recommended.
Three days every week is the bare minimum
What is net worth of Terry Jones?
What are the strengths of NexerSys?
The Company offers customers a unique, innovative training method. The physical trainer uses the device to design the workout for each individual.
What are the weaknesses of NexerSys?
NexerSys is an expensive product.
Is it possible to hit the NexerSys too hard?
Yes. NexerSys is not a children’s game. If they strike the unit too hard, they risk injuring themselves or causing damage to the machine.