Fitness equipment company Nautilus is considering a sale of the company as part of a review of strategic alternatives.

Nautilus — maker of gym equipment, exercise bikes, and treadmills as well as the owner of Bowflex and Schwinn indoor cycling bikes — stated the review will “identify opportunities to accelerate the company’s digital transformation … and enhance shareholder value.”

The company aims to reach $1 billion in revenue with 2 million digital members by the end of fiscal 2026. 

Last month, the company reported first-quarter net sales of $54.8 million, a 70.3% year-over-year decline but an 11% increase from pre-pandemic Q1FY2020. In the past 12 months, the company’s stock plummeted nearly 84% to a market cap of $52.8 million.

Nautilus doesn’t have a time frame to conclude the board-launched review, which arrives shortly after the company announced board member Anne Saunders would become board chair.

Nautilus reported multiple record quarters in its last fiscal year, but is now facing tough decisions similar to other connected fitness companies as people return to the gym. 

Peloton, which reported a 28% year-over-year decline in fourth-quarter revenue to $678.7 million, recently announced plans to eliminate nearly 800 jobs. Tonal, which is backed by Serena Williams and LeBron James, announced plans to cut 35% of its workforce in July.