Shark Tank Pitch

Nexersys Shark Tank Update

Published:

3m

Austin, TX

Nexersys Shark Tank Update

Pitch Overview
NameNexersys
Main PresentersTerry Jones
Presenter Image
Nexersys Entrepreneurs: Terry Jones
Product Image
Nexersys Product Image
Last Known in Business1/28/2023
Main Location

Austin, TX

Order Shown in Episode3
Final DealAll Sharks went Out

Nexersys Shark Tank Pitch

Terry Jones created Nexersys, a next-generation exercise system. Nexersys is a punching exercise and interactive game with a built-in screen.

Terry spent $1 million running infomercials last year. In 18 months, Terry Jones has $4.2 million in sales. Terry projects to reach profitability later this year. Nexersys sells 70% commercial units at $7k a unit targeted towards gyms and 30% a $3k model for home use. The company has $7.5 million in shareholder debt. There are 60 investors in Nexersys. Terry has put some money in and owns 35% of the company.

Kevin fears that Nexersys will be unable to repay its debt, and the creditors will take over ownership of the company and its assets, leaving Kevin losing his entire investment. While the sharks find the machine a decent product, the massive debt scares all the sharks out.

Offers

Made ByLabelSharks Part of DealSummary
CompanyOffered$2 million for 10% of company
SharksOutSteve TischOut
SharksOutKevin O'LearyOut
SharksOutMark CubanOut
SharksOutDaymond JohnOut
SharksOutLori GreinerOut
Mark Cuban
Mark Cuban

Mark Cuban

Out

Daymond John
Daymond John

Daymond John

Out

Kevin O'Leary
Kevin O'Leary

Kevin O'Leary

Out

Lori Greiner
Lori Greiner

Lori Greiner

Out

Steve Tisch
Steve Tisch

Steve Tisch

Out

Updates in Shark Tank Episodes

Update SeasonUpdate Episode
No Episode Updates

Nexersys After Shark Tank

In 2013 Nexersys ran a Kickstarter campaign under the name King of the Ring with a goal of raising $150k, however only raised $13k.
Terry Jones provided an update in 2018. After Shark Tank, they experienced a lot of website traffic, and their sales soared. They also made a large portion of their income from licensing their software to other companies. By 2018 Nexersys became debt free, which they reiterated to be true in 2020.
According to a document filed with sec.gov , in 2017 Nexersys had its assets foreclosed upon by its lender. A newly formed company called XFit purchased the remaining assets and continued doing business under the name Nexersys. I'm not a legal professional but perhaps this was simply a method of paying off their debt and restructuring the company. According to Terry Jones' LinkedIn , Terry has remained the CEO since 2010 and continues to do so in 2023.
Terry did an interview in 2021 on YouTube . Terry said they have continuously improved the software and planned to roll out a subscription model for premium services in 2022. They are working with Microsoft to integrate the latest technology. They seem to be modeling themselves off Peleton and have an upbeat work environment. Terry enjoys traveling and mountain biking in his spare time.

Marlen Esparza won a bronze medal in boxing at the 2012 London Olympics. She was a Nexersys user and came on Shark Tank to help push Nexersys on her own desire to help. Terry said that various professional athletes use their products.

According to a 2020 document with sec.gov , Nexersys did $766k revenue in 2018 with a $193k loss and $932k revenue in 2019 with a $578k loss. XFit attempted to raise new money from investors around this time.
Nexersys' website is nexersys.com , where as of 2023, they sell several of their fitness products. As of 2023, they are active on their Instagram, @nexersys , and their Facebook . They last posted their Twitter, @NEXERSYS , in 2021.

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