Shark Tank Update
Shark Tank Pitch
Nexersys Shark Tank Update
Published:
3m
Austin, TX
| Name | Nexersys |
|---|---|
| Main Presenters | Terry Jones |
| Presenter Image | |
| Product Image | |
| Last Known in Business | 1/28/2023 |
| Main Location | Austin, TX Loading Map |
| Order Shown in Episode | 3 |
| Final Deal | All 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 By | Label | Sharks Part of Deal | Summary |
|---|---|---|---|
| Company | Offered | $2 million for 10% of company | |
| Sharks | Out | Steve Tisch | Out |
| Sharks | Out | Kevin O'Leary | Out |
| Sharks | Out | Mark Cuban | Out |
| Sharks | Out | Daymond John | Out |
| Sharks | Out | Lori Greiner | Out |
Mark Cuban
Out
Daymond John
Out
Kevin O'Leary
Out
Lori Greiner
Out
Steve Tisch
Out
Updates in Shark Tank Episodes
| Update Season | Update Episode |
|---|---|
| No Episode Updates | |
Nexersys After Shark Tank
In 2013 Nexersys ran a Kickstarter https://www.kickstarter.com/projects/nexersys/king-of-the-ring-0 campaign under the name King of the Ring with a goal of raising $150k, however only raised $13k.Link Preview
Kickstarter
Terry Jones provided an update https://nexersys.com/the-sharks-spoke-we-listened 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.Link Preview
update
According to a document filed with sec.gov https://www.sec.gov/Archives/edgar/data/1783556/000178355620000001/formc-ar.pdf https://www.linkedin.com/in/terryjonesnexersys, 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 Link Preview
sec.gov , Terry has remained the CEO since 2010 and continues to do so in 2023.Link Preview
LinkedIn
Terry did an interview in 2021 on YouTube https://youtu.be/CqCpCr5K4Q0. 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.Link Preview
YouTube
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 https://www.sec.gov/Archives/edgar/data/1783556/000178355620000001/formc-ar.pdf, 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.Link Preview
sec.gov
Nexersys' website is nexersys.com https://nexersys.com https://www.instagram.com/nexersys https://www.facebook.com/nexersys https://x.com/NEXERSYS, where as of 2023, they sell several of their fitness products. As of 2023, they are active on their Instagram, @nexersys Link Preview
nexersys.com , and their Facebook Link Preview
@nexersys . They last posted their Twitter, @NEXERSYS Link Preview
Facebook , in 2021.Link Preview
@NEXERSYS
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