It would be hard to envision three years ago. Yet, as we sit here today, shares of Peloton Interactive (NASDAQ: PTON) are down 98% from all-time highs set back in 2021. The at-home fitness giant has seen its fortunes dwindle, with the share price down to a measly $3 as of this writing. It has seen stagnating subscriber growth, continues to lose money, and has a teetering balance sheet that just got refinanced.

What happened to Peloton stock? And what can investors learn from it? Let's take a closer look and find out.

Last quarter, Peloton's financials looked similar to the last few years, which is not a good thing. Subscriber numbers are stagnating, with paid-fitness subscriptions at slightly over 3 million, flat year over year and up 2% quarter over quarter. With equipment revenue dropping, Peloton's overall sales fell yet again in the quarter, down 4% year over year to $717 million.

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Source Fool.com