Stages Cycling Re-Starts Trading

Following the bankruptcy of Stages Cycling, much of the company’s debt was owed to bike manufacturer Giant, which subsequently acquired its assets. These include power meters, indoor training bikes for consumers and gyms, bike computers, and more. Since the acquisition, the brand has remained quiet—until now.

We are honored to officially welcome Stages Power meters into the Giant Group and to reignite the brand’s deep connection with the global cycling community…Our commitment to delivering industry-leading power measurement technology and intelligent training solutions is stronger than ever. This brand relaunchnot only marks a major milestone for Stages Cycling, but also represents a strategic advancement in giant Group’s smart global cycling initiative. empowering riders around the  world to reach new heights in their cycling journey” [D. Yu, President, SPIA CYCLING]

Background: Bankruptcy and Acquisition

In June 2024, faced a significant setback when its parent company, Foundation Fitness LLC, filed for Chapter 11 bankruptcy. This followed the closure of its operations and the layoff of its entire workforce in April 2024. A significant factor in Stages’ financial distress was its substantial debt, including approximately $14 million owed to Giant for unpaid invoices and manufactured products. Giant had initiated a lawsuit against Stages in April 2024 to recover these funds, but the legal action was dropped as part of a larger agreement.

Giant Sues Stages and Recruits Top Talent

In September 2024, through its subsidiary SPIA Cycling Inc., Giant acquired Stages Cycling’s assets for $20.1 million following a competitive bidding process in a U.S. bankruptcy court. The acquisition included Stages’ intellectual property, manufacturing facilities, and product lines, encompassing crankarm-based power meters, indoor training bikes for consumer and commercial gym markets, and bike computers (such as the Dash M200 and L200). However, Foundation Fitness, which continues to manage commercial gym products, remained in Chapter 11 bankruptcy and was not part of Giant’s acquisition. The deal faced opposition from some creditors and an inventor involved in a patent dispute. Still, it was ultimately approved by a bankruptcy judge, marking a pivotal moment in the saga.

Relaunch of Stages Cycling

Two days ago, (June 24, 2025), Giant relaunched Stages Cycling, focusing initially on its crankarm-based power meter lineup. The relaunched portfolio includes left-only, right-side, and dual-sided power meters, updated for compatibility with modern Shimano cranksets such as the XTR M9200 and XT8200.

Stages Gen 3 Review | Stages Generation 3 Power Meter G3 PM LR Dual |

Other Acquired Assets

No confirmation yet regarding plans for Stages’ other product lines, such as bike computers. The acquisition included these assets, but Giant has not yet announced whether it will resume production or sales of these products.

Industry Context and Challenges

Stages Cycling’s financial difficulties reflected broad challenges in the cycling industry. The post-COVID market saw a surge in demand followed by oversupply, leading to inventory backlogs and financial strain for many brands. Stages faced additional pressure from a competitive power meter market, with rivals like SRAM, Favero, Garmin, and Wahoo offering advanced alternatives. Supply chain disruptions and reliance on third-party manufacturing accelerated Stages’ move toward bankruptcy.

Public uncertainty around what comes next probably stems from Giant’s strategic focus on first integrating power meters into its existing portfolio, which nicely complements its branded bikes and accessories. The market for indoor bikes and bike computers is highly competitive, and Giant is almost certainly evaluating whether and how reintroducing these products can work alongside its product portfolio.

Take Out & Opinion

The Stages brand is too strong to let die. It was used in the pro peloton after all.

The relaunch of its power meters is perhaps no surprise, even though that market is highly competitive. Whilst the company appears to be ramping up its sales to consumers, I strongly suspect that Giant will underpin this by including Stages power meter tech on its new bikes. Bike manufacturers want to add value to new bike sales with pre-installed accessories like bike computers, lights and power meters. These increase the ticket price, cut out the middlemen in the after-market, and represent a discount for the buyer. It’s a win-win scenario…unless you are a retailer of power meters and bike computers.

I’m unsure if Giant will continue rebranding Stages’ bike computers in their current form. That would be an easy option. However, although its bike computers are pretty nice and reasonably well featured, they are a little ‘odd’ in use. Essentially, it needs a complete overhaul of its hardware and interface, probably a new operating system base, and the company needs to play feature catch-up, adding wider abilities to its ecosystem, commonly found in Garmin and Wahoo bike computers. That is a significant undertaking.

Sources and Resources

• Giant – Main site
• Stages cycling – Main site
• Giant Newsroom
• Stages Newsroom