Peloton is rolling out a software fix for its Tread and Tread+ treadmills after a massive recall.
The fix applies to both of Peloton's treadmills: The $4,295 Tread+ and the $2,495 Tread. However, the cheaper machine which wasn't yet released in the United States, will have the feature by the end of June.
Earlier this month, Peloton recalled 125,000 treadmills following a child's death and 70 other injuries tied to the machines. The fitness company initially denied Consumer Product Safety Commission's request to issue a recall and claimed it was safe as long as its recommendations were followed.
Since the recall is voluntary, some members are keeping theirs. Peloton announced this software update during its May 6 earnings call and said it was working on a hardware fix. In the meantime, both the Tread+ and the Tread are no longer on sale and deliveries for older orders have been halted.
Peloton is taking a substantial financial hit from the recall: about $165 million in lost revenue during the current quarter, The company said $50 million in lost revenue would come from refunds to owners of the treadmill who want to return them, roughly 10 percent of the units that are already in the hands of customers.