The company disappointed investors last month.

Peloton Interactive Inc., which last month let investors down by forecasting a weaker holiday season, has started selling refurbished bikes for up to $500 less than the cost of brand-new models.

Prices will be between $1145 and $295, which is $300 to $500 less than market rates.

The offer is only available in the United States and Canada.

The same 12-month limited warranty, which covers delivery and personalization, is offered on both new and used bicycles.

The Peloton was a hit when the pandemic first started, but over the past year, it has struggled with slowing sales and surplus inventory, with the company’s stock falling 75% this year, including seven straight days of losses until December 23.

Early in November, Peloton predicted fourth-quarter revenues of $700 million to $725 million, less than Wall Street’s prediction of $869 million.

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