Private equity firms are reportedly exploring a potential buyout of Peloton (NASDAQ:PTON), the connected fitness company currently working to refinance its debt and foster growth following thirteen consecutive quarters of financial losses, according to a report by CNBC.

Shares of Peloton surged 13% in early trading in response to the news.

The discussions about possibly going private have involved at least one private equity firm in recent months, with sources close to the matter sharing details under the condition of anonymity.

In response to inquiries about these developments, a Peloton spokesperson stated, “We do not comment on speculation or rumors.”

The speculation comes on the heels of significant changes within the company. Last week, Peloton announced the departure of CEO Barry McCarthy and revealed plans for job reductions as part of a broader cost-cutting initiative following disappointing performance results.

Despite reductions in prices, Peloton has continued to see a decline in demand for its exercise bikes and treadmills. This led to a third-quarter revenue that fell below expectations and prompted the company to lower its full-year revenue forecast.

The report also noted that several other private equity firms have shown interest in acquiring Peloton, although it remains uncertain whether any formal discussions have taken place.