Peloton Interactive reported its first sales increase in nine quarters and beat estimates, indicating that the fitness equipment maker’s years-long turnaround efforts were paying off, sending its shares surging as much as 41% on Thursday.

The restructuring aims to stanch a slump in sales of its high-end, at-home equipment following a boom during the pandemic as customers cut back on discretionary spending in the face of elevated interest rates and sticky inflation.

Peloton reported a 0.2% rise in sales for the fourth quarter, the first year on year growth since the second quarter of fiscal 2022.

“While the growth was modest, it is notable given that it came during the summer when sales are typically slower because consumers often head outdoors to work out,” Zak Stambor, an Emarkter analyst, said.

Shares of the connected-fitness equipment maker were on track for their best day in 18 months if current gains hold.

Barry McCarthy, who stepped down as CEO in May after nearly two years in the role, had focused on reviving growth by increasing the company’s subscriber base through its app offerings, rental bike program and partnership with retailers.

Peloton also delivered an adjusted core profit and free cashflow for the second consecutive quarter, helped by the former CEO’s efforts to shrink the company’s bloated cost structure.

“From Q3 to Q4, the narrative has changed from Peloton needing a life jacket immediately to being able to tread water for a bit longer,” Paul Cerro, chief investment officer at Cedar Grove Capital Management, said. Earlier this year, Peloton unveiled a broad restructuring plan that included cutting global headcount by 15%, closing more retail outlets and changing its international sale plan.

It also refinanced its debt to avoid a liquidity crunch, giving the company more time to execute its turnaround plan.

Still, the interim co-CEO Karen Boone said it remained unlikely that Peloton’ would be able to expand subscribers in fiscal 2025, adding that a search for the next CEO was under way.

The company reported fourth-quarter revenue of $643.6m, above analysts’ expectations of $630.5m, according to LSEG data.