Its latest safety feature, called Tread Lock, will automatically lock the Peloton Tread+ when the machine is considered "inactive," according to the company's website.
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Once the software update hits the treadmill, customers will be prompted to activate the feature by creating a four-digit passcode.
After creating the passcode, the belt on the Tread+ will automatically lock after 45 seconds of inactivity outside of a class, or after the Tread+ wakes from sleep or restart, the company wrote on its website.
To unlock the belt, customers will have to reenter the code.
"Tread Lock is an important feature to ensure that your Tread+ is safer than ever before. You will be required to set up Tread Lock," Peloton said.
Earlier this month, Peloton announced a recall for about 125,000 of its high-end treadmills. As part of the recall, the company said it would offer full refunds for the more than $4,200 machines and promised to stop selling them.
At first, the company denied its equipment was dangerous and refused to remove the treadmills from the market, even after the U.S. Consumer Product Safety Commission (CPSC) cautioned that customers with children and pets should immediately stop using them after a child's death associated with a Peloton treadmill.
Peloton said it notified the CPSC immediately after learning of the incident and "fully cooperated" with the agency. However, Peloton lambasted the safety commission's warning, saying it was "inaccurate and misleading" and that there was no reason to stop using the machines. CEO John Foley also said he had "no intention" of recalling the treadmills, although he did disclose that the company was "working on a new software-enabled, backup access code that will provide an additional layer of protection."
"The Tread+ is safe when our warnings and safety instructions are followed, and we know that, every day, thousands of Members enjoy working out safely on their Tread+," Foley wrote in a note to customers at the time.
Foley later apologized and said the company had "made a mistake" in its initial response to the safety commission.
In all, Peloton said it has received 72 reports of adults, kids, pets or other items, such as exercise balls, being pulled under the rear of the treadmill. Of those reports, 29 were of children who suffered injuries, including broken bones and cuts. One child, who was 6 years old, died.
Representatives for the U.S. Consumer Product Safety Commission did not immediately respond to FOX Business' request for comment regarding the software fix.
The Associated Press contributed to this report.