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Financial terms of Peloton’s settlement with Flywheel weren't disclosed, according to the Wall Street Journal.
Peloton says hefty spending and years of development helped create its technology.
Parts of the settlement include Flywheel will stop using the so-called leaderboard technology.
Flywheel will also stop challenging the validity of Peloton's patents.
Peloton will dismiss the lawsuit it filed against Flywheel in 2018.
Flywheel will recognize Peloton's patents and will pull the technology from its bikes within 60 days, according to a statement obtained by the Journal.
Peloton has more than 500,000 active users.