Traeger Inc (COOK)

Traeger Announces First Quarter Fiscal 2026 ResultsMay 11, 2026 4:10 PM
Business Wire Raises Adjusted EBITDA and Gross Margin Outlook for Full Year 2026
Reiterates Revenue Guidance as Project Gravity Delivers on Plan Traeger, Inc. ("Traeger" or the "Company") (NYSE: COOK), creator and category leader of the wood pellet grill, today announced its financial results for the three months ended March 31, 2026. First Quarter 2026 Results Total revenues decreased 34.3% to $94.1 million Grill revenues decreased 45.4% to $47.4 million Net income of $2.9 million or $1.08 per diluted share1 Adjusted EBITDA of $17.3 million Operating cash flow of $17.9 million and free cash flow of $14.5 million Jeremy Andrus, CEO of Traeger, commented, “We entered the peak selling season with encouraging early demand signals, including year-to-date consumer sell-through tracking slightly above our expectations and continued strong engagement across the Traeger community. We’re leaning into demand creation with increased influencer investment to help translate that momentum into strong retail performance.” “Innovation remains central to our strategy to expand household penetration, and we’re continuing to refresh our lineup to meet consumers where they are on both features and price. This includes the launch of Westwood and the recently announced Irontop, along with focused programs with our retail partners to convert interest at the point of sale and deliver an elevated consumer experience," continued Mr. Andrus. “At the same time, Project Gravity remains on track and is helping us sharpen priorities, simplify the business, and improve the durability of our profit model, while creating capacity to invest in brand, innovation and retail execution. Based on our first quarter performance, including the recognition of an IEEPA tariff refund and what we're seeing in the marketplace, we are raising our Adjusted EBITDA and gross margin outlook for the full year while reiterating our revenue guidance. The benefit is fully reflected in our updated outlook, with partial offsets from continued MEATER competitive pressure, macro headwinds, and broader tariff uncertainty, and we expect to provide a more detailed update on the Q2 call," concluded Mr. Andrus. __________________________________ 1 This press release reflects the impact of the 1-for-50 reverse stock split of the Company's common stock, par value $0.0001 per share, effective on March 17, 2026. All share and per share amounts have been retroactively adjusted to reflect the reverse stock split for all periods presented. See our Form 10-Q for the quarter ended March 31, 2026 for additional information. Additionally, there were no dilutive securities outstanding as of March 31, 2026. Operating Results for the First Quarter Total revenue decreased by 34.3% to $94.1 million, compared to $143.3 million in the first quarter last year. Grill revenues decreased 45.4% to $47.4 million as compared to the first quarter last year. The decrease was driven by reductions in unit volumes and average selling price. The decline in unit volumes reflects the prior year launch of the Woodridge series and retail orders placed in advance of anticipated tariff increases, as well as channel optimization actions taken under Project Gravity. Lower average selling price was driven by mix shift toward lower priced grills. Consumables revenues decreased 13.7% to $26.1 million as compared to the first quarter last year. The decrease was driven by lower average selling price of wood pellets and food consumables, partially offset by an increase in wood pellet unit volumes from channel expansion. Accessories revenues decreased 21.8% to $20.6 million as compared to the first quarter last year. This decrease was driven primarily by lower sales of MEATER smart thermometers and a decrease in the average selling price of Traeger branded accessories. Gross profit decreased to $43.0 million, compared to $59.5 million in the first quarter last year. Gross margin was 45.7% in the first quarter, compared to 41.5% in the same period last year. The increase in gross margin rate includes the $12.4 million benefit from the IEEPA tariff refund. Excluding this item, gross margin was 32.6%, down 890 basis points, reflecting timing of trade spend, lower mix of direct import sales, tariff-related costs and MEATER fixed cost deleverage. Sales and marketing expenses were $12.6 million, compared to $22.2 million in the first quarter last year. The decrease in sales and marketing expense was driven by lower employee-related costs, reductions in discretionary operating overhead, as well as lower demand creation costs and professional service fees, reflecting cost reduction actions associated with Project Gravity. General and administrative expenses were $19.4 million, compared to $25.0 million in the first quarter last year. The decrease in general and administrative expense was driven by a decrease in stock-based compensation expense, as well as a decrease in employee-related costs. Restructuring and other costs of $3.2 million were recorded in connection with Project Gravity, which primarily related to consulting fees associated with the execution of these initiatives, as well as severance and other personnel costs. Net income was $2.9 million in the first quarter, or $1.08 per diluted share, as compared to net loss of $0.8 million in the first quarter of last year, or $0.30 per diluted share.1 Adjusted net income was $4.0 million, or $1.49 per diluted share as compared to adjusted net income of $6.6 million, or $2.54 per diluted share in the first quarter last year.2 Adjusted EBITDA was $17.3 million in the first quarter as compared to $22.5 million in the same period last year.2 __________________________________ 1 This press release reflects the impact of the 1-for-50 reverse stock split of the Company's common stock, par value $0.0001 per share, effective on March 17, 2026. All share and per share amounts have been retroactively adjusted to reflect the reverse stock split for all periods presented. See our Form 10-Q for the quarter ended March 31, 2026 for additional information. Additionally, there were no dilutive securities outstanding as of March 31, 2026 and 2025. 2 Reconciliations of GAAP to non-GAAP financial measures, as well as definitions for the non-GAAP financial measures included in this press release and the reasons for their use, are presented below. Balance Sheet Cash and cash equivalents at the end of the first quarter totaled $33.7 million, compared to $19.6 million at December 31, 2025. Inventory at the end of the first quarter was $87.8 million, compared to $98.8 million at December 31, 2025 and $127.2 million at March 31, 2025. These improvements reflect continued execution under Project Gravity and support our focus on balance sheet health and liquidity. Guidance For Full Year Fiscal 2026 This outlook fully reflects the anticipated benefits from Project Gravity in 2026, including approximately $50 million of value capture. Adjusted EBITDA and gross margin guidance reflect the flow-through of the IEEPA tariff refund benefit recognized in Q1, with an offset to account for continued MEATER competitive pressure, macro headwinds, and broader tariff uncertainty. Free Cash Flow guidance does not reflect the impact of the tariff refund given uncertainty around the timing of cash realization. Total revenue is expected to be between $465 million and $485 million Gross margin is expected to be between 39.5% and 40.5% Adjusted EBITDA is expected to be between $57 million and $67 million Free Cash Flow is expected to be at least $30 million A reconciliation of Adjusted EBITDA and Free Cash Flow guidance to Net Income (Loss) and Net cash provided by (used in) operating activities on a forward-looking basis cannot be provided without unreasonable efforts, as the Company is unable to provide reconciling information with respect to, in the case of Adjusted EBITDA, adjustments for benefit for income taxes, interest expense, depreciation and amortization, other (income) expense, stock-based compensation, non-routine legal expenses, restructuring and other costs, employee retention tax credits, and, in the case of Free Cash Flow, adjustments for purchases of property, plant, and equipment. Conference Call Details A conference call to discuss the Company's first quarter results is scheduled for Monday, May 11, 2026, at 4:30 p.m. ET. To participate, please dial (833) 461-5787 or +1 (585) 542-9983 for international callers, conference ID 832752707. The conference call will also be webcast live at https://investors.traeger.com. A replay of the webcast will also be available approximately two hours after the conclusion of the call on the Company's website at https://investors.traeger.com. A supplemental presentation has also been posted to the Company's website at https://investors.traeger.com. About Traeger Traeger Grills, headquartered in Salt Lake City, is the creator and category leader of the wood pellet grill, an outdoor cooking system that ignites all-natural hardwoods to grill, smoke, bake, roast, braise, and barbecue. In 2023, Traeger entered the griddle category, further establishing its leadership position in the outdoor cooking space. Traeger grills are versatile and easy to use, empowering cooks of all skill sets to create delicious meals with flavor that cannot be replicated. Grills are at the core of our platform and are complemented by Traeger wood pellets, rubs, sauces, accessories, and MEATER smart thermometers. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our anticipated full year fiscal 2026 results, our Project Gravity initiative, our strategy, our upcoming product launches, consumer demand for our products, and our financial position. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, our realization of the anticipated benefits from Project Gravity and the impact that Project Gravity may have on our business; our history of operating losses; our ability to manage our business through periods of strategic realignment; our ability to expand into additional markets; our ability to maintain and strengthen our brand to generate and maintain ongoing demand for our products; our ability to cost-effectively attract new customers and retain our existing customers; our failure to maintain product quality and product performance at an acceptable cost; U.S. trade policies, tariffs, antidumping and countervailing duty proceedings on our business; the impact of product liability and warranty claims and product recalls; the highly competitive market in which we operate; the use of social media and community ambassadors affecting our reputation or subjecting us to fines or other penalties; issues in relation to sustainability and corporate responsibility matters; any decline in demand from certain retailers; risks associated with our significant international operations; our reliance on a limited number of third-party manufacturers; and the other factors discussed under the caption "Risk Factors" in our periodic and current reports filed with the Securities and Exchange Commission from time to time, including our Annual Report on Form 10-K for the year ended December 31, 2025. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. TRAEGER, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts)     March 31,
2026   December 31,
2025   (unaudited)     ASSETS       Current Assets       Cash and cash equivalents $ 33,687     $ 19,624   Accounts receivable, net   64,354       82,122   Inventories   87,774       98,831   Prepaid expenses and other current assets   28,364       14,272   Total current assets   214,179       214,849   Property, plant, and equipment, net   31,931       33,703   Operating lease right-of-use assets   36,978       38,201   Intangible assets, net   376,677       387,050   Other non-current assets   1,885       2,173   Total assets $ 661,650     $ 675,976   LIABILITIES AND STOCKHOLDERS’ EQUITY       Current Liabilities       Accounts payable $ 8,941     $ 14,135   Accrued expenses   51,240       62,668   Current portion of notes payable   250       250   Current portion of operating lease liabilities   2,212       2,650   Other current liabilities   363       382   Total current liabilities   63,006       80,085   Notes payable, net of current portion   399,876       399,590   Operating lease liabilities, net of current portion   22,595       23,040   Deferred tax liability   658       1,861   Other non-current liabilities   715       552   Total liabilities   486,850       505,128   Stockholders’ equity:       Preferred stock, $0.0001 par value; 25,000,000 shares authorized and no shares issued or outstanding as of March 31, 2026 and December 31, 2025   —       —   Common stock, $0.0001 par value; 1,000,000,000 shares authorized       Issued and outstanding shares - 2,745,361 and 2,741,312 as of March 31, 2026 and December 31, 2025   —       —   Additional paid-in capital   975,967       974,386   Accumulated deficit   (801,138 )     (804,066 ) Accumulated other comprehensive income (loss)   (29 )     528   Total stockholders’ equity   174,800       170,848   Total liabilities and stockholders’ equity $ 661,650     $ 675,976   TRAEGER, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited) (in thousands, except share and per share amounts)     Three Months Ended March 31,   2026   2025 Revenue $ 94,066     $ 143,283   Cost of revenue   51,051       83,824   Gross profit   43,015       59,459   Operating expenses:       Sales and marketing   12,632       22,210   General and administrative   19,413       25,019   Amortization of intangible assets   8,813       8,818   Restructuring and other costs   3,180       —   Total operating expense   44,038       56,047   Income (loss) from operations   (1,023 )     3,412   Other income (expense):       Interest expense   (7,610 )     (7,893 ) Other income, net   11,285       2,103   Total other income (expense)   3,675       (5,790 ) Income (loss) before benefit for income taxes   2,652       (2,378 ) Benefit for income taxes   (276 )     (1,600 ) Net income (loss) $ 2,928     $ (778 ) Net income (loss) per share, basic and diluted $ 1.08     $ (0.30 ) Weighted average common shares outstanding, basic and diluted   2,714,306       2,585,908   Other comprehensive loss:       Foreign currency translation adjustments $ (7 )   $ (272 ) Amortization of dedesignated cash flow hedge   (550 )     (1,006 ) Total other comprehensive loss   (557 )     (1,278 ) Comprehensive income (loss) $ 2,371     $ (2,056 ) TRAEGER, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands)     Three Months Ended March 31,   2026   2025 CASH FLOWS FROM OPERATING ACTIVITIES     Net income (loss) $ 2,928     $ (778 ) Adjustments to reconcile net income (loss) to net cash provided by (used in)       Depreciation of property, plant and equipment   2,676       3,749   Amortization of intangible assets   10,505       10,492   Amortization of deferred financing costs   563       477   Loss on disposal of property, plant and equipment   11       14   Stock-based compensation expense   1,755       5,176   Unrealized loss on derivative contracts   1,040       332   Amortization of dedesignated cash flow hedge   (550 )     (1,006 ) Other non-cash adjustments   (1,155 )     398   Change in operating assets and liabilities:       Accounts receivable   17,768       (9,627 ) Inventories   11,057       (19,869 ) Prepaid expenses and other current assets   (15,133 )     15,917   Other non-current assets   373       207   Accounts payable and accrued expenses   (13,942 )     (26,319 ) Net cash provided by (used in) operating activities   17,896       (20,837 ) CASH FLOWS FROM INVESTING ACTIVITIES       Purchase of property, plant, and equipment   (3,392 )     (1,826 ) Capitalization of patent costs   (131 )     (85 ) Proceeds from sale of property, plant, and equipment   33       9   Net cash used in investing activities   (3,490 )     (1,902 ) CASH FLOWS FROM FINANCING ACTIVITIES       Proceeds on line of credit   —       25,000   Repayments on line of credit   —       (5,000 ) Repayments of long-term debt   (63 )     (63 ) Principal payments on finance lease obligations   (106 )     (145 ) Taxes paid related to net share settlement of equity awards   (174 )     —   Net cash provided by (used in) financing activities   (343 )     19,792   Net increase (decrease) in cash and cash equivalents   14,063       (2,947 ) Cash and cash equivalents at beginning of period   19,624       14,981   CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 33,687     $ 12,034   TRAEGER, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands)   (Continued) Three Months Ended March 31,   2026   2025 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:       Cash paid during the period for interest $ 7,604   $ 8,367 Income taxes paid, net of refunds $ 150   $ 764 NON-CASH FINANCING AND INVESTING ACTIVITIES       Equipment purchased under finance leases $ 251   $ 347 Property, plant, and equipment included in accounts payable and accrued expenses $ 61   $ 944 TRAEGER, INC.
RECONCILIATIONS OF AND OTHER INFORMATION REGARDING NON-GAAP FINANCIAL MEASURES
(unaudited) In addition to our results and measures of performance determined in accordance with U.S. GAAP, we believe that certain non-GAAP financial measures are useful in evaluating and comparing our financial and operational performance and liquidity over multiple periods, identifying trends affecting our business, formulating business plans and making strategic decisions. Each of Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per share, Adjusted EBITDA Margin, Adjusted Net Income Margin, and Adjusted Gross Margin are key performance measures that our management uses to assess our financial performance and are also used for internal planning and forecasting purposes. Free Cash Flow is a key liquidity measure that our management uses to assess our ability to generate cash and fund our operations, capital expenditures, and other obligations. We believe that these non-GAAP financial measures are useful to investors and other interested parties in analyzing our financial performance (and in the case of free cash flow, our liquidity) because they provide a comparable overview of our operations across historical periods. In addition, we believe that providing each of Adjusted EBITDA and Adjusted Net Income, together with a reconciliation of Net Income (Loss) to each such measure, and providing Adjusted Net Income per share, together with a reconciliation of Net Income (Loss) per share to such measure, Adjusted EBITDA Margin, Adjusted Net Income Margin, and Adjusted Gross Margin, and together with a reconciliation of Net Income (Loss) Margin and Gross Margin to such measures, helps investors make comparisons between our company and other companies that may have different capital structures, different tax rates, and/or different forms of employee compensation. We also believe that providing Free Cash Flow, together with a reconciliation of Net cash provided by (used in) operating activities to such measure, helps investors assess our liquidity and our ability to generate cash from operations. For example, due to finite-lived intangible assets included on our balance sheet following our corporate reorganization in 2017, we have significant non-cash amortization expense attributable to the nature of our capital structure. Each of Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per share, Adjusted EBITDA Margin, Adjusted Net Income Margin, and Adjusted Gross Margin are used by our management team as an additional measure of our performance for purposes of business decision-making, including managing expenditures, and evaluating potential acquisitions. Free Cash Flow is used by our management team as an additional measure of liquidity for purposes of business decision-making, including managing expenditures, and evaluating potential acquisitions. Period-to-period comparisons of Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per share, Adjusted EBITDA Margin, Adjusted Net Income Margin, and Adjusted Gross Margin help our management identify additional trends in our financial results that may not be shown solely by period-to-period comparisons of Net Income (Loss) or Income (Loss) from Operations or Net Income (Loss) per share. Period-to-period comparisons of Free Cash Flow help our management identify additional trends in our liquidity that may not be shown solely by period-to-period comparisons of Net cash provided by (used in) operating activities. In addition, we may use Adjusted EBITDA in the incentive compensation programs applicable to some of our employees. Each of Adjusted EBITDA, Adjusted Net Income, and Adjusted Net Income per share has inherent limitations because of the excluded items, and may not be directly comparable to similarly titled metrics used by other companies. The following table presents a reconciliation of Gross Margin, the most directly comparable financial measure calculated in accordance with U.S. GAAP, to Adjusted Gross Margin on a consolidated basis.   Three Months Ended March 31,   2026   2025 Gross margin 45.7 %   41.5 % Less: Impact of IEEPA tariff refund recorded in cost of revenue (13.1 )%   — % Adjusted gross margin 32.6 %   41.5 % The following table presents a reconciliation of Net cash provided by (used in) operating activities, the most directly comparable financial measure calculated in accordance with U.S. GAAP, to Free Cash Flow on a consolidated basis. A reconciliation of Free Cash Flow guidance to Net cash provided by (used in) operating activities on a forward-looking basis cannot be provided without unreasonable efforts, as the Company is unable to provide reconciling information with respect to the impact for the purchases of property, plant and equipment, which is an adjustment to Free Cash Flow.   Three Months Ended March 31,   2026   2025 Net cash provided by (used in) operating activities $ 17,896     $ (20,837 ) Less: Purchase of property, plant, and equipment   (3,392 )     (1,826 ) Free cash flow $ 14,504     $ (22,663 ) The following table presents a reconciliation of Net Income (Loss), Income (Loss) from Operations, Net Income (Loss) Margin, Income (Loss) from Operations Margin, and Net Income (Loss) per share, the most directly comparable financial measures calculated in accordance with U.S. GAAP, to Adjusted Net Income, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income Margin and Adjusted Net Income per share, respectively, on a condensed consolidated basis.   Three Months Ended March 31,   2026   2025           (dollars in thousands, except share and per share amounts) Net income (loss) $ 2,928     $ (778 ) Adjustments:       Other (income) expense (1)   12       (3,417 ) Stock-based compensation   1,755       5,176   Non-routine legal expenses (2)   3       8   Amortization of acquisition intangibles (3)   8,111       8,112   Restructuring and other costs (4)   3,180       —   Employee retention tax credits (5)   (11,603 )     —   Tax impact of adjusting items (6)   (341 )     (2,534 ) Adjusted net income $ 4,045     $ 6,567           Net income (loss) $ 2,928     $ (778 ) Adjustments:       Benefit for income taxes   (276 )     (1,600 ) Interest expense   7,610       7,893   Depreciation and amortization   13,181       14,242   Other (income) expense (7)   562       (2,411 ) Stock-based compensation   1,755       5,176   Non-routine legal expenses (2)   3       8   Restructuring and other costs (4)   3,180       —   Employee retention tax credits (5)   (11,603 )     —   Adjusted EBITDA $ 17,340     $ 22,530           Revenue $ 94,066     $ 143,283   Net income (loss) margin   3.1 %     (0.5 )% Adjusted net income margin   4.3 %     4.6 % Adjusted EBITDA margin   18.4 %     15.7 %         Net income (loss) per diluted share $ 1.08     $ (0.30 ) Adjusted net income per diluted share $ 1.49     $ 2.54   Weighted average common shares outstanding - diluted   2,714,306       2,585,908   (1) Represents realized and unrealized (gains) losses on the interest rate swap, including amortization of dedesignated cash flow hedge, (gains) losses on the disposal of property, plant, and equipment, and unrealized (gains) losses from foreign currency transactions and derivatives. (2) Represents external legal expenses incurred in connection with the defense of a class action lawsuit and intellectual property litigation. (3) Represents the amortization expense associated with intangible assets recorded in connection with the 2017 acquisition of Traeger Pellet Grills Holdings LLC. (4) Represents restructuring and other costs in connection with Project Gravity primarily related to consulting fees and severance and other personnel costs. (5) Represents the total benefit recorded associated with the refund from the Internal Revenue Service in connection with the Employee Retention Tax Credit. (6) Represents the tax effect of non-GAAP adjustments calculated at an estimated blended statutory tax rate of 24.8% and 25.7% for the three months ended March 31, 2026 and 2025, respectively. (7) Represents realized and unrealized (gains) losses on the interest rate swap, (gains) losses on the disposal of property, plant, and equipment, and unrealized (gains) losses from foreign currency transactions and derivatives.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260511053754/en/ Investors:
Stephanie Read
Traeger, Inc.
investor@traeger.com Media:
The Brand Amp
Traeger@thebrandamp.com Original: Traeger Announces First Quarter Fiscal 2026 Results

TRAEGER EXPANDS THE OUTDOOR COOKING EXPERIENCE WITH THE ALL-NEW IRONTOPApril 28, 2026 11:01 AM
PR Newswire (US)

A Griddle Series Built on Traeger's Trusted Quality, Construction and Versatility for Its Growing Flat Top GrillsSALT LAKE CITY, April 28, 2026 /PRNewswire/ -- Traeger, Inc. ("Traeger") (NYSE: COOK), the inventor and category leader of wood-pellet grilling, announced the launch of the Irontop Series, an all-new griddle designed to deliver the performance, engineering, and quality that consumers expect from Traeger – now at a new price point designed to bring Traeger to more backyards. Building on the brand's momentum in outdoor cooking innovation, Irontop expands Traeger's griddle lineup following the successful debut of the award-winning Flatrock in 2023, continuing the company's commitment to transforming the way people cook outdoors.







"Traeger's mission is about more than cooking; it's about creating memorable meals that bring more people together, in more backyards and around more tables," said Jeremy Andrus, CEO of Traeger Grills. "With Irontop, we're lowering the barrier to entry – not the bar – by infusing our innovations from Flatrock into a new class of griddles. It's about welcoming more people into the Traegerhood and expanding what's possible in their outdoor kitchens."Expanding Outdoor Cooking for Everyone
Irontop now introduces a new entry point into outdoor griddling, strengthening Traeger's portfolio and furthering their mission of bringing people together to create a more flavorful world. As consumer demand for fast, flexible outdoor cooking continues to grow, Irontop meets the moment with rapid heat-up times, precision control, even edge-to-edge heating across the entire cooktop, and durable construction that stands apart from mass-market griddles. Whether it's weekday breakfasts, sizzling fajitas, or searing smash burgers for a crowd, Irontop gives cooks the confidence to take on any dish, any day.Introducing the Irontop: Better Build for Superior Results Any Dish, Every Meal
From flapjacks to fried rice to fajitas, Irontop unlocks a wide range of cooking styles that thrive on a high-heat, flat-top surface, making it one of the most versatile tools in the backyard.Rust-Resistant Coating
A rust-resistant, food-safe griddle coating delivers lasting performance when maintained with simple seasoning and care.Precision Temperature Control
Irontop delivers true edge-to-edge heat, ensuring consistent performance across the entire cooktop. Traeger pioneered this standard of heat consistency with the Flatrock, and Irontop carries that legacy forward at a more accessible price.Quality You Can Count On
Engineered with the same commitment to craftsmanship behind Traeger's Flatrock, Irontop features durable construction and premium materials built to last, delivering reliability that outperforms typical entry-level griddles.Meals in Minutes
Irontop heats up fast, enabling quick, efficient cooking that fits real life whether it's morning, noon, or night.Heat That Stays Put
Integrated wind guards keep heat exactly where it belongs – even in unpredictable weather – ensuring reliable performance year-round.Irontop 2-Burner & Irontop 4-Burner - Available in two sizes to accommodate every cook and crowd size, including:Irontop 2-Burner - Cooking Area: 504 sq in.; Price: $499Irontop 4-Burner - Cooking Area: 648 sq in.; Price: $599To explore the Irontop and the full Traeger lineup, visit Traeger.com or visit your local Traeger retailer for hands-on demos, expert support, and in-store assembly and delivery options.ABOUT TRAEGER GRILLS®
Traeger Grills, headquartered in Salt Lake City, is the creator and category leader of the wood pellet grill, an outdoor cooking system that ignites all-natural hardwoods to grill, smoke, bake, roast, braise, and barbecue. After 40 years, Traeger entered the griddle category, further establishing its leadership position in the outdoor cooking space by introducing innovative alternatives to griddle, sear, fry, steam, and more, all in one place. Their wood pellet grills are versatile and easy to use; empowering cooks of all skill sets to create delicious meals with flavor that cannot be replicated. Grills are at the core of Traeger's platform and are complemented by Traeger wood pellets, rubs, sauces, and accessories.










View original content to download multimedia:https://www.prnewswire.com/news-releases/traeger-expands-the-outdoor-cooking-experience-with-the-all-new-irontop-302754616.htmlSOURCE Traeger Grills

Original: TRAEGER EXPANDS THE OUTDOOR COOKING EXPERIENCE WITH THE ALL-NEW IRONTOP

Traeger Announces Reporting Date for First Quarter 2026 Financial ResultsApril 27, 2026 10:47 AM
Business Wire
Traeger, Inc. (“Traeger” or the “Company”) (NYSE: COOK), creator and category leader of the wood pellet grill, today announced that it will release its first quarter 2026 financial results after market close on Monday, May 11, 2026. Management will host a conference call at 4:30 p.m. Eastern Time to discuss its financial results.


Those who wish to participate in the call may do so by dialing (833) 461-5787 or +1 (585) 542-9983 for international callers, conference ID 832752707. To pre-register for the conference call, please visit Traeger First Quarter 2026 Earnings Conference Call. The conference call will also be webcast live at https://investors.traeger.com.


For those unable to participate, a replay of the webcast will be available approximately two hours after the conclusion of the call on Traeger’s website at https://investors.traeger.com. The replay will be available on Traeger’s website for approximately one year following the call.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260427797442/en/
Investors:

Stephanie Read

Traeger, Inc.

investor@traeger.com


Media:

The Brand Amp

Traeger@thebrandamp.com


Original: Traeger Announces Reporting Date for First Quarter 2026 Financial Results

Traeger Announces Reporting Date for First Quarter 2026 Financial ResultsApril 27, 2026 8:05 AM
Business Wire
Traeger, Inc. (“Traeger” or the “Company”) (NYSE: COOK), creator and category leader of the wood pellet grill, today announced that it will release its first quarter 2026 financial results after market close on Monday, May 11, 2026. Management will host a conference call at 4:30 p.m. Eastern Time to discuss its financial results.


Those who wish to participate in the call may do so by dialing (833) 461-5787 or +1 (585) 542-9983 for international callers, conference ID 832752707. To pre-register for the conference call, please visit Traeger First Quarter 2026 Earnings Conference Call. The conference call will also be webcast live at https://investors.traeger.com.


For those unable to participate, a replay of the webcast will be available approximately two hours after the conclusion of the call on Traeger’s website at https://investors.traeger.com. The replay will be available on Traeger’s website for approximately one year following the call.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260427797442/en/
Investors:

Stephanie Read

Traeger, Inc.

investor@traeger.com


Media:

The Brand Amp

Traeger@thebrandamp.com


Original: Traeger Announces Reporting Date for First Quarter 2026 Financial Results

Traeger Introduces the All-New Westwood Series: Where Great Flavor StartsApril 14, 2026 11:01 AM
PR Newswire (US)

Westwood Brings Traeger's Signature Wood-Fired Flavor, Ease, and Versatility to a New Entry-Level Grill Engineered with Tech from Traeger's Most Advanced ModelsSALT LAKE CITY, April 14, 2026 /PRNewswire/ -- Traeger, Inc. ("Traeger") (NYSE: COOK), the inventor and global leader of wood-pellet grilling, announced the launch of the Westwood Series, an all-new grill lineup crafted for cooks ready to explore wood-fired cooking. The Westwood Series builds on the advanced engineering and flavor-forward technology that Traeger has continued to refine across its top-of-the-line grills - now infused into a new grill designed for everyday cooking.







"Traeger has always inspired people to gather, connect, and create unforgettable flavor," said Jeremy Andrus, CEO of Traeger Grills. "With the Westwood Series, we're advancing that legacy by bringing top-of-the-line Traeger technology into a new entry-level grill. Westwood is built with the same proven innovation that powers our premium models, giving cooks the confidence to deliver incredible meals from their very first cook."Great Flavor Starts Here
The Westwood Series brings the unbeatable flavor of real hardwood to any dish, from grilled chicken to smoked ribs or baked pizza. Memorable meals are ready in three easy steps - just set the temp, load the grill, and let Traeger handle the rest.Wood-Fired Flavor, Made Easy
At the heart of the Westwood experience is Traeger's dedication to making it easy to achieve great meals right from the backyard. Automatic digital temperature control and smart design allow cooks to focus on the moment—not babysitting a grill. Westwood is also a great option for those looking to upgrade their grilling with features like WiFIRE® technology, which lets users monitor and control their grill directly from their phone via the Traeger App—whether they're inside prepping sides or hosting friends.Versatility for Every Meal
With true grilling, smoking, and baking capabilities, Westwood fits seamlessly into everyday life—from quick weeknight dinners to slow-smoked weekend cookouts. The result: one grill that unlocks endless meal possibilities and makes great flavor achievable for anyone.Key Features of the Westwood Series:Unmatched Flavor: Natural hardwood pellets and convection airflow work together to deliver richer wood-fired flavor and consistent results.Easy to Use: Grill smarter, not harder. WiFIRE with Bluetooth compatibility lets users monitor and control their grill from the Traeger App for effortless, precise cooking.One Grill, Endless Possibilities: grill, smoke, bake, and beyond with the ultimate versatility to cook everything from BBQ classics to an epic Thanksgiving feast. Generous Cooking Space: A spacious dual-tier grilling area offers the space to cook multiple dishes—from proteins to desserts—so you can feed a crowd.Space to Prep & Serve: Integrated shelves and storage create a streamlined workspace that keeps tools, ingredients, and pellets within easy reach.Endless Customization: The P.A.L. and ModiFIRE systems allow interchangeable surfaces and attachments for simple, highly versatile grill customization.Westwood & Westwood XL - The new entry-level wood-pellet grills are available in two sizes to accommodate every cook and crowd size, including:Westwood - Cooking Area: 653 sq. in.; Price: $699Westwood XL - Cooking Area: 823 sq. in.; Price: $799The Westwood Series is available now online and in-store through Traeger retailers. To explore product details, compare models, or find a retailer near you, visit www.traeger.com/westwood.ABOUT TRAEGER GRILLS®
Traeger Grills, headquartered in Salt Lake City, is the creator and category leader of the wood pellet grill, an outdoor cooking system that ignites all-natural hardwoods to grill, smoke, bake, roast, braise, and barbecue. After 40 years, Traeger entered the griddle category, further establishing its leadership position in the outdoor cooking space by introducing innovative alternatives to griddle, sear, fry, steam, sauté, and more, all in one place. Their wood pellet grills are versatile and easy to use, empowering cooks of all skill sets to create delicious meals with flavor that cannot be replicated. Grills are at the core of Traeger's platform and are complemented by Traeger wood pellets, rubs, sauces, and accessories. 










View original content to download multimedia:https://www.prnewswire.com/news-releases/traeger-introduces-the-allnew-westwood-series-where-great-flavor-starts-302741535.htmlSOURCE Traeger Grills

Original: Traeger Introduces the All-New Westwood Series: Where Great Flavor Starts

Traeger Announces 1-for-50 Reverse Stock SplitMarch 12, 2026 5:23 PM
Business Wire
Traeger, Inc. (“Traeger” or the “Company”) (NYSE: COOK), creator and category leader of the wood pellet grill, today announced that it will proceed with a 1-for-50 reverse stock split (“Reverse Stock Split”) of its outstanding common stock following approval by its Board of Directors. The 1-for-50 ratio is within the range approved by stockholders at a special meeting of COOK stockholders held on March 2, 2026.


The Reverse Stock Split is intended to increase the per-share trading price of the Company’s common stock, broaden its appeal to a broader group of institutional investors, and support the Company’s continued listing on the New York Stock Exchange (“NYSE”). The Company also believes the Reverse Stock Split may help enhance trading liquidity and reduce stock price volatility.


The Reverse Stock Split is intended to bring the Company into compliance with the minimum share price requirement set forth in Section 802.01C of the New York Stock Exchange’s Listing Company Manual. The Reverse Stock Split is expected to become effective at 5:00 p.m. Eastern Time on March 17, following the filing of a Certificate of Amendment to the Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware, in substantially the form described and set forth in the Company's Definitive Proxy Statement under Proposal 1 and Annex A. The Company’s common stock is expected to begin trading on a post-split basis at the opening of the market on March 18, 2026 under the same symbol, “COOK,” with the new CUSIP number 89269P202.


When the Reverse Stock Split becomes effective, every 50 shares of the Company’s issued and outstanding common stock will be automatically combined into one share of common stock. The Reverse Stock Split will affect all stockholders uniformly and will not alter any stockholder’s percentage ownership in the Company, except for adjustments that may result from the treatment of fractional shares. No fractional shares will be issued in connection with the Reverse Stock Split. Instead, stockholders who would otherwise be entitled to receive a fractional share will receive a cash payment, in lieu of any fractional shares. The cash payment to be paid will be equal to the fraction of a share to which such stockholder would otherwise be entitled multiplied by the closing price per share as reported by NYSE (as adjusted to give effect to the Reverse Stock Split) on March 17, 2026. After the Reverse Stock Split, then-current stockholders would have no further interest in the Company with respect to their fractional shares. A person entitled to only a fractional share would not have any voting, dividend or other rights in respect of their fractional share except to receive the cash payment as described above. In addition, all outstanding equity awards will be proportionately adjusted to reflect the Reverse Stock Split.


Stockholders owning shares of the Company’s common stock via a bank, broker, or other nominee will have their positions automatically adjusted to reflect the Reverse Stock Split and will not be required to take further action in connection with the Reverse Stock Split, subject to such intermediary’s particular processes.


Additional information about the Reverse Stock Split can be found in Traeger’s definitive proxy statement on Schedule 14A, filed with the U.S. Securities and Exchange Commission on January 26, 2026.


Forward-Looking Statements


This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the effective date of the Reverse Stock Split and the trading of the Company’s common stock on a split-adjusted basis; and other statements that are not historical fact. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. These statements are neither promises nor guarantees, and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: reactions from our employees, vendors, customers, lenders and investors to the Company’s receipt of the NYSE notice of non-compliance, the Company’s ability to regain compliance with the minimum share price requirement within the applicable cure period; the Company’s ability to comply with other NYSE listing standards and maintain the listing of its common stock on the NYSE; the impact of management transitions on our common stock; our ability to manage our future growth effectively; our ability to expand into additional markets; our ability to maintain and strengthen our brand to generate and maintain ongoing demand for our products; our ability to cost-effectively attract new customers and retain our existing customers; the highly competitive market in which we operate; and the ability of our stockholders to influence corporate matters. These and other important factors are discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260312184660/en/
Investors:

Stephanie Read

Traeger, Inc.

investor@traeger.com
Media:

The Brand Amp

Traeger@thebrandamp.com


Original: Traeger Announces 1-for-50 Reverse Stock Split

Traeger Announces Fourth Quarter and Full Year 2025 ResultsMarch 5, 2026 4:05 PM
Business Wire
Full Year 2025 Revenues Above High End of Guidance Range


Provides Guidance for 2026


Traeger, Inc. (“Traeger” or the “Company”) (NYSE: COOK), creator and category leader of the wood pellet grill, today announced its financial results for the fourth quarter and year ended December 31, 2025.


Fourth Quarter Results



Total revenues decreased 13.8% to $145.4 million



Grill revenues decreased 22.3% to $60.6 million



Net loss of $17.2 million compared to $7.0 million in the prior year



Adjusted EBITDA of $19.4 million, up from $18.4 million in the prior year



Expanded Project Gravity Phase 2 value capture, bringing total expected annualized savings to approximately $64 million to $70 million across both phases



Full Year 2025 Results



Total revenues decreased 7.4% to $559.5 million



Grill revenues decreased 8.2% to $298.0 million



Net loss of $115.2 million compared to $34.0 million in the prior year, inclusive of a $74.7 million goodwill impairment



Adjusted EBITDA of $70.0 million, down from $81.9 million in the prior year



Jeremy Andrus, CEO of Traeger, commented, “We closed 2025 with strong execution, delivering revenue above the high end of our guidance and adjusted EBITDA in the upper half of our guidance range. More importantly, we took deliberate decisions to navigate tariff pressure, protect profitability, and simplify the business in ways that strengthen our foundation for the long term. As we look ahead, we are executing with discipline to focus the business on our highest-return opportunities, while continuing to invest behind product innovation and brand. We believe these actions are positioning Traeger for stronger long-term performance.”


Joey Hord, CFO of Traeger, added, “We exited 2025 with a solid financial foundation, supported by the progress we’ve made under Project Gravity. As we move into 2026, our focus is on inventory alignment, cost discipline, and cash generation. We expect to generate additional free cash flow this year, providing flexibility to invest in the business, further strengthen our balance sheet, and support our long-term growth strategy.”


Operating Results for the Fourth Quarter


Total revenues decreased by 13.8% to $145.4 million, compared to $168.6 million in the fourth quarter last year.



Grills revenues decreased 22.3% to $60.6 million, compared to $78.0 million in the fourth quarter last year. The decrease was driven by pricing impacted by a mix shift and volume impacted by price elasticity to tariff-related pricing increases and a difficult comparison from the prior year due to load-in ahead of the Woodridge launch.



Consumables revenues increased 15.8% to $35.5 million, compared to $30.7 million in the fourth quarter last year. The increase was driven by higher unit volumes across both wood pellets and food consumables.



Accessories revenues decreased 17.9% to $49.2 million, compared to $60.0 million in the fourth quarter last year. This decrease was primarily driven by lower sales of MEATER smart thermometers.



North America revenues decreased 13.0% in the fourth quarter compared to the prior year. Rest of World revenues decreased 21.6% in the fourth quarter compared to the prior year.


Gross profit decreased to $54.3 million, compared to $68.9 million in the fourth quarter last year. Gross margin was 37.4% in the fourth quarter, compared to 40.9% in the same period last year. Excluding $3.1 million of costs related to Project Gravity, adjusted gross margin was 39.5%.1 The decrease in gross margin was driven primarily by tariff related costs, somewhat offset by lower promotional activity and supply chain efficiencies.


Sales and marketing expenses were $23.2 million, compared to $33.6 million in the fourth quarter last year. The decrease was driven primarily by lower demand creation spending, as well as reductions in employee-related costs and professional fees as a result of Project Gravity.


General and administrative expenses were $21.8 million, compared to $26.7 million in the fourth quarter last year. The decrease in general and administrative expense was primarily driven by a decrease in stock-based compensation expense of $2.1 million, as well as lower professional fees and employee-related costs as a result of Project Gravity.


Restructuring and other costs of $12.2 million were recorded in connection with Project Gravity, which primarily related to consulting fees associated with the execution of these initiatives, as well as severance and other personnel costs and other restructuring related costs.


Net loss was $17.2 million, or $0.13 per diluted share, as compared to a net loss of $7.0 million, or $0.05 per diluted share, in the fourth quarter last year.2


Adjusted net income was $1.7 million, or $0.01 per diluted share as compared to adjusted net income of $1.8 million, or $0.01 per diluted share in the fourth quarter last year.1


Adjusted EBITDA was $19.4 million compared to $18.4 million in the fourth quarter last year.1



__________________________________


1 Reconciliations of GAAP to non-GAAP financial measures, as well as definitions for the non-GAAP financial measures included in this press release and the reasons for their use, are presented below.


2 There were no potentially dilutive securities outstanding as of December 31, 2025 and 2024.


Operating Results for the Full Year ended December 31, 2025


Total revenues decreased by 7.4% to $559.5 million, compared to $604.1 million last year.



Grills revenues decreased 8.2% to $298.0 million, compared to $324.7 million last year. The decrease was driven primarily by lower pricing and volumes, with pricing impacted by a mix shift and volume impacted by price elasticity to tariff-related pricing increases.



Consumables revenues increased 6.9% to $127.5 million, compared to $119.3 million last year. The increase was driven by better pricing in wood pellets and expanded distribution in food consumables.



Accessories revenues decreased 16.3% to $134.0 million, compared to $160.1 million last year. This decrease was primarily driven by lower sales of MEATER smart thermometers, partially offset by an increase in sales of Traeger-branded accessories.



North America revenues decreased 5.1% compared to the prior year. Rest of World revenues decreased 27.3% compared to the prior year.


Gross profit decreased to $219.3 million, compared to $255.5 million last year. Gross profit margin was 39.2%, compared to 42.3% in the same period last year. Excluding $3.1 million of costs related to Project Gravity, adjusted gross margin was 39.8%.1 The decrease in gross margin was driven primarily by tariff related costs, partially offset by supply chain efficiencies.


Sales and marketing expenses were $90.2 million, compared to $109.7 million last year. The decrease was primarily driven by lower demand creation spending, as well as reductions in employee-related costs and professional fees as a result of Project Gravity.


General and administrative expenses were $95.0 million, compared to $113.5 million last year. The decrease in general and administrative expenses was driven primarily driven by a decrease in stock-based compensation expense of $11.2 million, as well as lower professional fees and employee-related costs as a result of Project Gravity.


Goodwill impairment of $74.7 million was recorded, resulting from a quantitative impairment assessment in which the estimated fair value of our single reporting unit was determined to be below its carrying amount. The impairment charge is non-cash and does not impact the Company’s cash position, cash flows from operating activities, compliance with debt covenants, or future operations.


Restructuring and other costs of $21.8 million were recorded in connection with Project Gravity, which primarily related to consulting fees associated with the execution of these initiatives, as well as severance and other personnel costs and other restructuring related costs.


Net loss was $115.2 million, or $0.87 per diluted share, as compared to net loss of $34.0 million, or $0.27 per diluted share, in the same period last year.2


Adjusted net loss was $15.9 million, or $0.12 per diluted share, as compared to adjusted net income of $6.4 million, or $0.05 per diluted share in the same period last year.1


Adjusted EBITDA was $70.0 million compared to $81.9 million in the same period last year.1



__________________________________


1 Reconciliations of GAAP to non-GAAP financial measures, as well as definitions for the non-GAAP financial measures included in this press release and the reasons for their use, are presented below.


2 There were no potentially dilutive securities outstanding as of December 31, 2025 and 2024.


Balance Sheet


Cash and cash equivalents at December 31, 2025 totaled $19.6 million, compared to $15.0 million at December 31, 2024.


Inventory at December 31, 2025 was $98.8 million, compared to $107.4 million at December 31, 2024.


Project Gravity Update: Remains on Track with Additional Savings Identified


Project Gravity, the Company's multi-step initiative to streamline operations, simplify the business, and improve returns on invested capital remains on track to be substantially completed by the end of 2026. Additional value capture opportunities within Phase 2 have been identified, particularly around SKU rationalization and a more strategic approach to pricing, which are expected to generate an additional $6 million to $12 million in annualized pre-tax savings, bringing the total for Project Gravity to approximately $64 million to $70 million across both phases.


These actions support a structurally higher-margin business mix and reinforce the Company’s focus on long-term earnings power.


Guidance


The Company's guidance for Fiscal Year 2026 does not reflect the potential impact of recently implemented or proposed tariffs.


Guidance For Full Year Fiscal 2026



Total revenue is expected to be between $465 million and $485 million



Gross margin is expected to be between 38.0% and 39.0%



Adjusted EBITDA is expected to be between $50 million and $60 million



Free Cash Flow is expected to be at least $30 million



Guidance For First Quarter 2026



Total revenue is expected to be between $92 million and $97 million



Adjusted EBITDA is expected to be between $3 million and $7 million



A reconciliation of Adjusted EBITDA and Free Cash Flow guidance to Net Loss and Net cash provided by operating activities on a forward-looking basis cannot be provided without unreasonable efforts, as the Company is unable to provide reconciling information with respect to benefit for income taxes, interest expense, depreciation and amortization, other income, stock-based compensation, non-routine legal expenses, goodwill impairment, restructuring and other costs, employee retention tax credits, and purchases of property, plant, and equipment, all of which are adjustments to Adjusted EBITDA and Free Cash Flows.


Conference Call Details


A conference call to discuss the Company's fourth quarter and full year 2025 results is scheduled for Thursday, March 5, 2026, at 4:30 p.m. ET. To participate, please dial (833) 470-1428 or +1 (646) 844-6383 for international callers, conference ID 589715. The conference call will also be webcast live at https://investors.traeger.com. A recording will be available shortly after the conclusion of the call. To access the replay, please dial (866) 813-9403, conference ID 797067. A replay of the webcast will also be available approximately two hours after the conclusion of the call on the Company's website at https://investors.traeger.com.


About Traeger


Traeger Grills, headquartered in Salt Lake City, is the creator and category leader of the wood pellet grill, an outdoor cooking system that ignites all-natural hardwoods to grill, smoke, bake, roast, braise, and barbecue. In 2023, Traeger entered the griddle category, further establishing its leadership position in the outdoor cooking space. Traeger grills are versatile and easy to use, empowering cooks of all skill sets to create delicious meals with flavor that cannot be replicated. Grills are at the core of our platform and are complemented by Traeger wood pellets, rubs, sauces, accessories and MEATER smart thermometers.


Forward-Looking Statements


This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our anticipated first quarter and full year fiscal 2026 results, our Project Gravity initiative, our strategy, and our financial position. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, our realization of the anticipated benefits from Project Gravity and the impact that Project Gravity may have on our business; our history of operating losses; our ability to manage our business through periods of strategic realignment; our ability to expand into additional markets; our ability to maintain and strengthen our brand to generate and maintain ongoing demand for our products; our ability to cost-effectively attract new customers and retain our existing customers; our failure to maintain product quality and product performance at an acceptable cost; United States trade policies that restrict imports or increase import tariffs, including the impact of recently implemented and proposed tariffs; the impact of product liability and warranty claims and product recalls; the highly competitive market in which we operate; the use of social media and community ambassadors affecting our reputation or subjecting us to fines or other penalties; issues in relation to sustainability and corporate responsibility matters; any decline in demand from certain retailers; risks associated with our significant international operations; our reliance on limited number of third-party manufacturers; our failure to remain in compliance with the continued listing standards of the New York Stock Exchange and the other factors discussed under the caption "Risk Factors" in our periodic and current reports filed with the Securities and Exchange Commission (the “SEC”) from time to time, including our Annual Report on Form 10-K for the year ended December 31, 2025 to be filed with the SEC. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.




TRAEGER, INC.




CONSOLIDATED BALANCE SHEETS




(in thousands, except share and per share amounts)








 



 






December 31,








 






 






2025






 






 






 






2024






 








 






(unaudited)






 






 








ASSETS






 






 






 








Current Assets






 






 






 








Cash and cash equivalents






$






19,624






 






 






$






14,981






 








Accounts receivable, net






 






82,122






 






 






 






85,331






 








Inventories






 






98,831






 






 






 






107,367






 








Prepaid expenses and other current assets






 






14,272






 






 






 






35,444






 








Total current assets






 






214,849






 






 






 






243,123






 








Property, plant, and equipment, net






 






33,703






 






 






 






36,949






 








Operating lease right-of-use assets






 






38,201






 






 






 






44,370






 








Goodwill






 






—






 






 






 






74,725






 








Intangible assets, net






 






387,050






 






 






 






428,536






 








Other long-term assets






 






2,173






 






 






 






2,974






 








Total assets






$






675,976






 






 






$






830,677






 








 






 






 






 








LIABILITIES AND STOCKHOLDERS’ EQUITY






 






 






 








Current Liabilities






 






 






 








Accounts payable






$






14,135






 






 






$






27,701






 








Accrued expenses






 






62,668






 






 






 






82,143






 








Line of credit






 






—






 






 






 






5,000






 








Current portion of notes payable






 






250






 






 






 






250






 








Current portion of operating lease liabilities






 






2,650






 






 






 






3,790






 








Other current liabilities






 






382






 






 






 






3,357






 








Total current liabilities






 






80,085






 






 






 






122,241






 








Notes payable, net of current portion






 






399,590






 






 






 






398,445






 








Operating lease liabilities, net of current portion






 






23,040






 






 






 






26,646






 








Deferred tax liability






 






1,861






 






 






 






6,376






 








Other non-current liabilities






 






552






 






 






 






539






 








Total liabilities






 






505,128






 






 






 






554,247






 








 






 






 






 








Stockholders’ equity






 






 






 








Preferred stock, $0.0001 par value; 25,000,000 shares authorized and no shares issued or outstanding as of December 31, 2025 and 2024






 






—






 






 






 






—






 








Common stock, $0.0001 par value; 1,000,000,000 shares authorized






 






 






 








Issued and outstanding shares - 137,068,259 and 130,648,819 as of December 31, 2025 and 2024






 






14






 






 






 






13






 








Additional paid-in capital






 






974,372






 






 






 






960,966






 








Accumulated deficit






 






(804,066






)






 






 






(688,885






)








Accumulated other comprehensive income






 






528






 






 






 






4,336






 








Total stockholders’ equity






 






170,848






 






 






 






276,430






 








Total liabilities and stockholders’ equity






$






675,976






 






 






$






830,677






 









TRAEGER, INC.




CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS




(unaudited)




(in thousands, except share and per share amounts)










 



 






Three Months Ended December 31,






 






Year-ended December 31,








 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Revenue






$






145,358






 






 






$






168,637






 






 






$






559,520






 






 






$






604,072






 








Cost of revenue






 






91,017






 






 






 






99,747






 






 






 






340,174






 






 






 






348,603






 








Gross profit






 






54,341






 






 






 






68,890






 






 






 






219,346






 






 






 






255,469






 








Operating expense:






 






 






 






 






 






 






 








Sales and marketing






 






23,228






 






 






 






33,591






 






 






 






90,217






 






 






 






109,656






 








General and administrative






 






21,816






 






 






 






26,719






 






 






 






95,031






 






 






 






113,483






 








Amortization of intangible assets






 






8,813






 






 






 






8,818






 






 






 






35,260






 






 






 






35,274






 








Goodwill impairment






 






—






 






 






 






—






 






 






 






74,725






 






 






 






—






 








Restructuring and other costs






 






12,168






 






 






 






—






 






 






 






21,840






 






 






 






—






 








Total operating expense






 






66,025






 






 






 






69,128






 






 






 






317,073






 






 






 






258,413






 








Loss from operations






 






(11,684






)






 






 






(238






)






 






 






(97,727






)






 






 






(2,944






)








Other income (expense):






 






 






 






 






 






 






 








Interest expense






 






(7,551






)






 






 






(8,192






)






 






 






(31,350






)






 






 






(33,500






)








Other income, net






 






192






 






 






 






(513






)






 






 






9,755






 






 






 






480






 








Total other expense






 






(7,359






)






 






 






(8,705






)






 






 






(21,595






)






 






 






(33,020






)








Loss before benefit from income taxes






 






(19,043






)






 






 






(8,943






)






 






 






(119,322






)






 






 






(35,964






)








Benefit from income taxes






 






(1,843






)






 






 






(1,985






)






 






 






(4,141






)






 






 






(1,956






)








Net loss






$






(17,200






)






 






$






(6,958






)






 






$






(115,181






)






 






$






(34,008






)








Net loss per share, basic and diluted






$






(0.13






)






 






$






(0.05






)






 






$






(0.87






)






 






$






(0.27






)








Weighted-average common shares outstanding, basic and diluted






 






135,321,683






 






 






 






129,174,440






 






 






 






133,095,964






 






 






 






127,443,657






 








Other comprehensive income (loss):






 






 






 






 






 






 






 








Foreign currency translation adjustments






$






34






 






 






$






(49






)






 






$






(68






)






 






$






62






 








Amortization of dedesignated cash flow hedge






 






(887






)






 






 






(1,160






)






 






 






(3,740






)






 






 






(6,666






)








Total other comprehensive loss






 






(853






)






 






 






(1,209






)






 






 






(3,808






)






 






 






(6,604






)








Comprehensive loss






$






(18,053






)






 






$






(8,167






)






 






$






(118,989






)






 






$






(40,612






)









TRAEGER, INC.




CONSOLIDATED STATEMENTS OF CASH FLOWS




(unaudited)




(in thousands)








 



 






Year-ended December 31,








 






 






2025






 






 






 






2024






 






 






 






2023






 








CASH FLOWS FROM OPERATING ACTIVITIES






 






 






 






 






 








Net loss






$






(115,181






)






 






$






(34,008






)






 






$






(84,402






)








Adjustments to reconcile net loss to net cash provided by operating activities:






 






 






 






 






 








Depreciation of property, plant, and equipment






 






12,143






 






 






 






13,870






 






 






 






15,011






 








Amortization of intangible assets






 






41,992






 






 






 






42,458






 






 






 






42,770






 








Amortization of deferred financing costs






 






2,028






 






 






 






1,977






 






 






 






2,016






 








Loss (gain) on disposal of property, plant, and equipment






 






(83






)






 






 






649






 






 






 






2,188






 








Stock-based compensation expense






 






15,254






 






 






 






27,901






 






 






 






53,203






 








Unrealized loss on derivative contracts






 






5,095






 






 






 






9,971






 






 






 






3,997






 








Amortization of dedesignated cash flow hedge






 






(3,740






)






 






 






(6,666






)






 






 






(10,364






)








Change in contingent consideration






 






—






 






 






 






(15,000






)






 






 






4,478






 








Goodwill impairment






 






74,725






 






 






 






—






 






 






 






—






 








Other non-cash adjustments






 






(2,690






)






 






 






(233






)






 






 






(2,022






)








Change in operating assets and liabilities:






 






 






 






 






 








Accounts receivable






 






3,150






 






 






 






(25,396






)






 






 






(17,735






)








Inventories






 






8,536






 






 






 






(11,192






)






 






 






57,295






 








Prepaid expenses and other current assets






 






14,355






 






 






 






(7,573






)






 






 






(4,199






)








Other non-current assets






 






114






 






 






 






148






 






 






 






(568






)








Accounts payable and accrued expenses






 






(35,178






)






 






 






26,982






 






 






 






2,374






 








Net cash provided by operating activities






 






20,520






 






 






 






23,888






 






 






 






64,042






 








CASH FLOWS FROM INVESTING ACTIVITIES






 






 






 






 






 








Purchase of property, plant, and equipment






 






(6,934






)






 






 






(11,996






)






 






 






(19,946






)








Capitalization of patent costs






 






(506






)






 






 






(448






)






 






 






(460






)








Proceeds from sale of property, plant, and equipment






 






108






 






 






 






113






 






 






 






3,028






 








Net cash used in investing activities






 






(7,332






)






 






 






(12,331






)






 






 






(17,378






)








CASH FLOWS FROM FINANCING ACTIVITIES






 






 






 






 






 








Proceeds from line of credit






 






59,000






 






 






 






63,000






 






 






 






115,900






 








Repayments on line of credit






 






(64,000






)






 






 






(86,400






)






 






 






(171,209






)








Repayments of long-term debt






 






(250






)






 






 






(250






)






 






 






(250






)








Payment of deferred financing costs






 






(904






)






 






 






(119






)






 






 






—






 








Principal payments on finance lease liabilities






 






(543






)






 






 






(521






)






 






 






(514






)








Payments of acquisition related contingent consideration






 






—






 






 






 






—






 






 






 






(12,225






)








Taxes paid related to net share settlement of equity awards






 






(1,848






)






 






 






(2,207






)






 






 






—






 








Net cash used in financing activities






 






(8,545






)






 






 






(26,497






)






 






 






(68,298






)








Net increase (decrease) in cash and cash equivalents






 






4,643






 






 






 






(14,940






)






 






 






(21,634






)








Cash and cash equivalents at beginning of period






 






14,981






 






 






 






29,921






 






 






 






51,555






 








CASH AND CASH EQUIVALENTS AT END OF PERIOD






$






19,624






 






 






$






14,981






 






 






$






29,921






 









TRAEGER, INC.




CONSOLIDATED STATEMENTS OF CASH FLOWS




(unaudited)




(in thousands)








 



(Continued)






Year-ended December 31,








 






2025






 






2024






 






2023








SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:






 






 






 






 






 








Cash paid during the period for interest






$






33,220






 






$






38,512






 






$






40,060








NON-CASH FINANCING AND INVESTING ACTIVITIES






 






 






 






 






 








Equipment purchased under finance leases






$






450






 






$






292






 






$






460








Property, plant, and equipment included in accounts payable and accrued expenses






$






2,748






 






$






678






 






$






3,975







TRAEGER, INC.

RECONCILIATIONS OF AND OTHER INFORMATION REGARDING NON-GAAP FINANCIAL MEASURES

(unaudited)


In addition to our results and measures of performance determined in accordance with U.S. GAAP, we believe that certain non-GAAP financial measures are useful in evaluating and comparing our financial and operational performance over multiple periods, identifying trends affecting our business, formulating business plans and making strategic decisions.


Each of Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted Net Income (Loss) per share, Adjusted EBITDA Margin, Adjusted Net Income (Loss) Margin, Adjusted Gross Margin, and Free Cash Flow are key performance measures that our management uses to assess our financial performance and are also used for internal planning and forecasting purposes. We believe that these non-GAAP financial measures are useful to investors and other interested parties in analyzing our financial performance because they provide a comparable overview of our operations across historical periods. In addition, we believe that providing each of Adjusted EBITDA and Adjusted Net Income (Loss), together with a reconciliation of Net Loss to each such measure, and providing Adjusted Net Income (Loss) per share, together with a reconciliation of Net Loss per share to such measure, and Adjusted EBITDA Margin, Adjusted Net Income (Loss) Margin, and Adjusted Gross Margin together with a reconciliation of Net Loss Margin and Gross Margin to such measures, and Free Cash Flow, together with a reconciliation of Net cash provided by operating activities to such measures, helps investors make comparisons between our company and other companies that may have different capital structures, different tax rates, and/or different forms of employee compensation. For example, due to finite-lived intangible assets included on our balance sheet following our corporate reorganization in 2017, we have significant non-cash amortization expense attributable to the nature of our capital structure.


Each of Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted Net Income (Loss) per share, Adjusted EBITDA Margin, Adjusted Net Income (Loss) Margin, and Adjusted Gross Margin are used by our management team as an additional measure of our performance for purposes of business decision-making, including managing expenditures, and evaluating potential acquisitions. Period-to-period comparisons of Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted Net Income (Loss) per share, Adjusted EBITDA Margin, Adjusted Net Income (Loss) Margin, and Adjusted Gross Margin help our management identify additional trends in our financial results that may not be shown solely by period-to-period comparisons of Net Loss or Loss from Continuing Operations or Net Loss per share or Net Loss Margin or Gross Margin. In addition, we may use Adjusted EBITDA in the incentive compensation programs applicable to some of our employees. Each of Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted Net Income (Loss) per share, Adjusted EBITDA Margin, Adjusted Net Income (Loss) Margin and Adjusted Gross Margin has inherent limitations because of the excluded items, and may not be directly comparable to similarly titled metrics used by other companies.


The following table presents a reconciliation of Gross Margin, the most directly comparable financial measure calculated in accordance with U.S. GAAP, to Adjusted Gross Margin on a consolidated basis. A reconciliation of Adjusted Gross Margin guidance to Gross Margin on a forward-looking basis cannot be provided without unreasonable efforts, as the Company is unable to provide reconciling information with respect to the impact of restructuring costs recorded in cost of revenue which is an adjustment to Adjusted Gross Margin.




 






Three Months Ended

December 31, 2025






 






Year-ended

December 31, 2025








Gross margin






37.4






%






 






39.2






%








Add: Impact of restructuring costs recorded in cost of revenue






2.1






%






 






0.6






%








Adjusted gross margin






39.5






%






 






39.8






%







The following table presents a reconciliation of Net cash provided by operating activities, the most directly comparable financial measure calculated in accordance with U.S. GAAP, to Free Cash Flow on a consolidated basis. A reconciliation of Free Cash Flow guidance to Net cash provided by operating activities on a forward-looking basis cannot be provided without unreasonable efforts, as the Company is unable to provide reconciling information with respect to the impact for the purchase of property, plant and equipment, which is an adjustment to Free Cash Flow.




 






Year-ended December 31,








 






 






2025






 






 






 






2024






 






 






 






2023






 








Net cash provided by operating activities






$






20,520






 






 






$






23,888






 






 






$






64,042






 








Less: Purchase of property, plant, and equipment






 






(6,934






)






 






 






(11,996






)






 






 






(19,946






)








Free cash flow






$






13,586






 






 






$






11,892






 






 






$






44,096






 







The following table presents a reconciliation of Net Loss, Net Loss Margin and Net Loss per share, the most directly comparable financial measures calculated in accordance with U.S. GAAP, to Adjusted Net Income (Loss), Adjusted EBITDA, Adjusted EBITDA Margin Adjusted Net Income (Loss) Margin and Adjusted Net Income (Loss) per share, respectively, on a consolidated basis.




 






Three Months Ended December 31,






 






Year-ended December 31,








 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








 






 






 






 






 






 






 






 








 






(dollars in thousands, except share and per share amounts)








Net loss






$






(17,200






)






 






$






(6,958






)






 






$






(115,181






)






 






$






(34,008






)








Adjustments:






 






 






 






 






 






 






 








Other income (1)






 






(1,355






)






 






 






(1,149






)






 






 






(8,833






)






 






 






(8,280






)








Stock-based compensation






 






2,778






 






 






 






4,837






 






 






 






15,254






 






 






 






27,901






 








Non-routine legal expenses (2)






 






1






 






 






 






13






 






 






 






25






 






 






 






1,794






 








Amortization of acquisition intangibles (3)






 






8,111






 






 






 






8,112






 






 






 






32,444






 






 






 






32,868






 








Goodwill impairment






 






—






 






 






 






—






 






 






 






74,725






 






 






 






—






 








Restructuring and other costs (4)






 






15,270






 






 






 






—






 






 






 






24,942






 






 






 






—






 








Employee retention tax credit (5)






 






—






 






 






 






—






 






 






 






(6,049






)






 






 








Tax impact of adjusting items (6)






 






(5,866






)






 






 






(3,033






)






 






 






(33,259






)






 






 






(13,914






)








Adjusted net income (loss)






$






1,739






 






 






$






1,822






 






 






$






(15,932






)






 






$






6,361






 








 






 






 






 






 






 






 






 








Net loss






$






(17,200






)






 






$






(6,958






)






 






$






(115,181






)






 






$






(34,008






)








Adjustments:






 






 






 






 






 






 






 








Benefit for income taxes






 






(1,843






)






 






 






(1,985






)






 






 






(4,141






)






 






 






(1,956






)








Interest expense






 






7,551






 






 






 






8,192






 






 






 






31,350






 






 






 






33,500






 








Depreciation and amortization






 






13,285






 






 






 






14,251






 






 






 






54,137






 






 






 






56,327






 








Other (income) expense (7)






 






(468






)






 






 






11






 






 






 






(5,093






)






 






 






(1,614






)








Stock-based compensation






 






2,778






 






 






 






4,837






 






 






 






15,254






 






 






 






27,901






 








Non-routine legal expenses (2)






 






1






 






 






 






13






 






 






 






25






 






 






 






1,794






 








Goodwill impairment






 






—






 






 






 






—






 






 






 






74,725






 






 






 






—






 








Restructuring and other costs (4)






 






15,270






 






 






 






—






 






 






 






24,942






 






 






 






—






 








Employee retention tax credit (5)






 






—






 






 






 






—






 






 






 






(6,049






)






 






 






—






 








Adjusted EBITDA






$






19,374






 






 






$






18,361






 






 






$






69,969






 






 






$






81,944






 








 






 






 






 






 






 






 






 








Revenue






$






145,358






 






 






$






168,637






 






 






$






559,520






 






 






$






604,072






 








Net loss margin






 






(11.8






)%






 






 






(4.1






)%






 






 






(20.6






)%






 






 






(5.6






)%








Adjusted net income (loss) margin






 






1.2






%






 






 






1.1






%






 






 






(2.8






)%






 






 






1.1






%








Adjusted EBITDA margin






 






13.3






%






 






 






10.9






%






 






 






12.5






%






 






 






13.6






%








 






 






 






 






 






 






 






 








Net loss per diluted share






$






(0.13






)






 






$






(0.05






)






 






$






(0.87






)






 






$






(0.27






)








Adjusted net income (loss) per diluted share






$






0.01






 






 






$






0.01






 






 






$






(0.12






)






 






$






0.05






 








Weighted average common shares outstanding - diluted






 






135,321,683






 






 






 






129,174,440






 






 






 






133,095,964






 






 






 






127,443,657






 









(1)





Represents realized and unrealized (gains) losses on the interest rate swap, including amortization of dedesignated cash flow hedge, (gains) losses on the disposal of property, plant, and equipment, and unrealized (gains) losses from foreign currency transactions and derivatives.



(2)





Represents external legal expenses incurred in connection with the defense of a class action lawsuit and intellectual property litigation..



(3)





Represents the amortization expense associated with intangible assets recorded in connection with the 2017 acquisition of Traeger Pellet Grills Holdings LLC.



(4)





Represents restructuring and other costs in connection with Project Gravity primarily related to consulting fees, severance and other personnel costs, supplier settlement costs and other restructuring related costs.



(5)





Represents the total benefit recorded associated with the refund from the Internal Revenue Service in connection with the Employee Retention Tax Credit.



(6)





Represents the tax effect of non-GAAP adjustments calculated at an estimated blended statutory tax rate of 23.8% and 25.1% for the three months and year ended December 31, 2025, respectively, and 25.3% and 25.5% for the three months and year ended December 31, 2024, respectively.



(7)





Represents realized and unrealized (gains) losses on the interest rate swap, (gains) losses on the disposal of property, plant, and equipment, and unrealized (gains) losses from foreign currency transactions and derivatives.


 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260305856572/en/
Investors:

Stephanie Read

Traeger, Inc.

investor@traeger.com
Media:

The Brand Amp

Traeger@thebrandamp.com


Original: Traeger Announces Fourth Quarter and Full Year 2025 Results