Traeger, Inc.

Traeger, Inc. (COOK) reported FY 2025 revenue of $559.5M, down 7.4% from $604.1M in FY 2024, driven by an 8.2% decline in grills to $298.0M due to lower unit volume and ASP, and a 16.3% drop in accessories to $134.0M, offset by 6.9% growth in consumables to $127.5M. Gross profit fell 14.1% to $219.3M, with margin contracting to 39.2% from 42.3% due to tariff costs and obsolescence. Operating expenses rose 22.7% to $317.1M, including $74.7M goodwill impairment and $21.8M restructuring costs from Project Gravity, yielding a $97.7M operating loss versus $2.9M prior year. Net loss widened to $115.2M from $34.0M, with EPS at -$1.00 both years. Cash from operations was $20.5M, supporting $4.6M cash increase to $19.6M end-period. Balance sheet shows $676.0M assets, $170.8M equity, $399.6M long-term debt. Project Gravity aims for cost efficiencies amid tariff pressures and demand softness, with positive operating cash flow indicating liquidity resilience.

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