0001628280-26-015450
SEC filingTraeger, 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.
Traeger reported FY 2025 revenue of $559.5M, a 7.4% YoY decline from $604.1M. Grills fell 8.2% to $298.0M (53.3% of revenue), accessories dropped 16.3% to $134.0M, offset by consumables growth of 6.9% to $127.5M (22.8% mix). Gross profit declined 14.1% to $219.3M (39.2% margin vs 42.3%). Operating loss widened to $97.7M from $2.9M loss, driven by $74.7M goodwill impairment and $21.8M Project Gravity restructuring. Net loss $115.2M vs $34.0M prior year; EPS -$1.00 both periods. Operating cash flow $20.5M supported liquidity.
Revenue breakdown: Grills $298.0M (-8.2% YoY, mid-single digit ASP and volume declines, mix shift to lower-priced models); Consumables $127.5M (+6.9%, high-single digit pellet ASP increase via wholesale alignment, food distribution expansion); Accessories $134.0M (-16.3%, MEATER weakness offset by Traeger accessory ASP/volume gains). Primarily North America; no geographic split disclosed. Declines tied to pricing actions, macroeconomic softness, tariff impacts on demand. Project Gravity shifts include DTC exit (redirecting to retail), Costco roadshow discontinuation, Europe distributor model.
Gross margin contracted 290bps to 39.2% from tariff costs, obsolescence, offset by supply chain efficiencies. Sales/marketing fell 17.7% to $90.2M (16.1% of revenue); G&A down 16.3% to $95.0M (17.0%) via equity-to-cash comp shift, Project Gravity cuts. Amortization stable at $35.3M. Impairments/restructuring drove op loss to -$97.7M (-17.5% margin). Interest expense $31.4M; other income $9.8M aided smaller $21.6M other expense. Tax benefit $4.1M.
Operating cash $20.5M (net loss -$115.2M adjusted for $74.7M goodwill, $42.0M amortization, $15.3M stock comp). Investing outflow $7.3M (PPE $6.9M). Financing outflow $8.5M (net LOC -$5.0M, taxes $1.8M). Cash rose $4.6M to $19.6M; total assets $676.0M (goodwill $0 post-impairment, intangibles $387.1M). Debt $399.6M long-term; equity $170.8M (accum deficit -$804.1M). Current ratio strong at $214.8M assets vs $80.1M liabilities; $112.5M revolver availability.
Project Gravity (launched May 2025) targets profitability via RIF, MEATER centralization, DTC exit, Costco discontinuation, Europe distributor shift, pellet consolidation; $24.9M costs in 2025, substantial completion FY2026. Macro/tariff risks noted (80% grills from China); cost savings, pricing actions to mitigate. No numerical guidance; focus on efficiency amid demand softness, competition.