Amendment to Current Report (Form 8-K/A)

TRAEGER ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTS

Full Year 2025 Revenues Above High End of Guidance Range

Provides Guidance for 2026

SALT LAKE CITY, UT, March 5, 2026 (BUSINESS WIRE) -- 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."

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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.

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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.

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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.

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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.

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