$COOK

Traeger, Inc.

CIK:0001857853|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 120,163	$ 145,483	$ 214,229	$ 288,766
Cost of revenue	72,745	88,483	123,796	172,307
Gross profit	47,418	57,000	90,433	116,459
Operating expenses:
Sales and marketing	17,067	24,779	29,699	46,989
General and administrative	21,791	26,032	41,204	51,051
Amortization of intangible assets	8,812	8,816	17,625	17,634
Restructuring and other costs	1,453	3,468	4,633	3,468
Total operating expense	49,123	63,095	93,161	119,142
Loss from operations	(1,705)	(6,095)	(2,728)	(2,683)
Other income (expense):
Interest expense	(8,273)	(8,091)	(15,883)	(15,984)
Other income, net	506	6,411	11,791	8,514
Total other expense	(7,767)	(1,680)	(4,092)	(7,470)
Loss before benefit for income taxes	(9,472)	(7,775)	(6,820)	(10,153)
Benefit for income taxes	(909)	(391)	(1,185)	(1,991)
Net loss	$ (8,563)	$ (7,384)	$ (5,635)	$ (8,162)
Net income (loss) per share - basic (in dollars per share)	$ (3.12)	$ (2.77)	$ (2.06)	$ (3.11)
Net income (loss) per share - diluted (in dollars per share)	$ (3.12)	$ (2.77)	$ (2.06)	$ (3.11)
Weighted average common shares outstanding - basic (in shares)	2,748,334	2,665,790	2,731,664	2,626,237
Weighted average common shares outstanding - diluted (in shares)	2,748,334	2,665,790	2,731,664	2,626,237
Other comprehensive income (loss):
Foreign currency translation adjustments	$ (95)	$ 121	$ (102)	$ (151)
Amortization of dedesignated cash flow hedge	0	(938)	(550)	(1,944)
Total other comprehensive loss	(95)	(817)	(652)	(2,095)
Comprehensive loss	$ (8,658)	$ (8,201)	$ (6,287)	$ (10,257)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (5,635)	$ (8,162)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation of property, plant and equipment	5,325	6,556
Amortization of intangible assets	21,048	20,996
Amortization of deferred financing costs	1,125	954
Loss (gain) on disposal of property, plant and equipment	105	(23)
Stock-based compensation expense	5,283	9,145
Unrealized loss on derivative contracts	1,090	1,432
Amortization of dedesignated cash flow hedge	(550)	(1,944)
Other non-cash adjustments	(1,178)	787
Change in operating assets and liabilities:
Accounts receivable	7,666	9,182
Inventories	22,571	(8,428)
Prepaid expenses and other current assets	1,848	14,477
Other non-current assets	553	84
Accounts payable and accrued expenses	(14,249)	(47,601)
Net cash provided by (used in) operating activities	45,002	(2,545)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant, and equipment	(4,022)	(4,451)
Capitalization of patent costs	(203)	(246)
Proceeds from sale of property, plant, and equipment	120	47
Net cash used in investing activities	(4,105)	(4,650)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit	0	43,000
Repayments of line of credit	0	(39,000)
Repayments of long-term debt	(125)	(125)
Principal payments of finance lease obligations	(204)	(287)
Taxes paid related to net share settlement of equity awards	(505)	(1,073)
Net cash provided by (used in) financing activities	(834)	2,515
Net increase (decrease) in cash and cash equivalents	40,063	(4,680)
Cash and cash equivalents at beginning of period	19,624	14,981
CASH AND CASH EQUIVALENTS AT END OF PERIOD	59,687	$ 10,301
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for interest	15,327
Income taxes paid (received), net of refunds	(73)
NON-CASH FINANCING AND INVESTING ACTIVITIES
Equipment purchased under finance leases	356
Property, plant, and equipment included in accounts payable and accrued expenses	$ 64

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 59,687	$ 19,624
Accounts receivable, net	74,363	82,122
Inventories	76,259	98,831
Prepaid expenses and other current assets	11,334	14,272
Total current assets	221,643	214,849
Property, plant, and equipment, net	29,124	33,703
Operating lease right-of-use assets	35,766	38,201
Intangible assets, net	366,205	387,050
Other non-current assets	2,002	2,173
Total assets	654,740	675,976
Current Liabilities
Accounts payable	10,872	14,135
Accrued expenses	50,322	62,668
Current portion of notes payable	250	250
Current portion of operating lease liabilities	1,757	2,650
Other current liabilities	371	382
Total current liabilities	63,572	80,085
Notes payable, net of current portion	400,162	399,590
Operating leases liabilities, net of current portion	22,177	23,040
Deferred tax liability	0	1,861
Other non-current liabilities	1,540	552
Total liabilities	487,451	505,128
Commitments and contingencies—See Note 10
Stockholders’ equity:
Preferred stock, $0.0001 par value; 25,000,000 shares authorized and no shares issued or outstanding as of June 30, 2026 and December 31, 2025	0	0
Common stock value	0	0
Additional paid-in capital	977,114	974,386
Accumulated deficit	(809,701)	(804,066)
Accumulated other comprehensive income (loss)	(124)	528
Total stockholders’ equity	167,289	170,848
Total liabilities and stockholders’ equity	$ 654,740	$ 675,976