Traeger, Inc.’s total revenues increased 3.2 percent to $168.6 million in the 2024 fourth quarter, compared to $163.5 million in the prior-year fourth quarter.

  • Grill revenues increased 30.2 percent to $78.0 million, compared to $59.9 million in the prior year fourth quarter. The increase was reportedly driven by higher unit volumes, partially offset by a decrease in average selling price.
  • Consumables revenues increased 24.9 percent to $30.7 million, compared to $24.6 million in the prior year fourth quarter. Higher unit volumes and average selling prices of wood pellets drove the increase.
  • Accessories revenues decreased 24.1 percent to $60.0 million, compared to $79.0 million in the prior-year fourth quarter. This decrease was primarily driven by lower sales of Meater smart thermometers, partially offset by higher sales of Traeger-branded accessories.
  • North America revenues increased 11.2 percent in Q4 compared to the prior-year Q4 period.
  • Rest of World revenues decreased 38.6 percent in Q4 compared to the prior year Q4 period.

Gross profit increased to $68.9 million, or 40.9 percent of revenues, in Q4, compared to $60.1 million, or 36.8 percent, in the prior year fourth quarter. The increase in gross margin was reportedly driven primarily by favorability from freight, logistics and other supply chain costs, as well as lower warranty costs associated with a recall announced in the prior year.

Sales and marketing expenses were $33.6 million, compared to $32.8 million in the prior year fourth quarter. The increase was driven primarily by higher employee costs.

General and administrative (G&A) expenses were $26.7 million, compared to $25.9 million in the prior year fourth quarter. The increase in G&A expense was driven primarily by higher professional service fees, partially offset by lower stock-based compensation expenses.

Net loss was $7.0 million, or a loss of 5 cents per diluted share, in the fourth quarter, compared to a net loss of $24.0 million, or a loss of 19 cents per diluted share, in the prior year fourth quarter.

Adjusted net income was $1.8 million, or a penny per diluted share, in Q4, compared to Adjusted net loss of $9.5 million, or 8 cents per diluted share, in the prior-year fourth quarter.

Adjusted EBITDA was $18.4 million in Q4 compared to $13.0 million in the prior-year fourth quarter.

Full-Year 2024 Summary
Total revenues decreased by 0.3 percent to $604.1 million, compared to $605.9 million in 2023.

  • Grill revenues increased 8.5 percent to $324.7 million, compared to $299.3 million in 2023. The increase was driven by unit volume growth partially offset by reductions in average selling price.
  • Consumables revenues increased 3.8 percent to $119.3 million, compared to $114.9 million in 2023. An increase in wood pellet sales, partially offset by reduced food consumables sales, drove the increase.
  • Accessories revenues decreased 16.5 percent to $160.1 million, compared to $191.6 million in 2023, driven primarily by lower sales of Meater smart thermometers and reduced sales of Traeger-branded accessories.
  • North America revenues increased 1.1 percent compared to the prior year.
  • Rest of World revenues decreased 11.1 percent compared to the prior year.

Gross profit margin was 42.3 percent of revenue in 2024, compared to 36.9 percent in 2023. The increase in gross margin was driven primarily by favorability from freight and logistics, lower warranty costs and favorability in foreign exchange rates.

Sales and marketing expenses were $109.7 million, compared to $108.7 million in 2023. The primary drivers were an increase in ad costs, travel-related expenses, commissions, other employee expenses, and professional fees.

General and administrative expenses were $113.5 million, compared to $129.8 million in 2023. A decrease in stock-based compensation expense of $24.3 million, partially offset by increased employee and occupancy costs, primarily drove the reduction.

Net loss was $34.0 million, or 27 cents per diluted share, compared to a net loss of $84.4 million, or 68 cents per diluted share, in 2023.

Adjusted net income was $6.4 million, or 5 cents per diluted share, in 2024, as compared to Adjusted net loss of $27.0 million, or 22 cents per diluted share, in 2023.

Adjusted EBITDA was $81.9 million compared to $61.1 million in 2023.

Balance Sheet
Cash and cash equivalents at year-end totaled $15.0 million, compared to $29.9 million at December 31, 2023. Inventory at year-end was $107.4 million, compared to $96.2 million at December 31, 2023.

Outlook
The company’s guidance for Fiscal Year 2025 does not reflect the potential impact of recently implemented or proposed tariffs. The company expects the following:

  • Total revenue between $595 million and $615 million.
  • Gross margin between 42.2 percent and 42.8 percent of sales.
  • Adjusted EBITDA between $75 million and $85 million.

Image courtesy Traeger, Inc.