Traeger (COOK) Q4 2024 earnings summary

Executive summary

• Achieved 3.2% Q4 2024 revenue growth to $169 million, with grill revenues up 30.2% and consumables up 24.9% year-over-year, driven by new product launches and retail demand.

• Full-year 2024 grill revenues rose 8.5%, gross margin improved by 540 basis points to 42.3%, and adjusted EBITDA grew 34% to $81.9 million, exceeding guidance.

• Brand awareness and market share increased through digital and retail activation, with global expansion into Turkey and Czech Republic.

• Launched the Woodridge grill series, driving strong early sell-through and retail engagement.

• CEO remains confident in long-term growth strategies despite macroeconomic uncertainties, emphasizing prudent and flexible management.

Financial highlights

• FY 2024 total revenue was $604 million, down 0.3% YoY; Q4 2024 revenue was $169 million, up 3.2% YoY.

• Q4 gross margin: 40.9% (+410 bps YoY); full-year gross margin: 42.3% (+540 bps YoY).

• Q4 net loss: $7 million (vs. $24 million loss in Q4 2023); adjusted net income: $1.8 million (vs. $9.5 million loss in Q4 2023).

• Adjusted EBITDA for FY 2024 was $81.9 million (13.6% margin), up from $61 million (10.1% margin) in FY 2023; Q4 adjusted EBITDA was $18 million (10.9% margin), up 41% YoY.

• Ended year with $15 million cash, $409 million debt, $165 million total liquidity, and net debt at $394 million.

Outlook and guidance

• FY 2025 revenue guidance: $595–$615 million; adjusted EBITDA: $75–$85 million; gross margin expected at 42.2%–42.8%.

• Excludes impact of new or proposed tariffs; tariff environment remains highly fluid.

• Anticipates low single-digit grill revenue growth, consumables growth, and continued pressure on accessories (MEATER); Q1 2025 expected to see YoY declines in revenue and adjusted EBITDA.