Traeger Announces Fourth Quarter and Full Year 2025 Results

Traeger Announces Fourth Quarter and Full Year 2025 Results March 5, 2026 Full Year 2025 Revenues Above High End of Guidance Range Provides Guidance for 2026 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 millionGrill revenues decreased 22.3% to $60.6 millionNet loss of $17.2 million compared to $7.0 million in the prior yearAdjusted EBITDA of $19.4 million, up from $18.4 million in the prior yearExpanded 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 millionGrill revenues decreased 8.2% to $298.0 millionNet loss of $115.2 million compared to $34.0 million in the prior year, inclusive of a $74.7 million goodwill impairmentAdjusted 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.” 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 __________________________________1Reconciliations 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.2There were no potentially dilutive securities outstanding as of December 31, 2025 and 2024. 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 __________________________________1Reconciliations 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.2There were no potentially dilutive securities outstanding as of December 31, 2025 and 2024. 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. 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 millionGross margin is expected to be between 38.0% and 39.0%Adjusted EBITDA is expected to be between $50 million and $60 millionFree 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 millionAdjusted 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. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our anticipated first quarter and full year fiscal 2026 results, our Project Gravity initiative, our strategy, and our financial position. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, our realization of the anticipated benefits from Project Gravity and the impact that Project Gravity may have on our business; our history of operating losses; our ability to manage our business through periods of strategic realignment; our ability to expand into additional markets; our ability to maintain and strengthen our brand to generate and maintain ongoing demand for our products; our ability to cost-effectively attract new customers and retain our existing customers; our failure to maintain product quality and product performance at an acceptable cost; United States trade policies that restrict imports or increase import tariffs, including the impact of recently implemented and proposed tariffs; the impact of product liability and warranty claims and product recalls; the highly competitive market in which we operate; the use of social media and community ambassadors affecting our reputation or subjecting us to fines or other penalties; issues in relation to sustainability and corporate responsibility matters; any decline in demand from certain retailers; risks associated with our significant international operations; our reliance on limited number of third-party manufacturers; our failure to remain in compliance with the continued listing standards of the New York Stock Exchange and the other factors discussed under the caption "Risk Factors" in our periodic and current reports filed with the Securities and Exchange Commission (the “SEC”) from time to time, including our Annual Report on Form 10-K for the year ended December 31, 2025 to be filed with the SEC. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. TRAEGER, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) December 31, 2025 2024 (unaudited) ASSETS Current Assets Cash and cash equivalents $ 19,624 $ 14,981 Accounts receivable, net 82,122 85,331 Inventories 98,831 107,367 Prepaid expenses and other current assets 14,272 35,444 Total current assets 214,849 243,123 Property, plant, and equipment, net 33,703 36,949 Operating lease right-of-use assets 38,201 44,370 Goodwill — 74,725 Intangible assets, net 387,050 428,536 Other long-term assets 2,173 2,974 Total assets $ 675,976 $ 830,677 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities Accounts payable $ 14,135 $ 27,701 Accrued expenses 62,668 82,143 Line of credit — 5,000 Current portion of notes payable 250 250 Current portion of operating lease liabilities 2,650 3,790 Other current liabilities 382 3,357 Total current liabilities 80,085 122,241 Notes payable, net of current portion 399,590 398,445 Operating lease liabilities, net of current portion 23,040 26,646 Deferred tax liability 1,861 6,376 Other non-current liabilities 552 539 Total liabilities 505,128 554,247 Stockholders’ equity Preferred stock, $0.0001 par value; 25,000,000 shares authorized and no shares issued or outstanding as of December 31, 2025 and 2024 — — Common stock, $0.0001 par value; 1,000,000,000 shares authorized Issued and outstanding shares - 137,068,259 and 130,648,819 as of December 31, 2025 and 2024 14 13 Additional paid-in capital 974,372 960,966 Accumulated deficit (804,066 ) (688,885 ) Accumulated other comprehensive income 528 4,336 Total stockholders’ equity 170,848 276,430 Total liabilities and stockholders’ equity $ 675,976 $ 830,677 TRAEGER, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) (in thousands, except share and per share amounts) Three Months Ended December 31, Year-ended December 31, 2025 2024 2025 2024 Revenue $ 145,358 $ 168,637 $ 559,520 $ 604,072 Cost of revenue 91,017 99,747 340,174 348,603 Gross profit 54,341 68,890 219,346 255,469 Operating expense: Sales and marketing 23,228 33,591 90,217 109,656 General and administrative 21,816 26,719 95,031 113,483 Amortization of intangible assets 8,813 8,818 35,260 35,274 Goodwill impairment — — 74,725 — Restructuring and other costs 12,168 — 21,840 — Total operating expense 66,025 69,128 317,073 258,413 Loss from operations (11,684 ) (238 ) (97,727 ) (2,944 ) Other income (expense): Interest expense (7,551 ) (8,192 ) (31,350 ) (33,500 ) Other income, net 192 (513 ) 9,755 480 Total other expense (7,359 ) (8,705 ) (21,595 ) (33,020 ) Loss before benefit from income taxes (19,043 ) (8,943 ) (119,322 ) (35,964 ) Benefit from income taxes (1,843 ) (1,985 ) (4,141 ) (1,956 ) Net loss $ (17,200 ) $ (6,958 ) $ (115,181 ) $ (34,008 ) Net loss per share, basic and diluted $ (0.13 ) $ (0.05 ) $ (0.87 ) $ (0.27 ) Weighted-average common shares outstanding, basic and diluted 135,321,683 129,174,440 133,095,964 127,443,657 Other comprehensive income (loss): Foreign currency translation adjustments $ 34 $ (49 ) $ (68 ) $ 62 Amortization of dedesignated cash flow hedge (887 ) (1,160 ) (3,740 ) (6,666 ) Total other comprehensive loss (853 ) (1,209 ) (3,808 ) (6,604 ) Comprehensive loss $ (18,053 ) $ (8,167 ) $ (118,989 ) $ (40,612 ) TRAEGER, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands) Year-ended December 31, 2025 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (115,181 ) $ (34,008 ) $ (84,402 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation of property, plant, and equipment 12,143 13,870 15,011 Amortization of intangible assets 41,992 42,458 42,770 Amortization of deferred financing costs 2,028 1,977 2,016 Loss (gain) on disposal of property, plant, and equipment (83 ) 649 2,188 Stock-based compensation expense 15,254 27,901 53,203 Unrealized loss on derivative contracts 5,095 9,971 3,997 Amortization of dedesignated cash flow hedge (3,740 ) (6,666 ) (10,364 ) Change in contingent consideration — (15,000 ) 4,478 Goodwill impairment 74,725 — — Other non-cash adjustments (2,690 ) (233 ) (2,022 ) Change in operating assets and liabilities: Accounts receivable 3,150 (25,396 ) (17,735 ) Inventories 8,536 (11,192 ) 57,295 Prepaid expenses and other current assets 14,355 (7,573 ) (4,199 ) Other non-current assets 114 148 (568 ) Accounts payable and accrued expenses (35,178 ) 26,982 2,374 Net cash provided by operating activities 20,520 23,888 64,042 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant, and equipment (6,934 ) (11,996 ) (19,946 ) Capitalization of patent costs (506 ) (448 ) (460 ) Proceeds from sale of property, plant, and equipment 108 113 3,028 Net cash used in investing activities (7,332 ) (12,331 ) (17,378 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from line of credit 59,000 63,000 115,900 Repayments on line of credit (64,000 ) (86,400 ) (171,209 ) Repayments of long-term debt (250 ) (250 ) (250 ) Payment of deferred financing costs (904 ) (119 ) — Principal payments on finance lease liabilities (543 ) (521 ) (514 ) Payments of acquisition related contingent consideration — — (12,225 ) Taxes paid related to net share settlement of equity awards (1,848 ) (2,207 ) — Net cash used in financing activities (8,545 ) (26,497 ) (68,298 ) Net increase (decrease) in cash and cash equivalents 4,643 (14,940 ) (21,634 ) Cash and cash equivalents at beginning of period 14,981 29,921 51,555 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 19,624 $ 14,981 $ 29,921 TRAEGER, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands) (Continued) Year-ended December 31, 2025 2024 2023 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for interest $ 33,220 $ 38,512 $ 40,060 NON-CASH FINANCING AND INVESTING ACTIVITIES Equipment purchased under finance leases $ 450 $ 292 $ 460 Property, plant, and equipment included in accounts payable and accrued expenses $ 2,748 $ 678 $ 3,975 TRAEGER, INC. RECONCILIATIONS OF AND OTHER INFORMATION REGARDING NON-GAAP FINANCIAL MEASURES (unaudited) In addition to our results and measures of performance determined in accordance with U.S. GAAP, we believe that certain non-GAAP financial measures are useful in evaluating and comparing our financial and operational performance over multiple periods, identifying trends affecting our business, formulating business plans and making strategic decisions. Each of Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted Net Income (Loss) per share, Adjusted EBITDA Margin, Adjusted Net Income (Loss) Margin, Adjusted Gross Margin, and Free Cash Flow are key performance measures that our management uses to assess our financial performance and are also used for internal planning and forecasting purposes. We believe that these non-GAAP financial measures are useful to investors and other interested parties in analyzing our financial performance because they provide a comparable overview of our operations across historical periods. In addition, we believe that providing each of Adjusted EBITDA and Adjusted Net Income (Loss), together with a reconciliation of Net Loss to each such measure, and providing Adjusted Net Income (Loss) per share, together with a reconciliation of Net Loss per share to such measure, and Adjusted EBITDA Margin, Adjusted Net Income (Loss) Margin, and Adjusted Gross Margin together with a reconciliation of Net Loss Margin and Gross Margin to such measures, and Free Cash Flow, together with a reconciliation of Net cash provided by operating activities to such measures, helps investors make comparisons between our company and other companies that may have different capital structures, different tax rates, and/or different forms of employee compensation. For example, due to finite-lived intangible assets included on our balance sheet following our corporate reorganization in 2017, we have significant non-cash amortization expense attributable to the nature of our capital structure. Each of Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted Net Income (Loss) per share, Adjusted EBITDA Margin, Adjusted Net Income (Loss) Margin, and Adjusted Gross Margin are used by our management team as an additional measure of our performance for purposes of business decision-making, including managing expenditures, and evaluating potential acquisitions. Period-to-period comparisons of Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted Net Income (Loss) per share, Adjusted EBITDA Margin, Adjusted Net Income (Loss) Margin, and Adjusted Gross Margin help our management identify additional trends in our financial results that may not be shown solely by period-to-period comparisons of Net Loss or Loss from Continuing Operations or Net Loss per share or Net Loss Margin or Gross Margin. In addition, we may use Adjusted EBITDA in the incentive compensation programs applicable to some of our employees. Each of Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted Net Income (Loss) per share, Adjusted EBITDA Margin, Adjusted Net Income (Loss) Margin and Adjusted Gross Margin has inherent limitations because of the excluded items, and may not be directly comparable to similarly titled metrics used by other companies. The following table presents a reconciliation of Gross Margin, the most directly comparable financial measure calculated in accordance with U.S. GAAP, to Adjusted Gross Margin on a consolidated basis. A reconciliation of Adjusted Gross Margin guidance to Gross Margin on a forward-looking basis cannot be provided without unreasonable efforts, as the Company is unable to provide reconciling information with respect to the impact of restructuring costs recorded in cost of revenue which is an adjustment to Adjusted Gross Margin. Three Months Ended December 31, 2025 Year-ended December 31, 2025 Gross margin 37.4 % 39.2 % Add: Impact of restructuring costs recorded in cost of revenue 2.1 % 0.6 % Adjusted gross margin 39.5 % 39.8 % The following table presents a reconciliation of Net cash provided by operating activities, the most directly comparable financial measure calculated in accordance with U.S. GAAP, to Free Cash Flow on a consolidated basis. A reconciliation of Free Cash Flow guidance to 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 the impact for the purchase of property, plant and equipment, which is an adjustment to Free Cash Flow. Year-ended December 31, 2025 2024 2023 Net cash provided by operating activities $ 20,520 $ 23,888 $ 64,042 Less: Purchase of property, plant, and equipment (6,934 ) (11,996 ) (19,946 ) Free cash flow $ 13,586 $ 11,892 $ 44,096 The following table presents a reconciliation of Net Loss, Net Loss Margin and Net Loss per share, the most directly comparable financial measures calculated in accordance with U.S. GAAP, to Adjusted Net Income (Loss), Adjusted EBITDA, Adjusted EBITDA Margin Adjusted Net Income (Loss) Margin and Adjusted Net Income (Loss) per share, respectively, on a consolidated basis. Three Months Ended December 31, Year-ended December 31, 2025 2024 2025 2024 (dollars in thousands, except share and per share amounts) Net loss $ (17,200 ) $ (6,958 ) $ (115,181 ) $ (34,008 ) Adjustments: Other income (1) (1,355 ) (1,149 ) (8,833 ) (8,280 ) Stock-based compensation 2,778 4,837 15,254 27,901 Non-routine legal expenses(2) 1 13 25 1,794 Amortization of acquisition intangibles (3) 8,111 8,112 32,444 32,868 Goodwill impairment — — 74,725 — Restructuring and other costs(4) 15,270 — 24,942 — Employee retention tax credit (5) — — (6,049 ) Tax impact of adjusting items(6) (5,866 ) (3,033 ) (33,259 ) (13,914 ) Adjusted net income (loss) $ 1,739 $ 1,822 $ (15,932 ) $ 6,361 Net loss $ (17,200 ) $ (6,958 ) $ (115,181 ) $ (34,008 ) Adjustments: Benefit for income taxes (1,843 ) (1,985 ) (4,141 ) (1,956 ) Interest expense 7,551 8,192 31,350 33,500 Depreciation and amortization 13,285 14,251 54,137 56,327 Other (income) expense (7) (468 ) 11 (5,093 ) (1,614 ) Stock-based compensation 2,778 4,837 15,254 27,901 Non-routine legal expenses(2) 1 13 25 1,794 Goodwill impairment — — 74,725 — Restructuring and other costs(4) 15,270 — 24,942 — Employee retention tax credit (5) — — (6,049 ) — Adjusted EBITDA $ 19,374 $ 18,361 $ 69,969 $ 81,944 Revenue $ 145,358 $ 168,637 $ 559,520 $ 604,072 Net loss margin (11.8 )% (4.1 )% (20.6 )% (5.6 )% Adjusted net income (loss) margin 1.2 % 1.1 % (2.8 )% 1.1 % Adjusted EBITDA margin 13.3 % 10.9 % 12.5 % 13.6 % Net loss per diluted share $ (0.13 ) $ (0.05 ) $ (0.87 ) $ (0.27 ) Adjusted net income (loss) per diluted share $ 0.01 $ 0.01 $ (0.12 ) $ 0.05 Weighted average common shares outstanding - diluted 135,321,683 129,174,440 133,095,964 127,443,657 (1) Represents realized and unrealized (gains) losses on the interest rate swap, including amortization of dedesignated cash flow hedge, (gains) losses on the disposal of property, plant, and equipment, and unrealized (gains) losses from foreign currency transactions and derivatives. (2) Represents external legal expenses incurred in connection with the defense of a class action lawsuit and intellectual property litigation.. (3) Represents the amortization expense associated with intangible assets recorded in connection with the 2017 acquisition of Traeger Pellet Grills Holdings LLC. (4) Represents restructuring and other costs in connection with Project Gravity primarily related to consulting fees, severance and other personnel costs, supplier settlement costs and other restructuring related costs. (5) Represents the total benefit recorded associated with the refund from the Internal Revenue Service in connection with the Employee Retention Tax Credit. (6) Represents the tax effect of non-GAAP adjustments calculated at an estimated blended statutory tax rate of 23.8% and 25.1% for the three months and year ended December 31, 2025, respectively, and 25.3% and 25.5% for the three months and year ended December 31, 2024, respectively. (7) Represents realized and unrealized (gains) losses on the interest rate swap, (gains) losses on the disposal of property, plant, and equipment, and unrealized (gains) losses from foreign currency transactions and derivatives. Source: Traeger, Inc.