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Traeger Inc. (COOK+3.19%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a slight decrease in revenue to $604.1 million from $605.9 million in the previous year. The decrease is attributed to lower sales from accessories, partially offset by higher sales from grills and consumables.
Gross profit for the year increased to $255.5 million from $223.6 million in the previous year, with gross margin improving to 42.3% from 36.9%. This increase was driven by reduced freight and logistics costs and lower warranty costs.
Sales and marketing expenses increased slightly to $109.7 million, while general and administrative expenses decreased to $113.5 million, primarily due to a decrease in stock-based compensation expense.
The company reported a net loss of $34.0 million for the year, compared to a net loss of $84.4 million in the previous year. The improvement was mainly due to increased gross profit and reduced operating expenses.
Traeger continues to focus on its omnichannel distribution strategy, with significant sales through both retail and direct-to-consumer channels. The company also highlights its efforts to expand internationally and develop new products.
The filing discusses various risks, including reliance on a limited number of suppliers, exposure to foreign currency exchange rate fluctuations, and potential impacts from U.S. trade policies and tariffs.
Traeger has identified certain material weaknesses in its internal controls over financial reporting and is taking steps to address these issues.
The company does not anticipate paying cash dividends in the foreseeable future, as it intends to retain earnings to support growth and potential debt repayment.
The filing also provides information on the company's stock-based compensation plans, executive compensation, and corporate governance practices.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Traeger Inc. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.