Traeger, Inc., together with its subsidiaries, designs, sources, sells, and supports wood pellet fueled barbeque grills for retailers, distributors, and direct to consumers in the United States. Its wood pellet grills are internet of things devices that allow owners to program, monitor, and control their grill through its Traeger app. The company also produces a library of digital content, including instructional recipes and videos that demonstrate tips, tricks, and cooking techniques that empower Traeger owners to progress their cooking skills; and short- and long-form branded content highlighting stories, community members, and lifestyle content from the Traegerhood. In addition, it provides wood pellets that are used to fire the grills; rubs and sauces, seasonings, and marinades; covers, drip trays, bucket liners, and shelves; tools to aid in meal prep, cooking, and cleanup, including pellet storage systems, cleaning solutions, barbecue tools, and MEATER smart thermometer; replacement parts; and apparel and merchandise. The company was incorporated in 2017 and is headquartered in Salt Lake City, Utah.
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Here are 1-3 brief analogies for Traeger:
- Peloton for Grilling: Traeger sells premium, connected grills (hardware) that aim to elevate a traditional activity, supported by a brand community and an ecosystem of proprietary consumables like wood pellets and accessories.
- Nespresso for Outdoor Cooking: Traeger offers high-end, easy-to-use grilling machines that utilize proprietary wood pellets (consumables) to deliver consistent results, emphasizing a premium cooking experience.
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- Wood Pellet Grills: Innovative outdoor cooking appliances that use hardwood pellets for fuel and flavor, offering versatile cooking functions like grilling, smoking, baking, roasting, braising, and barbecuing.
- Hardwood Pellets: Food-grade wood pellets specifically designed to fuel Traeger grills and impart a distinct smoky flavor to food.
- Grill Accessories: A range of add-ons including grill covers, cooking tools, cleaning supplies, and components designed to enhance the grilling experience and maintain the longevity of Traeger grills.
- Rubs & Sauces: A variety of dry seasoning rubs and liquid barbecue sauces formulated to complement different meats and provide authentic smoky flavors when used with Traeger grills.
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Traeger (COOK) sells primarily to other companies, specifically through a wholesale channel to retailers, which constitute its major customers.
Its major customer companies are:
- DICK'S Sporting Goods (Symbol: DKS)
- Ace Hardware (Privately held, retailer-owned cooperative)
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Jeremy Andrus
Chief Executive Officer and Chairman of the Board
Jeremy Andrus has served as CEO and a member of Traeger's board of directors since January 2014, and as chairman of the board since July 2021. Andrus and a financial partner acquired Traeger in 2014, transforming it from a small, regional business into a multi-hundred-million-dollar brand. Prior to joining Traeger, he spent eight years at Skullcandy, Inc., a headphone designer and marketer. During his time at Skullcandy, most recently as President and CEO from 2011 to 2013, he grew annual sales from less than $1 million to nearly $300 million and established it as a prominent lifestyle brand. Andrus joined Traeger from Solamere Capital, where he was an Entrepreneur in Residence. He acquired Traeger with Trilantic Capital Partners.
Joey Hord
Chief Financial Officer
Joey Hord has served as Traeger's Chief Financial Officer since May 2025. Before this role, he was the Senior Vice President of Finance and Strategy at Traeger since April 2023, and prior to that, Vice President of Finance and Strategy from September 2021 to March 2023. Mr. Hord spent 16 years at NIKE, Inc. in various leadership roles, including Senior Director of Global Business Planning from April 2020 to September 2021, CFO of Nike Southern Cone, and CFO of Nike Brazil.
James Hardy
President of Apption Labs (d/b/a MEATER)
James Hardy was appointed as President of Apption Labs (d/b/a MEATER), Traeger's wholly-owned subsidiary, in June 2023. Before this, Mr. Hardy served as Chief Operating Officer of Traeger since September 2022, and as Chief Supply Chain Officer from March 2021 until August 2022. He brings over 35 years of supply chain experience, having served as Chief Operating Officer of Fanatics, Inc. from November 2017 to December 2019, and as Executive Vice President Global Operations of Under Armour, Inc. from March 2012 to March 2017.
Cole Vanden Akker
Chief Sales Officer
Cole Vanden Akker is the Chief Sales Officer for Traeger. He has also been noted as the Vice President, National Sales of Traeger Pellet Grills, LLC.
Nicholas Bacchus
Vice President of Investor Relations
Nicholas Bacchus serves as the Vice President of Investor Relations at Traeger.
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The key risks to Traeger's business (symbol: COOK) are primarily centered around its financial performance, challenging market conditions, and global supply chain vulnerabilities.
Ongoing Operating Losses and Significant Debt
Traeger has a history of operating losses and faces the potential for future losses, reporting a net loss of $34.0 million for the year ended December 31, 2024, and an accumulated deficit of $688.9 million. The company also carries a substantial debt load, with approximately US$408.3 million in debt as of June 2025, resulting in net debt of about US$392.8 million. This financial strain is further underscored by an estimated 63% probability of bankruptcy. The inability to secure future financing on acceptable terms also poses a risk to supporting growth or acquisitions.Downturn in Consumer Demand and Weak Discretionary Spending
Traeger has experienced a significant downturn in consumer demand following the COVID-19 pandemic, marked by a shift in consumer preferences away from home-related products. Weak consumer spending on discretionary items has negatively impacted the company's earnings outlook. For instance, grill sales plummeted 21.9% year-over-year in the second quarter of 2025. This decline in demand directly threatens revenue growth and market share.Reliance on China for Manufacturing and Exposure to Tariffs
Approximately 80% of Traeger's grills are manufactured in China, making the company highly vulnerable to U.S. trade policies, including tariffs on imports. These tariffs have significantly increased costs and contributed to gross margin contraction, falling to 39.2% in Q2 2025 from 42.9% in the prior year. While Traeger has initiated cost-cutting programs like "Project Gravity" to mitigate these impacts, the volatility of global trade policy continues to pose a significant threat to its margins and cash flow.
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The clear emerging threat for Traeger is the rapid commoditization of the smart wood pellet grill market, primarily driven by aggressive competitors such as Pit Boss and Weber. These challengers have swiftly caught up in terms of technology, features, and connectivity (Wi-Fi, app control), often offering comparable or even superior specifications at significantly lower price points. This dynamic is eroding Traeger's premium brand positioning, forcing price competition, and consequently threatening its profit margins and market share as consumers increasingly find high-value alternatives that perform similarly.
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Traeger (symbol: COOK) operates within the wood pellet grill and broader outdoor cooking equipment markets.
Wood Pellet Grills and Smokers
The global addressable market for wood pellet grills and smokers is estimated at approximately $1.5 billion in 2025. This market is projected to grow to $3.2 billion by 2032, with a Compound Annual Growth Rate (CAGR) of 8.5%. For North America, a significant region for Traeger, the market for wood pellet grills and smokers is expected to expand from $700 million in 2023 to $1.3 billion by 2032.
Outdoor Cooking Market
The broader global outdoor cooking market, which includes Traeger's products, is estimated at USD 15 billion in 2025. This market is projected to reach a valuation of US$18.53 billion by the end of 2032. In the U.S. specifically, the outdoor cooking equipment market was valued at $2.15 billion in 2022 and is expected to reach $3.46 billion by 2028.
While Traeger also sells consumables (such as wood pellets, sauces, and rubs) and accessories (including smart thermometers), specific addressable market sizes for these individual product categories, separate from the main grill and outdoor cooking equipment markets, were not distinctly identified in the available data.
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Traeger (NYSE: COOK) is expected to drive future revenue growth over the next two to three years through a combination of product innovation, expansion of its consumables business, increased market penetration, and strategic pricing.
- Product Innovation and New Launches: Traeger continues to focus on developing and launching new products to expand its market reach and appeal to a broader customer base. The successful launch of the Woodridge series has already contributed to growth in the grills segment, and the company's entry into the griddle category aims to diversify revenue streams and attract new customers, including casual cooks and families. Management has indicated a consistent product innovation strategy for top-line growth, focusing on consumer-centric products and introducing new offerings both downstream and upstream.
- Growth in Consumables: Consumables, such as wood pellets, rubs, and sauces, represent a recurring revenue stream for Traeger. The company has seen strong performance in this segment, with consumables revenue increasing due to positive sell-through of pellets and expanded distribution, including new placement at major retailers like Walmart. This growth in the recurring consumables business is anticipated to continue contributing significantly to overall revenue.
- Increased Household Penetration and Market Share: Traeger views expanding its household penetration and growing its market share as a significant long-term opportunity. With household penetration at approximately 3.6% in 2024, gaining market share in the grills business is a core strategic objective. Efforts to grow the brand and attract new customers will contribute to increased unit sales and, consequently, higher revenue.
- Strategic Pricing Actions: Traeger has implemented strategic pricing increases as part of its efforts to mitigate tariffs and protect profitability. These pricing adjustments have contributed to an increase in the average selling price for grills, which has helped to offset declines in unit volumes in some periods and positively impact grill revenue.
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Share Repurchases
Information regarding specific dollar amounts of share repurchases made or authorized by Traeger (COOK) over the last 3-5 years is not readily available in the provided search results.
Share Issuance
- Traeger, Inc. completed its Initial Public Offering (IPO) on July 29, 2021.
- The number of outstanding common shares has increased over the past few years, from approximately 118.2 million as of August 8, 2022, to 125.8 million as of November 3, 2023, and further to 137.0 million as of October 31, 2025.
- During the three months ended September 30, 2025, Traeger issued 1,604,141 shares of common stock under its stock plan.
Inbound Investments
No significant inbound investments by third-parties in Traeger were identified within the provided information for the last 3-5 years.
Outbound Investments
- Traeger acquired MEATER, a smart thermometer company, and integrated it into its headquarters as part of "Project Gravity Phase 1" initiatives aimed at driving efficiencies.
Capital Expenditures
- Traeger anticipates capital expenditures for fiscal year 2025 to be within $25 million, with a primary focus on supporting long-term operational efficiency.
- Historically, the company's cash requirements have primarily been for working capital, capital expenditures, and debt service payments.
