Key Highlights

  • Third-quarter Revenue fell 40.4% to USD 74.7 million from USD 125.4 million, and grill sales dropped 48.1% to USD 39.7 million.
  • The net loss totaled USD 28.5 million, equal to USD 10.33 per diluted share, against a USD 89.8 million loss last year that included a USD 74.7 million Goodwill write-down.
  • Adjusted EBITDA turned into a loss of USD 3.3 million from a USD 13.8 million profit a year earlier, with gross Margin sliding to 33.5% from 38.7%.
  • Cash grew to USD 67.8 million, compared with USD 19.6 million on December 31, 2025, and inventory came down to USD 79.5 million from USD 98.8 million.

Grill Sales Fall 48.1% Against an Elevated Base

On November 4, 2026, Traeger (NYSE:COOK) disclosed third-quarter fiscal 2026 numbers showing USD 74.7 million of total revenue, a decline of 40.4% from USD 125.4 million. The Business manufactures wood pellet grills and also offers pellets, accessories and MEATER smart thermometers. Leadership attributed the grill drop to heavy retailer orders placed in the prior-year period and to product and channel moves within the Project Gravity restructuring. Consumables slumped 23.1% to USD 19.4 million on softer pellet demand, and accessories sank 34.1% to USD 15.5 million, driven by MEATER and branded accessories. According to the chief executive, sales finished at the bottom of the range previewed last quarter, with part of the activity expected to show up in the fourth quarter.

Thinner Margins, a Per-Share Loss and the Reverse Split Effect

Gross profit fell to USD 25.0 million from USD 48.5 million, with margin dropping to 33.5% from 38.7%. Timing of trade spend, Warehouse costs that stayed fixed while volumes shrank and continuing pressure at MEATER were the drags, and an IEEPA Tariff refund cushioned part of the hit. Sales and Marketing outlays came down to USD 14.3 million from USD 20.0 million, and general and administrative costs decreased to USD 19.9 million from USD 22.2 million. The net loss was USD 28.5 million, or USD 10.33 a diluted share, while the adjusted net loss was USD 18.7 million, or USD 6.77 per share, compared with USD 22.3 million, or USD 8.31. Because of the 1-for-50 reverse split effective March 17, 2026, per-share numbers were restated and should not be set against older quotes.

Narrowed Fiscal 2026 Guidance Ahead of the Lowe's Launch

The company tightened fiscal 2026 revenue targets to USD 440 million to USD 460 million, moving from USD 435 million to USD 465 million, and set adjusted EBITDA between USD 59 million and USD 65 million instead of USD 57 million to USD 67 million. Gross margin targets of 40.0% to 41.0% and free Cash Flow of at least USD 30 million stayed in place. Leadership anticipates renewed revenue and adjusted EBITDA expansion in the final quarter, with a national Lowe's rollout planned for spring 2027. In the quarter, Operating Cash Flow totaled USD 9.8 million and free cash flow reached USD 8.4 million. The plan leans on a fourth-quarter comeback and on a full-year margin goal far above the third-quarter result.

Where Things Stand

Management's read is that sales slid into the fourth quarter rather than vanished. Traeger (NYSE:COOK) saw revenue fall 40.4% in the third quarter and posted an adjusted EBITDA loss, but its guidance range narrowed around unchanged midpoints while cash and inventory improved. What matters next is whether fourth-quarter growth shows up as described, whether gross margin climbs back toward the annual range and how much the spring 2027 Lowe's rollout adds.